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mortgage: Is Your Credit Score a "Score" or a "Rank"?? - 01/25/11 09:03 AM
Apparently there is a misconception out there that your credit score is just that; a basis of how you handle your credit, pay your bills, and your effort to stay on top of things. With this new economy that we've been thrust unwillingly into, that has apparently changed. It's not more-or-less a ranking of how you fit in with the ever-changing credit scores of the general population. The actual quote from a financial article is, "Your credit score is not a rating of your credit worthiness, but rather a ranking of your credit worthiness compared to the rest of the … (0 comments)
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mortgage: The Goose and the Gander - 07/13/09 11:00 AM
When facing a mortgage default, most homeowners try to sell their home - fast. The technique that works in these stressful situations also works for the rest of sellers - namely, aggressive pricing.
As a seller, you control the three factors that determine how quickly your home will sell: marketing, condition, and price. Let's focus on that last element.
First, be clear about your goals. Can you hold out for the highest price you can get, or do you want to move on quickly? Unfortunately, the fact that you paid more than what homes in your neighborhood are selling for is … (0 comments)
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mortgage: A More Profitable Alternative... - 01/19/09 12:49 PM
You’ve probably heard the term "reverse mortgage," which refers to a loan that allows homeowners aged 62 and older to tap the equity in their home, without repaying it. This has become an increasingly popular way for retirees to generate extra income for living expenses and paying off debt.
However, high fees and aggressive sales tactics prompted the Senate Special Committee on Aging to recently issue an investor alert. The intention behind the warning is not to discourage reverse mortgages, but rather to encourage homeowners to make sure it's the right loan product for them.
The biggest downside to such an … (0 comments)
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mortgage: Keep the Horse Before the Cart! - 12/15/08 09:50 AM
While many buyers are aware that a mortgage pre-approval letter increases their buying confidence and power, most may not understand exactly why pre-approval is so important. Why should you jump through the application hoops before even beginning your home search?
First, you'll know exactly how much loan you can afford, making your initial home search much easier. Why waste your time looking at homes either out of your reach or well below your financial grasp?
Second, pre-approved buyers stand on solid negotiating ground with sellers. Sellers working with well-qualified buyers are more likely to accept the offer and less likely to … (1 comments)
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mortgage: It's No Mystery... - 11/17/08 11:00 AM
You don't need a crystal ball to try to predict the future of the real estate market. Every time there is a downturn, an upward trend always follows. The best course of action is to look at the causes, and make decisions based on unbiased facts and incontestable history.
As the choice of loan options grew these last few years, consumers could buy a home more easily. Wall Street took notice of all the hot action in real estate, and investment firms were able to shift the ownership of mortgages to their managers and clients.
Then about three years ago, the … (1 comments)
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mortgage: Time To Make Lemonade - 11/03/08 10:31 AM
When one hears the word "foreclosure," images are conjured of families unable to meet their loan commitments, and forced to consider unpleasant options. However, it's not only homeowners that suffer from a foreclosure. Renters can be "out on the street" if their landlord defaults on mortgage payments.
A report from the Mortgage Bankers Association states that nearly 20% of recent foreclosures have been against investors who did not live in the property, and even tenants in good standing face having to vacate the premises if they're renting one of these properties.
Why mention this gloom and doom scenario? Because home values … (0 comments)
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mortgage: Wake up from the American Nightmare! - 10/20/08 11:56 AM
Effective October 1, 2008, a housing bill was passed to help both troubled borrowers and lenders. At-risk borrowers whose loans originated between January 2005 and June 2007 may be eligible to refinance their unaffordable mortgages into low-cost, fixed-rate loans insured by the Federal Housing Administration (FHA).
Whether current or in default, at least 31% of the borrower's monthly income must be tied to paying the mortgage debt. Other requirements come in to play that have to do with the total debt owed and any secondary financing.
Borrowers may get information from their current lender or an FHA-approved lender (found on the … (0 comments)
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mortgage: Sheltering You and Your Income... - 10/01/08 02:24 PM
Sheltering You and Your Income... It's easy to be swayed by all the negativity swirling around in the real estate industry. However, home ownership offers benefits you just can't get from other forms of investment, regardless of market conditions. In particular, the US tax code makes buying and owning a home a great deal. First, you can deduct from your income the interest paid on your mortgage. That applies to second homes, too. You may even be able to deduct your loan's insurance premiums. If you've taken out a home equity loan, that interest is also deductible, regardless of how you've … (0 comments)
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mortgage: An Ocean of Options! - 08/04/08 10:37 AM
As a buyer, you may find yourself drifting on an ocean of financing options. As lenders tighten their requirements, there are a few aspects of the loan application of which you should be aware before applying for a mortgage.
First, determine whether you are seeking "pre-qualification" or "pre-approval." What's the difference? Generally speaking, when you are pre-qualified, the lender reviews your information and hazards a "best guess" as to the size of loan for which you would qualify.
In the pre-approval process, however, the lender verifies everything on your application, and offers to approve a certain amount at a certain interest … (0 comments)
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mortgage: Keep The Cart Behind The Horse! - 06/30/08 10:38 AM
It's probably no surprise that nearly all buyers require financing for their home purchase. The real challenge is not so much in getting the loan as it is in finding the loan that's right for you.
The time to start your loan search is before you begin looking at homes. After you've reviewed your loan options, you'll have a better idea of just how much home you can afford.
Starting early also gives you an edge when you offer to purchase a property, because most contracts will specify that you have to apply for financing within a certain amount of time, … (0 comments)
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mortgage: Timing Isn't Everything - 05/05/08 11:02 AM
In light of declining sales and tougher loan requirements, many potential buyers are asking if they should buy now, or wait several months before moving forward with a decision. The thing is, you can't time the real estate market any more than you can time the stock market. Simply put, the best time to buy is simply when you need to do so.
Start searching now, targeting your preferred locations and getting a sense of the local trends. Speak with local realty professionals to gauge listing times, list-to-sale ratios, and contract terms. There's no such thing as a "national" market, and … (0 comments)
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mortgage: Buying a Home: 12 Tips for Cruising From Contract to Closing - 03/06/08 08:53 AM
The spring home buying season is fast approaching and many people are preparing to take advantage of low interest rates and a great selection of well-priced homes. Buying a home is exciting but it can also be overwhelming. Here are some tips to make the process a little easier:
1. Get pre-approved (not just pre-qualified) for a mortgage before making an offer on a home or even doing a home search. A pre-approved home buyer is effectively the same as a cash buyer, which makes you stronger in the eyes of the seller.
2. Deliver all requested documents (e.g. bank statements, pay … (0 comments)
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mortgage: Financing 101 - 02/25/08 09:43 AM
If you're not a homeowner, you might be confused by the brouhaha surrounding loan defaults and foreclosures. Learn more by understanding the basic terms used to describe a mortgage.
A mortgage is a loan to finance your purchase, and uses the home as your collateral, which the lender can take back if you don't pay your debt. That debt is usually paid monthly, and payments include PITI, or Principal, Interest, Taxes and Insurance.
Principal is the sum you borrow, reduced by how much you can offer as down payment. Interest, as a percentage rate, is what the lender charges as a … (0 comments)
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mortgage: Freedom from Financing Fear... - 12/10/07 02:59 PM
If you're planning the purchase of your first home, you're probably experiencing two conflicting emotions - excitement and apprehension. The positive energy from your excitement is an asset in your home search, but the negative energy from your fear of the unknown is a liability you can leave behind once you're armed with some basic information.
Paramount to buying your first home is understanding how much you can afford. You can start with any number of online financial calculators, and once you've established a budgetary picture, take the all-important next step - loan pre-qualification.
Pre-qualification may sound intimidating, but it's a … (0 comments)
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mortgage: Debt Relief is *Not* Tax Relief! - 11/05/07 09:33 AM
You've certainly heard and read many reports about defaults on mortgage loans. There are many reasons homeowners face such situations, some of which are completely beyond their control. There are also several solutions, but each carries a consequence.
In one example, a family had to relocate for an attractive job offer. The home they were selling languished in a slow market for over six months, and they defaulted because they couldn't continue the mortgage payments.
Their agent negotiated a "short sale," whereby the lender accepted an offer that was $10,000 less than the loan balance (rather than begin unpleasant foreclosure proceedings). … (0 comments)
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Michael Sinton, CRB, CRS, SFR, e-Pro
Jackson,
NJ
More about me…
Weichert Realtors
Address: 2110 West County Line Road, Jackson, NJ, 08527
Office Phone: (732) 370-4664
Cell Phone: (732) 904-3236
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