new jersey mortgages: Shopping APR (annual percentage rate) vs Interest Rate in New Jersey
- 06/22/11 02:53 AM
APR vs Interest Rate – Shopping properly Shopping for interest rates in New Jersey aka shopping for mortgages in New Jersey, can be confusing, especially when shopping for an interest rate and shopping for APR at the same time. The borrower needs to properly know and understand the differences. It can even be more confusing when you hear different opinions from different so-called experts. What is most common taught or thought of? Shop interest rates. Shop and compare the APR (annual percentage rate). Shop fees. So which is it? Let’s define both Interest Rate and Apr. – This comes … (8 comments)
FHA loans have become very popular in the last 2 years and there are several reasons for this. What I hate hearing is that FHA mortgages have taken the spot of the subprime loans. This is not true at all. This statement is from those that are inexperienced in both the mortgage and the real estate industries. To many subprime loans should have gone FHA and that is just a fact. But why are FHA loans getting bad press now, stating that they are the most defaulted loans recently? Read this : We should ABOLISH FHA loans...
In … (9 comments)
new jersey mortgages: FHA Loans & FHA Mortgages - setting the record straight !!!!
- 06/28/09 02:42 AM
FHA Loans and FHA Mortgages - Believe it or not, for many areas across the United States, in today's market, FHA mortgages seem to be about 50 percent of today's real estate transactions. What has bothered me since there aren't as many mortgage programs as outlets anymore, is that more and more lenders/loan officers are utilizing FHA loans now than ever before. And the crime to this surge of FHA loans is that more and more loan officers are just making up stuff that isn't even 1 percent true, just to get the borrower in the door.
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)
new jersey mortgages: Renting vs Buying -- Showing the difference in $$ -- Part 2 of 3
- 10/26/08 06:57 AM
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)
Okay, you truly feel that you could be in the market to purchase a home in the next year, possibly in the next 6 months, or you decided to look into it now. You feel like it shouldn't be that hard, that you have decent credit and that you can prove your income. In reality, after doing mortgages for over 15 years, it shouldn't matter what you think. With the ever changing world of mortgages, you should try to be semi prepared before jumping right into it. Especially if your credit is less than perfect. So, what should … (23 comments)
My childhood Music Memories ..... I have mentioned this before, but music has been my calendar for most of my life. I can relate so much to what happened in my life because of music. This of course will certainly be a walk down memory lane.
I was a shy person when growing up. Yes, imagine that. Music didn't really come into my life until I was in 6th grade. That was when I entered middle school, being exposed to more people. It's the same year that I asked my parents for one of those big boom boxes for Christmas. … (17 comments)
You are sitting at the closing table and the title company says that your mortgage money is not in their account as of yet. What could this mean? Possibly no closing or maybe a dry closing? I was inspired to write this because of many of the comments from other real estate agents in a blog that Diane Testa wrote, Are you having a lot of "dry" closings lately?
In Diane's post, here is what she had mentioned in regards to why the money might not be at the closing table. "Now, here is my question. Is this … (23 comments)
It doesn't matter if you are moving from California, Canada, Florida, from the east coast to the west coast, etc, etc. But not only will you need the services of a good realtor to help you with unfamiliar territory, you will need the services of a very good loan officer. Just moving and/or relocating in general can be challenging. Keep in mind, even though you will be living in that house, may it be with a small family or a large family, you want to feel secure when it comes to your finances. As carefully as you select your realtor, you want … (5 comments)
It's 2008 and you think you have seen it all. After 15 years in the mortgage business and as an FHA expert, I am baffled at what some states allow and I wanted to get everyone's opinion on a specific matter. Just the other day, I had a consumer contact me after reading several of my blogs. He told me that his previous loan officer pre-qualified him for a mortgage 2 weeks ago and just the other day, told him that he can't help him now. Why? Because he just realized that his FHA license was going to expire at the end … (22 comments)
The ultimate pill to relieve the real estate and the mortgage problems doesn't exist. What's up with the media and all the negativity? Isn't that how they sell the news? What about the government that keeps coming out with solutions with several lenders making promises. Don't forget, we are in an election period. So is all of this smoke and mirrors? What about these new programs that they are coming out with? Most programs will only help a select few. Sure, helping a few is better than nothing. But when they come out with a program that sounds great, … (11 comments)
new jersey mortgages: FHA & Conventional Mortgages -- Have you been striped of your morals?
- 12/15/07 11:15 AM
How many of you know the difference from right and wrong? Know the difference between telling the truth or telling a lie? I will say this, I am not God nor am I perfect. I know when I have lied, when growing up. And I was punished for it. But what about as a professional? Or do we even call these people professionals? I had the pleasure of meeting a couple today from Sheri Smith. This couple was pre-qualified by another loan officer about 3 months ago. The loan officer told Sheri and her clients, no problems and happy house … (14 comments)
new jersey mortgages: FHA & First Time Homebuyers -- Buying Steps & Tips that you need to know!!!
- 11/23/07 02:15 PM
FHA mortgages aren't as hard and intimidating as so many have mentioned in the past. Buying your first home, a second home, or even your third home can be intense. If you are a renter, your first step is to see which is better, to rent or own? Just remember, FHA mortgages are not just for first time homebuyers. Please read : FHA mortgages, how many can you have?
Below you will find a compilation of sequences that you should read prior to applying for a mortgage.
Before you start shopping for a mortgage, you should … (14 comments)
new jersey mortgages: FHA, Conventional, & other related mortgage blogs -- The Best of the Best - Part 2
- 11/15/07 03:51 AM
Has your dream of buying your new home or refinancing your current mortgage been stolen from you because of broken promises? Mortgages can sometimes be a complex issue and if you aren't speaking to a mortgage professional that will be upfront with you from the start, then you might know what I am talking about. Home ownership can be such a joy, especially if your transaction goes smoothly. I guess a huge reason why I love what I do is because I have so much passion in what I do when it comes to helping people with their financing needs. And something … (15 comments)
new jersey mortgages: FHA or Conventional mortgages -- Either way, is it better to rent or own?
- 11/09/07 07:08 AM
Buying your first home can be intense. It can not only be one of your largest investments in your lifetime, but might be one of the biggest responsibilities that you take on also. You first consideration should be weighing your options in regards to renting or buying. You then want to talk to a trusted mortgage professional in regards to your financing options, your goals, and any questions that you might have. This loan officer should not only tell you what you can qualify for, but make sure that you will be able to handle this type of transaction.
One of the … (14 comments)
new jersey mortgages: FHA, Conventional, & other related mortgage blogs -- The Best of the Best - Part 1
- 11/04/07 06:26 AM
Did history classes bore you to death when growing up? Do you feel like this when reading a mortgage related topic? Gee, it can be tiresome talking about them sometimes. But because I have so much passion in what I do when it comes to helping people with their financing needs and because I love what I do, it makes it that much easier when talking about mortgages. And something that has helped in the last year is meeting others in the industry, especially those here on ActiveRain, that have the same passion and love for what we do. As stated, … (10 comments)
What is the FHA 203(k) Loan? The FHA 203(k) allows homeowners and homebuyers an opportunity to purchase or refinance existing homes and finance 110% of the costs needed to improve the home! The 203(k) is ideal for neighborhood revitalization! This program is one of the fastest growing mortgage programs in the country.
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What you can do with the FHA 203(k):
☆ Include all repairs in the mortgage - … (42 comments)
Is your money tree bare at times for giving free advice? I am sure many of us have done this from one time or another. I just hope you don't do it often. It can have an affect on you. Sure, we all need to make a living. And I know there are a lot of helpful people in this business. Not to pat myself on the back, but I know I am very helpful, outgoing, sincere, and won't turn too many people away. I just love helping people. Two nights ago I received a phone call from a consumer in Texas … (46 comments)
new jersey mortgages: Is a FHA Loan Officer like a Doctor?
- 10/12/07 07:47 AM
How does a loan officer compare to the life of a doctor that performs surgery? One thing for sure is that there is no comparison when it comes to the years of schooling that one has to go through to become a doctor. Matter of fact, you don't even need to have an education to become a loan officer. This might sound scary to many because buying a home is one of the biggest investments that one will make in his or her lifetime. Is education needed to get by in life? Is education and college important? Can you be successful … (20 comments)
Aren't mortgages confusing enough? It doesn't matter if it's a FHA, conventional, VA, or subprime mortgage. Let's add some more confusion. Most of us know what the rate is in regards to mortgages. Rate : A charge or payment calculated in relation to a particular sum or quantity: interest rates. (from answer.com) APR (Annual Percentage Rate) : Is the cost of your credit expressed as an annual rate. This is a federally required formula, designed to help the borrower compare the cost of credit. The APR rate is different from the note rate of your mortgage and is usually higher than … (28 comments)
I just want to educate people about mortgages and the process.
In regards to lending, I am very creative, intuitive, honest, and one who communicates information, may it be good or bad. I am a loan officer that looks out for your best interest.
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