ocean county: Hey where did everybody go? - 10/27/08 02:17 PM
1986
Most of the Realtors were working at their desks.  I would go into a Real Esate  office and the several Realtors would call me over. "Hey you got time to call this Guy?" ""Bill, I got another one over here!" or "This guy is ready to go"
Then, the Realtor would call a week or two later to set up an appointment for the application . The client was referred based on the trust of the Realtor. The buyers trusted the Realtor therefore they trusted me. In turn, I made sure the client got the best rate and service because … (1 comments)

ocean county: FHA Needs to Kill 100% Financing (Before it Kills Them) - 06/26/08 06:40 AM
 
 
FHA is looking to end its down payment assistance program and eliminate 100% financing. It is about time!
HUD states the foreclosure rate and resulting losses on these types of loans are 2-3 times greater than traditional FHA loans. These losses contributed to  FHA's total loss of 4.6 billion dollars in 2007 and delinquency rates that were up 12.7%. 
 The down payment assistance works like this. Let's say a buyer needs $7500 for a down payment. The seller can donate that sum plus an administrative fee to a nonprofit organization like the Nehemiah Corporation. Nehemiah Corporation then gifts the … (6 comments)

ocean county: 2008 THE YEAR OF FHA - 12/27/07 12:57 AM
2008 THE YEAR OF FHA  
REASONS FHA WILL BE HUGE IN 2008REASON #1 : T0 AVOID HIGHER RATESYour clients can avoid the new Risk Based Pricing* now being charged for Conventional Loans .* The following Risk Based Pricing is now being charged on Conventional loan with less than 30% down:
1. Credit Score below 620 add 2 points or about 7/8% higher to the rate
2. Credit Score 620-639 add 1.75 points or about 3/4% to the rate3. Credit Score of 640-659 add 1.25 points or about 1/2 % to the rate
4. Credit Score of 660-670 add .75 to points or about 1/4% … (0 comments)

ocean county: Rates Freeze - 12/03/07 03:32 AM
Friday, November 30, 2007
WHEN RATES FREEZE OVER  
Finally, there is some good news for the troubled mortgage market. The Wall Street Journal reported that the White House and the mortgage industry are close to a deal that would temporarily freeze interest rates for some sub-prime home loans on primary residences. Right now they are talking about a rate freeze for up to 7 years. The negotiations are on going.Deutsche Bank reported on Friday that Henry Paulson's plan would cover homeowners who are facing their first adjustable rate increase and have some equity in the property. This group would include 1.2 million … (1 comments)

ocean county: RENT VS. BUY - 11/27/07 03:57 AM
WAITING ON A FRIEND  
I thought I would share this real life scenario.I have a friend that is planning to rent a home even though he is more than qualified to buy . However, he wants to "wait out the market"
So, I started to think about the cost of rent, the tax write offs he would be missing, and the lost opportunity for equity growth, and thought, why wait?
I entered his data into a rent versus buy calculator on Yahoo to see what the results would be.
Here are the facts I entered:
 For Renting
Rent is going to … (1 comments)

ocean county: Option ARMS - 11/14/07 02:26 AM
Monday, November 12, 2007
Are Option Arms a Ticking Time Bomb?A CNN Money article refers to the Option Arm as "ticking time bombs". However, I believe for the right client, this loan makes sense. First let's explain how they work: Every month you get four payment options:1) The Payment Cap Rate- This is lowest payment. However, it does not even cover the interest accruing. So, the loan amount actually gets bigger instead smaller. This is called negative amortization.2)The Interest Only Payment- This covers all of the interest but none of the principle. If you make this payment every month, your loan balance … (1 comments)

 
Bill Turano (Mortgage Master)

Bill Turano

Brick, NJ

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Mortgage Master

Address: 2150 Route 35, Suite 250, Sea Girt, NJ, 08750

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