Wait…What? Did the FHA 30 Year Fixed Rate really drop below 3%? With the recent drop in mortgage rates, American United Mortgage Corporation is now offering qualified FHA home buyers a 2.875% 30 Year Fixed FHA rate with -0- points!!  APR 3.789% This is great news, especially for first-time home buyers. The FHA mortgage is a fixed rate loan insured by the government that provides...

There have been two FED rate cuts over the past two months – one in August and one in September – yet fixed rate mortgages are about .375% higher today than they were in July, just prior to the FED cuts . How is that possible? There is a misconception by many people, including those in the media, real estate, and even lending professionals, as to how mortgage rates are affected when the...

If you’re planning a spring renovation project and wondering how to cover the cost, consider the advantages of refinancing with a FNMA HomeStyle® Renovation loan. What is the FNMA HomeStyle® Renovation Loan? This Conventional home loan allows homeowners to refinance their existing home, or purchase a new home, and include the necessary funds for renovation in the balance of the new loan....

Financing for Real Estate Investors Property flipping is at its highest level since 2007, which is not surprising. Rising home values along with an abundance of older homes in need of upgrades is helping flippers locate, renovate and sell properties to home buyers at a rapid pace. And while buying, fixing and quickly reselling properties can be lucrative, it does take a great deal of capital...

When you set out to buy real estate, in addition to the funds needed to cover the minimum required down payment, you will also need to set aside funds to cover closing costs. Items such as; Title insurance Survey Searches Your Attorney Fee Tax & Insurance escrow deposits Appraisal, flood search, etc. That could amount to 2-3% or more of the purchase price, depending on the property tax. ...

Conforming Loan Limits Increase for 2020 Great news announced this week, especially for first-time home buyers in high-cost areas like New Jersey. The single family Conventional loan limit will increase from $484,350 to $510,400, and the high-balance limit to $765,600! That essentially means a New Jersey first-time buyer can purchase a home up to about $526,000 with only 3% down, and a...

The Balancing Act of Buying & Selling your Home at the Same Time When you are in the market for a new home, you may find yourself in the situation where you are both buying a new home and selling your existing home at the same time. To some, this task can be overwhelming …and at times, risky. Here are some important tips and facts that we’ve gathered along the way to help you get started...

Wedding planners will tell you, to have a successful wedding it’s important to begin the planning process months in advance of your special day. Preparing for the next phase of your life together – Homeownership – is not much different. In fact, home buying experts suggest that in order to have a successful home purchase would-be homebuyers should begin the home qualifying process at least...

 2 Little-Known Credit Score Killers….to avoid! Having a high credit score can save you a great deal of money when it comes to interest on things like mortgage loans, auto loans, lines of credit, …and even insurance premiums. Many consumers are aware of the common factors that drive a credit score, such as; Payment History Amount of Debt Credit Inquiries Length of credit history Recent...

  Home buyers often look for homes that have been upgraded. Realtors prefer to show their clients properties that have good curb appeal.  This combination often leads to multiple offers on the same home – aka “bidding wars”. In today’s competitive real estate market, bidding wars often bring the final price to well above the asking price. As an alternative, avoid bidding on the same...

Hybrid Mortgages Gain Again in Popularity As mortgage rates continue to climb, many home buyers and homeowners are looking for alternative ways to keep their interest payments as low as possible. Re-enter the Hybrid Mortgage – a fixed/ adjustable rate combination loan that was popular last time interest rates were north of 5%, …and now making a comeback. What exactly is a Hybrid Mortgage? A...

For families in transition, divorce often leaves one of the former spouses seeking a new place to live. It may also mean the task of buying-out their ex-spouse’s interest if they would like to remain in their current home and that home is jointly owned. If you find yourself unemployed or underemployed but receive alimony, you can use the alimony to qualify for a mortgage. The requirements set...

Today’s housing market is a challenging one, with low inventory, higher prices, and lots of competition. This combination has more homeowners considering a home remodel instead of a move. Here are three common ways to finance your next home remodel;   Home Equity Line of Credit – A Home Equity Line of Credit (HELOC) is essentially a credit line against the equity in your home that you...

If I am the one to receive the home in the settlement, can I afford to maintain my home and mortgage? The answer to this question will take some thought and planning. Most likely your household income will be decreasing, so it’s important that you are aware of what your expenses will be. A thorough review of your current mortgage obligation, credit, family debt, utilities and other household...

While 2017 watched home prices increase throughout most of New Jersey (up 8.1% in Union County), home buyers caught a break as mortgage rates increased far less than anticipated – hovering near historical lows for most of the year before climbing to just under 4% by year end. However, analysts at the Mortgage Bankers Association (MBA) and other leading economists predict that 30-year fixed...