Locally Owned Bank Coming To Manahawkin !

 The Shore Community Bank is a Locally Owned and Operated bank from Toms River, New Jersey. Started11 years ago, the Board Of Directors recognized the importance of having a branch in the Manahawkin area. This area is a great place to live and raise your children. The school system and the local hospital are growing, as well as the local shopping districts. I have decided to join this bank for I feel that I am "coming home." Having started my banking career with a  local bank (Beach Haven National) some 38 years ago. As a full service commercial bank, Shore Community will offer all the products well know to most consumers. Checking, savings, auto loans, commercial and small business loans, mortgages and also the REVERSE mortgage through FHA/HUD.

Another aspect of this bank is that like our logo says, "Your Neighbor.Your Bank." we want our customers feel like neighbors, not just an account.

I will be heading up the local "New Business Development" and Mortgage loan department and I look forward to seeing you when we open our doors by the end of the summer -2008.

                                     Joe D'Agostino, is a Licensed Mortgage Banker with over 38 years experience as

                                     a Nation- Wide Lender. Call Joe at: 609-290-0897

Reverse Mortgage Myths

MYTHS-

1) I would be selling my home to the bank:

FALSE: You keep your home, the lender will add a lien ( just like any mortgage) but you still have complete control over your property

2) My heirs won't inherit anythig:

FALSE: Your estate only owes the balance on the mortgage. The balance is however much you spent and interest. Remember, also, that your heirs will also have any investments you have made with the reverse mortgage proceeds.

3) I might "outlive" the loan:

FALSE: FHA/HUD reverse mortgages are designed specifically so that you cannot outlive the loan. When you get a reverse morgage, the lender will charge you 2% to purchase mandatory FHA mortgage insurance. That insurance guarantees that even if you live to be over 100 years old you can never owe more that the value of your home and you can never be forced to leave.

4) I can be forced out of my home:

FALSE: you cannot be forced out of  your house FHA specifically states that this can never happen.

5) Social Security and Medicare will be affected:

FALSE: money from reverse mortgages is not considered income  because it is a loan. For this reason, a reverse mortgage does not affect Social Security and Medicare benefits.

6) I would have to pay taxes on a reverse mortgage:

FALSE: you're already pay taxes on the money when you're reporting the equity into your home. When you take it out again, it is not taxable. Remember, this is a loan.

7) There are big out-of-pocket expenses:

FALSE: all the costs, whenever closing or interest are financed.  That means there are never out of pocket expenses at any point in the reverse mortgage.

8) A reverse mortgage is similar to a home equity loan:

FALSE: home equity lines may have several requirements such as high income, low debts and good credit that a reverse mortgage does not. Also, you can outlive the home equity loan and end up being foreclosed  on by the bank. This can never happen with a reverse mortgage.

If you are 62 years of age or older, own a home ,you are already qualified for a reverse mortgage. No income or credit scores are required.

Joe D'Agostino, is a Licensed Mortgage Banker with the State Of New Jersey with over 38 years of helping people like you, Nation-Wide.

Feel free to call or e-mail me.

OLD LOANS FOR NEW BUYERS

Some Old Ways To Get New Buyers...

With  The Current Housing Market, Maybe We Should Look To The Past, For Our Future.

Some Old Programs That Are Still Doing GREAT!

#1 FHA LOAN: This loan is still the all time winner when it comes to buyers. With only 3 % down and seller concessions, homebuyers can get into a$300,000 home with only $9,000. and that money can be a gift.

#2 The Nehemiah Loan- Get a FHA approval, have the seller's OK and your home-buyer needs no money down!

http://www.fha-home-loans.com/nehemiah_fha_loans.htm

#3 Lender Paid Mortgage Insurance- Did you know that the mortgage company can pay the mortgage insurance for buyers with less than 20 % down?

#4 Mortgage Rate Buydown- One of the best ways to get that home sold-Have the SELLER pay the BUYERS points. For example if a seller was willing to pay 3 Points on a buyer's mortgage, It would take his rate from 6.00% to 5.375% On a $300,000. mortgage   that would save your buyer $120.00 a month or $43,200. over  the 30 year mortgage term. How hard would that be to sell? Next time you are asking your seller to LOWER his asking price, think about this. It may save the seller thousands of dollars!!

IF anyone would like to go over these programs, please feel free to call or e-mail me

Also: Please check out my Free Realtor Marketing Program

R E C A M P by Hobbs/Herder

Joe D'Agostino

Licensed Mortgage Banker

 Cell: 609-290-0897 

What Does The Economic Stimulus Package Mean To You?

The Economic Stimulus Package (ESP) will cost $168 billion dollars, but what will it do for you? It is supposed to help the country moderate the worst effects of a slowing economy and perhaps even avoid a recession. It looks good on paper but it could take months or years to know if it even works. The ESP does have an immediate impact on individuals with an interest in real estate.

1) Checks from Uncle Sam:According to the White House, taxpayers can receive rebates of up to  $600 for individuals and $1,200 for couples. The relief will be available to everyone with adjusted gross income of less than $75,000 for singles and $150,000 for married couples filing jointly. The rebates will be phased out for those taxpayers with incomes above this thresholds.

2) Additional rebates will be mailed out for those with children.All those eligible for a rebate will also receive an additional $300 per child.

3) FHA mortgage loan limits will more than double in some cases.The usual limit in high-coast areas will rise from $362,790. to $729,750. with only 3% down.

4) Conventional loan limits will increase.This will increase from the current $417,000. to $729,750.

Remember that this is a one time deal, and that the loan limits are increased only for 2008. The old limits will be reinstated in January, 2009, so if you are looking for a larger mortgage start planning NOW!

HELOC-Caution !

 It seems that the major investors are looking at their Home Equity Line Of Credit accounts. Some have stopped doing them altogether, while others are looking real hard at weather they want to put a freeze on current balances. Country Wide has shut off Home Equity loans, while Chase,Bank Of America, Wells Fargo are looking real close at loans in markets where housing prices are declining. It may be a good time to Re-finance or tap into that balance NOW! Most HELOC are tied into prime rate which is at 6.00%. Not a bad rate to use to payoff some of those high rate credit cards.

5 Reasons Houses Beat Stocks. Realtors Must Read!

Despite what Wall Street wants you to believe, owning a home isn't the same kind of investment as stocks and bonds. What you get is a USE asset that depreciates over time, while it grows in market value. All you have to do is keep the home in good repair to max out your take.

Here are 5 Reasons why you get more for your money with a house than a worthless sock puppet:

LEVERAGE:with stocks, you put in all your money for a little piece of a company. With a house, you put in a little money to get all of the house

TAX BENEFITS: Uncle Sam knows that owning a home is a pain in the neck, that's why you get subsidies. These are basically government bribes to get you to buy. What other investment can you put in 5 % of the cost of the asset, reap all the appreciation and pay no capital gains? That's right:live in your home for 2 years, rent it for three, sell it, and pay no tax on capital gains up to $250,000 for singles, $500,000 for married couples. And you're worried about paying TOO MUCH?

And that's not all - think about the benefits of fixed -rate mortgage, property tax write-offs, interest rate deductions, depreciation. Is this a great country or what? Control: When you buy stocks, your paying some CEO 500 times the average worker's salary for results you'd lose your job for. With a home, you have control - what you buy, how much you pay, and where you live. You can improve the value with repairs and updates. Compare that to getting heard at the next shareholders' meeting.

Lifestyle:Do you want to look at a dumpsite or your children playing in their own back yard? With a home, you are purchasing a vantage point for yourself and your family. The neighborhood you want to be in, the size and style home that fits your need and budget. And the more wisely you choose, the better off you are. That is why having a good Realtor and a "Personal Mortgage Consultant",becomes another important part of the process.

So the next time a buyer thinks only about Sales Price - show them this and have them call me.

Note:  Realtors, don't forget about my free marketing system. RECAMP by Hobbs / Herder. call,e-mail or click today!                                                       Comments are always appreciated.

Remember The Veteran-VA JUMBO Loans To $650,000.

With all the problems associated with Jumbo loans today, it may be wise to look at the VA for help. Remember that the VA has a new limit of $650,000. with only 25% down over the $417,000. loan limit. That means that if a Vet were to purchase a home for $650,000. they would only need $58,250. down or approx. 10%. Remember there is no monthly PMI on VA loans. So the next time you take a buyer out or do a mortgage application remember to ask "Are you a Vet." It may pay you to do so. Attn: Realtors, don't forget to check out my free marketing program by Hobbs/Herder  R E C A M P.

Yeah, that's  me in 1968.

Small Balance Commercial Loans Up To 97 % 30 Years Declining Fixed Rate.

Commercial Loans Nation-Wide Approvals!

$100,000. to $2 Million

Low Closing Costs.

Purchase-Refinance-Cash Out

By doing low down payments, our commercial loan program gives the borrower more money for working capital. Short terms are also available. With 48 hour approvals, it makes sense to give me a try.

Let The Lender Pay The Mortgage Insurance..

Lender Paid MI can help your customers with little or no down-payment funds. Lender paid MI gives your customers options, and is a huge benefit versus a second "Piggy Back" loan.

1. Look at this:
2. One mortgage-no 2nd mortgage to qualify for with higher rates.
3. Lender pays the MI upfront- no additional monthly payment.
4. Could be the least expensive option for your customer.
5. Call me today to see what option is best for your customers and their situation. My Lender Paid MI option just might cost them less and close your deal faster.

Realtors, Don't forget to find out more about my free marketing program by Hobbs/Herder

Do You Want Faster Home Sales?

Promise & Protect program: Buyers get a lower interest rate and you get a wider pool of buyers. My Promise & Protect program provides you and your seller a way to offer potential buyers a lower interest rate and an easier way to qualify.

How It Works: If your seller offers to buy-down the mortgage rate, the buyer of the home would receive a lower rate at the time of closing. For example if at closing the current rate is 6.00 %, the seller can offer to buy-down the rate to 5% for 2 or 3 points. This would give your seller an advantage over other homes of like value in his area. You and the seller can market the home "At below market rates."This means more potential buyers. We all know which home would sell.

I even offer signs to my Realtors that goes over your for sale sign  that reads "Ask about the low rate guarantee on this home. You can even list it in the MLS."Maybe it's a better way than to keep asking for price reductions from your seller. Remember, the points are paid on the mortgage amount and not the sales price. For example: if a $300,000. home was sold with 20 % down the mortgage would be $240,000. and two points would be $4,800. Based on rates as of 1/10/08  the rate would be 5.25 % That may be a better alternative than asking for a $10,000. to $20,000.price reduction.

Hope it helps.....

Realtors, please don't forget to check out my free marketing program RECAMP,by Hobbs/Herder. If you lender does not offer RECAMP, call me.