NJ Mortgage

Archive for April, 2010

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"Imagine you want to arrange a mortgage on your first house purchase. You need $200,000.00 Find the best rates and terms available from three different type of lenders such as a mortgage broker a major bank and a banking company such as president choice. Describe the advantages and disadvantages of each and choose the best one."

you can get into all kind of variables in the loan business. What you are attempting to do is almost impossible to do.

You are the one getting the loan. Which of the three do you feel comfortable with? Which is charging you less for the loan? Which has the best rate? Can you make the mortgage payments with ease? Did either give you a pre-approval?

The reasons it is difficult to tell you about the various mortgages is because one could be charging a processing fee while another is charging a lender’s fee.

One loan could be a no points no fee loan and this loan is costing you a .125, while the other is charging one point, but you can deduct the point off you income tax at the end of the tax year.

So as you can see it boils down to the APR and which ever is the cheapest. One might offer better service. or be closer to where you live.

You are not gonna save that much if the difference is .125 or .25.

What we are trying to tell you is that without the entire loan amount, interest rate, closing cost we are not able to separate the three.

Your best bet is the mortgage broker, he has more underwriters underwriting his loans. He also have more programs, he just might have your major bank and banking company with the president Choice program.

I hope this has been of some use to you, good luck.

"FIGHT ON"

He has moved out of the home and his soon to be ex-wife is still living in it. He had to give her his key, so he isn’t even allowed to go into the home without her permission. He isn’t paying anything towards it and doesn’t intend to.
Is there anything he can do to alleve himself of this mortgage that’s hanging over his head?

If his name is on the mortgage, he’s still legally responsible for paying the mortgage payments. The bank isn’t going to care whether he’s actually living in the house or not — they’re only going to care that he promised to pay them back all that money he borrowed, and now he’s not doing so.

Your boyfriend needs to get his lawyer to work on this ASAP. If his STBX can’t afford the mortgage on her own, then the house needs to be sold. The divorce agreement should spell out specific, detailed instructions on how this should be done and how the proceeds should be divided.

I just saw that a 30 year fixed mortgage is 6.07% and a 5/1 ARM is 5.91%. What are the reasons why these rates differ by nearly .2%?

The 30 year fixed will have the same interest rate (6.07%) for all thirty years of the mortgage. The 5/1 ARM will only have a fixed rate 5 years, and then will change (can go up) in the sixth year and every year after until thirty years. The first mortgage is riskier for the bank because they are guaranteeing the rate for all thirty years, so they charge you a higher rate of interest.

or for those who were not victims of outright mortgage fraud?

How do they explain the record mortgage foreclosures and still rising for those people? and how do they explain that certain regions or certain major cities of the USA have way more foreclosures than others?

For those for whom my question is not clear enough, I am referring to people who got regular A paper non subprime mortgages who did not lie or pad their assets and played by the rules and got regular fixed rate mortgages etc.. who are still losing their homes in record numbers.

Many ordinary Americans are losing there homes because of other factors, high gas, and everything else is causing chaos.

where i can find today’s wholesale market rate for fixed mortgage (2years)?
as i want to exit a fixed mortgage with ANZ, and they could not locate today’s wholesale market rate and told me to look in the news papers. is it available online?

Your bank is an idiot. They should be able to advise you of what break costs would be applicable if you paid out your loan. The pay out amount would only be valid for the day of your enquiry but would be a good indication of what the final amount would be. The amount will change each day but not usually significantly. Tell them you want to pay out your loan and request the amount due.

It is irresponsible of them to suggest that you locate the wholesale market rate. Get back to them and tell them to provide you with the service for which you are paying them.

It is not up to you to do their work for them

Is it because Countrywide’s CEO Angelo R. Mozilo and Fannie Mae’s CEO Franklin Raines are BIG TIME LIBERALS?

Even though those two men have single handedly brought the US Economy to its knees…

What, liberals can do no wrong?

Obama puts Raines on his payroll and accepts a 0% mortgage from Mozilo?

What is the definition of a BRIBE anyway?

Does anyone care?

If they did that then Obama would have no advisers left. Obama hired most of those people responsible for the failure.

I have a first and second mortgage on my home. The first mortgage is in forclosure. What is the obligation of the second lender. Is he obligated to pay his portion of the second mortgage and then forclose and then recoop his money? Or does the home just go into forclosre and then go to auction if not brought current on time.
Is the second under any obligation to bring the loan current or is it there choice?

The second can do nothing and hope there is money to pay him/her or the second can bring the first current and to their own foreclosure.

Right now I have a fixed-rate mortgage at 6.25% but the job situation is bad and both my wife and I cannot afford to pay the mortgage and our debt. Is it possible to negotiate with our current lender to lower the interest rate to what the government has out now? (lower than 5% I think). How does that process work? I don’t want to refinance, I just want to negotiate for lower interest rate.

I think a loan modification would be your best bet in this situation. Refinancing would cost a lot in the end with the closing cost and commissions to the loan officer. I’ve done a couple loan modifications and the people are usually in a much better situation afterward but there are never any guarantees. I suggest you go to someone experienced in loan modifications and goes through an attorney because they’ll be a lot more qualified to negotiate with the lender. As long as you have a decent cash flow going and your showing a real effort to try to stay in your home. One last thing is that loan modifications are only available for people in hardship meaning you have to be behind at least one payment. But for sure consult a professional before you take any action.

With 1 in 8 homes going into foreclosure, and mortgage lenders unable to keep up with tons of applications for help, is there really an answer to this problem? Jobs are being lost at alarming rates. Should lenders simply write these loans off as losses and call it?

No. I really think there is a better way for everybody, but sadly nobody wants to look at this.

1. Allow people to stay in their homes, this keeps the place nice, and keeps out the rift-raft

2. Put in place a mandatory 40-year loan instead of the 30 year loan. We did it for cars in the eighties and nineties. That lowers the monthly payments.

3. Allow those who are behind on their mortgages to put that amount at the end of their loan. You can’t bleed a turnip or a person out of work. But you can help them out. What good is writing off a trillion dollars in bad debts.

4. Outlaw credit cards and pay-day loans to everybody, this is what got many people in trouble to begin with. And now people with $800 and more in credit card payments can’t keep their homes. This is a scandal that keeps on giving. And it is worse than loan-sharking.

5. Make money management a mandatory course for anyone needing a loan. People have to know how to live within their means.

6. Knock of the welfare and food stamps for those who will not give back in their communities in for of work-fare, and volunteer in gardens.

We are a strong nation, only 10-12% out of work, that means at least 85-88% are willing to work, and are employed. We can and must help each other, but not in give-aways.