Somerset Mortgage Lenders

Somerset Mortgage Lenders Featured in Digital Media Buzz Article - Using Twitter for Business

2009-10-05T12:30:00.001-04:00

It was announced today that Somerset Mortgage Lenders is featured in the Digital Media Buzz Article "Using Twitter for Business", online now at their website digitalmediabuzz.com.

"We are once again humbled to be included in the conversation as a leader in the field as it pertains to using Twitter to effectively market your business" said Gregg Marcus, Executive Director, Somerset Mortgage Lenders.

Recently, an article in Computer Weekly named the Melville, Long Island (NY) Mortgage Company as the #1 bank on Twitter - their survey polled the top 10 banks actively participating in twitter and chose the winner in relation to number of followers - and since then their web traffic has increased exponentially, both on Twitter itself and on their home page located at somersetmortgagelenders.com.

Over the past few months, Somerset has also been quoted in articles written for Newsday and Long Island Business News; in relation to their forward thinking hiring procedures and to their work in the social media marketing realm.

Do you tweet? Follow Somerset Mortgage Lenders on Twitter: http://twitter.com/SomersetMtg

For more information on Somerset Mortgage Lenders check out their website: http://www.somersetmortgagelenders.com

About Somerset Mortgage Lenders:
With their main offices in the heart of Long Island, located at 290 Broadhollow Rd Suite 310 E in Melville, NY 11746, Somerset Mortgage Lenders have been in the mortgage business for 30 years. In Somerset, you have 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.

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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.

How Did the New Federal Bankruptcy Laws Affect Chapter 7 Bankruptcy?

2009-09-28T12:31:00.000-04:00

Chapter 7 bankruptcy is one of the mortgage debt help options that not many debtors want to opt for. However, there are many debtors that are left with no other option but to file bankruptcy. Earlier it was easy to file chapter 7 bankruptcy. With the introduction of the new federal bankruptcy laws, filing bankruptcy has become very rigid. The new federal bankruptcy laws have been introduced to curb the number of consumers filing bankruptcy.

It has also affected the manner in which you file Chapter 7 bankruptcy. Chapter 7 bankruptcy is also referred to as straight and liquidation bankruptcy. According to the new federal bankruptcy laws that were introduced on October 17th 2005, if you are planning to file bankruptcy, you have to undergo a Means test.

1. Means test
The Means test decides whether you are eligible for Chapter 7 and the test has been introduced to help consumers qualify that are in genuine need to file Chapter 7 bankruptcy. In Means test your income is compared to the median income of a similar household in the state in which you reside. If it is found that your income is higher than the state median income, you don’t qualify for Chapter 7 bankruptcy. Under such circumstances, your bankruptcy attorney may suggest you to file Chapter 13 bankruptcy in which you are required to pay back your debts as per a new repayment plan.

When you file Chapter 7 bankruptcy, your non exempt assets are liquidated or sold to pay off your creditors. A court appointed trustee takes care of the entire proceeding. There are 2 types of exemptions. They are state as well as federal exemptions. You can enjoy only one type of exemption either state or federal.

2. Credit counseling
As per the new federal bankruptcy laws, you will also be required to attend credit counseling sessions. This is applicable to both Chapter 7 as well as Chapter 13 bankruptcy. Credit counseling has to be availed by credit counselor approved by the government.

Although bankruptcy is a debt relief option many consumers despise, it is often considered as an option that gives you a fresh financial start. And there are many lenders that regard filing bankruptcy as a responsible financial behavior since they understand that the economy is still reeling under recession.

Article Source: Justine Anderson

For more information on Somerset Mortgage Lenders check out their website: http://www.somersetmortgagelenders.com

About Somerset Mortgage Lenders:
With their main offices in the heart of Long Island, located at 290 Broadhollow Rd Suite 310 E in Melville, NY 11746, Somerset Mortgage Lenders have been in the mortgage business for 30 years. In Somerset, you have 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.

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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.

5 Secrets to Mortgage Success

2009-09-24T16:46:00.000-04:00

5 Secrets to Mortgage Success

There are 5 rules of thumb that all prospective buyers should take into account when shopping around for a new home. These tips can help you obtain a mortgage with less hassle and at a lower cost.

1. First, determine how much home you can afford. Based on your income and any long term debt, know the maximum payments you can be certain of making comfortably. Home loans are serious business, and buying too much home can build a mountain of debt. Make sure you can make your payments comfortably; it shouldn’t be a burden. Locate a mortgage calculator online that allows you to enter your income and it will tell you how much mortgage you can afford.

2. Then, Make a budget. Do you know where your money goes? How much is spent on unnecessary things? How much are your utility bills? If you are buying a larger home, the utilities will most likely go up. Will you be able to make payments on time and pay the larger bills? Does the home you are considering require repairs or upgrades? This tip recommends you figure these things into a budget to avoid overspending.

3. You need to gather your documentation. You will be required to show quite a bit of documentation before you mortgage is approved such as IRS returns for past years, W-2’s, proof of current salary, assets, debts, records regarding child support or alimony and the like.

4. It is imperative that you become educated about mortgage types and rates. The tip is very important. If you know the meaning of the mortgage “lingo”, the types of loans available and what the current rates are, you will be in a much better position to negotiate your home loan. Start studying your options well before you plan to buy!

5. Remember that there are options, maybe considering a shorter loan term is a better financial decision for you. The goal is to pay off the home mortgage in the least time possible while allowing enough money to live comfortably. You can save tens of thousands of dollars in interest payments!

If you follow these rules, it will help you on the road to making your mortgage experience easier and less costly. You should learn all you can before applying for a loan!

Article Source: David Chapman

For more information on Somerset Mortgage Lenders check out their website: http://www.somersetmortgagelenders.com

About Somerset Mortgage Lenders:
With their main offices in the heart of Long Island, located at 290 Broadhollow Rd Suite 310 E in Melville, NY 11746, Somerset Mortgage Lenders have been in the mortgage business for 30 years. In Somerset, you have 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.

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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.

Tweet All About It - Somerset Mortgage Lenders Hits 10,000 Followers on Twitter

2009-09-18T15:50:00.000-04:00

For Immediate Release:
Tweet All About It - Somerset Mortgage Lenders Hits 10,000 Followers on Twitter

Melville/New York/USA (September 18, 2009) Tweet All About It! Gregg Marcus' Somerset Mortgage Lenders has reached the 10,000 followers plateau on Twitter, the popular microblogging service; a spokesman for the direct mortgage lender said today.

Recently, an article in Computer Weekly named the Melville, Long Island (NY) Mortgage Company as the #1 bank on Twitter - their survey polled the top 10 banks actively participating in twitter and chose the winner in relation to number of followers - and since then their web traffic has increased exponentially, both on Twitter itself and on their home page located at somersetmortgagelenders.com.

"It is truly astounding how quickly these new ways of marketing can be implemented and show legitimate results" remarked Gregg Marcus, Executive Director, Somerset Mortgage Lenders. "If I wasn't a believer in viral marketing before, I am certainly a believer now" he continued.

Over the past few months, Somerset has also been quoted in articles written for Newsday and Long Island Business News; in relation to their forward thinking hiring procedures and to their work in the social media marketing realm.

Do you tweet? Follow Somerset Mortgage Lenders on Twitter: http://twitter.com/SomersetMtg

For more information on Somerset Mortgage Lenders check out their website: http://www.somersetmortgagelenders.com

About Somerset Mortgage Lenders:
With their main offices in the heart of Long Island, located at 290 Broadhollow Rd Suite 310 E in Melville, NY 11746, Somerset Mortgage Lenders have been in the mortgage business for 30 years. In Somerset, you have 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.

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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.

Refinancing Your Mortgage - Is It The Right Choice For You?

2009-09-14T14:10:00.000-04:00

Refinancing Your Mortgage - Is It The Right Choice For You?

Mortgage refinancing is an option for many homebuyers who are paying interest rates 2-3% or higher than what they can find today, or who need additional cash. Were you a first time homebuyer or you had poor credit the last time you obtained a loan? Now you are on your feet and make a salary that could help you receive the best interest rates. Possibly you are looking to refinance your mortgage so you can free some funds for a new car or for educational purposes. There are many options available when you refinance.

Before you decide if refinancing is right for you, look at your current financial situation. Do you have an adjustable rate loan or a fixed rate loan? How long do you plan to be in your home after you obtain your new mortgage? What is your ultimate goal? Most people want to refinance so they can access more money now. Refinancing is a great solution, but is a refinance of your loan the right solution for you?

The first step is making contact with you lender, and be aware how much your monthly payment is now. It is also helpful to find out how much you have paid of your mortgage towards principal. Since you will refinance the amount left on the mortgage principal, and not refinance the original mortgage amount, it is really important to know how much principal is left. If you plan to stay in your home for a length of time and still have a sizeable principal left on your loan, then a mortgage refinance may be a good option for you if interest rates are lower than when you obtained your last loan.

Just as with most conventional loans, refinancing offers similar options of adjustable and fixed rate mortgages and anywhere from 10-40 year loans. Be sure to review with your mortgage lender the reasons you are interested in refinancing; do you need to refinance to obtain cash for home improvements or for a new car purchase? These are important factors to make your lender aware of as you are deciding how to refinance your mortgage.

Another factor that determines whether borrowers refinance is interest rates. Current mortgage interest rates can rise and this often scares refinance borrowers who have ARMs because they are afraid the adjustable rates will rise after they refinance. It is difficult to assess what will happen to the adjustable refinance mortgage interest rates over the next few years. If you refinance into a fixed rate mortgage during a high interest rate period, then when interest rates go back down, you are stuck with a high fixed rate mortgage and another decision about whether or not to refinance again. Of course the only sure-fire way of knowing if you should apply for a refinancing is to assess your reasons for the refinance and how it will affect you in the future.

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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.

Debt Relief Help - Get Your Share of Government Money

2009-09-11T15:06:00.000-04:00

Debt Relief Help - Get Your Share of Government Money

With the economy the way it is right now, it's hard to feel like you can stay on top of things. You worry if you can pay your credit card bills. You fret about the possibility of losing your job. Maybe you have to cut back hours at work or choose between benefits.

If you do lose your job and are fortunate enough to get another, that one may not give you health insurance or vacation pay. Your stress is over the top.

At a certain point, the worry turns into real concern as you realize that you may lose your home or your retirement money. Before considering bankruptcy
, you want to investigate the money the federal government has set aside for relieving people who have severe debt. There are programs in place for you, and there's money set aside. A lot of this money, however, is never claimed because people like you don't know it's there or think that it's not there for them.

If you're over the age of 18, all you have to do at first is make an online search of government grants for debt relief. When you get that list, click on to a few of the sites. Look carefully at the grants that are available. Hopefully, at least one or two of them will fit the description of someone like yourself, for you do have to meet some qualifications in order to apply.

Choose the ones that best suit your needs as well as your qualifications, and download the forms that you'll have to use. Fill them out, send them in, and wait for the review boards of the sponsoring agencies to get back to you with an answer and perhaps eventually a check.

There are experts in the field who can help you to search for and apply to those grants that will be best matched to your situation. It's a reliable business that wants to help you get started on your road to financial liquidity. Once you get grant money, you can pay down your debts and begin building up your credit history again.

It will be such a relief to you when you find that you've gotten your debt down to manageable size or eradicated it entirely. You can then continue your journey to financial success without these huge burdens weighing you down.

(ArticlesBase ID #1221257)

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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.

REAL ESTATE PROS: How do bank fees of just $995 sound?

2009-09-09T11:22:00.000-04:00

REAL ESTATE PROS: How do bank fees of just $995 sound? check out http://www.somersetmortgagelenders.com or call 1-800-675-9783 for details

RIGHT NOW:

Product: 30 yr Fixed Mortgage
Rate: 4.875
Orig pts: 1.000
APR: 5.249
Lock days: 30
Pct down: 20
Loan Amount: $0-$417000
http://bit.ly/jg4kf

Product: 15 yr Fixed Mortgage
Rate: 4.625
Orig pts: 0.000
APR: 5.121
Lock days: 30
Pct down: 20
Loan Amount: $0-$417000
http://bit.ly/jg4kf

Product: 5/1 ARM Mortgage
Rate: 4.250
Orig pts: 1.000
APR: 4.61
Lock days: 30
Pct down: 20
Loan Amount: $0-$417000
http://bit.ly/jg4kf

Product: 30 yr Jumbo Mortgage
Rate: 5.625
Orig pts: 0.000
APR: 6.016
Lock days: 30
Pct down: 20
Loan Amount: $0-$417000
http://bit.ly/jg4kf

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

Somerset Mortgage Lenders Featured in Long Island Business News Article

2009-09-01T15:33:00.000-04:00

For Immediate Release:
Somerset Mortgage Lenders Featured in Long Island Business News Article - Banks large and not so small turn a-Twitter

Melville/New York/USA (August 31, 2009) Robert Haufler, Director of Marketing for Somerset Mortgage Lenders, was interviewed recently by Long Island Business News writer Laura Glasser for her article "Banks large and not so small turn a-Twitter" which was published on Friday August 28th, 2009.

Here is the link and text from the article, courtesy of LIBN and Laura Glasser:
http://libn.com/blog/2009/08/28/banks-large-and-not-so-small-turn-a-twitter/

:Banks large and not so small turn a-Twitter:
by Laura Glasser

Published: August 28, 2009
Tags: banks, social media, Twitter

The finance world is jumping on one of the biggest trends the Internet has ever seen: Twitter.

Used for a range of functions from marketing to customer education, big banks such as Wells Fargo and Bank of America are actively using the micro-blogging sensation to "tweet” their finance news and respond to customers’ questions, or even explicit rants, about their institutions.

"I think it’s a great idea,” said Carmen Effron, president of Connecticut-based bank consulting firm CF Effron and Co. "Say you have an interest rate that you just dropped .25 percent; you want to get that out there and this is the best way.”

She added that using social networking sites such as Twitter, which allows users to post a message up to 140 characters long, is a good way for banks to attract the younger, tech-savvy crowd and secure them for future business.

Wells Fargo, Wachovia and Bank of America have employees dedicated to managing their Twitter feeds and responding quickly to customers who post anything negative about the banks.

In the finance world, early adopters of Twitter have the advantage of little competition in the area, said Rob Haufler, director of marketing at Somerset Mortgage Bankers in Melville.

Of all financial companies on Twitter nationwide, Somerset has the largest number of followers, with 9,370, according to information technology news site ComputerWeekly.com.

"My opinion is we’re in the bottom of the first inning; we have a whole game left of this,” Haufler said. "I see social networking being huge.”

Aside from customer service, Haufler uses Twitter to educate consumers on anything going on in the mortgage world and to announce special promotions. For example, on its Twitter page now, Somerset is offering a coupon for a free in-home mortgage consultation.

Haufler said Twitter is important to Somerset’s overall business in the post-mortgage-meltdown world because it’s another source for tapping potential borrowers.

"A loan officer making seven loans per month used to need a certain amount of leads to get those seven loans,” he said. "Now that loan officer needs triple the amount of leads to get the same amount of loans; Twitter’s helping with that.”

Haufler said Somerset’s online traffic is up about 8 percent since he started using Twitter.

"It’s the best return on investment of any marketing we’re doing,” he added.

Long Island-based commercial banks, however, have yet to jump into the social networking fray.

That doesn’t surprise Art Loomis, president of Albany-based Northeast Capital since banks in the local region also haven’t adopted mobile banking, which was the last big technology upgrade for big banks.

"Community banks tend to be followers of technology, not leaders,” he said. "A community bank’s real niche is that customer touch, so all the Internet stuff helps the younger folks, but most of your really valuable banking customers are older.”

The customers secured through social media wouldn’t become profitable to a bank for about 10 to 15 years, and since many institutions are now short on cash because of the recession, time and resources would be better spent targeting the over 50 crowd that makes community banks the most money, Loomis said.

Effron added that social networking sites such as Twitter are not helpful to small business-centered banks, as many of the Island’s institutions are.

"You have to look at who this appeals to and it’s the younger, emerging customer,” she said. "This is not a commercial banking approach.”

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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.

Somerset Mortgage Lenders New Web Destination Pages - Feedback?

2009-08-31T14:31:00.001-04:00

Somerset Mortgage Lenders New Web Destination Pages - Feedback?

We at Somerset Mortgage Lenders strive to give every visitor to our website the same type of personal service that we give to the families and young business people who take advantage of our in home consultations.

It is with that sort of ethos in mind that we are giving our website landing pages a new distinctive look and feel; and we are asking for your feedback in making our site the most time efficient and easiest to navigate site in the mortgage lending field, bar none.

Please take a quick look at a few of our new landing pages:

For New Home Purchases
http://www.somersetmortgagelenders.com/Purchase_Loans.html

For Reverse Borrowers
http://www.somersetmortgagelenders.com/Reverse_Mortgage.html

For Refinance Loans
http://www.somersetmortgagelenders.com/Refinance_Loans.html

Do you have any ideas on how we can make your mortgage shopping experience online more enjoyable? Let us know at marketing@sicloans.com

Gregg Marcus Blog: Home Improvement Loans

2009-08-27T14:44:00.000-04:00

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

United States/NY/Melville

In their own words, Somerset Mortgage Lenders and Gregg Marcus "work hard every day to try and make the experience of getting a loan as easy and enjoyable as possible".

To this end, Mr. Marcus recently discussed Somerset's home improvement loan programs with members of his ever growing staff of loan officers.

"Whether you’re adding a new bathroom or an entire floor to your home, you need money, right? Well, spending cash on home improvement is money well spent, as it increases the value of your home"; Gregg said.

He continued, "Upgrading your home in this fashion by drawing against the home's value will certainly mean a higher selling price and/or more equity to draw against in a times of need".

Research shows that there are many choices in finding the right home improvement loan including refinancing with cash-out, a home equity loan, or a home equity line of credit (HELOC); all of which are programs offered by Gregg Marcus and Somerset Mortgage Lenders.

Gregg finished the session by reminding those in attendance that "Deciding on the right loan can be a stressful process for borrowers, but it doesn’t have to be - I like to think that the loan specialists we have here at Somerset will do everything they can to help find the right loan program for our clients, by any means possible"; his infectious exuberance and passion for people in full display.

If Somerset's employees tackle their business with half of their leaders' confidence, this company will continue to thrive for years to come.

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: We are searching for the best of the best in Loan officers to join our team!

2009-08-24T15:56:00.000-04:00

Gregg Marcus Blog: We are searching for the best of the best in Loan officers to join our team! Apply online here: http://bit.ly/11pDfu

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.

Overheard: Somerset Mortgage Lenders being interviewed today for Long Island Business News Twitter article!

2009-08-20T12:20:00.000-04:00

Overheard: Somerset Mortgage Lenders being interviewed today for Long Island Business News Twitter article!

Gregg Marcus Blog: Somerset Mortgage Lenders Now Offering Free In-Home Consultation Coupon

2009-08-19T13:05:00.002-04:00

Gregg Marcus Blog: Somerset Mortgage Lenders Now Offering Free In-Home Consultation Coupon get yours at http://bit.ly/cOSV8

Please follow us on Twitter!

2009-08-13T12:15:00.002-04:00

Follow us on Twitter - now with 7831 followers! http://www.twitter.com/somersetmtg

Gregg Marcus: Free Debt-to-Income Ratio Calculator at somersetmortgagelenders.com

2009-08-10T16:17:00.001-04:00

Gregg Marcus: Free Debt-to-Income Ratio Calculator at somersetmortgagelenders.com

Your debt-to-income ratio can be a valuable number, some say as important as your credit score. It's exactly what it sounds; the amount of debt you have as compared to your overall income.

Lenders look at this ratio when they are trying to decide whether to lend you money or extend credit. A low DTI shows you have a good balance between debt and income. As you might guess, lenders like this number to be low; generally you'll want to keep it below 36, but the lower it is, the greater the chance you will be able to get the loans or credit you seek.

Add up all of your monthly debt obligations, often called recurring debt, including your mortgage (principal, interest, taxes and insurance) and home equity loan payments, car loans, student loans, your minimum monthly payments on any credit card debt, and any other loans that you might have, and you will have your debt-to-income ratio.

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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: Free Second Mortgage Rate Calculator at somersetmortgagelenders.com

2009-08-06T12:04:00.001-04:00

Gregg Marcus: Free Second Mortgage Rate Calculator at somersetmortgagelenders.com

If you are interested in the benefits of a second mortgage, you should use a second mortgage calculator, such as the one at http://www.somersetmortgagelenders.com/Mortgage-Calculator/SecondMortgageCalculator.aspx to see if the second mortgage rate charged is reasonable and if it will indeed save you money in the long run.

Before considering taking out a second mortgage, you should clarify the following:

1. When can the company adjust the interest on the second loan rate?

2. Are there any limits to the amount of interest on the second loan rate or payments charged?

3. How many times and at what time intervals can the company change the second mortgage rate interest?

4. How will the company determine the new rate of interest or the second loan rate?

Also, another point to consider is that second loan rates are generally higher than the first mortgage rates and the terms of the second mortgage are shorter, due to the risk of the loan. Since property prices have skyrocketed most people are going in for second mortgages with lower second mortgage rates and second loan rates.

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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.

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

2009-07-31T12:16:00.000-04:00

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

2009-07-28T15:54:00.000-04:00

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

2009-07-27T15:36:00.001-04:00

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

2009-07-24T13:44:00.001-04:00

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

2009-07-23T10:11:00.000-04:00

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

2009-07-22T10:11:00.000-04:00

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

2009-07-21T16:25:00.000-04:00

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

2009-07-20T11:25:00.001-04:00

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

2009-07-17T16:55:00.000-04:00

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

2009-07-16T15:31:00.000-04:00

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

2009-07-14T14:34:00.001-04:00

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

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

2009-07-14T13:58:00.001-04:00

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

2009-07-13T13:23:00.001-04:00

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

Getting Approved for a Mortgage

2009-07-13T12:14:00.000-04:00

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

2009-07-10T15:35:00.001-04:00

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

Costs of FHA Mortgage Insurance

2009-07-10T15:19:00.001-04:00

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

2009-07-09T11:02:00.001-04:00

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

What is a Divorce Buyout?

2009-07-09T10:45:00.001-04:00

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

2009-07-08T10:12:00.000-04:00

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

2009-07-07T11:29:00.000-04:00

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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2009-07-06T17:51:00.001-04:00

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new article on New H

2009-07-06T14:09:00.001-04:00

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

New Home Financing

2009-07-06T10:37:00.001-04:00

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

2009-07-02T09:38:00.000-04:00

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

2009-07-01T14:16:00.000-04:00

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.

Downpayment Assistance

2009-06-30T12:04:00.001-04:00

Downpayment Assistance
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 how to guide on downpayment assistance.

Potential home buyers often discover that while they’ll have no trouble making their monthly mortgage payments, they nonetheless can’t buy a home because they lack the funds to make the necessary down payment and closing costs. Fortunately, a number of solutions to this problem exist, one of the most common being: down payment assistance programs.

While sellers are forbidden from giving gifts of down payment funds to their potential homebuyers directly, these down payment assistance programs guarantee that funds to financially-challenged potential homebuyers are delivered at closing to cover all or a portion of the down payment and closing costs.

Only certain sellers will participate in these programs, and it can often take a great deal of work, mandatory classes, and extra paperwork to accomplish. The upside is that not only can people afford homes who otherwise couldn’t, but they might even get a lower interest rate on their loan.
First the seller would enroll the home in a relevant program, contributing funds equal to the amount of down payment assistance the buyer is to receive at the time closing, plus a fee of around 0.75% of the purchase price of the home. Then, upon closing, the down payment is then wired from the program to the agent handling the closing, keeping the seller removed from the process of transferring those funds.

Sellers can also help reduce the cost burden on buyers by offering to pay all or portions of the closing costs involved in the sale of the home. They do this by simply giving back to a part of their proceeds to the buyer at the time of closing. There are limits, however, on how much assistance a seller may provide, depending on the kind of loan the buyer is obtaining.

And though down payment assistance may seem undesirable to sellers considering whether or not to accept someone’s offer to buy their home, it could actually be to the seller’s advantage every bit as much as the buyer‘s. This is because a buyer able to afford the closing costs on a home can more easily get away with making a lower offer (and having it accepted), whereas a buyer requiring down payment assistance is more likely to make an offer closer to the seller’s asking price in order to compensate for their need for down payment assistance.

Realtors and lenders both are qualified to aid would-be homebuyers in finding and selecting the right down payment assistance program. Realtors and lenders alike are generally more than glad to explain how an offer to purchase property should be phrased in order to.

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.

Another Humbling Testimonial Proves That Somerset Mortgage Lenders Truly Helps Make Owning a Home a Reality For Borrowers

2009-06-29T15:21:00.000-04:00

Another Humbling Testimonial Proves That Somerset Mortgage Lenders Truly Helps Make Owning a Home a Reality For Borrowers
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 work hard every day to make the experience of getting your loan as easy and enjoyable as possible. So it's even more rewarding when a satisfied consumer comes forth with a heartfelt letter of recognition, a thank you for a job done right.

Here is a yet another letter on this subject, recently submitted to our offices at 290 Broadhollow Rd in Melville, NY 11747

"To Gregg Marcus,

Hello Gregg,

I just wanted to take this time to write a letter expressing how happy I am to have worked with the Somerset Investors Team. Especially, Nancy Grana, and Catherine Belle. For the past year, my wife and I have struggled with making our mortgage payments. I was very concerned that we might lose our house. And since my mother lives with us and she depends on her disability check, it would have been extra hard for her to find somewhere else to live. And I did not want to fail my family at all.

Although I was a little skeptical with working with any loan investor, I took a chance with Somerset. I didn’t believe that anything would go through due to our credit history. But I really had no choice and after Nancy starting working with me, she demonstrated how committed she was to try to make this work. And she did just that. I was a little upset when I turned over to someone new, but Catherine Belle filled in just fine. She worked with me to finish the job. Both were very concerned about their customer.

I think that the Somerset staff has proved that even in this struggling economy, there is still hope for those of us that are hard working people to make it through. But without the encouragement, not many will be able to follow through. I want to thank Nancy Grana and Catherine Belle for their diligence to see this through. My mind and heart are more at ease than before. I can’t thank them enough for what they have done. I will be sure to refer Somerset to anyone that I speak with.

God Bless

Best regards,
Marcus"

We would like to thank Marcus as well for allowing us to serve as their loan partner - helping all their dreams get closer to becoming reality!

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, home improvement, mortgages, refinancing, 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.

Find The Right Home Loan Program

2009-06-24T11:03:00.001-04:00

Find The Right Home Loan Program
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 how to guide on finding the right home loan program.

Whether it’s to purchase a new home or refinance your current home, there are an assortment of loan programs you have to chose from, based on a combination of your objectives and your eligibility.

Conventional Loans: Conforming Loans and Jumbo Loans

The conventional loan is the most common kind of loan, available to most people who have at least 3% of the requested loan amount available to pay as a down payment. The two most common types of conventional loan are conforming loans and jumbo loans.

Conforming loans are a type of conventional loan that are secured by Freddie Mac (FHLMC), Fannie Mae (FNMA) and other GSEs, or Government Sponsored Entities. These GSEs do not directly lend the money to borrowers but rather work with various lenders country-wide to provide loans that meet the average homebuyer’s needs. These entities also buy mortgage loans from lenders in order to re-package them as securities available for sale to investors on the secondary market.

For loan amounts that are higher than the loan limits set each year by the GSEs, private investors offer jumbo loans. The trade-off of going to a private investor to borrow a larger amount of money is that the interest rate on such loans is also usually higher.

Special Circumstances: Loans for First-Time Homebuyers, Low-Income Households, and People with Poor Credit

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 and 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. Often, FHA insured loans are available with down payments lower than 3% of the total loan amount. There is a limit to how high of a loan the FHA will insure, but the limit is at least high enough to allow people in qualifying circumstances to buy reasonably.

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, home improvement, mortgages, refinancing, 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.

A Testimonial and A Thank You

2009-06-23T12:02:00.000-04:00

A Testimonial and A Thank You
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 work hard every day to make the experience of getting your loan as easy and enjoyable as possible. So it's even more rewarding when a satisfied consumer comes forth with a heartfelt letter of recognition, a thank you for a job done right.

Here is one such letter, recently submitted to our offices at 290 Broadhollow Rd in Melville, NY 11747

"From:
Mark & Anna
Dayton, Texas

June 15, 2009
To: Somerset Mortgage Lenders

Dear Somerset:
Although this may be an overlooked task, we feel that we must bring to your attention the exceptional service that we received from you and the entire Somerset Mortgage Lenders organization.

We are, of course, very delighted to have had the pleasure of working with you during the loan acquisition. Your professional and courteous attitude, expert knowledge, and patience in handling our specific issues were very important to our complete customer satisfaction.

In the past, I felt that loan service providers were not sensitive to our needs and provided the quickest and most convenient solution to my problems from their perspective. But not in this case. You and the entire Somerset Mortgage Lenders organization handled our issues as if they were their own, and we are completely satisfied.

We again thank you for the exceptional and professional service and look forward to patronizing your organization. Please forward this letter to the entire organization as we appreciate their hard work, professionalism and understanding in completing this transaction.

Sincerely,
Mark & Anna"

We would like to thank Mark & Anna as well for allowing us to serve as their loan partner - helping their dreams get closer to becoming reality!

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, home improvement, mortgages, refinancing, 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.

2009-06-22T10:07:00.000-04:00

Understanding Your Credit
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 how to guide to understanding your credit.

Credit is the borrowing of money with the intention of repaying the lender at some later point in time. Examples of credit include: credit cards, home mortgages, student loans, and car loans.
There are 3 primary agencies that compile information on an individual’s credit history and produces a report which lenders use to help determine whether or not to approve a request for credit. These 3 main credit reporting agencies are: Experian, Equifax, and Trans-Union.

A credit report includes an individual’s name, address, social security number, current employer and employment history, and previous credit history. A person’s credit history includes various types of accounts (ie. bank accounts, credit card accounts, student loans), the respective balances remaining, the payment status (ie. whether or not payments were made on time), and any collection information. A person’s credit report contains information on that person’s credit history going back 7-10 years.

A credit report will also identify how often, when, and by whom an inquiry was made into the individual’s credit. This is valuable information to lenders as it shows them how frequently a person is applying for additional credit. And a credit report will identify any legal actions taken against an individual for the purposes of reclaiming money owed.

In instances where a person’s credit history is lacking, lenders may take other proof of credit into account, such as rental payment receipts and utility bills. It is difficult to obtain credit without proof of some sort of existing credit history, however short or small.

When a consumer applies for a loan or other form of credit, the lender will contact one of these credit bureaus to review the applicant’s credit report. Although most of the information collected by each of the agencies is the same, slight differences may exist in an individual’s credit report from each agency. In addition, errors will often exist on credit reports.

Different lenders will pull different agency’s credit reports on their applicants, making it essential for every consumer to make sure all 3 of their credit reports are accurate. Fortunately, every American is entitled to receive one free copy of their own credit report per year from each credit reporting agency. But even if you’ve already received your free credit report from each agency for a given year, you can still purchase an additional copy at any point in time you like for a small fee.

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, home improvement, mortgages, refinancing, 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.

How Mortgage Insurance Works

2009-06-19T10:38:00.000-04:00

How Mortgage Insurance Works
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 explanation of how mortgage insurance works.

Typically, when the down payment on the purchase of a home is lower than 20% of the value of the property, mortgage insurance is required. Mortgage insurance comes in 2 forms: private mortgage insurance (PMI) and lenders mortgage insurance (LMI). Both are policies that protect lenders from the possibility of borrowers defaulting on loans. The lender purchases the mortgage insurance policy and passes the premiums down as a fee added to the borrower’s monthly mortgage payments.

A mortgagee (or borrower) must qualify for mortgage insurance by meeting certain conditions that have been set forth by Fannie Mae (the Federal National Mortgage Association). Such conditions include qualifications of the borrower, type of property borrowed against, size of the mortgage.

A mortgage that’s insured by having met the required conditions is then eligible to be resold in the mortgage-backed securities market, allowing lenders to sell older mortgages and thereby originate (or make) more new loans than they otherwise might be able to.

Fortunately for buyers, the costs of getting mortgage insurance can be folded into the monthly mortgage payments via a process known as capitalization. Premiums capitalized this way then provide a further tax deduction in any jurisdictions that permit mortgage payments to be tax deductible.

As many borrowers are unable to afford a 20% down payment and thus required to pay mortgage insurance, a financing technique was developed to aid them in still being able to afford buying a home. This technique involves a first mortgage (or primary mortgage) that covers 80% of the purchase price, and a second mortgage for another 10% of the purchase price, leaving the borrower to come up with a down payment of only 10% of the purchase price. This financing technique is familiarly called: 80-10-10.

In the case of 80-10-10 financing, the interest rate on the 10% second mortgage is higher than that of the first, but the requirement for paying regular mortgage insurance premiums is eliminated. This makes the 80-10-10 financing technique a more affordable alternative despite the higher interest rate on the second mortgage, and allows borrowers to pay down the mortgage debt faster.

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

SOMERSET MORTGAGE LENDERS
specializing in: purchases, debt consolidation, divorce buyouts, home improvement, mortgages, refinancing, reverse mortgages, FHA loans & more get a free live quote now at http://www.somersetmortgagelenders.com/ or call 1-800-675-9783

Somerset Makes Refinancing More Appealing with Their Popular MaxxCash Program

2009-06-18T10:44:00.003-04:00

Somerset Makes Refinancing More Appealing with Their Popular MaxxCash Program
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com/

Somerset Mortgage Lenders continues to keep industry pundits in awe as they introduce their unique MaxxCash Program aimed at helping each and every homeowner take advantage of current low interest rates and the financial benefits of maximum cash out. For instance, if you’re planning to make long anticipated home improvements, getting the payments together for college tuition, or even contemplating a second home in Florida, this program is for you. Because of their broad knowledge in all areas, Somerset is offering this new program to those in need of cash that have not only worked diligently to improve their credit scores but also to those many homeowners who are feeling the devastating effect of escalating debt of all kinds. Under the MaxxCash Program, all are being offered up to 100% of a home’s value as an incentive to refinance while their home prices are still high and before they stabilize or drop any lower.

With increased penalty charges and the recent doubling of minimum payment requirements for credit cards, more and more conscientious homeowners are feeling the control of their finances rapidly slipping away. Their usually reliable home equity line of credit has also taken on a steadily rising rate and begun to dry up. Now every homeowner is in a frantic search for some sort of quick financial relief.

Somerset knows that by taking advantage of the current low mortgage refinancing rates through their MaxxCash Program, a homeowner would be capable of solving the problems of paying off high credit card balances and home equity credit lines simultaneously to begin once again with a clean slate, all this while preserving their credit standing. Somerset’s role as a direct lender, not a broker, is the perfect climate for this type of refinancing.

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

Benefits of Home Ownership

2009-06-17T10:50:00.001-04:00

Benefits of Home Ownership
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"

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 explanation of the benefits of home ownership.

Home ownership has its benefits, a quite a lot of them, at that. The following are several of the key benefits of home ownership.

Investment Value: Statistics collected by such organizations as the Office of Federal Housing Enterprise Oversight has shown that real estate, though in moves cyclically up and down throughout the years, maintains a consistent trend of appreciating in value over the long run. Homeowners tend to consider their homes their primary investment and a hedge against annual inflation.

Tax Benefits: Tax rates encouraging home ownership make owning a home an excellent tax shelter.

Mortgage Interest Deduction: Take a look at any monthly mortgage statement and you’ll see that the largest portion of your monthly payment applies towards mortgage interest. Provided that the balance on your mortgage is less than the purchase price of your house that mortgage interest you pay is completely tax deductible. According to IRS Publication 530 property taxes on a first home (as well as a vacation home) are also completely deductible from your income taxes.

Capital Gains Exclusion: If you remain in your home for at least 2 out of the previous 5 years, you are eligible to exclude as much as $250,000 (for individuals) and $500,000 (for married couples) of your capital gains profits, without requiring you move up or purchase a replacement home, and without any age restrictions. Every 2 years you’re allowed to exclude these thresholds from your taxes, so you could conceivable sell your home every 24 months and pocket all the profits without being taxed on any of it (certain limitations apply).

Preferential Treatment: Upon the sale of your home, and so long as you’ve owned the home for at least a full year, if you make more than the permissible exclusion in profits, the amount is taken as a capital asset and is given preferential tax treatment.

Equity: Every month, a portion of your monthly mortgage payment is applied towards your loan’s principal balance, thereby reducing your loan obligation.

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

get a free live quote now at http://www.somersetmortgagelenders.com/ or call 1-800-675-9783

How Much Should I Put Down On My Mortgage?

2009-06-16T12:14:00.001-04:00

How Much Should I Put Down On My Mortgage?
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"

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 explanation of how much you should expect to put down on your mortgage.

In an ideal scenario, you would buy your home with a 20% down payment, have closing costs that come to around 3-5% of your home’s purchase price, and have enough money remaining in your bank account to cover 2-3 months of housing expenses.

The peace-of-mind this gives lenders usually translates into a nicer deal for you. And as a bonus, you start out owning your home with a sizable amount of equity already in it.

Of course, it’s not all that easy to meet those qualifications, meaning that most home loan scenarios are somewhat less than ideal. First-time homebuyers, for example, may have great difficulty in coming up with that 20% down. That amounts to $40k down on a $150k mortgage or $70k down on $250k.

Fortunately, over the past several years, lenders have started showing an increasing willingness to finance the majority of home’s purchase price - in some cases as much as 97%. That amounts $4,500 down on a $150k mortgage or $7,500 on $250k.

This is because lenders are now able to sell loans with as much as 97% financing to the Federal National Mortgage Association (Fannie Mae) to be bundled as securities sold to investors on the secondary market, thereby taking the risk of making the loan off of themselves.

The allure of down payments as low as 3-5%, however, is deceptive and should be weighed against the “costs”, namely that you would start out owning your home with very little in home equity, and with less than 20% down, your mortgage insurance rates could run quite high.
Though mortgage insurance rates for fixed rate loans given to people with decent credit are generally standard across the board, if you have poor credit or are considering an adjustable rate loan, you may want to consider putting up more of a down payment or risk paying exorbitant insurance rates monthly.

Finally, we come to the popularly-sought “Zero-Down Loan“. City and state organizations have programs benefiting potential homebuyers with low-to-moderate incomes and those looking to buy in urban areas. These programs offer loans that are below-market rates with little-to-no down payment necessary.

The enticing proposition of 100% financing is available!

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

get a free quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783

Mortgage Financing Costs & Fees

2009-06-15T11:06:00.001-04:00

Mortgage Financing Costs & Fees
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"

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 explanation of mortgage financing costs & fees.

The following is an overview of the fees and other costs associated with getting a home mortgage
Down payment: Your down payment is the money you pay out of pocket towards the total purchase price of your home. When borrowing money to buy a home, you can expect to pay a percentage of the purchase price with your own money, rather than the lender‘s. Different mortgages and loan packages require you make different down payments (i.e. 5% or 20%).

Monthly payment: The money you pay each month in mortgage payment can be applied to your loan in a number of ways. The payment is usually divided amongst loan principal (the remaining balance on the actual amount borrowed) and interest. However, a wise choice (and sometimes a loan requirement) would be to pay an additional amount each month to go into an escrow account to pay for taxes and insurance.

Mortgage insurance: In the case of mortgages for less than 20% of the purchase price of the home, a borrower is usually required to pay some sort of mortgage insurance. Insured home loans enable people to buy homes with smaller down payments than would otherwise be required. The cost of mortgage insurance varies greatly, generally depending on both the down payment amount and the type of loan chosen.

The Veterans Administration (VA) and the Federal Housing Administration (FHA) are two federal government institutions that insure different types of home loans. Borrowers can also turn to sundry private organizations to acquire mortgage insurance.

Closing costs: At the time of closing - when you officially, legally take title of the home - certain costs are due, many of which you will be responsible for paying. In general, you can plan to pay an extra 5% on top of your purchase price towards closing costs. Whenever you apply for a loan, the lender is required by law to provide you with an estimate of the closing costs associated with that loan. Items on that estimate may include, *Origination fees - the loans processing costs of processing your loan (such as: appraisal and property) *Title insurance - often an optional but highly recommended expense that insures you against problems with the title (i.e. property liens) undisclosed to you prior to the time of purchase.

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

get a free quote now at http://www.somersetmortgagelenders.com/ or call 1-800-675-9783

The Underwriting Process

2009-06-12T10:57:00.000-04:00

The Underwriting Process
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"

Somerset Mortgage Lenders and Gregg Marcus strive to keep the public educated with tips and tricks meant to make getting your loan as easy as possible. To this end, they have put together this brief explanation of the underwriting process

In terms of real estate, the underwriter is the representative of a lender who reviews a home buyer’s loan application and associated documentation. It is in the underwriting process that the determination is made whether to approve or deny a request for a loan.

In the underwriting process, the underwriter analyzes and evaluates:

Your ability to pay back the loan - by looking at your current income and obligations.
Your willingness to pay back the loan - by looking your credit.
The collateral you’re offering for the loan - by looking at the appraised value of the property in question in relationship to the size of the loan requested, or what is known as the Loan-to-Value ratio.

The underwriter examines your loan application to answer relevant questions such as:
Your source of income and its consistency and reliability.
The adequacy of your income to cover the costs of your new mortgage.
The overall amount of long-term debt you have already.

A key factor in determining whether or not to approve your loan application is your credit history. It is well worth every loan applicant’s while to review their own credit first, prior to applying for a loan. By checking your own credit before the underwriter ever sees it, you have the opportunity to identify and fix any errors and make reparations on old unpaid debts if at all possible, thereby improving your credit rating and the likelihood of being approved for the loan.

When a borrower doesn’t have an extensive enough credit history for an underwriter to make an informed decision about the borrower’s creditworthiness, underwriters will often accept other payment records for consideration, such as utility bills and rental payment receipts.
Whether an applicant has a provable and adequately lengthy credit history or not, an underwriter may require the applicant also produce a complete paper trail of recent banking account activity (ie. checking and savings). This may include deposit and withdrawal receipts, monthly statements, cancelled checks, etc.

SOMERSET MORTGAGE LENDERS
specializing in: debt consolidation, divorce buyouts, home improvement, mortgages, purchase, refinance, reverse mortgages, FHA loans & more

get a free quote now at http://www.somersetmortgagelenders.com/ or call 1-800-675-9783

Somerset Mortgage Lenders | New Home Financing | Mortgage Refinance | Reverse Mortgage | Divorce Buyouts | Rob Haufler | Gregg Marcus | Michael Levine | Robert Haufler | Robb Haufler | Best Mortgage Rates in 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 | Mortgage Calculators

2009-06-11T17:11:00.001-04:00

Blawg!

2009-06-11T15:33:00.001-04:00

How to Prequalify for a Home Loan

2009-06-11T10:32:00.000-04:00

How to Prequalify for a Home Loanby Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"

Somerset Mortgage Lenders and Gregg Marcus strive to keep the public educated with tips and tricks meant to make getting your loan as easy as possible. To this end, they have put together this brief explanation of the steps you must take to be prequalified for a loan.

To be pre-qualified for a loan means that a lender has done a preliminary review of your basic information and, without confirming any of it for validity nor checking to see if there’s any significant information you’ve withheld that could further affect your creditworthiness, has determined that, based on their standards, you would qualify for a loan up to a specific dollar amount should you apply with them.

Being pre-qualified does not mean that you are pre-approved. Pre-approval is a commitment to approve you for that loan, should all the information you’ve provided be accurate and complete, whereas pre-qualification just means that, according to their standards, you look to qualify for said loan amount.

Getting pre-qualified has several advantages, read the following:

1.) Pre-qualification lets you know how much you can actually afford on a home, which helps tremendously in focusing what could otherwise be an overwhelming house-hunting experience.
2.) Pre-qualification demonstrates to sellers that you are serious buyer who is ready, willing, and able to follow through on an offer.
3.) pre-qualification helps the whole mortgage application process to go through much faster, as a great deal of the information you need to provide is already in the lender’s possession.

Another advantage of pre-qualification is that pre-qualified borrowers can usually lock-in their interest rate, a huge benefit when you consider how much interest rates can rise between the time you start your search for a home, the time you complete your loan application process, and the time you close on the house. There may be a lock-in fee, but if it’s reasonable, it’s usually worth it. Locked-in rates are usually valid for 30-90 days, depending on the lender.

When trying to lock-in an interest rate, ask whether the lender has a "float down" feature. This allows you to lower your interest rate once, if prevailing rates go down during your lock-in period, preventing you from getting stuck with a higher interest rate than if you hadn’t locked it down at all.

SOMERSET MORTGAGE LENDERS
specializing in: debt consolidation, divorce buyouts, home improvement, mortgages, purchase, refinance, reverse mortgages, FHA loans & more

get a free quote now at http://www.somersetmortgagelenders.com/ or call 1-800-675-9783

Refinancing an Adjustable Rate Mortgage to a Fixed Rate

2009-06-10T10:58:00.000-04:00

Refinancing your adjustable rate mortgage into a fixed rate mortgage is often a wise idea, especially in a climate like today's, when adjustable rates are skyrocketing daily, forcing homeowners nationwide into foreclosure.

There are definitely advantages to getting an adjustable rate mortgage to buy a home, and in fact sometimes it's the only way certain households are even able to get a home mortgage in the first place. But part and parcel of using an adjustable rate mortgage intelligently is planning to protect yourself from unwieldy interest rate hikes in the future. Most people who get an ARM to buy a home should be planning ahead to either refinance into a fixed rate mortgage or sell their home before this eventuality occurs.

There are actually several good reasons for making such a move, not only to get yourself a fixed (and hopefully better) interest rate on your loan. People also refinance ARMs to get cash out for home improvements and other big expenses, and to consolidate debt.

Whatever your reasons, if you're thinking of refinancing that ARM, you're probably thinking clearly, and doing yourself a big favor. But to be sure, read on…

To make sure the timing is right in your refinancing endeavor, be clear on the terms of your existing loan.

1 When and how often will it adjust
2 How much will it adjust
3 Is there a cap (a maximum rate beyond which it will get no higher no matter what the economic circumstances)
4 Is there a prepayment penalty for refinancing and if so, how much
5 You also want to consider how long you're planning to live in your home. If you're thinking of moving within a couple of years, for example, then the closing costs for a refi may not be worth the small savings you'll get in interest rate reduction. (Incidentally, one way to save yourself on these costs up front is to roll them in to your refi - in other words).

As with getting any mortgage, getting a refi involves the same preparation, including calculating the costs involved and knowing your credit before you apply.

The peace of mind that often comes from home ownership can easily be thwarted by fears of rising interest rates. To protect yourself, and reclaim the peace of mind that should be yours, and could be again, consider whether now may be the right time to try to refinance that adjustable rate mortgage into a fixed rate mortgage. A fixed rate is a rate you can rely on, and it may just help you sleep better at night in that home you own.

SOMERSET MORTGAGE LENDERS
specializing in: debt consolidation, divorce buyouts, home improvement, mortgages, purchase, refinance, reverse mortgages, FHA loans & more

get a free quote now at http://www.somersetmortgagelenders.com/ or call 1-800-675-9783

How Conventional Loans Work

2009-06-09T14:06:00.000-04:00

How Conventional Loans Work
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"

A conventional loan is essentially any type of lender agreement that is not fully protected by the FHA (the Federal Housing Administration) or fully backed by the Veterans Administration furthermore Potential homebuyers who have at least 3% of the purchase price available to make as a down payment, may be eligible for this most popular type of loan program.

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 do 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.

SOMERSET MORTGAGE LENDERS
specializing in: debt consolidation, divorce buyouts, home improvement, mortgages, purchase, refinance, reverse mortgages, FHA loans & more

get a free quote now at http://www.somersetmortgagelenders.com/ or call 1-800-675-9783

How Much Mortgage Can I Afford?

2009-06-08T10:37:00.000-04:00

How Much Mortgage Can I Afford?
by Somerset Mortgage Lenders

To establish how much mortgage you can realistically afford, you can use one of two main formulas - called “Qualifying Ratios”. Qualifying ratios examine a person’s income and expenses in order to estimate how much money can reasonably be spent on monthly mortgage payments.
Buying the Home: Down Payment and Closing Costs This is the first and most obvious factor most people consider in buying a home. How much of a down payment can I afford? And how much can I spend on closing costs?

The down payment is usually between 3% and 20% with most conventional loans preferring down payments within the 10-20% range. Low-to-moderate income households, however, can find programs enabling them to purchase homes with as little as 3-5% down.

Closing costs are fees for various items that must be handled through your lawyer in order for the deal to legally go through. These include: origination fees, title insurance, attorney fees, recording and transfer fees, and pre-pays.

Keeping the Home: Monthly Housing Expenses Taken into account when determining monthly housing expenses are, Mortgage principal, Mortgage interest; Taxes ; Insurance. This is commonly written as “PITI” for “Principal, Interest, Taxes, Insurance”

In the case of conventional loans, your monthly housing expenses should fall below 26-28% of your gross monthly income. For FHA mortgages, the qualifying ratio is 29%. If you carry any long term debt (that‘s expenses extending 11 months into the future or more), then the ratios change slightly. Conventional loans allow maximum monthly housing expenses and long-term debt combined of 33-36% of gross monthly income.

SOMERSET MORTGAGE LENDERS
specializing in: debt consolidation, divorce buyouts, home improvement, mortgages, purchase, refinance, reverse mortgages, FHA loans & more

get a free quote now at http://www.somersetmortgagelenders.com/ or call 1-800-675-9783

How to Apply for a Mortgage

2009-06-05T17:36:00.002-04:00

How to Apply for a Mortgage
by Somerset Mortgage Lenders

Once you select a lender and a mortgage suitable to your needs and abilities, it’s time to officially apply for that mortgage. Submitting an application for a mortgage can seem intimidating at first, but it need not be difficult.

Before sitting down to fill out a mortgage application, be sure you have the following information handy:

1 Your income, past and present
2 A list of your assets
3 A tally of your regular expenses and existing financial obligations
4 An accounting of your employment history

Mortgage applicants will also need to provide the following records or documents:

1 The past two year’s W-2s
2 Pay stubs for the month leading up to submitting the application
3 Statements from all the applicant’s bank accounts - checking, savings, retirement, investments
4 Proof of current outstanding debts that show both the current balance and minimum monthly payment on each (i.e. credit cards, car loans, student loans, other home mortgages, child support, alimony, etc.)

If you are self-employed or you own a quarter share or more in a business, you will also be asked to provide copies of your federal income tax returns.

The preceding is not the only information a lender may require of you, but it is a partial listing of the information that any and all lenders will most assuredly require.

After you’ve submitted your application, the lender will order a property appraisal (paid for by you), and will have your credit checked. Oftentimes, a potential borrower might choose to have the property appraised independently before submitting an application, just to make sure that the property value merits the offer made. Potential borrowers may also check their own credit first before applying for a mortgage so that they may take the initiative to fix or correct any negative items remaining on their credit report before the potential lender takes a look at it.

The 3 major credit reporting agencies - Experian, Equifax, and TransUnion - Now allow all consumers to receive a free copy of each of their credit reports once per year.

SOMERSET MORTGAGE LENDERS
specializing in: debt consolidation, divorce buyouts, home improvement, mortgages, purchase, refinance, reverse mortgages, FHA loans & more

get a free quote now at http://www.somersetmortgagelenders.com/ or call 1-800-675-9783

Reasons to Refinance Now

2009-06-04T10:02:00.001-04:00

SOMERSET MORTGAGE LENDERS
specializing in: debt consolidation, divorce buyouts, home improvement, mortgages, purchase, refinance, reverse mortgages, FHA loans & more

Reasons to Refinance Now
by Somerset Mortgage Lenders

To refinance is to pay off an existing mortgage with funds obtained from a new mortgage loan. There are numerous great reasons to refinance your mortgage, among them the following:

Lower Interest Rates: A prime time for many people to choose

Fix That Rate: If you currently have an adjustable rate mortgage, you may seriously want to consider refinancing to a fixed rate mortgage. Adjustable rate mortgages are far riskier to the borrow than fixed rate mortgages. The payments are unstable with a tendency to increase dramatically over time, making budgeting your monthly housing payments increasingly difficult.

Build Equity Faster: Buy refinancing to a loan with a shorter loan term, you pay off your loan faster and therefore build up equity in your home faster, equity that you can then use to make improvements to your home, pay for a big purchase or an emergency, or obtain additional credit. Borrowing against home equity through a refinance mortgage usually comes with a lower interest rate than other forms of credit, such as consumer loans and credit cards.

Own Your Home Free-and-Clear: It’s a phrase every homeowner covets, when they can finally be done paying off the money they borrowed to buy their home and own it outright. Refinancing is an excellent way to own your home free-and-clear sooner than you ever could have otherwise. One way to accomplish this is by reducing the loan term, or the amount of time you have to pay off the loan. A shorter loan term generally involves larger payments, but if you can afford to make them, it could be a wise and rewarding decision to refinance your current mortgage to one with a shorter loan term.

Get Cash in Hand: If you already have equity built up in your home, then you can refinance for a larger amount than you currently owe and take that additional amount out in cash. This is also known as a cash-out refinance.

Consolidate Debt: As home mortgages generally carry far lower interest rates than other forms of debt (ie. credit cards, car loans, or student loans), many people choose to refinance their home loans

get a free quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783

Factors That Affect Your Interest Rate

2009-06-03T10:16:00.000-04:00

SOMERSET MORTGAGE LENDERS
specializing in: debt consolidation, divorce buyouts, home improvement, mortgages, purchase, refinance, reverse mortgages, FHA loans & more

Factors That Affect Your Interest Rate
by Somerset Mortgage Lenders

Numerous factors come into play when determining the interest rate you’ll pay on a home loan.

Downpayment
The higher the percentage of the purchase price that you can afford to make as a down payment, the lower the interest rate you’re looking at. Paying 15% or 20% down can save you thousands of dollars over the life of the loan over paying 10% down. Pay a little more now or a lot more later - the choice is yours.

Closing Costs
Along those same lines, the more of your closing costs you’re willing to pay for, the lower the interest rate you’re given. The lender must pay numerous fees to close a loan, and the less of these fees you’re willing to pay instead of them, the more they’re going to demand of you in interest.

Loan Term
The monthly payments on a shorter term loan are generally higher than those of longer term loans, however one of the best ways to save money overall on the costs of buying a home is to strive for as short a loan term as possible. If you can afford the higher monthly payments on a 20-year loan, for example, you’ll save thousands of dollars in interest in the long run over the same loan with a 30-year term.

Your Personal Qualifications
Your credit rating and income level are enormous factors considered in determining the interest rate offered to you on a home loan. The more you can prove that you earn and the better your credit (and higher your credit score), the lower the interest rate you can get.

The Federal Government
Because of loan limits that have been established by Freddie Mac and Fannie Mae at each year’s start, your loan amount itself could affect your interest rate. If the loan amount you’re seeking exceeds the current conforming limits established on home loans this year, then your interest rate could increase.

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How Reverse Mortgages Work

2009-06-01T14:39:00.000-04:00

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:
* retirement;
* medical costs;
* a new car;
* home repairs;
* renovations;
* estate planning;
* a grandchild’s education;
* 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 your 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.