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Mortgage Applications are Up-That’s a Good Thing!

Posted on July 24, 2017 by Scott Li

The number of people applying for a mortgage has increased, leaving many economists excited about the future of real estate. What is driving this increase and how long will it last? Here’s what the latest data is showing.

Data from July 2017

Figures from the first week of July 2017 show us that interest rates had their biggest five-day increase since just after the 2016 presidential election. During that week, the average interest rate for a 30-year, fixed-rate mortgage of $424,100 or less was 4.20%. This figure was up from the previous 4.13%, and was the highest interest rate in a two-month period. At the same time, points (including the origination fee) dropped from 0.32 to 0.31. read more

Insider Mortgage Info that can Help the Homeowner

Posted on May 29, 2017 by Scott Li

Not only is your home your biggest asset, but it is also your most expensive one. Over the course of a 30-year mortgage, the average person winds up paying 2.5 times the purchase price of their home just in interest alone. That doesn’t mean there are not ways to reduce the amount of interest you pay. The following information will help you eliminate your mortgage sooner and put more interest money into your bank account.

Refinance to a Shorter Term

Refinancing to take advantage of a lower interest rate is a smart idea. However, if you reset your term, any savings you do realize could be negated. For example, if you have already been paying on a 30-year mortgage for eight years and refinance for another 30-year term, you have essentially started over, just with a lower interest rate. read more

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

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

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

How a Mortgage Credit Might Affect You

Posted on January 26, 2017 by Scott Li

Many states across the country are still working to recover from the housing crisis of the late 2000s. To help more families avoid foreclosure, the federal government is considering reforming the MID, or Mortgage Interest Deduction, which would benefit low- and moderate-income taxpayers. This credit will affect everyone in all tax brackets in different ways.

The Proposal

The Tax Policy Center has proposed three different ways to reform the MID and help people keep their homes. One of these proposals involves completely replacing the MID with a 15% non-refundable credit for any mortgage valued at $500,000 or less. Currently, this credit is available for mortgages valued at $1 million or less. Government officials feel that more households would be able to benefit this way, although the average subsidy would be significantly lower than today’s MID. It would also raise taxes by some $240 billion nationwide over the next decade. read more

Why It’s Smart to Refinance Your Mortgage

Posted on January 1, 2017 by Scott Li

While there are tens of thousands of Americans across the country deciding whether it’s smart to buy a home, there are probably twice that many who could benefit from refinancing. Since mid-November, mortgage rates have been on the increase, which means the time to do so may be running out. Here are some of the reasons why you should think about refinancing now.

Why Do Homeowners Refinance?

If there’s one reason why homeowners refinance, it’s because they have an opportunity to get a lower interest rate. No only will their monthly payments go down – and sometimes significantly – but they will also pay less interest over the lifetimes of their mortgages, which may equal tens of thousands of dollars in savings. In fact, it’s estimated that the average homeowners could save themselves about $3000 by refinancing their mortgages right now. Even though interest rates are starting to climb, they’re still lower than most existing mortgages. read more

How Do You Know if You Qualify for Mortgage Preapproval?

Posted on December 22, 2016 by Scott Li

If you want to know whether you’re ready to buy your first home, a mortgage preapproval is the way to go. Preapproval will allow you to start bidding on homes because buyers are far more likely to take you seriously. Here’s everything you need to know about mortgage preapproval and whether you’re likely to qualify in your current financial situation.

Prequalification vs. Preapproval

Many people seem to think that mortgage prequalification and preapproval are the same things, but this is not at all the case. Prequalification is essentially a conversation with a lender in which you provide some basic information and your lender tells you whether you’re likely to qualify for a mortgage based on that information. The preapproval process is much different, and it requires a hard credit check along with several other very important elements. read more

What Goes into Mortgage Preapproval?

Posted on December 1, 2016 by Scott Li

Mortgage Preapproval

In today’s competitive real estate market, mortgage preapproval is very important. The mortgage preapproval process can (and usually does) take some time, but once you have it, sellers will take you more seriously. Here, you’ll learn about the process and what you’ll need to get preapproved for your new home.

Prequalification vs. Preapproval

Although these two things may seem the same, they aren’t. A prequalification doesn’t require a credit check. In fact, a loan officer will simply ask you about your credit score, your income, your debt, your assets, and the amount of down payment you’ll have, then tells you whether you qualify for a mortgage – and for how much. Because there’s no credit check involved, sellers don’t often take prequalification seriously. Preapproval, on the other hand, is far more involved. When you receive a preapproval amount from a lender, you can feel confident that you will qualify for that mortgage once you’ve chosen a home. read more

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