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Monday Morning Mortgage News 
JP Mortgage, A Chase Affiliate There is a growing misconception that banks & mortgage companies are no longer lending mortgage monies to the general public, or at least, it has become very difficult. The truth of the matter is that the mortgage industry has gone back to basics. If the industry had never swayed from the basics, we would not be experiencing the economic uncertainties today. What exactly do I mean by the basics. There are three main requirements, which if given some thought, only make a lot of common sense. First, is the borrower credit worthy? In most instances that means is the credit score at least 580 or higher. Secondly, does the borrower’s income support the projected monthly mortgage payment? Why would the consumer want a payment they couldn't afford anyway? Thirdly, does the borrower have enough cash to close on the real estate transaction? This could mean 0 dollars as on a VA loan (100% financing),3.5% of the purchase price on a FHA loan(which could come from sources such as a gift from a family member, or a loan against your pension or 401K plan), or as little as 5% of the purchase price on a conventional loan. If you meet the above basic requirements, we as an industry, can't wait to lend you the money for your American dream of home ownership. With the recent decline in home prices and interest rates at near record lows (5.00% & 0 points 30 year fixed rate), there has never been a better time to buy. What are you waiting for? This is about as good as it gets! Compliments of John T. Quinn Licensed Mortgage Banker JP Mortgage, A Chase Affiliate 2275 Rt. 33 Ste. 308 Hamilton Square, NJ 08690 (609) 587-9300x346 Office (609) 631-8402 Fax (856) 261-8071 Cell john.t.quinn@chase.com We are the company for all your mortgage needs.
Home Capital Network APPRAISALS: New Issues You Need To Be Aware Of That Could Affect Your Sale Today! In the past, property appraisal was mostly a routine step in the mortgage process. Once home lending started to unwind, property valuation was caught in the middle of it. While it’s not the only reason for the industry’s problems, today there’s a much higher level of scrutiny of appraisals and the appraisal process. Here’s a look at how we got here and what we can do: 1. Overvaluation- The general belief that homes would perpetually rise in value led to much of the easy lending that created the mortgage meltdown. With the rise in foreclosures and the continuing drop in home values, appraisals are being examined much more closely and can make or break a mortgage approval. 2. Good comps are scarce- Lenders went appraisers to document trends, not just prices for comparable homes in the past 90 days, and whether prices are higher or lower than they were six or nine months ago. If a neighborhood hasn’t seen a sale in a while, finding acceptable comps could be difficult. Lenders have become stricter about what appraisers can us for comps. 3. Appraisers are busy- With rates back around 5%, appraisers are in high demand and appraisal turnaround time could be longer. HCN has close working relationships with many excellent appraisers who are very familiar with your local neighborhoods. Due to these relationships, we can count on a timely turn around with appraisers who know the area. What can you do? 1. Don’t let loan to value ratios scare away your buyer. . . let us talk to them because FHA could be an option. 2. Get actively involved. Share everything you know about the neighborhood with us. 3. Let us know about new sales asap . . . if a good comp comes up, knowing about it can help an appraiser build the case for proper valuation and save time! Courtesy of. . . Frank L. DiRe Licensed Mortgage Broker Sr. Mortgage Consultant 800-332-1506 Ext. 345 theloanguy@hotmail.com Home Capital Network 168 RT 37 West, Toms River, NJ 08755
Wells Fargo Home Mortgage More Help for Homeowners in the Future Another thing to keep an eye on in the coming weeks is President Obama's plan to help struggling borrowers before they are faced with a default on their mortgage. According to reports, the Obama administration is discussing plans to help borrowers who are struggling to stay afloat, but who have not yet fallen behind on their payments. At this point, details are scarce; however, reports indicate that President Obama is looking to spend approximately $50 Billion to directly help homeowners before they face foreclosure and financial disaster. While this is good news for individual homeowners, it will likely be good for the housing industry as a whole. That's because, assisting struggling borrowers before they default should help stop the wave of foreclosures, which are estimated to top two million this year. That, in turn, will help stabilize home prices. The Economic Stimulus Plan is huge, and impacts a number of industries. I've highlighted some of the major provisions that may impact you now and in the future. As always, if you have any questions or would like to discuss how this may specifically impact you, I'd be happy to sit down with you. Just call or email me to set up an appointment. H. Roy Bhiro, USAF Retired Sales Manager Wells Fargo Home Mortgage 950 Route 33 West, Hamilton, NJ 08690 609.631.2949 Office *** 609.351.3619 Cell roy.bhiro@wellsfargo.com http://www.royhomeloans.com For more information on mortgages check out www.valeriebelardo.com
Wells Fargo Home MortgageTax Proration Credits: With so many people on the fence, here is one less excuse for not buying today. You can use your Tax Credit from the 2009 Stimulus package to help with your closing cost on a purchase transaction today. The tax proration credit can be used to offset prepaid portion of your closing cost now. This can be a significant amount of your closing cost since your escrows can be anywhere from two to four months of your annual taxes and insurance. Bottom Line: Uncle Sam is going to great lengths to enable you to becoming a home owner NOW! Take advantage of it today, while home prices are on sale, there is plenty of inventory and rates are at historic lows. H. Roy Bhiro, USAF Retired
Sales Manager
Military Certified
Wells Fargo Home Mortgage
MAC M6114-011
950 Route 33 West
Hamilton, NJ 08690
609.631.2949 Tel
609.351.3619 Cell
866.359.4063 eFax
roy.bhiro@wellsfargo.com For more mortgage information check out Monday Morning Mortgage at www.valeriebelardo.com
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Office 609-587-9300 x 420
