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first time homebuyers: I said JUMP - It's the best time to buy a home now !!!! - 01/22/11 09:16 PM
I had written a blog post a few weeks ago, Conventional Pricing Adjustments coming in April, in which I talked about how FHA had raised it's monthly mortgage insurance premiums back in October and how Fannie Mae will be adding onto their pricing adjustments in April of 2011. A realtor had stated this - "We saw the writing on the wall a while ago that this was bound to happen. If any time for a buyer to get off the fence and purchase would be now."
I have been reading these kinds of statements for the last 12 to 18 months. When … (10 comments)
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first time homebuyers: Renting vs Buying -- Knowing your loan options & what it would take to buy -- Part 3 of 3 - 10/05/10 09:13 PM
So you have been weighing your options in regards to either renting or buying. It looks like you after thoughtful consideration and planning, that you want to buy a new home. You are now excited, just thinking about this daily. You finally will own your own home and be a proud homeowner.
You now need to speak to a loan officer, if you haven't already done so, to help you with the rest of the process and to qualify you. Word of Advice : Don't start to look at any homes until you have been fully qualified and know what … (9 comments)
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first time homebuyers: Renting vs Buying a home -- Showing the difference in payments -- Part 2 of 3 - 09/25/10 08:50 PM
Key Reminder - You don't need 700 credit scores and 20% down to buy
Figuring out the differences between renting vs buying a home can be stressful. I gave you some pros and cons of buying a home in Part 1. Things seem good, because you are learning how to break this down. That's great......
Tip : Keep your focus and don't be talking to too many people outside of the loan officer that you are speaking with. That's if you have picked one by now. And by this, I mean don't ask in depth questions … (9 comments)
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first time homebuyers: Buying a home vs Renting - Understanding & knowing the difference - Part 1 of 3 - 09/23/10 10:15 AM
In today's economy, you will hear many different rhymes of reason why to rent now or why to buy a new home now. Ultimately it comes down to your own decision and you should only use such news with caution.
You might have heard some say, don't buy now because home values will decrease another 5% to 20%. Remember, real estate is local. In some areas, home values have already increased by 10%. So get to know your area and speak to a qualified realtor about this. Here is a good post showing you even if home values dropped, … (11 comments)
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first time homebuyers: Dear First Time Homebuyer, how many hands in the cookie jar??? - 09/03/10 10:32 PM
First homebuyer speaks to a loan officer or a real estate agent. For some reason, they decide to seek a 2nd opinion because of that gut feeling or because they have heard something different.
A buyer called me regarding some mortgage information after speaking to another loan officer. Forward ahead, skipping details of the story. I give them a totally different answer and I see some major read flags. I also have a bad feeling about how this loan officer is explaining things based on the buyers answers to me. This buyer tells me that they will get the documents … (12 comments)
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first time homebuyers: As a first time homebuyer, not knowing anything about buying a home, where do I start? Realtor or Loan Officer?? - 02/25/10 08:37 PM
Real Estate Question : As a first time home buyer not knowing anything about buying a home, where do I start?
The question above was something I just read on Trulia's questions and answers section. I was very shocked at some of the answers that were given from realtors. Let me start by saying that this is merely my opinion. No, I am not always right and don't claim to be, but some questions should not be answered by a realtor and or a loan officer. Sorry, that is a fact and I will stick by … (81 comments)
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first time homebuyers: The Good, The Bad, & The Ugly - Mortgage Interest Rates & the Tax Credit - News you need to know!! - 02/05/10 01:50 PM
When is it a good time to buy a home?
Important interest rate info below. Please read ...
First time homebuyers have been blessed with low mortgage interest rates and the first time homebuyer tax credit. We have heard so many times in the last 12 months that now is a great time to buy. But is this true? So when is it a great time to buy as a first time home buyer or even a regular borrower?
Let me keep it simple. The best time to buy a home is when you are ready … (24 comments)
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first time homebuyers: FHA Loan Tips & Mortgage Shopping Tips - Don't be caught with your pants down!!! - Part 1 of 2 - 01/03/10 08:41 AM
How many of you feel lost out there or even get help from someone such as a realtor letting you know that they can have their mortgage loan officer help you with your loan, yet you could still be lost. Not all referrals are good ones, just food for thought. I know this, because I have seen it happen more than it should, after a borrower comes to me after they had used someone else that was recommended. No, I am not perfect. But there is a lot more than just telling a borrower a rate and costs after … (50 comments)
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first time homebuyers: First time homebuyers tax credit - Who is frauding who?? - Possible extension? - 10/26/09 10:42 AM
A lot of chatter about the First Time Homebuyers Tax Credit
Let's start with the basics about the First Time Homebuyer's Tax Credit....
Yes, it has helped some that might not have bought. It has given people money after buying to help fix up their homes, pay off debt, or save for emergencies. And ___________. ... wait, I really can't think of anything else.
Has the Tax Credit been a mechanism that has artificially stimulated the economy? Some will say yes and some will say no. I will be one of those … (19 comments)
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first time homebuyers: A letter to the consumer : Do you want reality or fluff & deception? - 02/06/09 09:57 AM
Dear Mr. & Mrs. Borrower,
Liar Liar pants on fire.... Do I have your attention? Well, I have been known on Active Rain and on a few outside blogs as the meanie. (just using polite words since I am speaking of myself) Also that I seem harsh and my comments come across rude and condescending. Why is this? Please read on....
Because I give my honest opinion of 16 years in the mortgage industry about other loan officers and mortgages in general. I believe that education is a huge issue when it comes to mortgages and real estate, and there are … (27 comments)
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first time homebuyers: First Time Homebuyer Tips : Summary - Red Flags to be aware of -- Part 5 of 5 - 02/01/09 11:11 PM
Buying a new home or refinancing your mortgage - How many of you are excited about buying a new home, yet are worried at the same time that it won't fall apart at the end because of horror stories that you have heard in the past. I am not here to scare you, this doesn't happen often, that real estate transactions fall apart last minute. But it does happen more often than many think. Overall, it just comes done to the loan officer or realtor giving you the basic education that comes with real estate and mortgages.
For … (17 comments)
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first time homebuyers: 7500 Tax Credit - First time homebuyers Tax Credit - How to use it before you actually buy your home.... - 01/18/09 11:50 AM
Saving money.... ouch... In today's market, not as easy for some depending on their situations. I know some people that make a good living, but that they have a large family to support. Sure, define a good living, which would be different for each one of us. But the bottom line is that many of us could use help one way or another when it comes to buying a home.
I wrote a post a few weeks ago about the tax credit for first time homebuyers and giving insight of what it was all about. Before I go … (19 comments)
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first time homebuyers: First Time Homebuyer Tips : FHA loans, a better mortgage program? -- Best Programs & Why -- Part 4 of 5 - 01/13/09 12:14 AM
FYI - these tips in this first time homebuyers series are not just for newbies/first time homebuyers)
Mortgage programs can sometimes be the death of us. In recent years, this has already happened. This can be confusing, because so many people have opinions. Opinions from loan officers, realtors, your family, friends, neighbors, and or co-workers. What can we learn from this First Time Homebuyer Tips series? I think it goes back to the basics of mortgages, which was part 1. Am I telling you to listen to me and only me? No, not that. You need to know that loan … (14 comments)
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first time homebuyers: Use a 6 month gift from a relative to buy a home, thanks to the Tax Credit - 01/01/09 05:36 PM
The government is handing out money as a long term loan. Take advantage of this!!!
The Housing and Economic Recovery Act of 2008 produced the 7500 tax credit for First Time Homebuyers. In this case, to be eligible for the tax credit, a first time homebuyer is defined as : someone who had not owned a home from July 2, 2005, through July 1, 2008. In order to become eligible, you have to buy your home after April 8, 2008, and before July 1, 2009. I will go over some of the other guidelines later.
… (67 comments)
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first time homebuyers: First Time Homebuyer Tips : Understanding the total mortgage process -- Part 3 of 5 - 12/14/08 06:25 PM
FYI - (these tips in this first time homebuyers series are not just for newbies/first time homebuyers)
Shopping for a mortgage can be such a confusing process, even for those that have bought a home or refinanced previously. And in this first time homebuyers series, the biggest thing that I can't stress is the ability to pick that loan officer who will have your best interest at stake. I don't want this to be a debatable subject. There can be arguments based on :
Make sure you get the loan officer through a referral (you can find people on the … (18 comments)
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first time homebuyers: First Time Homebuyer Tips : Getting Qualified & Knowing your Credit -- Part 2 of 5 - 11/29/08 09:46 AM
FYI - (these tips in this first time homebuyers series are not just for newbies/first time homebuyers)
Before I start.... A very important FYI - Stop listening to the news & media !!! There is still plenty of mortgage money available. You don't need perfect credit and 20% down. You can have less than perfect credit and 3% out of pocket. FHA loans can help you with this.
What is important when shopping for a home and shopping for a mortgage? Preparation is usually the key for most things in life. Being successfulat it doesn't always happen overnight. And buying … (15 comments)
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first time homebuyers: First Time Homebuyer Series -- FHA - Conventional - VA - Subprime -- Part 1 of 5 - 11/23/08 03:25 PM
FYI - (these tips in this first time homebuyers series are not just for newbies/first time homebuyers)
Reality.... Buying your first home can be intense, but still can be FUN with the right people. There are many professionals out there that are willing and able to help you with this process. But the more that you understand this process, the easier and more comforting this experience will be remembered with pleasant memories.
You first need to align yourself with a good loan officer and real estate agent so as not to get led down the wrong path. I … (40 comments)
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first time homebuyers: Renting vs Buying -- Knowing your loan options -- Part 3 of 3 - 10/28/08 09:56 PM
So, you have been told that you qualify for a home. You are so excited, just thinking about this daily. You finally will own your own home with a piece of property. To be a proud homeowner.
You have been told by many to just ask for a 30 year fixed rate. Maybe you don't have much money to work with. Maybe you have 30% to put down on the property. You actually know that this is a starter home and that you will probably only be in the house for 4 to 5 years, because you would also … (9 comments)
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first time homebuyers: Renting vs Buying -- Showing the difference in $$ -- Part 2 of 3 - 10/26/08 01:57 PM
FYI -- There is still money to lend. Stop listening to the media and to some lenders. Yes, it's tough to get a conventional loan if your credit scores are below 700 and putting 10% or less down. But getting a FHA Loan is not as hard as percieved. FHA loans might be the way to go.
Okay, so I gave you some pros and cons of buying a house in Part 1. You seem to be feeling good and confident. That's great...... Tip : Keep your focus and don't be talking to too many people … (6 comments)
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first time homebuyers: Renting vs Buying -- Understanding & knowing the difference -- Part 1 of 3 - 10/23/08 07:30 PM
Are you throwing money out the window by renting? More than likely, yes. But this can be a complicated decision based on several different factors. Sure, you can try the many rent vs buy calculators online, but I have found so many not to be the same as the first one.
When should you not buy a home?
If your rent is very low. (usually 2/3 or less of your monthly payment) You intend to move in a few years. (unless you get into the house with no money out of pocket) Is this statement, "throwing … (12 comments)
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Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
Cherry Hill,
NJ
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Address: Cherry Hill New Jersey 08034 08002 08003, Haddon Heights New Jersey 08035, Haddonfield, NJ, 08033
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