Refinance

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

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 [...]

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

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, [...]

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

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. Click to Share on Facebook

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FHA Streamline Refinance Rules Changing For The Worse, Much Worse – as of November 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 [...]

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Divorce and Your Mortgage

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 [...]

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Can I Hurry Up and Wait to Refinance My New Jersey Mortgage?

Procrastination is ever so common with New Jersey borrowers when it comes to their mortgage refinance.  Not only can the delay itself be dooming for the borrower, some lenders are taking 60 days or longer to complete the transaction.  The delay by the borrower combined with the long lender turnaround time means the interest rate might [...]

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Falling Home Prices Spell Disaster For Sellers and Those Wanting to Refinance

There’s no shortage of sellers trying to hold out for a higher sale price for their home. Likewise, there is no shortage of those wanting to refinance opting to hold out for the fathom “lowest of lowest” interest rates. Take this example:  A home for sale at 6 Douglas Lane, Lumberton, NJ lost approximately $11,000 [...]

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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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