Closing Costs

Effective November 2011, More Borrowers Will Be Able to Refinance – Even With No Equity

Home Affordable Refinance Program (HARP) is New and Improved The Federal Housing Finance Agency, with Fannie Mae and Freddie Mac, have announced a series of changes to the Home Affordable Refinance Program (HARP) in an effort to attract more borrowers who can benefit from refinancing their mortgage. Under the original HARP guidelines, there were hordes [...]

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How Much Can The Seller Contribute To My Closing Costs?

Any costs paid by the seller MUST be specified and included in the purchase contract for your home. Sellers can agree to pay all or a portion of your closing costs, prepaids (escrows) and reserves – up to the maximum permitted. The maximum allowed is based on a percentage of the purchase price. The maximum [...]

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12 “Must Know” Tips For New Home Buyers in New Jersey

For most people, buying a home is the biggest financial investment they will make in a lifetime.  Many homebuyers get involved in the process without knowing all the facts and without knowing how all the various pieces fit together.   Frankly, qualifying for the mortgage may be the simplest piece of the puzzle, yet it’s where home buyers place [...]

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Keeping Your Credit Score High While Shopping for a Mortgage in New Jersey

There is a HUGE misunderstanding among MOST mortgage shoppers that whenever a mortgage lender in New Jersey pulls their credit, the score will drop.  Therefore, the borrower decides they have no choice but to shop for a mortgage without the lender seeing their credit at all, or by telling the lender what they believe their [...]

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Making Mortgage Sense: How Anyone Can Understand the “New” 2010 Good Faith Estimate (GFE)

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Buying a Home In New Jersey. Can I Get a “Good Faith Estimate” Please?

As of January 1, 2010, mortgage originators are required to give mortgage applicants the “new” Good Faith Estimate (GFE).   The document will be used by all lenders and all originators and will make it easier for borrowers to compare costs.  The big plus with the new guidelines is the consistency of the form.  Previously, the GFE could [...]

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The “New” FHA Mortgage for 2010 – After April 5, It Will Cost You More $$$$

Effective April 5, 2010, it will cost you more to buy a home using FHA.  With the market still trying to correct itself, FHA has insured more mortgage loans than ever before over the past 18 months.  More loans mean more risk is being assumed.  With more risk comes greater cost – passed on to the [...]

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FHA is Making it Tougher to Get a Mortgage; Changes Might Shut the Door For Many Buyers

As we warned last year, the guidelines for getting an FHA mortgage will be tougher – effective early this year.  The announcement with specific changes will be published this week.  Perhaps as early as January 22, we will have the new Mortgagee Letter in hand.   (Mortgagee Letters are used by HUD to inform everyone of [...]

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Can I Refinance My Mortgage in New Jersey With No Closing Costs?

What borrower hasn’t heard about the no cost refinance, the no fee refinance, or the free refinance? The terminology may differ, but it’s all the same thing.  A way for homeowners to refinance with zero or minimal closing costs paid by the borrower.  Typical closing costs include title search fees, title insurance, courier fees, flood certification fees, [...]

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Effective Jan 1, 2010, Federal Rules Require Mortgage Lenders and Brokers to Give Borrowers Better Estimates of Mortgage Closing Costs – Borrowers Should Beware

The Federal Government has become even more involved in the business of mortgages. This time, Uncle Sam’s goal is to help consumers handle the confusing job of selecting a mortgage, selecting a lender, and selecting a mortgage consultant.  On the surface, however, it appears the new regulations will only help a mortgage shopper make decisions based [...]

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