NJ Mortgage

Archive for April, 2010

For those with a mortgage, John says, I wouldnt be rushing out to take a fixed rate, because fixed rates have gone up so much over the last nine months, where fixed rates are about 2% higher than the variable rates. So its going to take some time before the variable rates get anywhere near the fixed rates. If you were to take a fixed rate today, youd be paying one-and a-half to two percent more than the variable rate, and that high interest rate starts from today.

What you should be doing is making sure youve got the best mortgage for your individual needs. The best way to do that is by talking to a accredited professional broker, like Aussie, or others, and find out whether you do have the best mortgage. Theres hundreds of mortgages out there, and we find the majority of customers who talk to us about their existing mortgage can save up to three quarters of a percent by letting the Broker to the homework for them.

So rule Number One find out if youve got the best mortgage.

Rule Number Two is how do you manage your mortgage? Because there are big savings!

Some tips are dont pay monthly mortgages: pay fortnightly. That way you effectively pay thirteen calendar month payments in a twelve month year, that can save you years off your mortgage.
There are lots of little ways you can save significantly.

I often tell people: little things. Give up a coffee a day. If youre like me, I have two or three cups of coffee a day. Giving up one cup a day can say ten dollars a week. Ten dollars into your mortgage can save $20,000 over the life of your loan and save you two and half years off your mortgage.

So the way you manage your mortgage is equally important as finding the right mortgage.

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Technorati Tags: Aussie, Aussie Home Loans, Aussie Mortgage Broking, Australian Property, First Home Owners Grant, Investors, John Symond, real estate

A young mother and her three children in Hudson are on the brink of eviction while her husband is deployed in Iraq.

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Technorati Tags: Alexis, Burgess, foreclosure, Goulet, Hudson, John, mortgage

Unfortunately a tough day for mortgage backed securities, currently down 109 basis points or 1% extra in fee to get the same rate as yesterday in simplest terms. Please watch the video for the reasons causing this sharp turn for the worst as well as some important considerations as you shop for your new home.

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Technorati Tags: Interest Rates, MARKET UPDATE, mortgage bonds, mortgage rates

Top Treasury official involved in subprime mess?

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Technorati Tags: Bret Baier, involved, Mess, mortgage, official, opinion, Special Report Grapevine, Subprime, treasury

Part 2 of How to Read a Wholesale Mortgage Rate Sheet. Source: reibrain.

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Technorati Tags: mortgage rate sheets, rate sheets, wholesale mortgage

Price vs. Wealth Thinkers. Which one are you? When you search for a house and a mortgage are you all about Price or Wealth? Michael Ciavarini a Certified Mortgage Planner shows the numbers. Shopper A is Wealth Centered. Shopper B is Commodity Centered. Both by a condo. Who got the better deal.

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Technorati Tags: estate, for, house, houses, how, how to shop for a mortgage, investment, michaelciavarini, mortgage, My, price, property, real, sell, shop, to, wealth

First Time Home Buyers use FHA Mortgage and Seller Paid Closing Costs to Buy Real Estate Now. Best Market Conditions for Foreclosures and Short Sales in Decades. Go To http://RealEstateMarketingThisWeek.com

Part 4 (Excerpt)

80% of homes can be purchased with FHA Financing

You also talked about this graph you put together, it talks about the month of November was a 25% increase over the previous year. Obviously prices have gone down and it looks like it then has gone back up, and so once we finish selling off this inventory there is a good chance that were going to be finding or hitting the bottom.

I think just in that region of $150,000 to $200,000 region that prices have really stabilized at this point, they may go down a little bit more, but I think for the most part, because that is where the financing is right now, with the FHA and the conforming loan limits, anybody in that price range can still get a loan. If youre looking to buy something over $400,000 youre going to have a lot more trouble just because the financing is not available.

Well the financing is a lot more difficult over the $417.000 loan amount number. Luckily Velocity Financial still has some of the interim small jumbo financing available, still with decent rates and the larger jumbos there is still financing available but nothing like this median home price of $275,000 and below. Well and I think what that goes back to, specifically with the FHAs, because, what percentage of the closing costs can be contributed by a seller on an FHA loan? Its pretty high right?

FHA financing, the Federal Housing Administration has had a standing rule for quite some time that the seller can contribute up to 6% of the sales price towards the closing costs. Realistically on a $250,000 purchase price youre not going to need 6% towards closing costs, so you would want to use that money to lower the price or buy down the interest rate, or any number of different things. So in a situation like that you could have the seller come in, pay all of your closing costs for you, you can keep that money in the bank, you could use it to fix up the house, you can do whatever, and all you would be responsible for is a small down payment.

Thats correct, 3% of the sale price down, you can have the seller pay the property taxes up to a year in advance, the home owners insurance, the home owners association fees, they are called prepaid or escrows. They can pay all of that. What is the loan limit right now for FHA? Currently the FHA loan limit is $346,250, its kind of an odd number, that does go away at the end of this month, December. However if youre lucky enough to have a home picked out in that price range, you want to try to get it done by the end of the year, so long as were able to get it underwritten in house, our firm will still be able to close on that with a higher loan limit after the first of the year.

The new limits probably going to be your next question, so as of January 1 in Maricopa County its $271,000. Even at 271, with the scenario I was talking about before, in Maricopa County, 70-80% of the home sales still would have fit within that 271 limit. Yes, one thing that I do want to point out is that when the Housing and Recovery Act of 2008 expires that huge loan limit of 346 expires, that was the deal, they are going to try to get it extended but we cant plan on that necessarily, but only 10% of the properties in Maricopa County fit into that 271 to 346 range.

Now I know the answer to this but you dont happen to be qualified to do FHA loans are you? Yes Velocity Financial is FHA approved, were one of less than 15% of the lending institutions in Arizona that can do FHA financing, not only for purchases but for refinancing as well. Which I think is some of the stuff we want to talk about as well because some of the old rules for refinancing simply dont apply anymore.

Brett did you have anything to add? Yes, two things stood out to me in that discussion and one of the things was the bigger picture concept in my mind thats the way it works. Its how I am wired, I start with that then I narrow my way down to the specific scenario given a clients circumstance.

What that big picture represented to me and one of the things that you pointed out with your charting Dan and the work that you have done, is the year over year home sales is shrinking the inventory that exists in Maricopa County, and when that inventory shrinks, we all know that new homes and building had pretty much dried up, so allowing that inventory to shrink is a very positive thing in terms of stabilizing, or placing a bottom, or putting the housing market back on a path of growth long-term, and so that was one of the things that stood out to me.

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http://bit.ly/bKpUDl – Posted at Puyallup & Tacoma Mortgage Lender Home Loan Company PC Home Loans. Why bad news int the media can sometimes be good news for mortgage rates.

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Technorati Tags: Interest Rates, Media, mortgage interest rates, mortgage rates, news, pc home loans, puyallup mortgage, sam tuttle, tacoma mortgage

http://www.MortgageHelpLosAngeles.com. Before sub-prime mortgages, where consumers interested in getting reasonable interest rates on loans with small down payments, marginal credit scores, and/or high payment to income ratios were able to get funding, there was the FHA. The FHA was set up to help those with more difficult loans get insurance for the payments, so that lenders would be willing to fund the loans. Bill Rayman is a very successful Los Angeles Based Mortgage Broker who can help you find the perfect approach to maximizing your goals in home purchases, refinances, or investments in property. This video explains the details of FHA financing. To reach Bill Rayman, call him at 310-295-2900 ext 113. Visit his blog at http://www.mortgagelosangeles.blogspot.com

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Technorati Tags: Culver City, debt consolidation, FHA financing, home finance, Home Loan, lender, los angeles, marina del rey, mortgage, mortgage brokers, mortgage companies, mortgage lenders, mortgage rates, refinance, santa monica, Venice

EventSetGo is bringing together all the services home buyers need in one convenient location from the areas leading mortgage professionals, realtors, home inspectors and attorneys, just to name a few. Plus, learn more at the seminar on finding out how to secure just the right mortgage and about how to get your credit score as high as possible. Visit www.thehomebuyerseminar.net for event dates and details.

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Technorati Tags: eventsetgo, home buyer, home buyer nj, home buyer seminar, home mortgage nj, larry montani, lawrence montani, mortgage nj, nj home mortgage, NJ Mortgage, nj refinance, refinance mortgage nj, refinance nj, team montani, weddingsetgo