Somerset Mortgage Lenders Featured in Newsday Article - Signs of Hope Seen in Job Market

For Immediate Release:
Somerset Mortgage Lenders Featured in Newsday Article - Signs of Hope Seen in Job Market

Melville/New York/USA (July 31, 2009) Robert Haufler, Director of Marketing for Somerset Mortgage Lenders, was interviewed earlier this week on Wednesday July 29th by Newsday's Patricia Kitchen for her article "Signs of Hope Seen in Job Market" which was published today, Friday July 31st, 2009.

Here is the link and text from the article, courtesy of Newsday and Patricia Kitchen:
http://www.newsday.com/business/signs-of-hope-seen-in-job-market-1.1338989

-Signs of Hope Seen in Job Market-

We may still hear of layoffs and employers taking forever to make hiring decisions. But, could there be a minuscule glimmer of hope on the job market front?

Yes, applications for first-time unemployment benefits went up nationally by 25,000 to 584,000 for the week ending July 25. But some economists told The Associated Press they see good news in that report from the U.S. Labor Department, as most of those new claims are part of the auto companies shutting plants temporarily in May or June -- earlier than usual. And the four-week average of claims fell to 559,000, the lowest since January.

Tom Wieder, an executive recruiter for banking, said he's seen some big players start to replace key people and "organizations that were in complete lockdown mode” move from "a hiring freeze to a hiring frost.” Certainly, layoffs continue, but "people don't necessarily understand that hiring is going in through the other door,” said Wieder, managing partner for the financial services group of WorldBridge Partners in Baldwin.

In good times and bad, most hiring is not about industry growth, but replacement and turnover, said Gary Huth, principal economist on Long Island with the state Department of Labor. Yes, that turnover contracts during a recession, he said, but to say there are no jobs, "That's not an accurate look at the job market.”

Here's a sample of employers with local openings:

1. Netflix
Melville distribution center
netflix.com/jobs

OPENINGS: Driver
COMPENSATION: $13 an hour; operations supervisor, $19.50 an hour
QUALITIES SOUGHT: With an average 80,000 DVDs received and another 80,000 shipped daily from this facility, the company strives "to find people with excruciating attention to detail,” people who can work "fast, but precisely,” said Steve Swasey, vice president of corporate communications. That and start work real early. "Money is made and service is good when people get up early,” he said.

2. Verizon Wireless
VerizonWireless.com/careers

OPENINGS: Twenty sales rep positions at stand-alone stores and for BJ's Wholesale Club and P.C. Richard & Son locations.
COMPENSATION: Base pay and commission; on average, sales reps bring in $40,000 a year, said Eileen Lambert, associate director of human resources in the metropolitan area.
QUALITIES SOUGHT: It's best if you have a year or so of sales or customer service experience, or if you're naturally persuasive, said Lambert.

3. Somerset Mortgage Lenders
Melville
somersetmortgagelenders.com

OPENINGS: Forty to fifty positions ranging from team leader and loan officer to underwriter and processor.
COMPENSATION: Depending on the position, compensation can range from $30,000 to $300,000 a year, said Robert Haufler, director of marketing.
QUALITIES SOUGHT: Be proactive -- find out who you will be meeting with during the interview, arrive early, greet the person with Ms. or Mr. "That's the person I want. The one who cares,” said Haufler. Haufler says to send a resume and follow up with a call to the recruiting department.

4. Paradigm Group
Syosset
paradigm-grp.com

OPENINGS: The maker and supplier of eco-friendly disposable products, such as plates, facial tissue, garbage liners is looking for industrial sales reps (experienced or entry-level) and inside sales reps (four to five years' customer service experience)
COMPENSATION: Base plus commission
QUALITIES SOUGHT: You don't need a degree in an environmental area, but should demonstrate that you're "interested in and understand [the green] movement and understand what's going on in marketplace,” said Ralph Bianculli Jr., business development and e-commerce director.

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Somerset Mortgage Lenders, with their main offices right in the heart of Long Island, have been in the mortgage business for 30 years; currently located at 290 Broadhollow Rd Suite 310 E in Melville, NY 11746. They pride themselves on attaining the highest ethical and moral standards and is dedicated to providing quality mortgage products at value pricing to our customer. Somerset has a long-standing history of servicing its local community as a reliable mortgage company. Our goal is to establish a successful partnership with our customers, staff, investors, and markets that respect the interest and goals of each party. Somerset Investors Corp. has been built on the belief that to be successful in mortgage banking it must first begin by molding itself as a customer service firm that provides quality service to the public.

SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more

Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.

Gregg Marcus and Somerset Mortgage Lenders Named #1 Bank on Twitter by Computer Weekly

For Immediate Release:
Gregg Marcus and Somerset Mortgage Lenders Named #1 Bank on Twitter by Computer Weekly

Melville/New York/USA

It was announced today that Gregg Marcus' Somerset Mortgage Lenders were just named #1 Bank on Twitter by Computer Weekly! This article polled the top 10 banks actively participating in twitter and chose the winner in relation to number of followers on the popular social networking service.

"We are thrilled to be recognized not only as a leader in the world of direct mortgage lending, but in effectively marketing our services and products online, as well" remarked Gregg Marcus, Executive Director, Somerset Mortgage Lenders.

You can read the complete story here::
http://www.computerweekly.com/galleries/237042-10/1-Somerset-Mortgage-Lenders-has-7-700-followers-Top-10-banks-on-Twitter.htm

Alternately, read the text below (excerpt taken from the article above written by Karl Flinders at ComputerWeekly.com - follow him on Twitter at KarlFl)

Computer Weekly: Top 10 banks on Twitter

#1. Somerset Mortgage Lenders has 7,700 followers -

With almost 8,000 followers, the New York-based mortgage lender leads the popularity stakes. It uses Twitter as a financial advisor to explain financial products to customers, as well as to engage with them.

Computer Weekly verdict: Possibly too much financial advice and not enough fun. But 8,000 people can't be wrong, so it works. 5/10

To follow Somerset Mortgage Lenders on Twitter click here:

http://www.twitter.com/SomersetMtg

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Somerset Investors Corp. is a mortgage banking firm that prides itself on attaining the highest ethical and moral standards and is dedicated to providing quality mortgage products at value pricing to our customer. Somerset has a long-standing history of servicing its local community as a reliable mortgage company. Our goal is to establish a successful partnership with our customers, staff, investors, and markets that respect the interest and goals of each party. Somerset Investors Corp. has been built on the belief that to be successful in mortgage banking it must first begin by molding itself as a customer service firm that provides quality service to the public.

SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more

Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.

Gregg Marcus: Refinance Savings Calculator

Gregg Marcus from Somerset Mortgage Lenders wants to arm consumers with tools to make getting a loan an easier and more enjoyable experience. With this in mind, they have set up this very useful refinance savings calculator, available at no cost by going to http://www.somersetmortgagelenders.com/Mortgage-Calculator/MortgageRefinanceCalculator.aspx

The refinance calculator above shows you if it makes sense for you to refinance your home loan in the first place!

When making the decision regarding refinancing and using this refinance calculator, you need to consider a couple of things.

1. How long do you plan to live in the home?

2. How much will it cost you to refinance your mortgage loan?

Once you know these two things, you can determine if your accumulated monthly savings from refinancing will be enough to recoup the costs of refinancing your mortgage loan.

Keep in mind however, that this calculator will assume that you have made all of your mortgage payments on time, as scheduled.

If you have made a couple of larger than normal payments to pay-down the loan principal, or if you have made some late payments, your actual loan balance on your current mortgage loan could be different.

Also remember that this calculator only addresses the principal and interest (P&I) part of your loan, not any real estate taxes or insurance that might be part of your monthly mortgage payment.

Hope this helps!

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SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more

Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.

Gregg Marcus: How Reverse Mortgages Work

Gregg Marcus from Somerset Mortgage Lenders recently discussed how reverse mortgages work at their offices located at 290 Broadhollow Rd, Suite 310 E Melville NY 11747 with members of the media, consumers and his staff.

United States/NY/Melville

Reverse mortgages were created in order to help ease the financial burden on aging seniors. A reverse mortgage is a type of financial instrument that permits home owners over the age of 62 to gain access to the money they have accumulated as home equity.

How a reverse mortgage works is that the lender makes payments to the borrower, rather than the other way around. The amount paid out is based on a percent of the equity remaining in the home (that’s the full property value minus the amount still owed).

Seniors can use money from a reverse mortgage to fund:

1 Retirement
2 Medical costs
3 A new car
4 Home repairs
5 Renovations
6 Estate planning
7 A grandchild’s education
8 Travel and leisure

In order to get a reverse mortgage your current mortgage does not need to be completely paid off. The amount you can receive in a reverse mortgage is based on the equity in your home. As a mandatory part of the reverse mortgage process, however, your existing mortgages will be paid off. Some people simply use a reverse mortgage to get out of having to pay monthly mortgage payments, the money they receive just being a bonus.

When you receive a reverse mortgage, your home remains in your name, and you also retain total control of the property. It is also still your responsibility to maintain the house and property and pay all taxes and insurance as usual. No reverse mortgage lender can take your home away from you so long as you keep that home as your primary residence.

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SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more

Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.

Gregg Marcus Blog: Lending a Helping Hand to Senior Borrowers

In a turbulent time in the mortgage industry, Somerset Mortgage Lenders stays ahead of its competition by lending a helping hand to senior borrowers. Along with saving seniors a lot of money with a reverse mortgage, many Somerset employees have gone the extra mile to make sure they remain friends with their borrowers by offering to lend a hand with home improvements.

One example of this is when a recent customer was going to pay $450 to paint a fence on her property and her Senior Lending Specialist, Sean Miller, offered to do it for free on his day off. "It feels good to help people in their time of need, not only by creating financial freedom that will save them thousands but also to help by lending a hand in other ways", Sean stated. The borrower Inez Richardson remarked "Sean has given me my financial independence and a brighter look on the future. He has given so much for so little in return".

"You have never stood so tall until you kneel to help a senior citizen" Sean said.

Sean Miller is not the only an example of a Somerset Senior Specialist lending a helping hand. Because their product deals with people in times of need, our loan officers often encounter unfortunate situations. Another example of this is Vince Navarro, a team leader and Reverse Mortgage Specialist, recently helping a senior with no working bathroom living with basically an out-house accommodation, gain her bathroom facilities and her dignity back. "What’s great," Vince said, "is that we can remedy a situation not only for now but for the long term. Fixing the bathroom was my pleasure".

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SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more

Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.

Gregg Marcus Blog: Military Families Offered Mortgage Relief

Gregg Marcus Blog: Military Families Offered Mortgage Relief
Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com

Gregg Marcus and Somerset Mortgage Lenders strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this article discussing military families being offered mortgage relief.

A well-deserved relief plan devised back in the days of World War II is still assisting military servicemen and women and their families today in bearing the burden of keeping up with mortgage payments while during deployment.

Called the 1940 Soldiers' and Sailors' Civil Relief Act, and revamped several years ago with the Service members Civil Relief Act of 2003, the program allows for military personnel who took on a mortgage prior to going into active duty to request that their mortgage interest rates be capped at 6% until their active service is completed.

The federal program also protects military families from foreclosure caused by mortgage payment default while the eligible family member is on tour, and for up to three moments following their return.

This means that troops in the Middle East won't have to be distracted from their duties with worries of the interest rates on their adjustable rate mortgages resetting and other fallouts of the current economic climate. Reservists and National Guardsmen and women are also eligible for said relief.

This provision is not automatic - it must be requested by the eligible personnel. And it includes not just mortgage obligations predating active service but consumer debt (like credit cards) as well.

Federal government officials are also suggesting that lenders give eligible military personnel forbearance on all payments of principal due during and throughout active duty.

SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more

Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.

Gregg Marcus Blog: The Right Time to Buy

Gregg Marcus Blog: The Right Time to Buy
Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com

Gregg Marcus and Somerset Mortgage Lenders strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this article discussing "the right time to buy".

It's no big secret that the best time to buy a home is during a down market (much like the one we're currently experiencing), but does that necessarily make it the right time for you to buy.

There are many more factors that come into play in determining when is the right time for you to make the leap into purchasing a home, whether it's your first, second, or third. To give yourself the best chances of having your offer accepted and your loan approved, consider the following questions, the answers to which will give you great insight into your readiness (or lack thereof) to buy now as opposed to sometime down the line:

1. Have you research your market? The shape of the overall housing market gives you only a broad and generalized understanding of home values across the country. But specific markets individual states, counties, towns, and neighborhoods may still fluctuate (and diverge) greatly in any market. Therefore it is of the utmost importance that you do your due diligence and research home prices and values in the exact geographical area you're interested in. Don't just assume that housing prices are down across the board so you're free to lowball on your bid or you run the risk of turning off a prospective seller. By the same token, even in a down market, it's still possible to pay too much for a house as well. Information is power. Get it, and use it.

2. Do you already have the money for downpayment and closing costs? 100% loans were already absurdly expensive before the subprime mortgage crisis. Now they're practically unheard of. If you need to take out a loan to cover downpayment and/or closing costs, maybe you should put a little more attention into your savings plan first. That way, you'll be sure to get a mortgage you can afford.

3. Can you afford the house you're seeking? Dream big, sure. But act rationally if you want to avoid foreclosure happening to you. That means making sure your total debt, including the housing payment you're considering taking on, isn't more than 30-40% of your gross monthly income. Otherwise before too long you may find yourself living in the doghouse.

4. Have you taken incidentals into account? Incidental expenses in terms of home ownership include maintenance and repair, taxes and insurance, utility costs, transportation for your commute, etc. When you're factoring how much you can truly afford to spend per month on a home, do yourself a favor and be sure to factor these expenses into your equation or you may find yourself coming up short.

5. How is your credit? A good way to avoid setbacks in your mortgage application process is to know your own credit situation before you apply for a loan. Finding out that you have poor credit (whether legitimately or through some error on one or more of your credit parts) after the fact is not only a blow to the ego, it can also cause you to lose the home you have your heart set on. Don't let that happen to you.

6. Have you made any major purchases recently? Buying a home immediately after buying a new car or taking an expensive vacation or having a new baby is not only ill-advised, it's also quite difficult to accomplish. If you've recently made a major purchase, consider waiting a short while to get your credit and finances back up to par. You'll thank yourself for your patience later.

SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more

Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.

Gregg Marcus Blog: Traditional Mortgages Can Be Availed Online

Gregg Marcus Blog: Traditional Mortgages Can Be Availed Online
Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com

Gregg Marcus and Somerset Mortgage Lenders strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have worked with MortgageFit.com to put together this article on tips for getting your mortgage online.

The mortgage market is flooded with lenders that are offering online mortgages. The mortgage market is gradually recovering at a very slow pace. The subprime mortgage crisis led to severe credit crunch. Thereafter, the lenders have become exceedingly cautious about extending fresh credit.

You can take out a mortgage in 2 ways. One way you can get a mortgage loan is by approaching the lenders personally (like Somerset Mortgage Lenders, for instance) and applying for the mortgage. The other way is to shop around for online mortgage.

These days majority of the lenders have their own websites where they furnish extensive information about the rates they offer.

Advantages of online mortgage

There are many advantages of taking out online mortgage:

1. It helps you to apply for a mortgage from the comfort of your home. There is a wide range of options you can choose from if you are looking for mortgage online. You can navigate from one website to another and get to know the different mortgage rates that are being currently offered in the mortgage market.
2. Online mortgage calculators are important tools that will enable you to calculate the amount you have to shell out every month. You can calculate the interest rate, the Annual Percentage Rate, your affordability, the size of the mortgage you can take out, whether 15-year loan term or 3-year loan term will be helpful for you etc.
3. It saves you a lot of time and energy as you get the details from the comfort of your office or home.

What you should look out for while applying for online mortgage?
Prior to providing your personal information online while taking out a mortgage, make sure the payment mode is secured.

What are your options?
You can either opt for a fixed-rate mortgage or adjustable-rate mortgage depending upon the requirement. In case you are opting for fixed-rate mortgage, you will be required to make a fixed mortgage payment throughout the term of the loan. On the other hand, if you are opting for an adjustable-rate mortgage, you have to make payments as per the prevailing mortgage rates in the market. Initially you pay lower payments but as the rates in the market escalate so do your monthly payments.

SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more

Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.

Gregg Marcus: Somerset Mortgage Lenders' Mortgage Glossary

Gregg Marcus: Somerset Mortgage Lenders' Mortgage Glossary
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com

Gregg Marcus and Somerset Mortgage Lenders strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this comprehensive mortgage glossary.

Whether you are buying a home or refinancing, applying for a mortgage is a big step. Use our Mortgage Terms Glossary to help understand every step of the process. Our glossary of mortgage loan terminology defines a variety of terms used by loan officers and real estate professionals. Add our Mortgage Terms Glossary to your Favorites for quick look-ups throughout your mortgage application process.

See full glossary by following this link:
http://www.somersetmortgagelenders.com/Mortgage-Article/MortgageGlossary.htm

SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more

Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.

Gregg Marcus: How Home Equity Works

Gregg Marcus: How Home Equity Works
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com

Gregg Marcus and Somerset Mortgage Lenders strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this brief article on how home equity works.

What is Home Equity?
Your home equity is the appraised value remaining in your home after you subtract the remaining balance you owe on your existing home mortgage(s). It can be thought of as the part of the home you actually own instead of the bank: the part you’ve paid for so far. It isn’t difficult to build equity in your home, and chances are if you’ve owned your home for a while and have been making your regular mortgage payments, you probably have built a considerable amount of home equity already. Though the housing market rises and falls in cycles, the overall tendency is consistently upward. In other words, property values tend to rise over the long term.

How Can Home Equity Be Used?
Once you have equity in your home, you can start to use it to fund nearly anything you want or need. Having equity in your home puts you in a powerful position, as you can use that equity to qualify for credit and borrow money. Buy a new car, take that dream vacation, fund a college education, and make renovations and improvements to your home. Whether to pay for an emergency or finance a dream, there are two primary ways to tap into the wellspring that is your home equity: a home equity loan and a home equity line of credit.

What Are Home Equity Interest Rates Like?
A good question to ask before borrowing money from any source is: how much is it going to cost in the long run? Because your home is being used as collateral on the home equity loan or home equity line of credit, the risk for the lender is considerably lower, and therefore interest rates on home equity loans and home equity lines of credit are usually lower than the average interest rate on a credit card. Home equity loans and home equity lines of credit are, however, usually higher than the interest rate on the average fixed rate mortgage. And in general, home equity loans usually have lower interest rates than home equity lines of credit.

What Are Some of the Other Benefits of Home Equity?
As if borrowing money weren’t advantage enough, home equity offers a bevy of other benefits as well.

SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more

Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.

Gregg Marcus is @ ht

Gregg Marcus is @ http://htxt.it/Wmh2

Profile: A Conversation with Somerset Mortgage Lenders’ Executive Director Gregg Marcus

For Immediate Release:
Profile: A Conversation with Somerset Mortgage Lenders’ Executive Director Gregg Marcus

Melville/New York/USA

Gregg Marcus‘professional accomplishments are numerous, having run one of the top direct lending mortgage lenders for the better part of this decade being at the forefront of his success. However, if you scratch beneath the surface, you will find that so, too, are his many charitable activities. Gregg is not only a proven executive, but at his core he is a philanthropist and a humanitarian who cares about his community and about causes that are important to us all. Mr. Marcus has earned accolades for his savvy as an entrepreneur, and now he’s earning the same kind of honors for his financial and personal donations to charitable causes. He has dedicated a significant part of his time, talents and financial resources throughout his career to organizations in New York and beyond.

"Success in business is one thing; helping to change the conditions of others is quite another" he said; and after listening to him speak, I can say that Gregg Marcus is very successful at both. He knows that one is not complete without the other.

There are many organizations and non-profit groups where Gregg Marcus could donate his time, but he prefers to donate his time and resources to organizations that he believes in. It’s what led him to become a founding member of the Jericho Jayhawks Boosters Association. And it’s why he donates his time to organizations such as the Young Presidents Organization, the Hineni Heritage Center, the Long Island Children’s Museum and the Sunrise Day Camp for Children. Health is also important, and it’s why he’s an active member of the National Kidney Foundation. Additionally, he received the Interfaith Committee of Remembrance Humanitarian Award for his charitable efforts to organizations in the New York area and beyond.

"Business accomplishments are great, but what are you doing to help the community?" Gregg Marcus asked in our conversation. It was a refreshing insight to hear from someone in the notoriously rigid financial sector. This is a man who tirelessly supports organizations he believes in; not just with a check every now and then, but with a time commitment.

"Not to sound cliche" Mr. Marcus said, "But we can complain about challenges in our society, or we can just go and try to do something about them". After spending enough time with him, it seems that this is a man who believes in more than just talking - he believes in action. It’s why he spends countless hours and dedicates significant financial resources to organizations with causes he believes in.

Gregg Marcus knows how important personal commitment is. He believes that successful people should give back by supporting organizations with their time, leadership and financial resources. We all have opinions about news items, but very few people have enough knowledge to be quoted by the New York Post. In December of 2007, the Post quoted Gregg Marcus as he gave kudos to the Senate for passing an FHA modernization measure. Gregg Marcus is one of those people who actually knows what affects the average person, and is not simply concerned with what affects corporations. He operates as though we were all in this together, because we are.

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SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more

Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.

new article Getting

new article Getting Approved for a Mortgage read at http://htxt.it/VuLU

Getting Approved for a Mortgage

Getting Approved for a Mortgage
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com

Somerset Mortgage Lenders and Gregg Marcus strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this brief article on getting approved for a mortgage.

The following are the primary factors taken into consideration when determining whether to approve or deny a potential homebuyer’s application for a mortgage!

Property Value: An appraisal conducted by a licensed professional and based upon the both the current condition of the home and the relative selling price of comparable homes in the area tells the lender the value of the property you want to purchase. The lender uses this information to determine whether the home is actually worth the price you’ve offered to pay for it.

Credit: This includes your credit history and your current overall debt situation. Lenders like to see that those applying to borrow money from them already have a consistent record of paying bills and other debts on time. Late payments and defaults on previous loans (ie. credit cards, car loans, student loans, alimony, child support, etc.) present a potential borrower as less-than-creditworthy and make lenders reluctant to give them new loans. If your credit history shows difficulties as recently as the past two years you can still write an explanation of the circumstances that caused the difficulties and lenders will take it into account when making their decision.

Income and Employment Factors: This includes both your current income and your employment history. Typically, lenders like to see your current monthly expenses totaling no more than a third of your gross monthly income. Gross income, or all of the money that you’ve earned before taxes are taken out, may include alimony and child support received, and an average of your monthly commissions and overtime pay should you desire to have those factors considered.

Lenders also like to see applicants having a consistent work history in the same or similar occupation with a trend of steadily growing income over the several years leading up to the submission of the loan application. They will almost certainly verify your employment (except in the cases of certain type’s loans - i.e. (No-Income-Verification, Stated Income, and No-Doc loans).

If you are self-employed, have held your current job for under two years, get paid on a commission basis, there’s a good chance you’ll be asked to provide further information about your prior work history.

Mortgage Terms: A definitive factor in determining whether or not to approve your application for a mortgage is the amount of your proposed monthly payment factored as a percentage of your current income.

SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more

Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.

new article: Costs o

new article: Costs of FHA Mortgage Insurance - read at http://htxt.it/Wwfr

Costs of FHA Mortgage Insurance

Costs of FHA Mortgage Insurance
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com

Somerset Mortgage Lenders and Gregg Marcus strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this brief article on the costs of FHA mortgage insurance.

FHA loans carry a higher mortgage interest premium than conventional loan programs, which only demand MIPs as little as .5% (for those homebuyers putting 10% down), with a renewal rate as little as .3% in subsequent years.

It is a widely-known fact that FHA mortgages help a wide variety of Americans who otherwise would not be able to afford a home to buy one. FHA insured loans are not for everyone, however. Though the down payment and therefore up-front costs are lower on FHA mortgages, the monthly payments might possibly be higher.

There is no clear-cut rule to whether a specific FHA loan would cost you more or less than a conventional loan. Just as with conventional mortgages, different FHA mortgages have different interest rates and different loan terms based on numerous factors, not least of which is your credit? With a conventional loan, your credit is considered jointly with your income.

As FHA loans are designed more for low-to-moderate income households, an applicant’s credit is weighted even heavier. The result of this could potentially be higher interest rates and (with the additional cost of monthly mortgage insurance premiums) higher monthly payments than you could get by coming up with a larger down payment and getting a conventional loan.

Of course, that is not always an option for would-be homebuyers. Fortunately, many of the closing costs associated with FHA mortgages can be financed into the loans. The FHA also helps homebuyers by imposing limits on how much money mortgage companies can charge in certain fees, such as loan origination fees which, according to the restrictions placed upon FHA lenders, cannot be higher than 1% of the total loan amount.

The most striking fact about the cost of FHA mortgage insurance however is its cost to taxpayers, that being nil. FHA mortgage is totally self-funded, with the money paid by borrowers in mortgage insurance premiums going directly into an account which pays for the FHA’s expenses. The bottom line of this is that not only do FHA-insured mortgages and FHA mortgage insurance benefit borrowers and lenders alike.

SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more

Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.

new article: What is

new article: What is a Divorce Buyout? - read at http://htxt.it/T9Gp

What is a Divorce Buyout?

What is a Divorce Buyout?
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com

Somerset Mortgage Lenders and Gregg Marcus strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this brief article on Divorce Buyouts.

A divorce home buyout (or a divorce buyout, for short) is simply when one party in a break-up buys out the other party’s share in the property that they own and have been residing in together.

Divorce buyouts are generally completed according to the following 3 basic steps:

1.) The parties determine and write into the separation agreement which of them will live in the home and which of them will have their interest in the property bought out.

2.) The party buying out their ex-spouse (or soon-to-be-ex), then applies for a refinancing loan to take the place of the original loan, including borrowing enough extra money to compensate the party who is to be selling/losing interest in the property.

3.) Two documents - a quitclaim deed and a consideration letter - are signed at the closing and filed in the recorder’s office of the county where the property is located.

It seems simple, yes?

And in many cases, it is. Provided everybody’s on the same page, a divorce buyout could be one of the smoothest processes in the divorce proceedings.

However far too often the divorce buyout is complicated by all that occurs prior to and during the process, The last thing you ever want to do in a divorce is complete the divorce proceedings without ever looking into whether or not you can really afford the court’s determinations and/or the settlement agreed to regarding the terms and conditions of the divorce home buyout arrangement.

If your spouse, for example, defaults on their payments while the divorce is still pending, not only could it severely negatively impact your ability to buy them out, but it can be detrimental to your credit rating as well.

It’s important to note, as well, that any divorce buyout agreement is incomplete without a date by which the buyout must be accomplished. This can cause a whole host of problems if an ex-spouse is reluctant to fulfill his or her end of the agreement, potentially dragging out the divorce buyout process indefinitely. In the worst of cases, you could even have to take them back to court to get it properly resolved, something no one want to have to do.

SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more

Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.

Using Downpayment Gifts for Your FHA Loan

Using Downpayment Gifts for Your FHA Loan
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com

Somerset Mortgage Lenders and Gregg Marcus strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this brief article on using downpayment gifts for your FHA loan.

Unlike with most other conventional loans, the Federal Housing Authority (FHA) allows borrowers to pay some or all of their down payment with gift funds. No verification of the source of the down payment money is required. All that needs to be done is for the money to first be deposited into the borrower’s bank account or an escrow account before and until the loan is approved, and for proof of that deposit to be provided.

Greater than half of first-time homebuyers receive gift money from relatives in order to help them pay for their down payment. Besides relatives, other accepted sources of down payment gifts are friends, labor unions, faith-based organizations, and charity organizations. Another valid (and novel) source of down payment assistance is through the Bridal Registry program whereby newlywed couples can get gift money deposited into an account for them to use towards a down payment on an FHA loan.

In 2004, President George Bush announced intentions to convince Congress to eliminate the down payment requirement for FHA loans entirely, but so far nothing has come of that.

Recent attempts in the U.S. Congress to pass legislation that would make it extremely difficult for charitable organizations that provide down payment gift funds to claim tax exempt status, thereby disqualifying them from being able to provide a down payment gift fund for FHA loans at all has fortuitously failed.

Despite the attempted U.S. Department of Housing and Urban Development (HUD) rule to eliminate all down payment assistance programs, the U.S. District Court intervened to protect low-to-moderate income potential homebuyers. The result of this injunction is that organizations like the Home Down Payment Gift Foundation and the Genesis Foundation can still claim tax exempt status and still provide down payment gifts to would-be FHA mortgages, at least until there is some sort of final resolution on the matter.

It is likely that compassionate wisdom and common sense will prevail in this situation as it is plainly obvious that allowing homebuyers to cover the cost of their down payment with down payment gift funds is far preferable to burdening low-to-moderate income households with higher debt.

By paying their down payment with gift funds, homebuyers begin their home ownership experience from Day One with equity in their new home, that home equity being equal to the amount of their down payment (or at least the amount covered by down payment gifts). This also puts these households that much closer to the day they own their homes outright.

SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more

Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.

The Closing Process

The Closing Process
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com

Somerset Mortgage Lenders and Gregg Marcus strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this brief article on The Closing Process.

You've found the home you want. You’ve made an offer which the seller has accepted. You've applied for a mortgage, and been approved. Move in day is almost here. There's only one more step - the closing.

The word closing in terms of real estate is the process by which the transfer of property from seller to buyer is finalized. Once your mortgage is approved, a date is set for the closing to take place: called a closing date.

Depending on the state in which the transaction is taking place, the closing process is conducted by one of the following representatives of buyer and seller, respectively.

1 An attorney
2 A real estate broker
3 A lender/loan officer
4 A representative of a title insurance company
5 A representative of an escrow company

In order for a closing to take place, several key items must first be prepared and delivered to the lender in advance

1 Title search and title report
2 Title insurance binder
3 Hazard insurance binder
4 Property survey
5 Inspection certificates - for termites, sewer or septic, and well (where relevant)
6 HUD 1 settlement statement - a list of all credits and charges itemized for you and the seller, according to the terms of the contract

At the time of closing, the borrower signs many documents, most significantly a mortgage/deed of trust and a promissory note. These are loan documents granting the lender a lien against the property you’re purchasing as a way of securing your repayment of the loan. The promissory note is the borrower’s legal promise to pay back the loan. The mortgage/deed of trust is the legal instrument recorded in the local office of public records.

SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more

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new article on New H

new article on New Home Financing - read at http://htxt.it/7rf4

New Home Financing

New Home Financing
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True" http://www.somersetmortgagelenders.com

Somerset Mortgage Lenders and Gregg Marcus strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this brief article on New Home Financing.

Fixed Rate Loans

Several categories of conventional loans exist, the most common and familiar being the fixed rate mortgage. In the cases of fixed rate mortgages, the borrower will lock in an interest rate, and pay down both the principal and interest on the loan at that interest rate every month until the mortgage is paid off. The most typical term of a fixed rate loan is 30 years, though fixed rate mortgages can also be obtained for much shorter terms, the primary difference being in the size of the monthly mortgage payment.

Conforming Loans

Other conventional loans are known as conforming loans. In these cases, an arrangement is made between borrower and lender that comply with the stipulations of two federally run mortgage trading companies (or Government Sponsored Entities - GSEs) Fannie Mae (FNME) and or Freddie Mac (FHLMC).

Fannie Mae and Freddie Mac does not directly approve or deny loans. They buy and sell home mortgages, working with lenders to make home ownership easier for people to attain. Lenders like to sign up borrowers with conforming loan, because they can then sell these loans to Fannie May or Freddie Mac in order to more quickly receive the funds coming to them, and use those funds to make other investments. Fannie Mae and Freddie Mac, in turn, then repackage these loans to sell to investors as securities.

The current guidelines for a conventional Fannie Mae loan set a maximum purchase price for a single-family home at slightly above $415,000 (though residents of Alaska, Hawaii, or Guam may be able to qualify for an even larger loan).

The interest rate as well as the short- and long-term pricing on a conforming loan is determined primarily by the type of loan applied for. Also taken into consideration will be the amount of funds you already have to contribute to closing costs, your credit rating, credit score, and credit history, your employment history, and the type and location of the home in question.

Jumbo Loans

Other forms of conventional loans are nonconforming loan instruments that do not meet Fannie Mae or Freddie Mac loan qualifications, such as jumbo loans, or loans so large they fall outside the Fannie Mae and Freddie Mac loan limits (or purchase limits). Jumbo loans are provided by private investors and as such ordinarily come with much higher interest rates than conforming loans.

FHA Loans

Government entities from a local to a federal level and private entities alike have worked to Develop loan programs that make home ownership a reality for many people considered Under-qualified for traditional mortgages, these include; loans for first-time homebuyers, people with a low-to-moderate income that are insured by the Department of Housing and Urban Development (HUD) via the Federal Housing Administration (FHA). HUD and the FHA do not make loans directly, rather they insure loans; meaning that the lender still gets paid back - even if you default on the home loan.

New Home Purchase Loans are available from Somerset Investors Corp. in the following states: CA DE IN MT NM RI TX CO FL MA NC NY SC VA CT GA MD NH OR TN VT DC HI ME NJ PA

SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more

Why Choose an FHA Mortgage

Why Choose an FHA Mortgage
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com

Somerset Mortgage Lenders and Gregg Marcus strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this brief article on reasons why borrowers would choose an FHA Mortgage.

The Federal Housing Authority (FHA) insures loans against default, protecting both lenders and borrowers. It neither makes loans directly nor sets the interest rates on loans it insures. FHA insured loans can be used to purchase new or refinance existing 1-4 family homes, condominiums, or mobile or manufactured homes on a permanent foundation.

Many excellent reasons exist to select an FHA mortgage, particularly if you fit one of more of the following qualifications:

1.) You are a first-time homebuyer
2.) You are unable to offer much of a down payment
3.) You would like to have the lowest possible monthly mortgage payments
4.) You have concerns regarding monthly mortgage payments increasing at some point
5.) You have concerns regarding the consequences of falling behind on your monthly mortgage payments
6.) You have concerns about even being able to qualify for the loan in the first place
7.) Your credit is less-than-ideal

If any of those factors apply to you, then an FHA mortgage might be just thing for you to apply for. This is because FHA mortgages are insured, offering several protections and benefits otherwise unavailable to you through most other loan packages.

The benefits of an FHA mortgage include, lower rates, since it’s the Federal Government insuring FHA loans for the lenders, FHA mortgages typically offer interest rates considerably lower than the norm. For this reason alone, it is always worth comparing all other loans available at any given point in time against FHA-insured loans.
Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak with a LIVE Loan Officer now.

SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.

Consolidating Debt

Consolidating Debt
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com/

Somerset Mortgage Lenders and Gregg Marcus strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this brief article on consolidating your debt.

Debt consolidation was designed to help individuals who are “drowning in debt” to regain control of their financial lives. Consolidating debt gives individuals the chance combine their various monthly payments into a single monthly payment that is usually lower than the sum of the individual monthly payments on the same debt. Payments on consolidated debt are also quite often at a lower interest rate than the rates offered by the individual lenders.

1 Warning Signs

If one or more of the following applies to you, debt consolidation may be in order
a You pay for normal living expenses with credit
b You transfer balances around from one credit card to another
c You can only afford the minimum monthly payments on your credit cards, and no more
d You have maxed out one or more credit cards
e You find yourself spending more than half your income to pay your monthly credit card payments
f You’re looking to open yet another line of credit in order to better manage your current debt, expenses, and lifestyle

The following is a breakdown of some of the best and most common ways to consolidate debt

2 Debt Consolidation Loans

The traditional way to consolidate debt is to take out a debt consolidation loan. This is a personal loan that is unsecured, and therefore considered riskier other types of loans. Lenders therefore will usually charge higher interest rates for these loans, the advantage to getting such a loan being the single (and hopefully smaller) monthly payment. People with lots of debt may find they have difficulty getting a lender to give them a debt consolidation loan, however, and may need to look further to find a viable debt consolidation solution.

3 Debt Settlement

Debt settlement agencies help you resolve debt by becoming the intermediary between you and your creditors, You stop paying your various creditors and instead make a single payment to the debt settlement agency.

Get a free rate quote now at http://www.somersetmortgagelenders.com/ or call 1-800-675-9783 to speak with a LIVE Loan Officer now.

SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more get a free rate quote now at http://www.somersetmortgagelenders.com/ or call 1-800-675-9783 to speak to a LIVE Loan Officer.