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John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

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Six Choices That Sway Success

February 6, 2015 1:36 am

Success is something people crave. It's desired in careers, finances, health and relationships. The problem is that many fall short of the success they desire because of the choices they make.

According to motivational author and speaker Shawn Anderson (www.extramileamerica.org), every area of life can be affected by the choices consciously made throughout the day. Anderson points to six key decisions that have the potential to tip the scale either away from or toward success:

1. Quit or Persist
"Big goals are rarely achieved upon first effort. Massive persistence is required to make them happen," Anderson says. "If we allow early failures to cause us to quit too soon, we will always lessen the degree of success that we eventually achieve."

2. Watch Late Night Television or Wake Up Early
"With a million Internet options and television channels from which to choose, it's easy to disappear for hours into unedifying nothingness," Anderson suggests. "Facebook or ‘Keeping Up with the Kardashians’ may be entertaining, but it throws away valuable time that could be used to create, inspire and build our own success."

3. Spend or Invest

"Creating financial stability is crucial in living a life we love. But every time we splurge on a frivolous item like an expensive coffee or eating out for lunch, it's one fewer chance we have to let our money grow and establish financial success," Anderson points out.

4. Hate Mondays or Love Mondays
"Nothing saps the success out of our lives more than working at jobs we hate. Mediocrity readily greets those whose passion is erased by spending 40 hours a week dreading where they show up to work on Monday," Anderson says.

5. Hang with “Cannots” or “Cans”
"Like attracts like. If you want to know your success potential, take a look at what kind of energy... positive or negative... the people around you radiate," Anderson states.

6. Point Fingers at Others or Yourself
"Is your lack of success your fault or someone else's?" Anderson asks. "If you point to the person in the mirror, you have a greater chance of changing the level of success you are capable of finding."

Source: Extra Mile America

Published with permission from RISMedia.


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Refinancers to Save Combined $5 Billion in Interest in 2015

February 6, 2015 1:36 am

Borrowers are continuing to take advantage of near record low mortgage rates to lower their monthly payments, shorten their loan terms and choose the safety of long-term fixed-rate mortgages as they closed out 2014, according to an analysis by Freddie Mac. Borrowers who refinanced in 2014 will save on net approximately $5 billion in interest over the next 12 months.

"Our latest refinance report shows the refinance boom continued to wind down as the pool of potential borrowers declined over the course of 2014,” says Len Kiefer, Freddie Mac deputy chief economist. “However, because mortgage rates fell in the fourth quarter of last year, we actually saw the share of refinance originations tick up a bit despite volumes being down, a similar trend we expect to see for the first quarter of 2015 as mortgage rates have moved even lower. Lower mortgage rates, coupled with greater house prices appreciation last year, also brought about a larger share of borrowers cashing out home equity at the time of refinance.”

Freddie Mac’s report also revealed that of the borrowers who refinanced during the fourth quarter of 2014, 34 percent shortened their loan term, down from 35 percent from the previous quarter. Further, 35 percent of those who refinanced outside of HARP took out a shorter-term loan, while 33 percent of HARP borrowers shortened their term. Borrowers who kept the same term as the loan that they had paid off represented 60 percent and only six percent chose to lengthen their loan term.

Furthermore, about 71 percent of those who refinanced their first-lien home mortgage maintained about the same loan amount or lowered their principal balance by paying in additional money at the closing table. That's shy of the 88 percent peak during the second quarter of 2012. More than 95 percent of refinancing borrowers chose a fixed-rate loan. Fixed-rate loans were preferred regardless of what the original loan product had been. For example, 67 percent of borrowers who had a hybrid ARM refinanced into a fixed-rate loan during the fourth quarter. In contrast, only 4 percent of borrowers who had a fixed-rate loan chose an ARM.

The average interest rate reduction in the fourth quarter was about 1.3 percentage points – as avings of about 23 percent. On a $200,000 loan, that translates into saving about $2,500 in interest during the next 12 months. Homeowners who refinanced through HARP during the fourth quarter of 2014 benefited from an average rate reduction of 1.6 percentage points and will save an average of $3,300 in interest during the first 12 months, or about $275 every month.

Source: Freddie Mac

Published with permission from RISMedia.


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