Fortress Investment Group LLC's CEO Discusses Q2 2011 Results Earnings Call ... Seeking Alpha
Fortress Investment Group LLC ( FIG ) Q2 2011 Earnings Call August 4, 2011 8:30 AM ET
Operator
Good morning. My name is Darla, and I will be your conference operator today. At this time, I would like to welcome everyone to the Fortress Second Quarter Earnings Call. [Operator Instructions] I will now like to turn the call over to Gordon Runté. Please go ahead, sir.
Gordon Runté
Thank you, Darla. Good morning, everyone, and welcome to our second quarter 2011 earnings conference call. We will begin our call with opening remarks from Fortress Chief Executive Officer, Dan Mudd; Principal, Mike Novogratz, and Chief Financial Officer, Dan Bass. After these remarks, we will save most of our time today for your questions. And we have Fortress Co-Chairman, Wes Edens and Pete Briger; and other members of their executive team to join us for that portion of the call.
Before we begin, let me remind you that statements made today that are not historical facts may be forward-looking statements. Such statements are, by their nature, uncertain and may differ materially from actual results. We encourage you to read the forward-looking statement disclaimer in today's earnings release, in addition to the risk factors described in our quarterly and annual filings.
Home Equity Line of Credit
Prices have never been better in the past; the temptation is against your equity home loans very strong. But many homeowners unknowingly make costly mistakes.
Here are the top 5 mistakes that loan when applying for a home.
Mistake # 1 – does not know the difference between a home equity loan and a home equity line of credit
a home equity loan is a unique event that you consider all the available resources.
A home equity line of credit (HELOC) is open; you can choose a small initial advance against the entire amount of the line, and then reuse the credit line whenever you want during the time that the line is open. The monthly payment is based on the balance outstanding.
A general rule: Use a home equity loan if you have all the money in advance, just like cash for home improvements, debt consolidation, or a large one-time purchase.
If you access current cash and revolving credit need a HELOC may be the best choice.
Mistake # 2 – Take a home equity loan if you plan to refinance your first mortgage
Many mortgage companies look at the combined loan amounts (i.e. the sum of the first and second loans), even if you’re just refinancing your first loan. If you are refinancing your first loan lender plan may have to pay both the first and second mortgage or home equity line closing completely.
Ask to look at your mortgage company, is a second loan will cause funding to be rejected.
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