The Higher FHA Mortgage Insurance Will Increase Your New Jersey Mortgage Payment

During the latter part of 2010, FHA mortgage insurance premium requirements changed once again and New Jersey borrowers must now pay higher mortgage payments. The monthly mortgage insurance jumped from .55% to .90% of the loan amount for loans with less than a 5% down payment (less than 5% equity on refinances). For loans with a [...]

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New Jersey Borrowers Will Pay Much More With Lower Credit Scores

Lower credit scores create a heavy financial burden on New Jersey borrowers.  There’s nothing new about that.  But, after the downturn in our economy, the impact is much more consequential.   Take a peak at the tables below to see the differences in monthly payments with various credit scores. (Note that the interest rates shown are only to [...]

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6 Things New Jersey Buyers Must Know About FHA Mortgage Loans

No one will argue that in our current economy, getting an FHA insured mortgage in New Jersey is a much easier feat than getting approval for a conventional loan. Standard conventional programs under Fannie Mae and Freddie Mac have a multitude of conditions borrowers must meet – and they can be tough.  But even though conventional [...]

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I Own a Home in New Jersey and Want to Refinance With the Lowest Possible Payment

Would we agree everybody wants the lowest payment and the lowest interest rate?  I’ve never had a borrower tell me they want the highest rate possible.  Really, I haven’t. How can I lower my payment the most?  I get the question a lot.  Most borrowers who close their loan could have gotten a lower monthly [...]

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It’s Friday, Nov 19 & Rates Are Changing Faster Than New York Traffic Lights

Mortgage rates have been changing like the easterly wind over the past 10 days. We haven’t seen this kind of volatility in a very long time. The Feds recently announced another Quantitative Easing (QE2) to support the bond market. Investors make critical decisions ahead of any anticipated market changes. Therefore, any impact on mortgage rates [...]

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Why Do Lenders Keep Losing My Modification Paperwork? Nothing Was Lost When I “Applied” For My Mortgage !!

Do you want to be considered for a mortgage loan modification?  Well, just stop making your mortgage payments. That’s the advice that Washington Mutual (WaMu), Countrywide & other lenders  gave some homeowners who called seeking for help with their mortgage payments.  And what happened later?  The lenders foreclosed. No loan modification.  No help.  Some homeowners are [...]

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Caution: That Loan Modification Can Hurt Your Credit Score

Mildred, a homeowner who had recently applied for a New Jersey loan modification, was stunned to find that her near-perfect credit score of 735 fell by 110 points after getting a trial mortgage modification approved by her lender. The score drop occurred despite never having any late payments and all trial payments had been made on time. Nothing unique here.  I [...]

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Can You Sue Your Lender For Closing Your Home Equity Line of Credit?

It’s possible and it’s happening now.  Both JP Morgan Chase and Washington Mutual are facing lawsuits after both lenders have frozen borrowers’ home equity loans without proper cause. Written within the terms of many home equity loans is a clause that says banks will provide customers with (2) weeks notice to substantiate whether their incomes have dropped before taking action [...]

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Mom Raps About Mortgage Modification & Foreclosure

Mortgage Rates in New Jersey Click to Share on Facebook

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Why Do Lenders Waste Borrowers’ Time If The Loan Can’t Be Done?

If you’re looking to apply for a mortgage loan, read this article from the Philadelphia Inquirer before you pick a lender.  Columnist, Al Heavens tells it just the way it is.  And it’s a story that’s all too common. The borrower wants to refinance and makes a call to a lender.  Let’s face it.  Without a [...]

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Another Big FHA Change That Will Make You Pay More – Effective October 4, 2010

Have you been sitting on the sidelines waiting to refinance your FHA loan?  After reading this, you might want to put some pep in your step, or else you will pay much, much more And here’s why. Effective October 4, 2010, when you apply for an FHA mortgage, the cost of your monthly mortgage insurance will [...]

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Is the 30-Year Mortgage a Con?

No, the 30-year mortgage is not a con – not exactly.  But it sure is a good deal for the fat-wallet Wall Street banks.  If I could get large groups of people to pay me interest for 30 years, it would make my day. The large majority of borrowers have 30 year mortgages because that’s what [...]

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