Have you been thinking about refinancing your home? With all of the negative housing industry news lately, it is easy to forget about lowering your housing bills with a refinance. Rates are currently very low and there is a large percentage of home owners who can benefit from a refinance.
You can refinance to save money every month. You can also refinance to change the loan terms. Typically when home owners change loan terms, it is from a 30 to 15 year loan. The reality is that I've met many home owners who's "math" doesn't line up. For example, I may ask them when they plan to retire. They answer, "in 10 years", but the facts are that their mortgage will last for the next 30 years, and they can't afford to comfortably make the mortgage payments on their "retired income" (in 10 years).
As the saying goes, "You don't know unless you ask!" Should you refinance now? Maybe. The best plan is to talk to someone with access to mortgage rates and options, that can give you sound advice. Talk to a knowledgeable loan officer today. The worst he/she can say is, "Now is not a good time". Conversely they may help you save money, time, and help you properly plan for retirement.
If you would like to talk to a local mortgage loan officer, feel free to call and I'll do my best to point you in the right direction for your personal needs.
Steve Kappre is a mortgage loan officer in New Jersey. Steve is married with 3 children, has lived in South Jersey his whole life and has 10 years experience as a mortgage loan officer. For more info or questions feel free to contact Steve.
Call direct @ 856-419-3561 | Subscribe to Steve's blog via e-mail | NJ Loan Officer .com | NMLS ID: 218007
Can a home buyer qualify for a mortgage with a large collection-type account on their credit, such as a car repossession or a judgment? And if so, does the buyer have to pay it off before settlement?
The answer is YES a buyer may qualify for a mortgage with a large derogatory/collection account on their credit report. If the buyer has to pay it off before or at settlement (or not at all) mainly depends on the underwriter/lender.
When it comes to a collection-type account, lenders will vary as to what exactly has to be done to qualify for a mortgage. Some loan officers will tell a buyer to pay off all collection accounts or anything at all derogatory on their credit. This can at times be some of the worst advice for a home buyer. Here is why ...
Buyers: Get approved FIRST - Then see what the requirements are to go to settlement. Even if a lender requires an account to be paid off, it can almost always be paid at settlement. This is better for the buyer as they can save the money required and it won't drop their credit score before settlement.
There is another potential option: Sometimes a buyer is allowed to bypass paying off the entire collection if they can clearly document satisfactory payments on the account for 12+ months. In this case the monthly payment is calculated into the buyer's monthly installment debts.
TIP: If a loan officer quick looks at your credit report and tells you to pay every collection and/or derogatory account off, and then come back to him/her to get qualified, then you should probably find another loan officer to work with, one who has a much better grasp on the realities of the credit scoring model.
Steve Kappre is a mortgage loan officer in New Jersey. For more info or questions feel free to contact Steve.
Call direct @ 856-419-3561 | Subscribe to Steve's blog via e-mail | NJ Loan Officer dot com | NMLS ID: 218007
No not a horse, but a Philadelphia Phillie. On my recent tour of Citizen's Bank Park, there is a section in the stadium that has the shadows of some of the great Phillies. This was one of my favorites, and if you call yourself a Phillie's Phan, you have to know this one ...
Steve Kappre is a mortgage loan officer in New Jersey. For more info or questions feel free to contact Steve.
Call direct @ 856-419-3561 | Subscribe to Steve's blog via e-mail | NJ Loan Officer .com | NMLS ID: 218007
Everyone is a "newbie" at some time. We see managers training the teenager at Taco Bell or the "Student Driver" signs atop of cars. But when was the last time you saw a "Real Estate Professional in Training" badge on a Realtor or loan officer?
A good real estate company will hold an agent's hand during the "baby" stage. And a good lender will make sure a complete mortgage application is completed for a new loan officer. Sadly what often takes place is a "sink or swim" training method and some poor soul's home purchase is the training ground. We've seen this with both newbie real estate professionals and often with the "I'm using a relative" scenario.
Is it a fair question to ask a professional how many transactions they have completed lately ... this year ... EVER? ABSOLUTELY.
As a home buyer, working with a new agent or loan officer isn't necessarily a curse. Just because a real estate professional is new to the business doesn't mean they have to be new to professionalism! Indeed, some new real estate professionals are years ahead of some of the "dead wood" that has been around for years. (And I would tell some people to their face if they asked!). If a newbie has strong support, you can feel confident they should do a fair job. If they lack support and they are green, then you are rolling the dice and "good luck" with them handling one of the largest transactions of your life.
Real estate transactions are highly detailed. The home buyer should never be the training ground that a new agent or officer learns the ropes on. They might lose a commission check if the transaction doesn't close. A home buyer however may lose a home, a place to stay, a lot of money, or even worse.
As a home buyer, DO NOT be afraid to ask questions upfront and put the professional you choose to work with to the test. Any professional worth your time will welcome the questions and concerns. And that is a fact, because in such a situation, the professional has the oppurtunity to shine, which will help all parties understand one another and work better together.
(Side Notes for the Professional ... As a new agent or loan officer, do not accept a company that treats training as a "put out the fire" situation. If the company you are joining doesn't have a training program written down before you join them, be skeptical about what training you will recieve. Some owners/managers are nothing more than glorified salespeople and are only looking to make money from you. They don't care about your success. Don't line their pockets as you make a bad reputation for yourself.)
Steve Kappre is a mortgage loan officer in New Jersey. For more info or questions feel free to contact Steve.
Call direct @ 856-419-3561 | Subscribe to Steve's blog via e-mail | NJ Loan Officer .com | NMLS ID: 218007
I wish I could say that this was a "stupid criminal" situation like Jay Leno loves to see. It is not. If you would like to get really ticked off, read on. I received a call two days ago from a reverse mortgage client of mine. They closed about a year ago. Mr. Jones (as we will call him) called me to ask me this question:
Does it make you start to wonder how many seniors are scammed this way?
Just in case you are wondering, once a loan is closed, you can have 1,000 banks go out of business. YOU DON'T NEED to resign anything. This scenario above is a complete scam. And I hope it makes you as irrate as it makes me!
One would hope that after all the industry changes in the past year that the scum in this business would be gone. Nope. They just have invented new ways to crush someone to make a fast buck.
The great news is that Mr. Jones still had my number handy and called me first. That move just saved him $1,000's plus massive heartache. (the LAST thing a senior in his late 70's needs!!) I plan to have Mr. Jones tell the loan officer to send that new loan package out, so that I can then go personally pick it up, and forward the same scenario to any and every banking official I can get a hold of.
Steve Kappre is a mortgage loan officer in New Jersey. For more info or questions feel free to contact Steve.
Call direct @ 856-419-3561 | Subscribe to Steve's blog via e-mail | NJ Loan Officer .com | NMLS ID: 218007
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Cell - 856.419.3561 | Offering all loan options - Specializing in NJ First-Time Home Buyer Mortgage Loans and down payment assistance programs for New Jersey, 100% Financing, and Reverse mortgages.
One of Steve's primary focuses is to work with NJ First Time Home Buyers. Steve knows the fears and concerns that come with someone just starting out in life, and his business has focused on first time buyer mortgages and grants for years. It is important that first time home buyers understand all of their options such as the specific mortgages currently available, home buyer grants, seller concessions, the credit scoring model, tax credits and more. It is also important to understand how these options can all be used together to create a successful home purchase.
Some of the first time home buyer options are;
Graduate: Certified Mortgage Planning Specialist Institute(CMPS). To learn more about CMPS, check them out at:
"I am very grateful to you for taking the time to help me (fix my credit) even though I am doing the work. The fact that you have laid out the steps for me to follow is the best thing that anyone has ever done for me. It is easier to understand now what I need to do to get to where I need to be. Before reading this and talking to you, all I honestly knew was that as long as I paid my bills on time and got them under the limits my score would go up. Having the whole equation makes it so much easier. Thanks again!" - H.S.
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Good service is hard to find, and I believe that your firm has really done an outstanding
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because I would really like to fill a nice one out for a change!:)"
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This information is provided to assist Real Estate Professionals and is not intended as an advertisement to extend Consumer Credit as defined by Section 226.2 of Regulation Z. Quoted Interest Rates, Fees, and Programs are all subject to change without notice and are subject to errors, omissions, changes, and/or withdraw at any time.
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