Refinance

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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New Guidelines to Refinance Your Mortgage, Even if You’re Underwater

Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance program (HARP) and you may be eligible to take advantages of these changes. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of [...]

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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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The Higher FHA Mortgage Insurance Will Increase Your New Jersey Mortgage Payment

During the latter part of 2010, FHA mortgage insurance premium requirements changed once again and New Jersey borrowers must now pay higher mortgage payments. The monthly mortgage insurance jumped from .55% to .90% of the loan amount for loans with less than a 5% down payment (less than 5% equity on refinances). For loans with a [...]

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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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Why Do Lenders Waste Borrowers’ Time If The Loan Can’t Be Done?

If you’re looking to apply for a mortgage loan, read this article from the Philadelphia Inquirer before you pick a lender.  Columnist, Al Heavens tells it just the way it is.  And it’s a story that’s all too common. The borrower wants to refinance and makes a call to a lender.  Let’s face it.  Without a [...]

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Is the 30-Year Mortgage a Con?

No, the 30-year mortgage is not a con – not exactly.  But it sure is a good deal for the fat-wallet Wall Street banks.  If I could get large groups of people to pay me interest for 30 years, it would make my day. The large majority of borrowers have 30 year mortgages because that’s what [...]

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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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Is Now a Good Time to Refinance My Mortgage or is There Reason to Wait?

Visit msnbc.com for breaking news, world news, and news about the economy In case you have missed the headline financial news over the past few days, mortgage rates are once again quite low.  Check it out on this video featuring Today Show finance expert, Jean Chatzky. What caused the drop?  On Thursday, June 3, the jobs [...]

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