NJ Mortgage

Archive for March, 2010

What do I need to do to know I am getting the best mortgage rate possible (just got an offer on a house accepted) – I live in Indianapolis, likely will get a 30 yr fixed. Any ideas on what kind of rate I should be looking for

don’t be fooled into rates keep your eyes on the finance charge look at how much it is costing you to borrow the amount you need to purchase the home ask your bank how much will it cost me to borrow the 150,000 or whatever the price of the home is that is where u do your bargaining if you are a first time home buyer it is likely they will give you a 30 year fixed make sure it is fixed call a primerica rep to sit with u on the closing notice i did not say a layer because they have no idea about mortgages.read and understand your truth in lending federal truth in lending will let you know the real truth about your mortgage please read it carefully.

my friend’s primary home mortgage is paid off. she want to take a mortgage on the primary home in order to buy a second/vacation home. Can he deduct the taxes?

your best answer would be to contact either the IRS directly or a tax preparer in your area. Tax issues are not something you want to get an unauthorized opinion on.

I’d like to buy new construction as a result of the great mortgage rates right now. However, by the time I’d close on my house in December, it could be a totally different ballgame and rates could go through the roof. It seems to me, then, that low mortgage rates only help people refinancing or buying an existing house.

Most economists predict that interest rates and home mortgage rates will remain low for some time to come. There may be some slight increases later in the year as the economy and the housing market improve but the rates are at record lows and now is the perfect time to buy a new home.

Have you spoken with a lender? It is possible to lock-in a rate for a small fee and thereby guarantee that you will not see substantial increases.

So I am reading about the subprime mortgage crisis and the huge number of foreclosures. I have read about how subprime mortgages are loans given to people with less than ideal credit. My question is more simple. Why did this defaulting and foreclosures happen now as opposed to, say, a few years back. Did something trigger this whole crisis now?

Most sub-prime loans are adjustable rate mortgages. Most ARMs have a rate adjustment after 2 years. The rate of home sales began to jump drastically in 2005. Two years later (2007) the rates begin to jump and now people can’t pay their higher payments. Most assumed that they could refinance since housing prices were going up so fast but by the end of 2006 home prices stalled and many people found themselves unable to refinance.

National Reverse Mortgage Lenders Association is you are on business side. http://www.reversemortgagepage.com if you are a consumer.

Who did Obama appoint to serve as head of his VP search committee? Who said they were they were advisers to Obama on housing and mortgage policy? Obama is in OVER HIS HEAD with the cohorts of this economic catastrophe:

http://www.unionleader.com/article.aspx?headline=Fannie+Mud%3A+Dirtying+a+clean+candidate&articleId=1b1fae72-8854-4eb6-923d-e0540227582a

How about Fannie Mae?? yep, that’ll do it Jimmy!

My wife and I plan on buying a house within a year but I am getting job offers that pay me a higher salary. Overall, how important is length of employment in the obtaining a first mortgage?

Not very much as long as you stay in the same line of work and they employer will state it is likely to continue. The salary to pay the note is very important

It is so hard to pick a mortgage lender. They can only give you a range of interest percentages. You don’t know the rate til you commit to them after you have already paid the application fees. What is the best lender in Florida for would-be homeowners?

An experienced loan officer who will work to find the best program for you is most important. The company which will offer you the best terms usually depends upon your specific situation especially income, savings and & financial history. Ask people if they can recommend one. Often, a quality real estate broker can be the best resource to recommend a few lenders or loan officers after learning a little about your circumstances. (Similar variables make it impossible for anyone to quote you a rate until they know your specifics.) Don’t pay any significant application fees in any case. Top lenders do not require you to commit by paying hundreds of dollars (although a few may charge up to $20 to pull your credit reports).

I see that Freddie Mac is a government-sponsored mortgage lender and promotes safe and responsible borrowing. Has anyone had experiences with them? Would I be more likely to be able to qualify for a house with them? Are there certain reasons for choosing them vs. traditional lenders?

Freddie Mac does not give you a mortgage directly as a "traditional lender" does. Instead, Freddie Mac buys the mortgages that you get from traditional lender, who processes your application and gives you the mortgage. You cannot apply for a mortgage directly to Freddie Mac.

Hello,
Im trying to plan for a mortgage. If we had about 50k saved up and we wanted a 300k mortgage what credit scores would we need to get approved.
Lets say these are the circumstances:
husband has had a steady job for 2 yrs
Wife has been consistently working but not at the same company
income range is 70-80k a year

Thanks!

three weeks ago this would have be a piece of cake to answer – now who knows — if you really do some research and look into maybe buying one of these bad mortgages the govt is going to pick up — with that much down payment you should be able to talk a great game!!!