E NEWS

WHY A FIXED RATE MORTGAGE?

The post card said "1% start rate, no money down, qualify for twice the home." It sounded so attractive, and easy, to get an extremely affordable mortgage. "Cut your monthly pay­ ments in half so you can afford that new car or boat' said another. So many people responded to this type of marketing from mortgage brokers and banks during the housing market boom, how could anyone go wrong?

Well, needless to say we're hearing the results of this type of marketing all over the media. Adjustable rates are steadily on the rise. Broward County had the second-highest mortga~e foreclosure rate in the top 100 metropolitan areas in the United States during the July-September quarter, as reported in the Sun-Sentinel recently.

Owning a home is always an excellent long term invest­ ment but if you have an adjustable rate mortgage you may be putting your investment at risk. You should strongly consid­ er refinancing to a fixed rate. If you have an adjustable rate home equity line of credit (HELOe) you should investigate fixing the rate on the drawn amount. If you don't, your monthly payments will continue to rise. Along with insurance and tax rate increases there may not be much money left in your pocket at the end of each month. Some people will no longer be able to make their payments and may have to con­ sider selling or worse, foreclosure.

The 1% start rate mortgages are actually less than interest only loans with negative amortization. You are not paying anything towards the principle of the loan and only part of the

interest initially. When the fixed period ends you will be paying off the interest and principle at an accelerated rate ... your monthly payment will be much higher! There is a place for these types of loans but not if you consider them because you are

If you currently have an adjustable rate

mortgage and you want to refinance, take this advice. Before choosing a mortgage brokerage or bank to refinance with, interview them! Ask a lot of questions. They should be edu­ cating you as to your options, and listening to what your short and long term goals are. Don't just go for the broker or bank with the lowest interest rate, in many cases by the time the loan closes it will not be that rate anyway. In this real estate market it is more important than ever to have a mortgage pro­ fessional working for you with your best interests in mind for now and the future.

Mary Griffin is a Mortgage Consultant at Boca Finance Corporation located at 601 S. Federal Hwy. Suite 150, just north of Camino Real in Boca Raton. She welcomes your questions at 561-416-4595 or email her: mary@bocafi­ nance.com To educate yourself further check out the Boca Finance website: bocafinance.com

PPORT

FACING DEPRESSION

By Dr. Andrea Corn

Many studies have shown that men of all ages and ethnicities are less likely than women to seek counseling, whether due to depressive symptoms, job stress, trauma, loss, or some other stressful life event.

Learning how to openly communicate and discuss painful emo­ tions is hard for some men as they are unaccustomed to putting feelings into words.

Following 9/ll, The National Institute of Mental Health (NIMH) launched an educational program called 'Real Men. Real Depression'. This program was founded to increase the public's

awareness, decrease the stigma attached to this emotional disor­ der, discuss treatment choices, as well as places to find help. More information is available on their website at: ww\\.nimh.nihgoy Their research estimates at least six million men in the L'.S suffer from a depressive disorder each year.

Right now the most important thing you can do is to encourage him to schedule an appointment with his Dr. so he can receive a diagnostic evaluation. Let him read the pamphlets so he'll see he i5 not alone and getting help is actually a sign of strength nor weakness.

Dear Dr. Corn,

My husband won't admit it, but I think he is depressed. He scoffs at my mentioning of this because he says he is not sad. What he doesn't realize is how he sounds and appears to others. He complains about not sleeping well, is easily agitated by others, and seems to have lost his desire to enjoy life. Lately, he'd rather stay home and watch TV than go out. I feel as if he is trying to push me away, yet I want to help him. What can I do?

Dear Frustrated,

It sounds like your husband disregards his own emotions, so it comes as no surprise that he also dismisses your comments. Fortunately, you are attuned and realize a problem exists. His pessimism affects himself, his job, and relationship with others. Furthermore, his symptoms are compatible with those associated with depression. Some individuals become quite unhappy, while others experience restlessness, irritability, and fatigue. Some men have a hard Lime aumiLLing to being depressed as this run5 con­ trary to their beliefs about themselves and their gender. As chil­ dren, some men were taught not to express vulnerable feelings, show sadness, or worst of all, cry. If your husband was raised in this type of environment, he may subscribe to the belief that men should appear tough, independent, and unemotional. Hearing your remarks may create a desire to distance himself in order to avoid self-examination.

Dr Andrea Corn is a licensed psychologist and psy­ chotherapist, in _private practice tor over 12 'years, treat­ ing children, adofescents, and families. Her oUice is locat­ eain the Gateway Centre buildingon Sample Rd. She can be reached at (954) 942- 3344.

Lighthouse Point Magazine

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