Posts tagged as:

Refinance

Is the 30-Year Mortgage a Con?

August 16, 2010

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 everybody [...]

Read Full Article & Comment →

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

July 7, 2010

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 (mostly [...]

Read Full Article & Comment →

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

July 5, 2010

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. [...]

Read Full Article & Comment →

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

June 6, 2010

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 report was [...]

Read Full Article & Comment →

Are You Self-Employed in New Jersey and Need Mortgage Financing? 5 Things You Need to Know

June 6, 2010

Nothing beats being your own boss, except maybe when you go to apply for a mortgage loan. When the time comes that you need financing for your home, getting qualified and approved involves a different set of circumstances than what’s typical for the salaried borrower.  But it’s nothing that proper planning can’t conquer.  Self-employed borrowers [...]

Read Full Article & Comment →

New Jersey Borrowers Will Pay Much More With Lower Credit Scores

May 22, 2010

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 [...]

Read Full Article & Comment →

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

May 8, 2010

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 loans.  [...]

Read Full Article & Comment →

Are Mortgage Loans Still Available In New Jersey for Self-Employed Borrowers?

January 28, 2010

Yesterday, I got a call from a woman who owns her own bookstore. She was calling to see about possibilities of refinancing. She now has an interest only mortgage loan that she wants to refinance to a 30-year fixed. When she got her mortgage 5 years ago, she qualified using a program called “No Income [...]

Read Full Article & Comment →

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

January 3, 2010

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, [...]

Read Full Article & Comment →

Help!! I Can’t Refinance and I’m Having Trouble Getting a Loan Modification

October 6, 2009

Sound familiar?  It seems many people are having trouble getting their lender/servicer to modify their loans.  Many lenders are just not abiding by the guidelines they said they would follow after taking TARP funds under the Obama Stimulus Plan.

Read Full Article & Comment →

FHA Streamline Refinance Rules Changing For The Worse, Much Worse – as of November 2009

September 29, 2009

Massive, massive changes upcoming that will kill the FHA Streamline as we have known it for so many years.
The new rules will make it impossible for most borrowers (my conclusion) to refinance using FHA Streamline.
No doubt, more changes will follow that are not beneficial to borrowers.
But the changes defy the very foundation of the Streamline [...]

Read Full Article & Comment →

Divorce and Your Mortgage

August 18, 2009

As if getting divorced is not stressful enough, figuring out what to do with the home you own must also be resolved.  Who will stay in the home?  Or will it be sold?  If one spouse remains in the home, how will the mortgage or ownership be handled?
Do you know the most misunderstood property issue that [...]

Read Full Article & Comment →

← Previous Entries