JUAN 's Blog

WE ARE INC 500!

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Sun, 11 Nov 2007 07:51:58 -0600

Family First Mortgage Corp was founded on May 23, 1979 in Florida to meet the needs of borrowers who purchased homes through our residential construction company. In 1985, we began to focus on mortgage lending, not only for our construction company, but also for the entire community. We developed an excellent reputation with borrowers, Realtors and builders. Over the years we made the transition from Mortgage Broker to Mortgage Banker and grew our lending activities throughout Florida. In the late 1980's we retired our construction company to concentrate on Mortgage Lending.

We are a privately held and family owned corporation. This means you will not be a number with our company. Your suggestion and observations will make a difference.

Our Services Include:

Conforming and Non-Comforming Loans
FHA and VA Direct Lender
100% Financing
Down Payment Assistance Programs
Jumbo Loans
Investor Loans
1031 Exchange Programs
No Income Verification Loans
Foriegn National and Diplomat Loans
Commercial Loans
All Property Types
And MUCH More ...

Family First Mortgage Corporation ... "Where Your Family Comes First!"

WWW.YOURFAMILYHOMELOANS.COM

NO DOC / STATED INCOME

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Sun, 11 Nov 2007 07:50:36 -0600

NO DOC/STATED INCOME - Loans where your income is not requested or verified with as little as 10% down are stated income loans. There are several varieties of the "no-doc" loan today. Basically the type of loan that is best suited for a particular borrower depends on that borrower's situation. Some borrowers choose not to disclose employment, income or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose even income but select a program that doesn't calculate debt-to-income ratios allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With all the different variations of the no-doc loan, there is definitely a mortgage program for today's non-conventional borrowers.

WWW.YOURFAMILYHOMELOANS.COM

JUMBO LOANS

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Sun, 11 Nov 2007 07:49:53 -0600

JUMBO LOANS - Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
Cash out and No cash out refinance are allowable. Single family detached, Condo~Rs, PUD~Rs and single-family second homes can be financed with no prepayment penalty.

WWW.YOURFAMILYHOMELOANS.COM

VA MORTGAGE

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Sun, 11 Nov 2007 07:49:10 -0600

VA MORTGAGE ~V Backed by the Veterans Administration and the federal government it is similar to FHA except that you have to be a qualified Veteran or military person.

WWW.YOURFAMILYHOMELOANS.COM

203K FHA MORTGAGE

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Sun, 11 Nov 2007 07:48:33 -0600

203K FHA MORTGAGE ~V Same as FHA above but with the ability to finance home improvements that are needed. One mortgage is given based on the value plus improvements up to 115% of the future value. These improvements must be over $5000 and can be for a new kitchen, new bathroom, to add a garage or to structurally improve the property. They cannot be to add a swimming pool etc~E

WWW.YOURFAMILYHOMELOANS.COM

FHA MORTGAGE

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Sun, 11 Nov 2007 07:47:47 -0600

FHA MORTGAGE ~V Backed by the Department of Housing and Urban Development this mortgage offers the borrower the ability to put as little a 3% down payment and they can even finance ~Sallowable~T closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.

WWW.YOURFAMILYHOMELOANS.COM

HOME BUYING MISTAKES

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Sun, 11 Nov 2007 07:46:13 -0600

"First Time Home Buyer Down Payment Assistance Programs Available Apply Today For Your Free Mortgage Application and Free Mortgage Consultation""

Family First 732-277-9040Info@YourFamilyHomeLoans.Com
Online contact form
Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462

10 Things Not To Do When Home Buying It's Not Yours Until the Paperwork is Complete

You're counting down the days until closing, the sellers have accepted your offer, the lender has you pre-approved and the house is officially under contract. Does this make the home yours? Nope - nothing is certain until all the paperwork has been signed, and the keys are in your hand. There are still some things that can happen before you close, and if you're not careful about your actions between now and closing, you might accidentally slow things down, cause yourself stress, or worse, break the deal. Here is some advice on what NOT to do until the ink is dry:

1. Don't Change Jobs

Banks are always nervous about lending money, and usually a mortgage is the most a person may ever borrow. Banks like to see consistency in your job history. They are less nervous if you change jobs within the same field, but they prefer if you stay put, especially when waiting for mortgage approval. Until the keys are in your hands, don't change jobs unless it's absolutely necessary.2. Don't Make a Large Purchase

It is wonderful news if you've just found out your credit is great. However, making a major purchase can quickly change your credit rating, because it changes your debt-to-income ratio. Although a new car would look great in the driveway of your new home, the car payment will not look great to those lending you money. They may decide not to lend you money after all. It's better to wait until after closing to make any major purchases, including furniture, cars, etc. If you absolutely must make a large purchase, it's a good idea to talk to your loan officer before you do it.3. Don't Give Earnest Money Directly to a For Sale By Owner

Sad as it is, sometimes a seller spends a buyer's deposit money prior to closing. If the transaction doesn't take place, even for valid reasons, like financing problems, repairs, etc., the buyer ends up fighting to retrieve their funds. Your deposit is probably safer if placed in a trust account. Some sellers don't realize or understand that deposit funds are to be applied to your closing expenses. Find a neutral party, preferably an attorney, someone who can hold your deposit until you close. It's also a good idea that your contract defines what happens to these funds if closing never takes place.4. Don't Forget to Switch Utilities

It may seem simple to arrange for utilities to be started or stopped, however many people forget to cancel or apply for utility service. As soon as you have a contract, it's a good idea to call the utility company. Find out how many days lead time they need in order to switch the service, and be sure they'll be discontinuing services at your old home. Depending on how far the move between your old home and your new one, you may have to contact a different utility company for the same service.5. Don't Forget Hazard Insurance

Hazard Insurance is another often forgotten task that some buyers scramble to take care of right before closing. Before you can close, a lender will want ensure that you have some type of coverage for the new home. Obtain this coverage as early as possible in order to avoid delaying the closing. In some areas, other types of insurance coverage may be required. Your lender can indicate what insurance requirements there are in your area.6. Don't Allow Emotions to Take Over

While searching for a home to buy, it's important to be realistic. There is no perfect home, although there is a home perfect for you. If there are repairs needed, don't allow the seller's refusal to do a small repair ruin the deal or your dreams. Often, it isn't a big deal for the buyer to make small repairs. However also keep in mind that some repairs are too big, so don't allow yourself to fall in love with a house that you may not be able to handle, financially or emotionally. Decide beforehand what kind of repairs you can realistically handle and then stick with that decision when looking for homes. Remember to maintain a good attitude and keep a cool head throughout the entire process, including during and after an inspection, as well as at closing. 7. Don't Make Friends with the Seller

Although it's important to be cordial, it isn't a great idea to get into a lot of discussion with the seller. No matter how nice you are, the home you are buying used to be theirs and you may just hurt their feelings by making a comment you think is fine. Everyone makes changes to their new home, but some sellers don't like change and a casual statement could end up costing you when issues about repairs or other things come about. Be friendly, but don't make friends with the sellers. Remember, it's not always a good idea to mix business with pleasure. 8. Don't Panic if the Appraisal Comes in Low

CLICK HERE

9. Don't Ignore Lender Requirements

Every lender will have certain requirements or documentation. Listen carefully and provide everything they need in a a timely manner if you want things to go as quickly as possible. Your closing may depend on it. 10. Don't Do Things Alone

If you decided to work with an agent, part of your agent's job is making sure things go smoothly and that closing is completed. A good agent should be tracking most of the day to day details that involve the buyer, the seller, the lender or the seller's agent. Don't let your agents off the hook by neglecting to ask for their help. Remember, they're getting paid to help you.
To contact your agent today, click here.
Also, check out Tips for New Home Buyers!

1ST TIME HOME BUYERS

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Sun, 11 Nov 2007 07:45:31 -0600

"First Time Home Buyer Down Payment Assistance Programs Available Apply Today For Your Free Mortgage Application and Free Mortgage Consultation""

Family First 732-277-9040Info@YourFamilyHomeLoans.Com
Online contact form
Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462

Terrific Tips for First Time Home Buyers

It might surprise a first time home buyer that they aren't the only ones who feel confused about the whole home buying process. Almost all home buyers feel the same way, even those who have purchased a home before. It's easy to forget some or all of the home buying steps you've followed in the past. Here are some tips on how to begin:

Educate YourselfYou may have relatives or friends who live in another state or area. They might have some good advice for you, but chances are that the home buying process varies greatly in different areas, so do not make the mistake of relying solely on their advice. Educate yourself about the home buying customs where you want to live. You can talk to realtors, mortgage brokers, loan officers, or even friends who've recently moved into your area. Also the public library might be a good resource.

How to Get Educated Approach a real estate agent by explaining that you do not want to enter into an agreement for representation at the current time. However, find out if they will talk to you about a typical home buying scenario. Any agent that won't take a few moments of time to help you understand home buying, probably, isn't an agent that you want to work with. If you have to make several calls to find someone willing to help you, it will be worth the effort. If you aren't comfortable talking to a real estate agent, you can always try a mortgage broker or a loan officer. Everyone will have a different perspective of the process but all should be able to give you a basic overview or understanding of the home buying process.

Questions to Ask An AgentOnce you find answers to these questions, you'll have a much better idea of the basic home buying customs in your area.

If I decide to work with an agent, once I've decided to purchase a home, will the agent help me compose my offer? If not, who would be willing to help? (Lawyer, Broker, etc.) Some agents use fill-in-the-blank forms and if so, ask for a sample to take home and study and possibly use for ideas to create your own.
Will an agent give me a sample copy of typical disclosures? What kind of disclosures are sellers required to give to their buyers? Does it differ by city or area?
Is a home inspection standard in the area? Are there other types of inspections recommended? How much does an inspection usually cost, and who pays the cost, buyer or seller? When is the inspection usually done, before or after an offer or closing?
Is a survey of the property required, and if so, who pays for it, the buyer or the seller?
If I want to be sure the deed to the title is problem free, do I need to contact a title company? Does someone else do this for me? What is the average cost for this service?
Who acts as settlement agent, the person who puts together final paperwork for you to sign? (attorney, title company personnel, real estate broker, other)? Who will put together final paperwork for signing (otherwise known as settlement agent)? Several options could include title company, real estate broker, attorney, etc.
Other than loan costs, what's the average total cost for other closing fees? What is the average total cost of closing fees, other than the cost of the loan? What is included in these fees, such as taxes, agency fees, etc.?
Once my offer has been accepted, how long does it normally take to close on a home? What might hold closing up or make it difficult?
What can I, as the buyer, do to ensure things go smoothly?

Stay CalmIt is very likely that you will hit a few snags on the way to closing - most people do. However, if you keep your head clear, you will be able to work with the right people to resolve any issues that pop up and the transaction will end up smoothly. There are many details to keep track of, so remember not to over react if something goes wrong, and every problem has a solution.

Now BeginNow that you've reviewed this section, your next steps are the same as they would be for every home buyer. Relax, take a few deep breaths and then begin! Dig into the details and simply start the home buying process. If you allow yourself to enjoy it, the whole experience can be fun!

Helpful links for first time home sellers: What is Home Staging and Advice on Staging Your Home
Also beware of 10 Things NOT to do when Home Buying

MORTGAGE GLOSSARY

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Sun, 11 Nov 2007 07:44:31 -0600

"First Time Home Buyer Down Payment Assistance Programs Available Apply Today For Your Free Mortgage Application and Free Mortgage Consultation""

Family First 732-277-9040Info@YourFamilyHomeLoans.Com
Online contact form
Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462

Mortgage Terms & Definitions
Quick Find Links: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

A
Acceleration Clause
A provision in a mortgage that gives the lender the right to demand payment of the entire outstanding balance if a monthly payment is missed.

Adjustable Rate Mortgage (ARM)
A mortgage with and interest rate that fluctuates according to the movements of a predetermined index. There are several types of ARM's, some change quicker than others, but all have a ceiling cap.

Alternative Financing
Mortgage options available below market rate including ARM's, buy down's and graduated payment mortgages (GPM's).

Amortization
The gradual repayment of a mortgage by installments.

Amortization Schedule
A timetable for payment of a mortgage showing the amount of each payment applied to interest and principal and the remaining balance of the loan.

Annual Percentage Rate (APR)
The total cost of your mortgage loan expressed as an annual interest rate. This includes the base interest rate, mortgage insurance, origination fees, and some other related fees.

Appraisal
An opinion by a licensed real estate appraiser regarding the fair market value of a property.

Appreciation
Difference between the increased value of a property and the original cost of the property.

Assumable Loan
Usually for a small assumption fee, a new buyer can take over or assume the loan of the previous homeowner, saving closing cost and loan origination fees. Some are non-qualifying most are through qualification.

B
Balloon Payment
A loan with monthly payments insufficient to pay off the balance in the specified term; the balance must be paid in full when the loan comes due.

Broker (Mortgage)
An individual or company that for a fee acts as an intermediary between borrowers and lenders.

Broker (Real Estate)
A person who has a real estate broker's license, who may not only make real estate transactions for others in exchange for a fee, but also may operate a real estate business and employ salespersons and other brokers.

C
Cap
A provision of an ARM limiting how much the interest rate or mortgage payments may increase or decrease.

Cash Reserve
A requirement of some lenders that buyers have sufficient cash remaining after closing to make the first two monthly mortgage payments.

Clear Marketable Title
A title that is free of liens or legal questions as to ownership of property.

Closing
The meeting at which a sale of a property is finalized by the buyer signing the mortgage documents and paying closing cost. Also known as "settlement."

Closing Costs
Expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property. Also called "settlement costs."

Community Home Buyer's Program
An alternative financing option that allows households of modest means to qualify for mortgages using nontraditional credit histories, 33 percent housing-to-income and 38 percent debt-to-income ratios, and the waiver of the usual two payments cash reserves at closing.

Condominium - A form of property ownership in which the homeowner holds title to an individual dwelling unity plus an interest in common areas of a multi-unit project, and sometimes the exclusive use of certain limited common areas.

Contingency
A condition that must be met before a contract is legally binding.

Conventional Mortgage
Any mortgage that is not insured or guaranteed by the federal government.

Convertible ARM
An adjustable-rate-mortgage that can be converted to a fixed-rate mortgage under specified conditions.

Cooperative
A type of multiple ownership in which the residents of a multi-unit
housing complex own shares in the corporation that owns the property, giving each
resident the right to occupy a specific apartment or unit.

Covenant
A clause in a mortgage that obligates or restricts the borrower and that, if violated, can result in foreclosure.

Credit Report
A report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's credit worthiness.

D
Debt-to-Income Ratio
Formula used to qualify borrowers. The ratio expresses, as a percent, the amount of monthly debt payments in relation to the amount of monthly income of a borrower(s).

Deed
The legal document conveying title to a property.

Deed of Trust
The document used in some states instead of a mortgage; title is conveyed to a trustee rather than to the borrower.

Default
The failure to make a mortgage payment on a timely basis or to otherwise comply with other requirements of a mortgage.

Delinquency
A loan in which a payment is overdue but not yet in default.

Depreciation
A decline in the value of a property; the opposite of "appreciation."

Disclosure
Document which describes all conditions of mortgage loan including terms and interest rates.

Discount Points
A one time charge by the lender to increase the yield of the loan. A point is one percent of the amount of the mortgage.

Down Payment
The part of the purchase price which the buyer pays in cash and does not finance with a mortgage.

Due-on-Sale Clause
A provision in a mortgage allowing the lender to demand repayment in full if the borrower sells the property securing the mortgage.

E
Earnest Money
A deposit made by the potential home buyer to show that he or she is serious about buying the house.

Equal Credit Opportunity Act (ECOA)
A federal law that prohibits lenders from denying mortgages on the basis of the borrower's race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs.

Equity
A homeowner's financial interest in a property. Equity is the difference between the fair market value of a property and the amount still owed on the mortgage.

Equity Loan
A loan based on the borrower's equity in his or her home.

Escrow
The holding of documents and money by a neutral third party prior to closing; also, an account held by the lender (or servicer) into which a homeowner pays money for taxes and insurance.

Exclusive Agency Listing
A listing contract in which the agent has the sole right to sell the home, though the sellers are not bound to pay the commission if they produce the buyer.

Exclusive Right-to-Sell Contract
A listing contract in which the seller gives the real estate broker the sole right to sell; the person receives a commission, regardless of who produces the buyer.

F
Fair Credit Reporting Act
A consumer protection law that regulates the disclosure of consumer/credit reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on one's credit record.

FHA Mortgage
A mortgage that is insured by the Federal Housing Administration. Also referred to as a "government" mortgage.

First Mortgage
A mortgage that has first claim in the event of default.

Fixed Rate Mortgage
A mortgage in which the interest rate does not change during the entire term of the loan.

Flood Insurance
Insurance that compensates for physical property damages resulting from flooding. It is required for properties located in federally designated flood areas.

Forbearance
The lender's postponement of foreclosure to give the borrower time to catch up on overdue payments.

Foreclosure
The legal process by which a mortgaged property may be sold when a mortgage is in default.

G
Graduated Payment Mortgage (GPM)
A mortgage that starts with low monthly payments that increase at a predetermined rate. The initial monthly payments are set at an amount lower than that required for full amortization of the debt.

H
Hazard Insurance
Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism, or other hazards.

Homeowner's Insurance
An insurance policy that combines personal liability coverage and hazard insurance coverage for a dwelling and its contents.

Homeowner's Warranty (HOW)
A type of insurance that covers repairs to specified parts of a house for a specific period of time. It is provided by the builder or property seller as a condition of the sale.

I
Impound
The portion of a borrower's monthly payments held by the lender to pay taxes, hazard insurance and mortgage insurance.

Index
The interest rate to which changes in an adjustable-rate-mortgage are pegged.

Interest Rate
The fee charged for borrowing money.

J
Judicial Foreclosure
A court procedure used by lenders to secure clear title to a property under a defaulted real estate loan.

Jumbo Loan
A loan which is larger (more than $322,700) than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate.

L
Late Charge
The penalty a borrower must pay when a payment is made after the due date.

Lien
A legal claim against a property that must be paid off when the property is sold.

Lifetime Cap
A provision of an ARM that limits the highest rate that can occur over the life of the loan.

Listing Contract
A contract with a broker or firm the sellers hire to represent them in the sale of their home, according to the terms of sale that they specify. In exchange for producing a ready-willing-and-able buyer, the agent is paid a commission.

Loan Application Fee
A lender's fee, usually ranging from $75 to $300, which the buyer must pay when applying for a mortgage.

Loan Commitment
A formal offer by a lender stating the terms under which it agrees to lend money to a home buyer.

Loan Origination Fee
A fee charged by the lender for processing a mortgage.

Loan Servicing
The collection of mortgage payments from borrowers and related responsibilities of a loan servicer.

Loan-to-Value Ratio (LTV)
The relationship between the unpaid principal balance of the mortgage and the appraised value (or sales price if it is lower) of the property.

Lock-In
A written agreement guaranteeing the home buyer a specified interest rate provided the loan is closed within a set period of time. The lock-in also usually specifies the number of points to be paid at closing.

M
Margin
The set percentage the lender adds to the index rate to determine the current interest rate of an ARM.

Market Rate
The average rate charged by lenders for conventional, fixed-rate loans.

Mortgage Banker
A company that originates mortgages exclusively for resale in the secondary market.

Mortgage Broker
An individual or company that for a fee acts as an intermediary between borrowers and lenders.

Mortgage Insurance
(Also known as Private Mortgage Insurance (PMI)) Insurance provided by nongovernmental insurers that protects lenders against loss if a borrower defaults. Fannie Mae generally requires private mortgage insurance for loans with loan-to-value (LTV) ratios greater than 80 percent.

Mortgage Insurance Premium (MIP)
The fee paid by a borrower to FHA or a private insurer for mortgage insurance.

Mortgage Note
A legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time; the mortgage note is secured by a mortgage.

Mortgagee
The lender in a mortgage agreement.

Mortgagor
The borrower in a mortgage agreement.

Multiple Listing Service (MLS)
A networking system, frequently on computer, in which a number of real estate firms share information about their client's homes that are for sale.

N
Negative Amortization
A gradual increase in the mortgage debt that occurs when the monthly payment is not large enough to cover the entire principal and interest due. The amount of the shortfall is added to the unpaid principal balance to create "negative" amortization.

Notice of Default
A formal written notice to a borrower that a default has occurred and that legal action may be taken.

O
Offer to Purchase and Acceptance
An offer of purchase that has been signed by both buyer and seller. A firm contract that outlines all details of the property transaction. Also known as a contract of sale or sales contract.

Offer to Purchase or Purchase Offer
A document that list the price, conditions, and terms under which the buyer is willing to purchase a property. Also known as an earnest money agreement, contract of purchase or deposit receipt.

Open Listing
A listing contract in which sellers hire more than one firm or person to sell their home, and only the one who produces the buyer is entitled to the commission,

Origination Fee
A fee paid to a lender for processing a loan application; it is stated as a percentage of the mortgage amount.

P
Payment Cap
A provision of some ARM's limiting the amount by which a borrower's payments may increase regardless of any interest rate increase; may result in negative amortization.

PITI
Acronym for principal, interest, taxes, and insurance
the components of a monthly mortgage payment.

Points
A one time charge by the lender to increase the yield of the loan; a point is 1 percent of the amount of the mortgage.

Pre-approval
The process of determining that a borrower is credit approved up to a predetermined amount. The borrower is credit approved pending the locating of a home that meets the predetermined loan criteria.

Prepayment Penalty
A fee that may be charged to a borrower who pays off a loan before it is due.

Prequalificiation
The process of determining how much money a prospective home buyer will be eligible to borrow before a loan is applied for.

Principal
The amount borrowed or remaining unpaid; also, that part of the monthly payment that reduces the outstanding balance of a mortgage.

Private Mortgage Insurance (PMI)
Insurance provided by nongovernmental insurers that protects lenders against loss if a borrower defaults. Fannie Mae generally requires private mortgage insurance for loans with loan-to-value (LTV) percentages greater than 80 percent.

Purchase and Sale Agreement
A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold.

Q
Qualifying Ratios
Guidelines applied by the lenders to determine how large a loan to grant a home buyer.

R
Radon
A radioactive gas found in some homes that in sufficient concentrations can cause health problems.

Rate Lock
A written agreement guaranteeing the home buyer a specified interest rate provided the loan is closed within a set period of time. The lock-in also usually specifies the number of points to be paid at closing. Also known as Lock-in.

Real Estate Agent
A person licensed to negotiate and transact the sale of real estate on behalf of the property owner.

Real Estate Settlement Procedures Act (RESPA)
A consumer protection law that requires lenders to give borrowers advance notice of closing costs.

Realtor
A collective membership mark that may be used only by real estate professionals who are members of the National Association of Realtors and subscribe to its strict code of ethics.

Refinancing
The process of paying off one loan with the proceeds from a new loan using the same property as security.

Reverse Mortgage
Also called "equity conversion mortgage," these loans permit senior citizens to convert the equity in their homes to income. The lender makes monthly cash payments to the homeowner, and repayment is deferred for a set period or until the homeowner dies and the house is sold.

S
Second Mortgage
A mortgage that has a lien position subordinate to the first mortgage.

Secondary Market
The buying and selling of existing mortgages.

Seller Take-Back
An agreement in which the owner of a property provides financing, often in combination with an assumed mortgage.

Settlement
The meeting at which a sale of a property is finalized by the buyer signing the mortgage documents and paying closing cost. Also known as "Closing."

Settlement Sheet -The computation of costs payable at closing that determines the seller's net proceeds and the buyer's net payment.

Survey
A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features.

T
Tenancy by Entirety
A type of joint ownership of property that provides right of survivorship and is available only to a husband and wife.

Tenancy in Common
A type of joint ownership in a property without right of survivorship.

Title
A legal document evidencing a person's right to or ownership of a property.

Title Company
A company that specializes in examining an insuring titles to real estate.

Title Insurance
Insurance to protect the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of property.

Title Search
A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding.

Treasury Securities
Treasury securities and T-Bills are common indexes for adjustable rate mortgages (ARMS).

Truth-in-Lending (TIL)
A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage including the "annual percentage rate (APR)" and other charges.

U
Underwriting
The process of evaluating a loan application to determine the risk involved for the lender. It involves an analysis of the borrower's credit worthiness and the quality of the property itself.

V
VA Loan
A loan that is guaranteed by the Department of Veterans Affairs. Also referred to as a "government" mortgage.

Variable Rate Mortgage
Adjustable Rate Mortgage.

Vested
One has a right to use a portion of a fund, such as an individual's retirement fund.

Z
Zero Percent Financing
A loan with no interest in the contract. The IRS imputes 10 percent for both borrower and lender.

Zoning
The right of a community, under its police power, to dictate the use of property within its boundaries.

FAMILY FIRST MORTGAGE LOAN PROGRAMS

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Sun, 11 Nov 2007 07:43:49 -0600

"First Time Home Buyer Down Payment Assistance Programs Available Apply Today For Your Free Mortgage Application and Free Mortgage Consultation""

Family First 732-277-9040Info@YourFamilyHomeLoans.Com
Online contact form
Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462

Loan Programs and Loan Options
In today's lending market there are many options to choose from. Sometimes the differences in these programs can be subtle but significant. We offer a variety of loan programs to fit your needs. This page provides an overview of many of the different programs on the market. Contact us to find out what programs are currently available, or for any other related questions.

2ND MORTGAGE LOANS
A- THRU D PROGRAMS
125% 2ND MORTGAGE
INVESTOR LOANS
Click here to contact us for information on other less common programs.

80/15/5 - This is a loan which carries a second mortgage for up to 15% of the purchase price of the property. It is usually used when wishing to avoid PMI insurance or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower puts down a 5% down payment and then finances a first mortgage up to the FNMA/FHLMC limit and a second mortgage of up to 15% of the purchase price. Other variations are 80/10/10 or 75/15/10.

FHA MORTGAGE ~V Backed by the Department of Housing and Urban Development this mortgage offers the borrower the ability to put as little a 3% down payment and they can even finance ~Sallowable~T closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.

203K FHA MORTGAGE ~V Same as FHA above but with the ability to finance home improvements that are needed. One mortgage is given based on the value plus improvements up to 115% of the future value. These improvements must be over $5000 and can be for a new kitchen, new bathroom, to add a garage or to structurally improve the property. They cannot be to add a swimming pool etc~E

VA MORTGAGE ~V Backed by the Veterans Administration and the federal government it is similar to FHA except that you have to be a qualified Veteran or military person.

JUMBO LOANS - Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
Cash out and No cash out refinance are allowable. Single family detached, Condo~Rs, PUD~Rs and single-family second homes can be financed with no prepayment penalty.

EMERGING MARKETS PROGRAM ~V 0% Down payment required and closing costs can be financed up to 105% of the purchase price. Only single-family homes that will be owner occupied are eligible. First time home buyer status not required and there are no income limits.

ZERO DOWN PROGRAMS ~V Same as above only the borrower pays for closing costs or can have the seller contribute up to 6% towards closing costs.

NO DOC/STATED INCOME - Loans where your income is not requested or verified with as little as 10% down are stated income loans. There are several varieties of the "no-doc" loan today. Basically the type of loan that is best suited for a particular borrower depends on that borrower's situation. Some borrowers choose not to disclose employment, income or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose even income but select a program that doesn't calculate debt-to-income ratios allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With all the different variations of the no-doc loan, there is definitely a mortgage program for today's non-conventional borrowers.

INTEREST ONLY - Shorter term adjustable rate mortgage where borrower is not required to make payment on the principal.

FLEX 97% - Similar to FHA but without maximum mortgage amount limitations. Must be a single family, owner occupied home and borrower must have a credit score of over 680.

A- THRU D LOANS ~V These mortgages are for the credit challenged. They can vary from slightly damaged credit to severely damaged. Whatever the situation we have a mortgage that will get you back on track.

2^ND MORTGAGE LOANS ~V Subordinate to the first mortgage these loans offer the borrower the ability to get money for home improvement, debt consolidation or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.

125% 2^nd MORTGAGE ~V Same as above but the 2^nd mortgage we will lend up to 125% of the value of the home.

HIGH DEBT RATIO LOANS - Borrowers having the ratio of their monthly bills to their monthly income higher than 50% is considered a high debt ratio. Loan programs are available for these borrowers, allowing them to finance the purchase of a home or property.

CONSTRUCTION LOANS - Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that's overly complicated and time consuming. With this loan we will finance up to 90% of the cost of land plus the costs of construction. We offer a one time fixed rate closing or the traditional ARM products.

INVESTOR LOANS ~V Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced these programs have many variations such as NO DOC, LIMITED DOC and FULL DOC. PROGRAM NOT AVAILABLE IN NEW YORK.

Click here to contact us for more information on any of these programs.

FAMILY FIRST MORTGAGE CORPORATION

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Sun, 11 Nov 2007 07:42:50 -0600

"First Time Home Buyer Down Payment Assistance Programs Available Apply Today For Your Free Mortgage Application and Free Mortgage Consultation""

Family First 732-277-9040Info@YourFamilyHomeLoans.Com
Online contact form
Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462

	QUICK RATES
30 Year Fixed - 6.25% Traditional 30 year mortgage - National Average 15 Year Fixed - 5.89% Traditional 15 year mortgage - National Average 5/1 ARM - 5.87% 5 Year Fixed / adjustable rate mortgage - National Average 3/1 ARM - 5.48% 3 Year Fixed / adjustable rate mortgage - National Average FNMA 7 Year Balloon - 6.19% Fannie Mae 7 year balloon 30 day yield FNMA 15 Year - 5.74% Fannie Mae 15 year fixed 30 day yield FNMA 30 Year - 6.17% Fannie Mae 30 year fixed 30 day yield CODI - 5.323% Certificate of Deposit Index COSI - 4.790% Cost of Savings Index MTA - 4.788% Monthly Treasury Average COFI-11th District - 4.383% Cost of Funds Index 11th District COFI-Federal - 4.537% Cost of Funds Index Federal Funds - 4.50% Federal Funds Rate Prime Rate - 7.50% Wall Street Journal Prime Rate 1 Year CMT - 3.61% Constant Maturity Treasury 30 Year Treasury - 4.67% 30 Year Treasury Bond 12 Month LIBOR - 4.511% 12 Month USD LIBOR Index

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Family First Mortgage Corporation

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Now is the perfect time to take advantage of low interest rates and an exceptional market. Feel free to apply online, browse our calculators and tools, learn about our loan programs, and much more. We offer custom solutions for every residential mortgage financing situation. Whatever your residential financing needs, we will tailor a loan that's right for you.

Whether you are buying, selling, refinancing, or building your dream home, you have a lot riding on your loan specialist. Since market conditions and mortgage programs change frequently, you need to make sure you're dealing with a top professional who is able to give you quick and accurate financial advice. We have the expertise and knowledge you need to explore the many financing options available.

Ensuring that you make the right choice for you and your family is our ultimate goal. And we are committed to providing our customers with mortgage services that exceed their expectations. We hope you'll browse our website, check out the different loan programs we have available, use our decision-making tools and calculators, and apply for a loan or pre-qualification in just a few steps.

Today's technology is providing a more productive environment to work in. For example, through this Web Site you can submit a complete online secure loan application, pre-qualify for a home loan or you can request an update on your loan in process and much more! These tools have allowed us to provide a higher level of service to our clients who utilize the Internet in their daily lives. By applying online, your application is received immediately! We will be notified by email and be prompted to return to our secure server to retrieve your application. This will enable us to start processing your loan today!

After you've applied, we'll call you to discuss the details of your loan, or you may choose to set up an appointment with us using our online form. As always, you may contact us anytime by phone, fax or email for personalized service and expert advice. Thanks again for visiting our Online Mortgage Center!

Great Interest Rates

Look no further for the best rates along with the best service. We are here to help make purchasing a new home or refinancing your current home as easy as possible. Use our online application process to prequalify or fill out our full application to speed up the application process.

Let us help you get to a better place. Our goal is to help you find immediate relief from high-interest bills. When you're saving money instead of paying on credit cards, you're in a better place. And that's just where we want you to be.

Save hundreds every month. Our loan officers compete to save customers the most money. They will get to know you, answer your questions, customize a loan for you and always be by your side. Their motto is: Integrity, Intensity, True Customer Service.

On average, our customers save $664 a month. Imagine finding twenty extra dollars in your pocket - every day! You might even save twice that amount, just by letting us show you how to tap into the equity in your home.

Down Payment Assistance Program Apply Now!

Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462 Family First Mortgage Corp. 300 Kimball Street Suite 201, Woodbridge, NJ 07095

Enter your search terms Submit search form

VERY GOOD RESOURCES

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Sun, 11 Nov 2007 07:39:09 -0600

"First Time Home Buyer Down Payment Assistance Programs Available Apply Today For Your Free Mortgage Application and Free Mortgage Consultation""

Family First 732-277-9040Info@YourFamilyHomeLoans.Com
Online contact form
Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462

Resources

For Sale By Owner

2 Bedrooms 2 Baths Single Family Jackson NJ
3 Bedrooms 2 Baths Jackson NJ
5 Bedrooms 4 Baths Single Family Westfield NJ
7 bedroom Mother/Daughter New Jersey
Keansburg NJ GREAT BUY!

Realtors

Tammy Shaw * 45 City Square Hoschton, GA 30548 * 706-654-4100 X720 * Cell: 404-717-7945 Fax: 706-658-0121 www.TammySellsGeorgia.com

Ravenna "Ray" Taylor Realtor®/Associate Abundant Real Estate Direct line: (609)267-9117 http://www.raytaylorhomes.com/

Ravenna "Ray" Taylor

· CENTURY 21 Abundant Real Estate • 1862 Burlington/Mount Holly Rd, Mount Holly, NJ 08060

phone 609-267-7653 • fax 609-261-8547 • RayTaylorC21@aol.com

Gina M. Washington * Century 21 Town & Country * 350 Cranbury road East Brunswick, NJ 08816
Direct: 732-208-4766 Office: 732-257-3000 ext. 30 Fax: 732-238-7188 E-mail: Encore1103@comcast.net www.GinaWashingtonRealtor.com

Local Information

City Profile - Enter City or Zip Code
Compare Cities
Schools
Cost of Living
Environment

Other Helpful Resources for Buyers

Terrific Tips for 1st Time Buyers
The first place to look when thinking of buying a home.

Steps to Home Buying Success
Home buying is a complicated process, especially if this is your first time. Where do you start? These steps will help you through the process to make your home buying experience a success.

Home Buying Mistakes
Whether you are just thinking about buying or already mid-way through the process, every buyer can benefit from these tips - and avoid these mistakes!

Making an Offer
A guide for making an offer on a home.

Handling Home Buyers Remorse
How to handle commmon worries.

Resale Potential of New Home
It may seem strange, but before buying a home, consider its resale potential.

Other Helpful Resources for Sellers

Steps to Take Before You Sell
Selling a home can be difficult. Unsure about whether or not to use an agent? Want to get the best price for your house in the least amount of time? We've compiled several tips to guide you on your journey.

Home Preparation Tips
Ideas for tips on how to prepare your home for sale.

Preparing Your Home to Show
More ideas on how to prepare your home for showing.

What Is Home Staging?
Heard the term, but not sure what it means? We've got the explanation and ideas for you!

The Importance of Curb Appeal
The outside of your house is as important as the inside. Find tips to improve your curb appeal.

The Realities of Home Showings
Once you're ready to show, be prepared for the realities of showing - save yourself frustration!

Passing Home Inspection
A few ideas on how you can better help yourself pass your home inspection.

Resources for both Buyers and Sellers

Why Good Houses Don't Sell
Buyers take advantage of it, Sellers beware!

Before Signing an Agreement
Using an agent can be a great idea, but before you sign an agreement be sure you know which one you want.

Preparing Contract Contingencies
Suggestions of things to put in the contract.

Dealing with a low appraisal
Appraisal came in low? Don't panic - there are options.

REAL ESTATE RESOURCE

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Tue, 06 Nov 2007 20:57:11 -0600

For Sale By Owner.com The official for-sale-by-owner site we'll help you save thousands! www.forsalebyowner.com
For Sale by Owner MLS Make Buyers Compete for Your Home 80% of US Sales are Through the MLS www.ValueMLS.com
Short Sale Secrets Step-by-Step Guide To Getting Banks To Discount Properties by 40%! www.ShortSaleMagic.com
Sell Your House - Today We've helped 200,000 since 2002. Close in 10 Days - Featured on CNN HouseBuyerNetwork.com

TIPS FOR FIRST TIME HOME BUYERS

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Mon, 05 Nov 2007 07:39:45 -0600

"First Time Home Buyer Down Payment Assistance Programs Available Apply Today For Your Free Mortgage Application and Free Mortgage Consultation""

Family First Mortgage 732-216-1728Info@YourFamilyHomeLoans.Com
Online contact form
Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462

Terrific Tips for First Time Home Buyers

If I decide to work with an agent, once I've decided to purchase a home, will the agent help me compose my offer? If not, who would be willing to help? (Lawyer, Broker, etc.) Some agents use fill-in-the-blank forms and if so, ask for a sample to take home and study and possibly use for ideas to create your own.
Will an agent give me a sample copy of typical disclosures? What kind of disclosures are sellers required to give to their buyers? Does it differ by city or area?
Is a home inspection standard in the area? Are there other types of inspections recommended? How much does an inspection usually cost, and who pays the cost, buyer or seller? When is the inspection usually done, before or after an offer or closing?
Is a survey of the property required, and if so, who pays for it, the buyer or the seller?
If I want to be sure the deed to the title is problem free, do I need to contact a title company? Does someone else do this for me? What is the average cost for this service?
Who acts as settlement agent, the person who puts together final paperwork for you to sign? (attorney, title company personnel, real estate broker, other)? Who will put together final paperwork for signing (otherwise known as settlement agent)? Several options could include title company, real estate broker, attorney, etc.
Other than loan costs, what's the average total cost for other closing fees? What is the average total cost of closing fees, other than the cost of the loan? What is included in these fees, such as taxes, agency fees, etc.?
Once my offer has been accepted, how long does it normally take to close on a home? What might hold closing up or make it difficult?
What can I, as the buyer, do to ensure things go smoothly?

WOULD YOU LIKE YOUR WEBSITE ON MY RESOURCE PAGE?

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Mon, 05 Nov 2007 07:38:10 -0600

"First Time Home Buyer Down Payment Assistance Programs Available Apply Today For Your Free Mortgage Application and Free Mortgage Consultation""

Family First Mortgage 732-216-1728Info@YourFamilyHomeLoans.Com
Online contact form
Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462

Resources

For Sale By Owner

2 Bedrooms 2 Baths Single Family Jackson NJ
3 Bedrooms 2 Baths Jackson NJ
5 Bedrooms 4 Baths Single Family Westfield NJ
7 bedroom Mother/Daughter New Jersey
Keansburg NJ GREAT BUY!

Realtors

Tammy Shaw * 45 City Square Hoschton, GA 30548 * 706-654-4100 X720 * Cell: 404-717-7945 Fax: 706-658-0121 www.TammySellsGeorgia.com

Ravenna "Ray" Taylor Realtor®/Associate Abundant Real Estate Direct line: (609)267-9117 http://www.raytaylorhomes.com/

Ravenna "Ray" Taylor

· CENTURY 21 Abundant Real Estate • 1862 Burlington/Mount Holly Rd, Mount Holly, NJ 08060

phone 609-267-7653 • fax 609-261-8547 • RayTaylorC21@aol.com

Local Information

City Profile - Enter City or Zip Code
Compare Cities
Schools
Cost of Living
Environment

Other Helpful Resources for Buyers

MORTGAGE GLOSSARY

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Mon, 05 Nov 2007 07:37:14 -0600

"First Time Home Buyer Down Payment Assistance Programs Available Apply Today For Your Free Mortgage Application and Free Mortgage Consultation""

Family First Mortgage 732-216-1728Info@YourFamilyHomeLoans.Com
Online contact form
Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462

MORTGAGE LOAN PROGRAMS

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Mon, 05 Nov 2007 07:36:33 -0600

"First Time Home Buyer Down Payment Assistance Programs Available Apply Today For Your Free Mortgage Application and Free Mortgage Consultation""

Family First Mortgage 732-216-1728Info@YourFamilyHomeLoans.Com
Online contact form
Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462

Loan Programs and Loan Options
In today's lending market there are many options to choose from. Sometimes the differences in these programs can be subtle but significant. We offer a variety of loan programs to fit your needs. This page provides an overview of many of the different programs on the market. Contact us to find out what programs are currently available, or for any other related questions.

FHA MORTGAGES
VA MORTGAGES
JUMBO LOANS
80/15/5
EMERGING MARKETS PROGRAM
ZERO DOWN PROGRAMS

2ND MORTGAGE LOANS
A- THRU D PROGRAMS
125% 2ND MORTGAGE
INVESTOR LOANS
Click here to contact us for information on other less common programs.

80/15/5 - This is a loan which carries a second mortgage for up to 15% of the purchase price of the property. It is usually used when wishing to avoid PMI insurance or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower puts down a 5% down payment and then finances a first mortgage up to the FNMA/FHLMC limit and a second mortgage of up to 15% of the purchase price. Other variations are 80/10/10 or 75/15/10.

FHA MORTGAGE - Backed by the Department of Housing and Urban Development this mortgage offers the borrower the ability to put as little a 3% down payment and they can even finance "allowable" closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.

203K FHA MORTGAGE - Same as FHA above but with the ability to finance home improvements that are needed. One mortgage is given based on the value plus improvements up to 115% of the future value. These improvements must be over $5000 and can be for a new kitchen, new bathroom, to add a garage or to structurally improve the property. They cannot be to add a swimming pool etc...

VA MORTGAGE - Backed by the Veterans Administration and the federal government it is similar to FHA except that you have to be a qualified Veteran or military person.

JUMBO LOANS - Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.

EMERGING MARKETS PROGRAM - 0% Down payment required and closing costs can be financed up to 105% of the purchase price. Only single-family homes that will be owner occupied are eligible. First time home buyer status not required and there are no income limits.

ZERO DOWN PROGRAMS - Same as above only the borrower pays for closing costs or can have the seller contribute up to 6% towards closing costs.

NO DOC/STATED INCOME - Loans where your income is not requested or verified with as little as 10% down are stated income loans. There are several varieties of the "no-doc" loan today. Basically the type of loan that is best suited for a particular borrower depends on that borrower's situation. Some borrowers choose not to disclose employment, income or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose even income but select a program that doesn't calculate debt-to-income ratios allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With all the different variations of the no-doc loan, there is definitely a mortgage program for today's non-conventional borrowers.

INTEREST ONLY - Shorter term adjustable rate mortgage where borrower is not required to make payment on the principal.

FLEX 97% - Similar to FHA but without maximum mortgage amount limitations. Must be a single family, owner occupied home and borrower must have a credit score of over 680.

A- THRU D LOANS - These mortgages are for the credit challenged. They can vary from slightly damaged credit to severely damaged. Whatever the situation we have a mortgage that will get you back on track.

2^ND MORTGAGE LOANS - Subordinate to the first mortgage these loans offer the borrower the ability to get money for home improvement, debt consolidation or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.

125% 2^nd MORTGAGE - Same as above but the 2^nd mortgage we will lend up to 125% of the value of the home.

HIGH DEBT RATIO LOANS - Borrowers having the ratio of their monthly bills to their monthly income higher than 50% is considered a high debt ratio. Loan programs are available for these borrowers, allowing them to finance the purchase of a home or property.

CONSTRUCTION LOANS - Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that's overly complicated and time consuming. With this loan we will finance up to 90% of the cost of land plus the costs of construction. We offer a one time fixed rate closing or the traditional ARM products.

INVESTOR LOANS - Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced these programs have many variations such as NO DOC, LIMITED DOC and FULL DOC. PROGRAM NOT AVAILABLE IN NEW YORK.

Click here to contact us for more information on any of these programs.

DOWN PAYMENT ASSISTANCE

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Mon, 05 Nov 2007 07:35:55 -0600

"First Time Home Buyer Down Payment Assistance Programs Available Apply Today For Your Free Mortgage Application and Free Mortgage Consultation""

Family First Mortgage 732-216-1728Info@YourFamilyHomeLoans.Com
Online contact form
Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462

	QUICK RATES
CONFORMING - 6.25 30 YEAR FIXED CONFORMING - 5.25 1 YEAR ARM CONFORMING - 5.50 3/1 YEAR ARM CONFORMING - 5.875 5/1 YEAR ARM CONFORMING - 6.00 7/1 YEAR ARM CONFORMING - 5.875 15 YEAR FIXED JUMBO - 6.625 30 YEAR FIXED JUMBO - 6.125 15 YEAR FIXED JUMBO - 5.125 1 YEAR ARM JUMBO - 5.75 3/1 ARM JUMBO - 5.875 5/1 ARM JUMBO - 6.25 7/1 ARM JUMBO - 6.50 10/1 ARM

Pre-Qualify Today
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Free Loan Analysis
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Newsletter
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Instant Callback
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Hello and Welcome

Great Interest Rates

Down Payment Assistance Program Apply Now!

Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462 Family First Mortgage Corp. 300 Kimball Street Suite 201, Woodbridge, NJ 07095

CLOSING COST EXPLAINED

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Mon, 05 Nov 2007 07:27:19 -0600

First Time Home Buyer Down Payment Assistance Programs Available Apply Today For Your Free Mortgage Application and Free Mortgage Consultation""

Closing Costs Explained

Closing costs are the expenses that the lender accumulates from the origination of your new home loan. Some of these costs may be related to your loan application, while other fees are related to the house itself.

Unless the lender offers to pay them for you, these expenses are charged to the buyer and often cost between 3 and 6 percent of the amount being borrowed. Because different states require different taxes and fees to be included, it is impossible to come up with a generalization that applies to loans nationwide.

Typical closing costs include loan application fees and credit report, title search and insurance fees, property appraisal, lender's attorney fees, inspections, survey, recording fees, transfer taxes, buyer's attorney, document stamps, points and origination fees, and more. Escrow accounts are often required for many loans for homeowners insurance, real estate taxes, and homeowners associations and require cash deposits at closing.

After your initial meeting with a mortgage professional, you should receive a Good Faith Estimate (GFE) that shows all of the closing costs associated with your mortgage application. This estimate is required by The Real Estate Settlement Procedures Act and must be given to you within 3 days of applying for the loan.

You may be able to negotiate some of the fees included in your closing costs. Things like credit reports typically cost the same with every mortgage program. However, if you see that your preferred lender seems is offering a great deal but is over-charging on closing costs, point out the discrepancies and ask them to lower certain charges. Keep in mind, most third party fees have been previously negotiated between the mortgage company and the third party, and may not be able to be reduced. Also, watch out for "junk fees" that are included with most mortgage programs. Once you identify a junk fee, try to negotiate it down or eliminate it entirely before accepting the loan.

RATE LOCK BASICS

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Mon, 05 Nov 2007 07:26:43 -0600

"First Time Home Buyer Down Payment Assistance Programs Available Apply Today For Your Free Mortgage Application and Free Mortgage Consultation""

Rate Lock Basics

While your loan application is processed, a lender may promise to hold a certain interest rate and certain number of points for you for a certain period of time. This promise is called a lock, lock rate, or rate commitment. Different lenders may offer the option of locking in interest rates and points agreed upon when you file your application, during the processing of your loan, when the loan is approved, or later.

If interest rates subsequently increase once the loan closes, you will still receive the locked rate. This is the major benefit and protection offered by rate locks. However, if rates move down, the lender's guarantee will hold. You will still be forced to pay the higher rate. If you are comfortable taking a gamble on future interest rates, rate locks can be a good idea. In the end, it comes down to personal preference.

Some lenders may negotiate rates if they drop considerably below the lock-in rate. However, they are not required to do so, and there is no guarantee that your lender will agree to re-negotiate terms.

If you are trying to determine when you should lock, you must first assess current interest rate trends and their likely direction before the close of escrow. Many buyers commit to a rate as soon as they get into contract to purchase. By doing this, the remainder of the transaction is much smoother, but the decision is ultimately up to the buyer.

IS BUYING A HOME TODAY A GOOD INVESTMENT?

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Mon, 05 Nov 2007 07:26:13 -0600

"First Time Home Buyer Down Payment Assistance Programs Available Apply Today For Your Free Mortgage Application and Free Mortgage Consultation""

Is buying home today a good investment?

Answer depends on whether goals are short- or long-term

Monday, November 05, 2007

Up until the recent slowdown, homeowners in many parts of the country saw the value of their homes rise rapidly. Home prices, in many areas, seemed to move in just one direction: up.

A combination of record-low interest rates and rapid price appreciation turned many homeowners into serial refinancers. When interest rates dropped, one mortgage was exchanged for another, sometimes several times within one year.

As home values rose, cash-out refinances allowed homeowners to pull equity out of their homes to remodel, send children to college, take vacations and buy new cars. It was good for the economy while wiping out billions of dollars of homeowner equity.

Tapping into home equity seemed like a great idea until the housing market softened. Now there are millions of homeowners around the country who can't sell their home for enough to pay off the loans secured against the property.

HOUSE HUNTING TIP: Buying a home is still a good investment if you can afford it, if you are ready to put down roots in a community, and if you want to invest in your personal happiness. Profit potential shouldn't be your only reason for buying a home, even though in most cases your home will appreciate in value if you maintain it and if you own it long enough.

The housing market, like any economic market, is cyclical. There are periods of robust activity followed by periods of sluggishness. Prices can go down as well as up. Now that the market has softened in most areas, it's time to look at owning your home as a way to gain control over your personal domain -- not as a source of quick cash.

In the areas that were previously hot, we are unlikely to see such significant home-price appreciation in the near future. So, if you're considering buying in one of these areas, think in terms of buying for the long term. If your future is uncertain, it might make more sense to rent.

Some niche markets in South Carolina, Idaho, Washington, Texas and Utah are experiencing double-digit home-price appreciation while the country on a whole is suffering a slowdown. If you are buying in such a market, take a lesson from the numerous homeowners who bought using risky mortgages and extinguished their equity through successive refinances.

Pay careful attention to how you finance your home purchase. The cheapest loan possible may be not be the best loan if it requires you to refinance or sell within the next few years. If the market slows and you are no longer earning appreciation on your home, refinancing could be a problem. If the market is soft then, you could have difficulty selling.

One of the best investment strategies is to buy when the market is soft, not when it's racing forward perhaps toward a peak. It's also a time when you'll find the least competition from other buyers, most of whom will wait to buy until the market has already turned.

Don't forget to consider the tax advantages of home ownership when considering whether home ownership makes sense for you. Generally, property taxes and interest paid on mortgages up to $1 million on your primary residence can be deducted for income-tax purposes. Restrictions apply, so consult your tax adviser before making a move.

The tax advantage of home ownership should not be your sole reason for buying. Owning your own home is a big commitment financially as well as in terms of the time and energy you will spend maintaining and improving your property.

THE CLOSING: In some countries, such as Australia, there is no tax break for owning a home. Nevertheless, people still buy houses there.

CHOOSING QUALITY KITCHEN RANGE HOOD

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Mon, 05 Nov 2007 07:25:21 -0600

"First Time Home Buyer Down Payment Assistance Programs Available Apply Today For Your Free Mortgage Application and Free Mortgage Consultation""

Choosing a quality kitchen range hood

Besides removing odors, best units get rid of moisture -- quietly

Friday, November 02, 2007

In most kitchens, there is a simple appliance situated above your range or cooktop that often seems to be mistaken for nothing more than a big light fixture -- and in fact, the "builder's grade" range hood in many new homes really is little more than that. But your range hood serves a couple of very important purposes in the kitchen, and selecting the right one is something that warrants some comparison shopping.

Range hoods come in several sizes, finishes and designs, and that's where most people start when they're shopping for a new one. First of all, it needs to be the correct size to match the width of the opening in the cabinets above the range, and to match the width of the range or cooktop itself. Hoods come in a couple of standard sizes, including 30, 36 and 42 inches in width, with the depth being designed to fit with standard 12-inch-deep upper cabinets. There are some variations available in many of the higher-end models, so knowing the size you're looking for is the first step.

Typically, the next consideration is one of aesthetics. There are several finishes available, the most common being white, almond, black, stainless steel or some combinations of those colors. Then there's the design of the hood housing, which can range from the traditional rectangular box with the sloping front that is commonly see in kitchens of all types, to some very sleek, slender models that almost disappear into the cabinets.

AN EXHAUSTING CONSIDERATION

Size and aesthetics aside, it's time to take a look at what really makes the range hood function in the capacity that it's designed for -- exhausting air. Range hoods utilize a fan to draw air up and into them, through a filter, then through a duct to -- hopefully -- the outside. That air movement serves to remove cooking odors from the kitchen, and that's when most people will turn it on.

But the range hood has an even more important and often overlooked role as well, which is to remove moisture right at the source where it's being generated. Like a bathroom fan, the range hood lives to draw warm, moisture-laden air out of the home's interior and exhaust it to the outdoors before it can do any harm. For that reason, there are three additional things to pay very close attention to when buying and installing a range hood.

First of all, since the hood needs to remove moisture from the room, you want to avoid the temptation of purchasing a recirculating hood. Recirculating hoods do not require an exhaust duct, so they are considerably cheaper and easier to install. But since all they do is recirculate air through a filter to remove some of the grease and odor, they fail completely in their primary task of removing moisture.

Second, the hood has to be vented all the way to the outside. This is now a building code requirement in today's homes, but in years past range-hood ducts were often run into the attic and no further. As many homeowners have found to their shock and dismay, pumping all that warm, wet air up into the attic can cause a whole host of problems, including dryrot, mold, degraded insulation, and even severe structural damage.

Finally, the range hood needs to have adequate power to effectively remove the air. As with all types of ventilation fans, range hoods are rated in cubic feet per minute (CFM) of air movement. The higher the CFM rating, the more effective the fan is at drawing in room air and pushing through the duct. Larger rooms and larger ranges need more CFM to more an adequate amount of air for ventilation, but even small rooms need a greater amount of CFM if the exhaust air needs to be pushed though a long run of duct, or one with a large number of elbows and other fittings.

At their least expensive, hoods utilize a tiny plastic rotary fan on a vertical shaft, sort of like the propeller on an old beanie cap. Even though a massive 42-inch hood looks powerful enough to handle any ventilation chore, if it's equipped with an anemic motor and fan blade, the resulting air movement will be inadequate.

Better range hoods utilize a multifinned horizontal fan called a centrifugal fan, commonly known as a squirrel cage fan for its resemblance to a common animal exercise wheel. Centrifugal fans are much more efficient at moving air, and offer a higher CFM then a rotary fan with the same size motor.

The final consideration with your new range hood is its noise level, because even the best of hoods won't get used if it sounds like a Boeing 747 is headed for a landing on your kitchen counter. Range hoods are typically rated in sones, and the lower the sone rating the quieter the fan. As a means of comparison, one sone is about the noise that your refrigerator makes, and normal conversational levels are about four sones.

iS iMPROVING HOME'S BASEMENT WISE DURING SOFT MARKETS?

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Mon, 05 Nov 2007 07:24:08 -0600

"First Time Home Buyer Down Payment Assistance Programs Available Apply Today For Your Free Mortgage Application and Free Mortgage Consultation""

Is improving home's basement wise during soft market?

Value of completed renovations can vary from region to region

Monday, October 29, 2007

Should you invest a good sum of money in your home if housing prices in your area are flat or declining? When home prices are escalating, adding more money to an asset that's increasing rapidly in value is a no-brainer. But given current market conditions, it's more important to consider the financial ramification of a renovation before giving your contractor the green light.

First, find out how much the anticipated project will cost. Then add 10 to 20 percent for cost overruns. The next step is to figure out how much your home would be worth after you complete the improvements.

The market value of renovations varies from one area to the next. According to Remodeling magazine's Cost Versus Value Index for 2006, a mid-range basement renovation -- in terms of cost and finishes -- returned on average approximately 80 percent of the cost when the home was sold.

For comparative purposes, the basement renovation used in the Remodeling report consisted of a 20-by-30-foot entertainment room with a wet bar and bathroom. To determine the return on investment, Remodeling, in conjunction with the National Association of Realtors, relied on data compiled from a survey of Realtors.

Even though the national average return on the basement renovations was only 80 percent, a comparable job in San Francisco returned 112.7 percent of the cost. So consult with a knowledgeable local Realtor to determine how much the improvement you are contemplating will increase the market value of your home.

Investment potential is just one variable to consider when weighing whether to improve your home and how much to spend. Quality of life is a major consideration. Generally, the longer you plan to stay in your home, the more it makes sense to make improvements that will make your home more user-friendly. However, keep in mind that a basic rule of investing in real estate is to avoid overimproving for the neighborhood.

HOMEOWNER TIP: To get the most out of a major renovation, make sure that the work is done with building permits. Sellers and contractors often proceed with major renovations without taking out the appropriate permits, either to save time or money. This might not matter to you if the work is done well and in accordance with building-code requirements, but it could come back to bite you when you sell.

Appraisal standards have tightened recently along with credit standards. Today, an appraiser might not count a basement conversion as livable square feet unless the homeowner could show that the work had been done with permit. This in turn could result in an appraisal for lower than the buyer agreed to pay if you represented that the den added value as livable square feet.

When the market is racing upwards, a low appraisal won't necessarily cause a deal to fall apart. But, in today's environment, an appraisal for less than the purchase price could cause a buyer to renegotiate the price, or back out, if the seller isn't willing to take less and the purchase contract includes an appraisal contingency.

It's quite common to find basements that were finished without permits. Sellers should take care how they market such improvements to a prospective buyer. In California, state law requires buyers to disclose if work was done without permit. Misrepresenting livable square feet can have serious legal consequences. Rather than take that risk, make sure the buyers know exactly what they are buying.

THE CLOSING: It's prudent to be conservative when representing the livable square feet of your home. Sellers have ended up in court over disputes about square footage.

Family First Mortgage

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Fri, 02 Nov 2007 14:21:34 -0500

"First Time Home Buyer Down Payment Assistance Programs Available Apply Today For Your Free Mortgage Application and Free Mortgage Consultation""

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Mortgage Programs

JUAN VALDEZ (FAMILY FIRST MORTGAGE CORP) — Wed, 31 Oct 2007 15:10:13 -0500

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Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462

Loan Programs and Loan Options
In today's lending market there are many options to choose from. Sometimes the differences in these programs can be subtle but significant. We offer a variety of loan programs to fit your needs. This page provides an overview of many of the different programs on the market. Contact us to find out what programs are currently available, or for any other related questions.

FHA MORTGAGES
VA MORTGAGES
JUMBO LOANS
80/15/5
EMERGING MARKETS PROGRAM
ZERO DOWN PROGRAMS

2ND MORTGAGE LOANS
A- THRU D PROGRAMS
125% 2ND MORTGAGE
INVESTOR LOANS
Click here to contact us for information on other less common programs.

80/15/5 - This is a loan which carries a second mortgage for up to 15% of the purchase price of the property. It is usually used when wishing to avoid PMI insurance or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower puts down a 5% down payment and then finances a first mortgage up to the FNMA/FHLMC limit and a second mortgage of up to 15% of the purchase price. Other variations are 80/10/10 or 75/15/10.

FHA MORTGAGE - Backed by the Department of Housing and Urban Development this mortgage offers the borrower the ability to put as little a 3% down payment and they can even finance "allowable" closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.

203K FHA MORTGAGE - Same as FHA above but with the ability to finance home improvements that are needed. One mortgage is given based on the value plus improvements up to 115% of the future value. These improvements must be over $5000 and can be for a new kitchen, new bathroom, to add a garage or to structurally improve the property. They cannot be to add a swimming pool etc...

VA MORTGAGE - Backed by the Veterans Administration and the federal government it is similar to FHA except that you have to be a qualified Veteran or military person.

JUMBO LOANS - Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.

EMERGING MARKETS PROGRAM - 0% Down payment required and closing costs can be financed up to 105% of the purchase price. Only single-family homes that will be owner occupied are eligible. First time home buyer status not required and there are no income limits.

ZERO DOWN PROGRAMS - Same as above only the borrower pays for closing costs or can have the seller contribute up to 6% towards closing costs.

NO DOC/STATED INCOME - Loans where your income is not requested or verified with as little as 10% down are stated income loans. There are several varieties of the "no-doc" loan today. Basically the type of loan that is best suited for a particular borrower depends on that borrower's situation. Some borrowers choose not to disclose employment, income or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose even income but select a program that doesn't calculate debt-to-income ratios allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With all the different variations of the no-doc loan, there is definitely a mortgage program for today's non-conventional borrowers.

INTEREST ONLY - Shorter term adjustable rate mortgage where borrower is not required to make payment on the principal.

FLEX 97% - Similar to FHA but without maximum mortgage amount limitations. Must be a single family, owner occupied home and borrower must have a credit score of over 680.

A- THRU D LOANS - These mortgages are for the credit challenged. They can vary from slightly damaged credit to severely damaged. Whatever the situation we have a mortgage that will get you back on track.

2^ND MORTGAGE LOANS - Subordinate to the first mortgage these loans offer the borrower the ability to get money for home improvement, debt consolidation or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.

125% 2^nd MORTGAGE - Same as above but the 2^nd mortgage we will lend up to 125% of the value of the home.

HIGH DEBT RATIO LOANS - Borrowers having the ratio of their monthly bills to their monthly income higher than 50% is considered a high debt ratio. Loan programs are available for these borrowers, allowing them to finance the purchase of a home or property.

CONSTRUCTION LOANS - Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that's overly complicated and time consuming. With this loan we will finance up to 90% of the cost of land plus the costs of construction. We offer a one time fixed rate closing or the traditional ARM products.

INVESTOR LOANS - Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced these programs have many variations such as NO DOC, LIMITED DOC and FULL DOC. PROGRAM NOT AVAILABLE IN NEW YORK.

Click here to contact us for more information on any of these programs.