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Mortgage Rate Update & What Are Points and When Should You Pay Them?

09-04-09
Karl Peidl - Accredited Loan Consultant
Karl Peidl - Accredited Loan Consultant: Loan Officer in Moorestown, NJ
  • view my blog
  • Office: (856) 252-1200 x1224
  • Mobile: (609) 254-6687

Mortgage Rate Update & What Are Points and When Should You Pay Them?
Points are up-front fees paid to obtain a better interest rate on a loan. One point equals one percent of the loan amount. A lower interest rate may result in a lower monthly payment, but it is important to consider how long you intend to be in the loan, and to compare current rates to historical market trends.

If you take out a $300,000 mortgage and decide to pay one point, this translates into an up-front closing cost of $3,000. Paying a point up front saves $100 a month but it will take 30 months to recuperate the cost of that point. If you decide to refinance or sell the home before the 30-month mark, your money is lost. In this case, you would benefit financially by remaining in the home longer than the 30 months.

Rates run in cycles. When rates are at historical lows, it is sensible to pay points if you plan to live in the home for an extended period of time. It is unlikely that rates will go down; hence, there will be no need to refinance.

When rates are up, there is a strong likelihood that they will come down. This is no time to pay points. The chances of refinancing in the future are extremely high, and you will likely not be in the loan long enough to recuperate the cost of the points.

Mortgage Interest Rates*

Rates as of Friday, 4th September, 2009:

Conforming

APR

Payment per
$1,000

Jumbo

APR

Payment per
$1,000

30-Yr. fixed

5.125%

5.345%

$5.44

5.500%

5.635%

$5.68

15-Yr. fixed

4.625%

4.998%

$7.71

4.875%

5.101%

$7.84

7-Yr. fixed ARM

4.375%

4.585%

$4.99

6.500%

6.644%

$6.32

5-Yr. fixed ARM

4.000%

4.206%

$4.77

6.125%

6.265%

$6.08

3-Yr. fixed ARM

4.000%

4.206%

$4.77

6.125%

6.265%

$6.08

5-Yr. Interest Only

4.125%

4.332%

$3.44

5.375%

5.509%

$4.48

FHA 30-year fixed

5.250%

5.472%

$5.52

5.500%

5.635%

$5.68

*Rates are subject to change due to market fluctuations and borrower's eligibility.

Karl Peidl
Lincoln Mortgage Company
251 Bellevue Avenue, Suite 102
Hammonton, NJ 08037

609-878-7013

kpeidl@linc-mort.com

http://karltalksmortgages.com/

Pennsylvania: Licensed by the PA Department of Banking as a First Mortgage Banker and licensed pursuant to the PA Secondary Mortgage Loan Act. New Jersey: Licensed by the N. J. Department of Banking and Insurance Maryland: Authorized Mortgage Lender by the State of Maryland Commissioner of Financial Regulation. Florida: Licensed Mortgage Lender by the Florida Office of Financial Regulation. Delaware: Licensed Lender by the Delaware Office of the State Bank Commissioner.



Karl Peidl
Lincoln Mortgage Company
251 Bellevue Avenue, Suite 102
Hammonton, NJ 08037

© Copyright 2009. All About News, Inc.

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Karl Peidl of Lincoln Mortgage Company Earns Advocate Lender Status

09-03-09
Karl Peidl - Accredited Loan Consultant
Karl Peidl - Accredited Loan Consultant: Loan Officer in Moorestown, NJ
  • view my blog
  • Office: (856) 252-1200 x1224
  • Mobile: (609) 254-6687

Karl Peidl of Lincoln Mortgage Company Earns Advocate Lender Status

Dallas, TX (PressExposure) September 02, 2009 -- National Home Loan Advocates announces today that Karl Peidl, Senior Loan Officer for Lincoln Mortgage Company, has earned the prestigious status of Accredited Mortgage AdvocateTM.

"We are pleased to announce that Karl has earned our Accredited Mortgage AdvocateTM status today", says Dave Dickey, NHLA Founder and CEO. "Karl has established a very solid record and commitment of working in the best interest of the consumer", adds Dickey.

National Home Loan Advocates (NHLA) is a consumer advocacy company that works in the best interest of the consumer by providing expert, independent assistance through the mortgage process. As part of NHLA services to consumers, mortgage lenders and loan consultants can earn the NHLA Accredited Mortgage LenderTM status by operating as a consumer friendly lender for mortgage financing.

While NHLA does not refer consumers directly to specific lenders, they do help consumers discern the mortgage marketplace by offering the mortgage lender accreditation service to lenders who agree to operate according to the NHLA Lender Code of Ethics. "Consumers are very concerned about working with a mortgage lender that will have their best interest in mind and our accreditation service helps them cut through the noise in the marketplace... finding lenders who have agreed to operate in a consumer friendly manner", says Dickey.

National Home Loan Advocates is seeking to restore consumer confidence in the mortgage marketplace by making it safer for consumers to navigate. NHLA is partnering with consumers, real estate professionals, and lenders to enhance transparency, full disclosure, and ensure fair home loan terms are accessible and equally obtained.

Consumers can contact Karl directly for their mortgage financing needs or questions at 609-878-7013.

Consumers and Mortgage Professionals can contact NHLA at (866)-223-4707 for questions and inquiries or by visiting www.nationalhomeloanadvocates.com

About National Home Loan Advocates

Joshua Campbell
Vice President, Lender Relations
National Home Loan Advocates
(866)-223-4707
Josh.Campbell@NationalHomeLoanAdvocates.com

Press Release Source: http://PressExposure.com/PR/National_Home_Loan_Advocates.html

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Refinancing in Hammonton NJ - Trigger Leads: Protect Your Personal Data

09-03-09
Karl Peidl - Accredited Loan Consultant
Karl Peidl - Accredited Loan Consultant: Loan Officer in Moorestown, NJ
  • view my blog
  • Office: (856) 252-1200 x1224
  • Mobile: (609) 254-6687

Refinancing in Hammonton NJ
Trigger Leads: Protect Your Personal Data

Did you know that the major credit bureaus sell your personal information? It's true! Known as "trigger leads", the files of borrowers applying for a home loan are immediately flagged, packaged, and sold by the credit bureaus to the highest bidders.

For about $25 to $100 or more, your name and certain specifics about your credit report, including your address, phone number, mortgage history, and even your FICO score range, are sold to unscrupulous mortgage companies which then blindly solicit your business. This results in numerous unwanted phone calls and junk mail offers which are in no way associated with your real estate agent or loan professional.

Unfortunately, no legislation presently exists to prevent the credit bureaus from profiting at your expense. As a trigger lead, you are simply at the mercy of any number of too-good-to-be-true offers designed specifically to try and discredit the mortgage professionals you know and trust.

Don't be fooled! Ultimately, there are only a limited number of sources where lenders may turn to obtain mortgage money, and it's unlikely that you will find an unbelievably low rate without an unbelievably high cost. That's why, prior to taking an application for any loan program, I always encourage my clients to opt-out of credit bureau solicitations by visiting www.optoutprescreen.com. For homeowners looking to refinance, this is the simplest way to avoid the problem altogether.

As you embark on what could be the largest financial transaction of your life, it's important to have a professional mortgage specialist on your team who has your best interests at heart.

If you'd like more information on trigger leads, credit reports, or the various mortgage products available to help you reach your financial goals and needs, call me today.

Refinancing in Hammonton NJ: Credit Tips That Will Score Lower Interest Rates

Karl Peidl
Lincoln Mortgage Company
251 Bellevue Avenue, Suite 102
Hammonton, NJ 08037

609-878-7013

kpeidl@supmort.com

http://karltalksmortgages.com/


Pennsylvania: Licensed by the PA Department of Banking as a First Mortgage Banker and licensed pursuant to the PA Secondary Mortgage Loan Act. New Jersey: Licensed by the N. J. Department of Banking and Insurance Maryland: Authorized Mortgage Lender by the State of Maryland Commissioner of Financial Regulation. Florida: Licensed Mortgage Lender by the Florida Office of Financial Regulation. Delaware: Licensed Lender by the Delaware Office of the State Bank Commissioner.





Karl Peidl
Lincoln Mortgage Company
251 Bellevue Avenue, Suite 102
Hammonton, NJ 08037

© Copyright 2009. All About News, Inc.

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Buying a Home in Hammonton, NJ: Stop Paying Your Landlord's Mortgage!

08-31-09
Karl Peidl - Accredited Loan Consultant
Karl Peidl - Accredited Loan Consultant: Loan Officer in Moorestown, NJ
  • view my blog
  • Office: (856) 252-1200 x1224
  • Mobile: (609) 254-6687

Buying a Home in Hammonton, NJ: Stop Paying Your Landlord's Mortgage!

It's staggering when you think about the cost of living, especially if you're a renter and not a home owner. If you are currently paying $1,000 a month for rented housing, then over the next three years, your property management company will effectively have reaped $36,000 of your hard earned cash! You're paying their mortgage when you could be building equity in your own property.

What if I don't have the money to buy a home right now?

There are many loan programs available that offer low and no down payment options. Some programs permit gift money as a down payment, and often sellers are willing to make a contribution to your purchase if they want to sell the home quickly.

There are many benefits of home ownership to consider, most of all, tax deductions. Let's take a look at how advantageous this can be as a homeowner:

How much is tax deductible?

Tax deductions vary, but the IRS has laid out solid rules. They also have several tax publications full of helpful information worth taking the time to read. Publication 530, Tax Information for First-Time Homeowners, is very thorough, as is Publication 936, Home Mortgage Interest Deduction. For quick reference, you can refer to Tax Topics 505, Interest Expense, and 504, Home Mortgage Points.

These publications often refer to local and state guidelines, so you may want to consult a CPA to answer all the questions that arise from reading these materials. Here are a few tips you should know up front:

Real Estate taxes are deductible on a primary residence. Real Estate taxes are paid at settlement or closing, or through an escrow account.

Mortgage interest is deductible on a loan to purchase, build or improve your home. Your lender will provide you with a Mortgage Interest Statement (Form 1098) to list the total interest paid during the year. This should include any deductible points paid for that year.

Pre-paid interest is deductible in the year it is paid. At the close of a real estate transaction, borrowers usually pay for the interest on their loan that falls between the closing period and the first of the next month. Mortgage payments are made "in arrears" so when a loan is closed mid-month, there is interest due to the new lender which must be paid in advance.

If you are building a home, the interest on the construction loan is deductible. The construction period cannot exceed 24 months prior to the date that you move in if you claim this as your primary residence.

Read about Quick Tips for Getting Started on Your Home Purchase

Call me to discuss your specific needs and we'll find the program that's right for you.
We have a variety of low down payment and no down payment programs available.

Karl Peidl
Lincoln Mortgage Company
251 Bellevue Avenue, Suite 102
Hammonton, NJ 08037

609-878-7013

kpeidl@linc-mort.com

http://karltalksmortgages.com/


Pennsylvania: Licensed by the PA Department of Banking as a First Mortgage Banker and licensed pursuant to the PA Secondary Mortgage Loan Act. New Jersey: Licensed by the N. J. Department of Banking and Insurance Maryland: Authorized Mortgage Lender by the State of Maryland Commissioner of Financial Regulation. Florida: Licensed Mortgage Lender by the Florida Office of Financial Regulation. Delaware: Licensed Lender by the Delaware Office of the State Bank Commissioner.




Karl Peidl
Lincoln Mortgage Company
251 Bellevue Avenue, Suite 102
Hammonton, NJ 08037

© Copyright 2009. All About News, Inc.

2 Comments
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Refinancing in Hammonton NJ: Credit Tips That Will Score Lower Interest Rates

08-31-09
Karl Peidl - Accredited Loan Consultant
Karl Peidl - Accredited Loan Consultant: Loan Officer in Moorestown, NJ
  • view my blog
  • Office: (856) 252-1200 x1224
  • Mobile: (609) 254-6687

Refinancing in Hammonton NJ:

Credit Tips That Will Score Lower Interest Rates

A good credit score translates into lower interest rates for refinance-shopping borrowers. In a mortgage lender's eyes, the higher your score is, the less risk you are, and the more likely it is you will pay off your debt. For this reason, borrowers with lower scores usually end up paying higher interest rates on their loans.

If this is you, don't panic. There are a number of things you can do to adjust your credit score to receive a favorable review from the underwriter. Here are a few suggestions:

Should I pay off all my past due balances and charge-offs?

This is usually a good idea, but you only need to worry about the past due balances and charge-offs that have occurred in the last two years. Items more than two years old have little effect on your current credit score. In fact, if you pay off delinquent items over two years old, it can actually bring your credit score down - something you don't want to do. Bringing that score up means you'll get a better interest rate on your loan.

Should I close existing credit card accounts that I don't use?

No. Part of your credit score is based upon credit history. If you have old credit cards that you don't use very much, you still have the benefit of the credit history they represent.

Rather than trying to pay off all your credit cards, you can move part of the debt from one card to another to even out the distribution of debt. Try to keep balances as close to zero as possible, and definitely below 30% of the available credit limit when trying to purchase a home. Also, if your credit provider will increase your line of credit, the ratio of debt to available credit is automatically reduced.

When married couples have separate credit card accounts, the debt can be transferred from one spouse to another to clear up credit issues for the other spouse. That spouse with clean credit can be designated as the sole borrower on the loan, but ownership of the home can still go in both names.

What about errors on my credit report?

If you have items that are showing up on your credit report that you know you have already paid, request that these items be removed by the credit bureau. They are obligated to rectify this within 30 days.

If there are items on your credit report that are less than two years old, send in your payment if possible and mark the back of the check with the following notation: "Accepting this check is evidence that the transaction is complete and this charge will be deleted from my credit record." If necessary, the cancelled check will be proof that this should be promptly removed from your credit report if it interferes with the closing of your loan.

Karl Peidl
Lincoln Mortgage Company
251 Bellevue Avenue, Suite 102
Hammonton, NJ 08037

609-878-7013

kpeidl@supmort.com

http://karltalksmortgages.com/

Pennsylvania: Licensed by the PA Department of Banking as a First Mortgage Banker and licensed pursuant to the PA Secondary Mortgage Loan Act. New Jersey: Licensed by the N. J. Department of Banking and Insurance Maryland: Authorized Mortgage Lender by the State of Maryland Commissioner of Financial Regulation. Florida: Licensed Mortgage Lender by the Florida Office of Financial Regulation. Delaware: Licensed Lender by the Delaware Office of the State Bank Commissioner.



Karl Peidl
Lincoln Mortgage Company
251 Bellevue Avenue, Suite 102
Hammonton, NJ 08037

© Copyright 2009. All About News, Inc

2 Comments