mortgages: The Mortgage Market Week Ahead - 02/08/10 06:00 AM
 
Karl PeidlAccredited Loan ConsultantPleasant Valley Home Mortgage Corp.Phone: 856-252-1224Cell: 609-254-6687kpeidl@pvhmconline.comwww.karlpeidl.com
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mortgages: Shopping for the Right Mortgage - 12/28/09 02:50 AM
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mortgages: Quick Tips for Getting Started on Your Refinance - 07/08/09 01:53 AM
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mortgages: Shopping for the Right Mortgage - 05/13/09 05:36 AM
Karl PeidlSuperior Mortgage CorpAugusta Professional Center 854 S White Horse PikeHammonton, NJ 080371-800-706-6671 ext 4349kpeidl@supmort.com
www.karlpeidlsmc.com
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mortgages: Now Is The Time To Refinance/Buy A Home - 12/12/08 08:47 AM
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mortgages: Score: What is it Good For? - 10/09/08 07:07 AM
The Elements of a Credit Score
(click here to watch a video)A credit score is an extremely important financial tool. It provides access to the financing you need in order to buy a car, a home, or pay for college tuition, among other things. Since higher scores equate to lower costs and vice versa, it's vital to understand the factors involved in calculating your score. Here are the five elements that make up a credit score, in order of importance:Payment History: 35% impact. Paying debt on time has a positive impact. Late payments, judgments, and charge-offs have a negative impact. Delinquencies … (0 comments)

mortgages: People Can Still Buy Houses - 10/09/08 06:21 AM
I received a call today from a customer I had not heard from in 8 months.  He had contacted me originally about helping his dad buy a home.  The last few times I had called him in February he did not return my calls, so I moved on.
Today he calls me out of the blue.  He wants to know if his dad still qualifies for 100% financing and what the rate would be now that the Fed cut rates yesterday.  First, I had to explain about the death of 100% financing.  Second, I had to explain that even though the … (26 comments)

mortgages: The Rescue Plan - Why We Came To Need It - 10/02/08 07:27 AM
 
 
The Chinese have a proverb:  "May you live in interesting times."  And we are living through interesting times indeed. 
 
Whatever the political posturing regarding the current rescue plan, a plan needs to be passed. Credit markets are frozen and banks are going bust every day. This is not totally because of "toxic" mortgages. This has a lot to do with FASB 157, also known as "mark to market". Each day lenders must mark their assets to the marketplace. It's like you having to appraise your home everyday and if your neighbor was under duress because they got very … (2 comments)

mortgages: Wild Markets, The Fed, and Opportunities - 09/17/08 10:48 AM

Uncertainty in Financial Markets Could Cause Dramatic Rise in Existing ARMs at Next Adjustment If you or anyone you know has an Adjustable Rate Mortgage, this is an important point to consider. Many ARM loans are tied to the London Interbank Offered Rate (LIBOR). In fact, there are six million loans in the United States that use LIBOR to determine the interest rate and as the name suggests, many banks use this rate to lend money to each other.
But, today, banks lack confidence that the money they lend will be paid back. In light of what has happened with … (0 comments)

mortgages: The Difference Between Pre-Qualification and Pre-Approval - 09/12/08 03:28 AM
The Difference Between Pre-Qualification and Pre-Approval
Pre-qualification is the first step in obtaining mortgage financing. A potential borrower answers a few questions to provide the loan consultant with a quick snapshot of the borrower's income, existing debt, accumulated savings and whether or not there is a co-borrower. Signature(s) allow the loan consultant to run a credit report and begin to determine what loans are good candidates for this particular client. However, there are literally thousands of loan programs available. It is important for the loan professional to know the long-term financial objectives of the prospective homeowner.Pre-approval is a written documentation that … (0 comments)

mortgages: The Art of Home Purchase Negotiation - 09/11/08 02:41 AM
 
There is much give and take involved in negotiating a property purchase. That's why it's important to have a checklist of what you want to get out of the deal as a buyer. Bear in mind, the home must be appraised and the lender will be looking at the fair market value on a given property. Since property values fluctuate, your Real Estate Agent should do a comparative market analysis so you are aware of what the trends are for the area in which you are shopping. This will give you an idea as to whether the seller's asking price … (0 comments)

mortgages: Why Refinance? - 09/09/08 03:54 AM
Homeowners refinance for different reasons, but the process of refinancing a mortgage should result in some benefit to the homeowner. A borrower may choose to refinance to obtain a lower interest rate and a lower monthly payment, or change the type of loan that they have. Borrowers who started with a high-interest sub-prime loan can often reap the rewards of an improved credit standing by refinancing. Some homeowners refinance to 'cash out' and take advantage of the equity they have earned, while others may choose to refinance to shorten their loan term and build equity more quickly.Regardless of the reason for … (0 comments)

mortgages: Mortgage Rate Shopping - DON'T DO THIS!!! - 08/29/08 08:19 AM
I just got off the phone with a customer that is about to get taken advantage of, but there is nothing I can do about it. 
It all started with a voicemail I received.  The customer, who I have never previously spoken to, left a message requesting a Good Faith Estimate for a purchase.  He asked that I call him immediately as he plans to make a decision today.  Today being Friday, the last business day of the month, and the beginning of a long holiday weekend, I still managed to get back to him in under an hour.
When we spoke, … (11 comments)

mortgages: Why Pay Private Mortgage Insurance (PMI)? - 08/29/08 07:20 AM

Private Mortgage Insurance (PMI) is required by most lenders when a borrower puts less than 20% down on a purchase loan. Paid for by the borrower, PMI not only protects the lender from foreclosure, it also enables many buyers to qualify for loans and purchase real estate when they couldn't have otherwise. On January 1st, 2007, legislation went into effect making PMI tax deductible for new borrowers whose personal adjusted gross income is $100,000 or less. This has created additional opportunities for many buyers to finance a more expensive home or, in some cases, to obtain a lower monthly payment, … (4 comments)

mortgages: Avoid Changes to Your Financial Profile - 08/28/08 02:39 AM
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mortgages: Pros and Cons of a Bi-Weekly Mortgage Program - 08/25/08 08:57 AM

When a borrower enters into a contract to make bi-weekly payments on their mortgage, the amortization schedule is accelerated. For example, with a 30-year amortization schedule, the borrower makes 12 payments per year. In a bi-weekly arrangement, the borrower makes 26 'half' payments, which allows the loan to be paid off in 22.8 years instead of 30 years. It's the same as making 13 monthly payments.
This ultimately saves the borrower thousands of dollars in interest rate fees. However, bear in mind that bi-weekly programs usually have some type of setup, transaction, and maintenance fees associated with them. A custodian manages … (5 comments)

mortgages: What Lenders Look for in Home Loan Applications - 08/21/08 01:21 AM
Once your loan application is filled out and sent to the lender for review, the first thing they will look for is your ability to payback the loan you are requesting. My team and I have a streamlined loan process to help you get your ducks in a row prior to this review. A grand slam loan package is in perfect order and answers all the important questions up front. We know what the lenders are looking for, based on long-term relationships with them and extensive knowledge of guidelines for a multitude of loan programs that are available today.What is the … (9 comments)

mortgages: Is this Fannie Mae or Freddie Mac? - 08/20/08 01:57 AM
I spent Monday evening at the apartment of a First Time Home Buyer going through her initial RESPA disclosures.  My client is young and nervous.  She read the paperwork more thoroughly than I have ever seen in my 5 years of originating mortgages.  She obviously understands the magnitude of the transaction.  As she carefully read each page that she was about to sign, she asked many of the same questions I have heard time and time again. 
Quite a bit of my business involves working with First Time Home Buyers.  They are typically not the largest deals, and usually involve more … (0 comments)

mortgages: Rate Lock Duration - 08/15/08 03:21 AM
Lock durations can vary for mortgage financing, but most lenders lock in the interest rate for 30-60 days from the date the loan application is submitted. As long as the loan is closed within that lock-in period, the lender honors the agreed upon interest rate.Some consumers are misled by advertising that quotes unrealistically low rates based on 15-day lock durations. This is called 'short-pricing.' The lender basically knows the borrower doesn't have time to meet their conditions and have all the necessary paperwork in order within that brief time period. As a result, the lender is not obligated to honor the … (4 comments)

mortgages: New Mortgage Licensing Changes - 08/13/08 11:58 AM
SAFE Mortgage Licensing Act was created to "encourage" a nationwide licensing and registry system.  In the next few years, individual states will:
  
Establish a minimum net worth for recovery fund requirements.  
Require originators to register with the National Registry and obtain a unique identifier number. This will help regulators track individuals and prevent originators who receive complaints in one state from starting a new origination practice in another state.  
Develop a state license program.  
Require pre-licensure education.  
Require eight hours of continuing education every year.  
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Karl Peidl

Accredited Loan Consultant

Moorestown, NJ

More about me…

Address: 305 Harper Drive, Suite 3, Burlington County, New Jersey, Moorestown, NJ, 08057

Office: 8562(521) 200-1224

Mobile: (609) 254-6687

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