Interest Rates

Is the HARP 2.0 Refinance Reaching New Jersey Homeowners?

Is your success with HARP 2.0 in New Jersey totally in the hands of the greedy banks? HARP 2.0′s claim to fame is higher loan to value limits.  Because if you owe $165,000 on your home, but it’s only worth $150,000, then you have a very difficult time trying to refinance your home prior to [...]

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Can I Refinance My Underwater NJ Mortgage With HARP 2.0?

Many underwater homeowners in New Jersey will be able to refinance their Fannie Mae/Freddie Mac mortgage loans under the new HARP 2.0.  This new version of HARP was created to allow borrowers with underwater mortgage loans to refinance without having to worry about value or an appraisal – in most cases. To be eligible to refinance [...]

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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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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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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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But Won’t It Benefit Me If I Refinance With My “Current” Lender Since They Know My History?

It is quite common to hear borrowers say they will refinance or want to refinance with their current mortgage lender because they have good credit and have paid their mortgage on time.  The thought behind this is that the current lender will give them something great because of their good history.  This is a fallacy. [...]

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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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