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Why a 15-Year Fixed Mortgage is the Better Option

Posted on March 29, 2017 by Scott Li

You have lots of options when it comes to a mortgage, but one that is often overlooked is the 15-year fixed rate loan. This type of mortgage has numerous advantages, and here are just a few of them you may want to consider.

Saving Money in Interest

The fact that you will pay on a 15-year mortgage only half as long as you would a 30-year loan naturally means a tremendous savings in interest. Even so, a shorter term is not the only thing that saves you interest money. Short-term loans tend to come with lower interest rates to begin with, and that includes mortgages. Right off the top you could save half a percentage point or more, leaving you paying as little as one-third the amount of interest over the life of the loan. read more

What you Need to Know about FHA Loans

Posted on March 23, 2017 by Scott Li

Federal Housing Administration (FHA) loans can be an excellent choice for first-time homebuyers, as well as those who have very little money to put down on a house. They do operate differently than conventional mortgages, which is why you should know a little bit about them before applying.

What are FHA Loans?

FHA loans are ones that are insured by the department of Housing and Urban Development (HUD), which allows approved lenders to offer more favorable terms. Contrary to popular belief, they are not financed through the Federal Housing Administration, meaning you will still make your payment directly to the lending institution as you would with any other mortgage. read more

Is the Time now for a Mortgage in Greater Philly?

Posted on March 16, 2017 by Scott Li

As the number of job opportunities and amenities in a given city increase, so does the demand for housing, resulting in a drastic increase in home prices. In some areas of the country, the laws of supply and demand have resulted in a lack of affordable housing for middle and low-income families. That’s not the case in the Philadelphia metropolitan area, a city where housing is typically very affordable across the board. If you have been considering home ownership in the Greater Philly area, now is an excellent time for a number of reasons. read more

Looking to Buy a Home? Now’s the Time to Secure a Mortgage Company

Posted on March 2, 2017 by Scott Li

When shopping for a home, most people plan to find their dream property and then secure a mortgage company. There are actually several reasons to find a lender before signing a purchase agreement, and here are a few reasons why we think so.

Greater Ability to Screen

When it comes to finding a mortgage company, you’ll need to do more than just compare interest rates. Terms, fees, and even turnaround time can vary significantly, which is why you need to compare multiple factors. Some information you should gather includes: read more

What Recent Dow Numbers Mean for Mortgages

Posted on February 26, 2017 by Scott Li

With the Dow Jones Industrial Average setting records early in 2017, there’s some speculation that mortgage rates will be on the rise. Although the stock market and the housing market don’t perform in perfect synchronicity, the two are somewhat related. Here’s what the current Dow numbers might mean for mortgages throughout 2017.

The Relationship between the Stock & Housing Markets

The interest rates associated with mortgages are determined in part by the bond market and the overall demand for mortgage-backed securities. This means that mortgage rates significantly influence the trends of the 10-year Treasury. Although the Federal Reserve does not set mortgage interest rates, mortgage interest rates climb alongside the Federal Reserve rates, and they fall alongside them, too. It’s also important to note that stocks and bonds typically move in opposite directions, as well. When bonds increase in value, stock values plummet. read more

Some Things to Keep in Mind when Getting a Mortgage in 2017

Posted on February 25, 2017 by Scott Li

In the months since President Trump won the election, the housing market – and the mortgage industry in particular – has gone through some serious changes. If you’re rethinking your plan to buy a house this year, or if you’re wondering whether it’s worth it to buy, here are a few things you should keep in mind.

Interest Rates are Up

The main change that has everyone talking is the Federal Reserve’s decision to increase its interest rates and the record-breaking Dow Jones Industrial Average that topped out at over 20,000 points in January. These two factors combined have pushed mortgage rates ever higher, and the popular 30-year fixed mortgage is now associated with an interest rate of over 4%. These climbing interest rates will undoubtedly add to the amount you’ll pay for your home over the course of 30 years, but the small increase will have only a very small impact on monthly mortgage payments – at least for those who obtain traditional mortgages. read more

Mortgage Applications See a 3.2% Drop

Posted on February 24, 2017 by Scott Li

President Trump started his career in real estate, and many people believed that this would lead him to make wise decisions that would ultimately benefit both home buyers and sellers. The administration’s very first move in the real estate market has caused FHA mortgage applications to drop 3.2%, and many people are wondering if FHA loans are still worth it.

What Are FHA Loans?

An FHA loan is a mortgage loan offered by most traditional lenders and insured by the Federal Housing Administration. Because the loan is insured, lenders are often willing to extend FHA loans to borrowers who have less-than-perfect credit and who may be turned down for traditional mortgages. These loans come with low down payments and reasonable interest rates, but there’s one major caveat – borrowers must also pay for mortgage insurance, which protects their lenders if they should default on their loans. This insurance is a form of risk mitigation for lenders, and it has allowed millions of people to buy homes across the country. read more

Interest Rates Fall as Economic Expectations Normalize

Posted on February 23, 2017 by Scott Li

With so much happening in the stock and housing market the last few months, interest rates have been a bit unpredictable. As of February 9, the rates for a 30-year fixed mortgage fell to 4.01%, which is three basis points lower than last week, but still higher than last month’s average of 3.90%.

The Federal Reserve

Although the Federal Reserve raised its interest rates in December of 2016, signifying an anticipated turning point in the economy, the Fed voted unanimously to avoid yet another increase that could have taken effect this month. Although the economy is certainly improving – as is evident with the record-breaking Dow Jones Industrial Average that surpassed 20,000 points for the first time in history last month – many experts still aren’t certain when it comes to the future of the economy, and the Fed is taking a “wait-and-see” approach. This is undoubtedly the best possible choice to make right now – at least until things stabilize further. read more

Why NJ Might Have Mortgage-Related Opportunities Very Soon

Posted on January 29, 2017 by Scott Li

New Jersey leads the United States in foreclosures. In fact, as of June 2016, just under 1% of the state’s entire housing was in foreclosure. Unfortunately, it doesn’t seem like things are getting better. New data shows that 65,000 people in the state are behind on their mortgage payments, making these properties “distressed”. State officials are considering ways to help people who have fallen behind, which may create opportunities in the very near future.

New Jersey vs. the National Average read more

New Jersey Helping Out Homeowners in a Big Way

Posted on January 28, 2017 by Scott Li

New Jersey leads the nation in foreclosure rates and significantly late mortgage payments, and it has for the last several consecutive years. The Garden State is still feeling the effects of the housing crisis, and people there struggle to catch up (or stay caught up) on payments. Fortunately, thanks to federal and state funding, there are some helpful options for homeowners who are facing tough times.

The HomeKeeper Program

Although New Jersey isn’t the only state in the country still reeling from the housing crisis, it is one of the best states in the country for obtaining financial help for keeping your home in certain circumstances. The state’s HomeKeeper program is open to anyone who is facing financial hardship like divorce, death in the family, significant injury or illness, underemployment, or unemployment. This program is designed to help cover monthly mortgage payments – at least partially – to help New Jersey residents keep their homes. read more

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