appraisal value

FHA to Adopt New Property Appraisal Guidelines

Effective January 1, 2010. FHA appraisal requirements will follow a similar procedure recently adopted by Fannie Mae/Freddie Mac.  Read earlier posts here about “HVCC.” Over the past few months, the HVCC guidelines have presented numerous obstacles in loan processing and closing for conventional loans.  On the surface, it appears the FHA guidelines will be much [...]

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Important Changes to Home Appraisal Process All New Jersey Borrowers Must Know

If you haven’t recently tried to purchase a home or refinance your New Jersey mortgage, then you have no idea how things have changed regarding the process of home valuation – a necessary and critical part of mortgage lending. Click to Share on Facebook

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Can I Hurry Up and Wait to Refinance My New Jersey Mortgage?

Procrastination is ever so common with New Jersey borrowers when it comes to their mortgage refinance.  Not only can the delay itself be dooming for the borrower, some lenders are taking 60 days or longer to complete the transaction.  The delay by the borrower combined with the long lender turnaround time means the interest rate might [...]

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Falling Home Prices Spell Disaster For Sellers and Those Wanting to Refinance

There’s no shortage of sellers trying to hold out for a higher sale price for their home. Likewise, there is no shortage of those wanting to refinance opting to hold out for the fathom “lowest of lowest” interest rates. Take this example:  A home for sale at 6 Douglas Lane, Lumberton, NJ lost approximately $11,000 [...]

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Was a Reverse Mortgage the Right Decision?

Question:  My husband and I thought a reverse mortgage was the greatest thing for us, as he was retired and we owned our home. Seven months later, he died and I borrowed on the house for funerals (I prepaid mine also), credit card debt we carried, loans we had, house repairs and what have you. [...]

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5 Reasons Why New Jersey FHA Streamline is the Best Darn Mortgage Refinance Program

Let’s begin with the easy part.  What is the FHA Streamline Refinance? It is a refinance program that allows a New Jersey borrower who currently has an FHA mortgage to quickly refinance with much fewer requirements than the usual refinance.   The new loan will also be FHA. The program is NOT designed for cash back purposes.  [...]

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There’s a New Cancer on the Block Called HVCC. It Might Kill Your Home Value

That’s right.   On May 1, 2009, the mortgage business got yet another OUCH.   I will keep this as simple as possible, but stay with me.  If you are a homeowner who might be refinancing soon, this is “must know” info.  Don’t be blindsided. Somewhere along the line, the “powers that be” thought it was possible [...]

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Why Does it Seem Everybody Gets a Different Interest Rate – AND Why Didn’t I Get That Dreamy Low “Advertised” Rate?

When this subject comes up, I have to mention the car sales business.  I know the two businesses seem very opposite, but they are oh so similar. Have you ever seen the ads for new cars where you supposedly can get ZERO percent interest?  Yep, we all have.   Have you ever read the fine print?  [...]

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