Interest Rates

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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New Jersey Mortgage Rates Are Going Up & Down Every Day

There has always been a saying in the mortgage business that “You can’t beat the market.”  If you could and if it were that easy, we would all be rich, right?  Mortgage rates are based on what’s happening in securities and on Wall Street.  So, just as you probably have not struck it rich by [...]

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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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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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Tell Me Simply, Why Are Mortgage Rates So Low Right Now?

Avoiding a course in Economics, let me share one of the primary causes of mortgage rate fluctuations – in a very simple manner. When people, companies, etc., want to invest their money, they make decisions about how much risk they want to take.  With our economy and the overseas economy being rather up and down [...]

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Did You Know? Obnoxious Credit Card Interest Rates Started With a Deal Between Citibank and a Governor

When William “Wild Bill” Janklow was Governor of South Dakota in the early 80′s, he made a deal with Citibank that would throw the roof off credit card interest rates.  “Wild Bill” would eventually give rise to credit card balances and bills that were off the charts due to enormous interest rates.  Janklow was a one-man political [...]

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New Jersey Mortgage Shoppers Can Rob The Bank With a Long Term Adjustable Rate Mortgage – Get the Facts Before You Judge

The 5-Year ARM Is a Mortgage Steal Any borrower in the market for a mortgage loan in New Jersey right now should NOT pass up the savings that can be had with the 5/1 adjustable rate mortgage.  Rates are unbelievably low compared to the 30-year fixed rate.  These mortgages are prime rate, Fannie Mae and FHA [...]

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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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25 Million Lenders And Still Counting For “Best Mortgage Rates” – It’s a Jungle Out There. Who Really Has the Lowest Rates?

How does a borrower looking for a mortgage loan find who “really” has the lowest mortgage rates if there are over 25 million pages online screaming that “they” have the best mortgage rates? What do I mean?  Type “best mortgage rates” in Google and see what you get.  Today, February 8, 2010, your friendly lenders are [...]

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Why New Jersey Borrowers Might NOT Get That Low Advertised Mortgage Rate

Okay.  So you’re thinking to yourself, “I called that lender because they advertised rates that were so low, but I didn’t get the rate.”  Why not? The answer is relatively simple though some lenders don’t take the time to thoroughly explain it.  Mortgage rates are low, but only if the borrower “qualifies” for that low [...]

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