Credit Scores

FHA Loans NOT Just for New Jersey 1st Time Homebuyers. Not at All.

The rumor that FHA mortgages are only for New Jersey first time homebuyers has circulated for many years.  I have heard it since I first began in the mortgage business many years ago. Let me confirm:  It is a BAD RUMOR.  Total misinformation. Anyone can get an FHA mortgage loan – anyone who qualifies of [...]

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Mortgage Shopping “Online” Versus Finding a Local New Jersey Expert? What To Do?

Most will agree that, undeniably,  the Internet is a great source of information about nearly everything.  What can’t you find online? There are many items I would not (or cannot) buy anywhere else but online.  Things like pricey computer accessories, books, personalized items, car tires (yes, tires), vitamins, and lots more. But I would not [...]

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Common, But Little Understood Reason Why Many Mortgage Refinances Get Stuck Against a Brick Wall

If you are a homeowner/borrower, odds are you have never heard of the term “subordination” as it applies to a mortgage transaction. But if you are a mortgage holder with both a 1st (primary) mortgage AND a home equity loan or home equity line of credit on the same property, you will find out all [...]

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Why New Jersey Mortgage Borrowers Are Often Still on the Losing End After Rate Shopping

One of the most frequent complaints we hear from New Jersey borrowers is about the interest rate “they thought” they could or would get on their new mortgage loan.  This happens more so when borrowers found their mortgage consultant by either (1) calling several lender offices inquiring about mortgage rates, or (2) relying on Internet [...]

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Your ONLY Chance to Refinance Your New Jersey Mortgage With Less Than Sparkling (Bad) Credit

Anyone who has not been living in a cave for the past year have heard the sob stories from lenders and the sad state of lender balance sheets.  Lenders are not interested in loaning money to those with poor credit.  And we must confess, it makes perfect sense.  When there are indications that the applicant [...]

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9 Things You Must NEVER Do While You Wait For Your New Jersey Loan To Close

After you apply for a mortgage in New Jersey and you’re told you have been pre-approved, don’t think it’s all smooth sailing to the closing table.  Because YOU might do something to foul things up.  Happens a lot, especially if you were not warned by your loan officer. Even if you were pre-approved at the [...]

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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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Millions of Americans Could Save Thousands Each Year by Refinancing Their Mortgages

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I Just Didn’t Have the Time to Refinance My New Jersey Mortgage

This is a good topic for any mortgage blog because “Larry” was even more angry at himself because he never made the time to stop and refinance his mortgage loan. He said his rate was 6.75%. He was planning on getting to it, but kept putting it off and putting it off.

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