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.
###
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.
Showing posts with label Compare mortgage rates. Show all posts
Showing posts with label Compare mortgage rates. Show all posts
Monday, October 5, 2009
Monday, September 28, 2009
How Did the New Federal Bankruptcy Laws Affect Chapter 7 Bankruptcy?
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.
###
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.
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.
###
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.
Thursday, September 24, 2009
5 Secrets to Mortgage Success
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.
###
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.
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.
###
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.
Friday, September 18, 2009
Tweet All About It - Somerset Mortgage Lenders Hits 10,000 Followers on Twitter
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.
###
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
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.
###
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.
Monday, September 14, 2009
Refinancing Your Mortgage - Is It The Right Choice For You?
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.
###
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.
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.
###
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.
Wednesday, September 9, 2009
REAL ESTATE PROS: How do bank fees of just $995 sound?
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.
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.
Tuesday, September 1, 2009
Somerset Mortgage Lenders Featured in Long Island Business News Article
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.”
###
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 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.”
###
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.
Monday, August 31, 2009
Somerset Mortgage Lenders New Web Destination Pages - Feedback?
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
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
Wednesday, August 19, 2009
Gregg Marcus Blog: Somerset Mortgage Lenders Now Offering Free In-Home Consultation Coupon
Gregg Marcus Blog: Somerset Mortgage Lenders Now Offering Free In-Home Consultation Coupon get yours at http://bit.ly/cOSV8
Monday, August 10, 2009
Gregg Marcus: Free Debt-to-Income Ratio Calculator at somersetmortgagelenders.com
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.
###
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.
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.
###
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.
Thursday, August 6, 2009
Gregg Marcus: Free Second Mortgage Rate Calculator at somersetmortgagelenders.com
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.
###
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.
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.
###
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.
Friday, July 24, 2009
Gregg Marcus: How Reverse Mortgages Work
Gregg Marcus from Somerset Mortgage Lenders recently discussed how reverse mortgages work at their offices located at 290 Broadhollow Rd, Suite 310 E Melville NY 11747 with members of the media, consumers and his staff.
United States/NY/Melville
Reverse mortgages were created in order to help ease the financial burden on aging seniors. A reverse mortgage is a type of financial instrument that permits home owners over the age of 62 to gain access to the money they have accumulated as home equity.
How a reverse mortgage works is that the lender makes payments to the borrower, rather than the other way around. The amount paid out is based on a percent of the equity remaining in the home (that’s the full property value minus the amount still owed).
Seniors can use money from a reverse mortgage to fund:
1 Retirement
2 Medical costs
3 A new car
4 Home repairs
5 Renovations
6 Estate planning
7 A grandchild’s education
8 Travel and leisure
In order to get a reverse mortgage your current mortgage does not need to be completely paid off. The amount you can receive in a reverse mortgage is based on the equity in your home. As a mandatory part of the reverse mortgage process, however, your existing mortgages will be paid off. Some people simply use a reverse mortgage to get out of having to pay monthly mortgage payments, the money they receive just being a bonus.
When you receive a reverse mortgage, your home remains in your name, and you also retain total control of the property. It is also still your responsibility to maintain the house and property and pay all taxes and insurance as usual. No reverse mortgage lender can take your home away from you so long as you keep that home as your primary residence.
###
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.
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.
###
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.
Tuesday, July 21, 2009
Gregg Marcus Blog: The Right Time to Buy
Gregg Marcus Blog: The Right Time to Buy
Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com
Gregg Marcus and Somerset Mortgage Lenders strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this article discussing "the right time to buy".
It's no big secret that the best time to buy a home is during a down market (much like the one we're currently experiencing), but does that necessarily make it the right time for you to buy.
There are many more factors that come into play in determining when is the right time for you to make the leap into purchasing a home, whether it's your first, second, or third. To give yourself the best chances of having your offer accepted and your loan approved, consider the following questions, the answers to which will give you great insight into your readiness (or lack thereof) to buy now as opposed to sometime down the line:
1. Have you research your market? The shape of the overall housing market gives you only a broad and generalized understanding of home values across the country. But specific markets individual states, counties, towns, and neighborhoods may still fluctuate (and diverge) greatly in any market. Therefore it is of the utmost importance that you do your due diligence and research home prices and values in the exact geographical area you're interested in. Don't just assume that housing prices are down across the board so you're free to lowball on your bid or you run the risk of turning off a prospective seller. By the same token, even in a down market, it's still possible to pay too much for a house as well. Information is power. Get it, and use it.
2. Do you already have the money for downpayment and closing costs? 100% loans were already absurdly expensive before the subprime mortgage crisis. Now they're practically unheard of. If you need to take out a loan to cover downpayment and/or closing costs, maybe you should put a little more attention into your savings plan first. That way, you'll be sure to get a mortgage you can afford.
3. Can you afford the house you're seeking? Dream big, sure. But act rationally if you want to avoid foreclosure happening to you. That means making sure your total debt, including the housing payment you're considering taking on, isn't more than 30-40% of your gross monthly income. Otherwise before too long you may find yourself living in the doghouse.
4. Have you taken incidentals into account? Incidental expenses in terms of home ownership include maintenance and repair, taxes and insurance, utility costs, transportation for your commute, etc. When you're factoring how much you can truly afford to spend per month on a home, do yourself a favor and be sure to factor these expenses into your equation or you may find yourself coming up short.
5. How is your credit? A good way to avoid setbacks in your mortgage application process is to know your own credit situation before you apply for a loan. Finding out that you have poor credit (whether legitimately or through some error on one or more of your credit parts) after the fact is not only a blow to the ego, it can also cause you to lose the home you have your heart set on. Don't let that happen to you.
6. Have you made any major purchases recently? Buying a home immediately after buying a new car or taking an expensive vacation or having a new baby is not only ill-advised, it's also quite difficult to accomplish. If you've recently made a major purchase, consider waiting a short while to get your credit and finances back up to par. You'll thank yourself for your patience later.
SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more
Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.
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.
Thursday, July 16, 2009
Gregg Marcus: How Home Equity Works
Gregg Marcus: How Home Equity Works
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com
Gregg Marcus and Somerset Mortgage Lenders strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this brief article on how home equity works.
What is Home Equity?
Your home equity is the appraised value remaining in your home after you subtract the remaining balance you owe on your existing home mortgage(s). It can be thought of as the part of the home you actually own instead of the bank: the part you’ve paid for so far. It isn’t difficult to build equity in your home, and chances are if you’ve owned your home for a while and have been making your regular mortgage payments, you probably have built a considerable amount of home equity already. Though the housing market rises and falls in cycles, the overall tendency is consistently upward. In other words, property values tend to rise over the long term.
How Can Home Equity Be Used?
Once you have equity in your home, you can start to use it to fund nearly anything you want or need. Having equity in your home puts you in a powerful position, as you can use that equity to qualify for credit and borrow money. Buy a new car, take that dream vacation, fund a college education, and make renovations and improvements to your home. Whether to pay for an emergency or finance a dream, there are two primary ways to tap into the wellspring that is your home equity: a home equity loan and a home equity line of credit.
What Are Home Equity Interest Rates Like?
A good question to ask before borrowing money from any source is: how much is it going to cost in the long run? Because your home is being used as collateral on the home equity loan or home equity line of credit, the risk for the lender is considerably lower, and therefore interest rates on home equity loans and home equity lines of credit are usually lower than the average interest rate on a credit card. Home equity loans and home equity lines of credit are, however, usually higher than the interest rate on the average fixed rate mortgage. And in general, home equity loans usually have lower interest rates than home equity lines of credit.
What Are Some of the Other Benefits of Home Equity?
As if borrowing money weren’t advantage enough, home equity offers a bevy of other benefits as well.
SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more
Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.
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.
Tuesday, July 14, 2009
Profile: A Conversation with Somerset Mortgage Lenders’ Executive Director Gregg Marcus
For Immediate Release:
Profile: A Conversation with Somerset Mortgage Lenders’ Executive Director Gregg Marcus
Melville/New York/USA
Gregg Marcus‘professional accomplishments are numerous, having run one of the top direct lending mortgage lenders for the better part of this decade being at the forefront of his success. However, if you scratch beneath the surface, you will find that so, too, are his many charitable activities. Gregg is not only a proven executive, but at his core he is a philanthropist and a humanitarian who cares about his community and about causes that are important to us all. Mr. Marcus has earned accolades for his savvy as an entrepreneur, and now he’s earning the same kind of honors for his financial and personal donations to charitable causes. He has dedicated a significant part of his time, talents and financial resources throughout his career to organizations in New York and beyond.
"Success in business is one thing; helping to change the conditions of others is quite another" he said; and after listening to him speak, I can say that Gregg Marcus is very successful at both. He knows that one is not complete without the other.
There are many organizations and non-profit groups where Gregg Marcus could donate his time, but he prefers to donate his time and resources to organizations that he believes in. It’s what led him to become a founding member of the Jericho Jayhawks Boosters Association. And it’s why he donates his time to organizations such as the Young Presidents Organization, the Hineni Heritage Center, the Long Island Children’s Museum and the Sunrise Day Camp for Children. Health is also important, and it’s why he’s an active member of the National Kidney Foundation. Additionally, he received the Interfaith Committee of Remembrance Humanitarian Award for his charitable efforts to organizations in the New York area and beyond.
"Business accomplishments are great, but what are you doing to help the community?" Gregg Marcus asked in our conversation. It was a refreshing insight to hear from someone in the notoriously rigid financial sector. This is a man who tirelessly supports organizations he believes in; not just with a check every now and then, but with a time commitment.
"Not to sound cliche" Mr. Marcus said, "But we can complain about challenges in our society, or we can just go and try to do something about them". After spending enough time with him, it seems that this is a man who believes in more than just talking - he believes in action. It’s why he spends countless hours and dedicates significant financial resources to organizations with causes he believes in.
Gregg Marcus knows how important personal commitment is. He believes that successful people should give back by supporting organizations with their time, leadership and financial resources. We all have opinions about news items, but very few people have enough knowledge to be quoted by the New York Post. In December of 2007, the Post quoted Gregg Marcus as he gave kudos to the Senate for passing an FHA modernization measure. Gregg Marcus is one of those people who actually knows what affects the average person, and is not simply concerned with what affects corporations. He operates as though we were all in this together, because we are.
####
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.
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.
####
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.
Monday, July 13, 2009
Getting Approved for a Mortgage
Getting Approved for a Mortgage
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com
Somerset Mortgage Lenders and Gregg Marcus strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this brief article on getting approved for a mortgage.
The following are the primary factors taken into consideration when determining whether to approve or deny a potential homebuyer’s application for a mortgage!
Property Value: An appraisal conducted by a licensed professional and based upon the both the current condition of the home and the relative selling price of comparable homes in the area tells the lender the value of the property you want to purchase. The lender uses this information to determine whether the home is actually worth the price you’ve offered to pay for it.
Credit: This includes your credit history and your current overall debt situation. Lenders like to see that those applying to borrow money from them already have a consistent record of paying bills and other debts on time. Late payments and defaults on previous loans (ie. credit cards, car loans, student loans, alimony, child support, etc.) present a potential borrower as less-than-creditworthy and make lenders reluctant to give them new loans. If your credit history shows difficulties as recently as the past two years you can still write an explanation of the circumstances that caused the difficulties and lenders will take it into account when making their decision.
Income and Employment Factors: This includes both your current income and your employment history. Typically, lenders like to see your current monthly expenses totaling no more than a third of your gross monthly income. Gross income, or all of the money that you’ve earned before taxes are taken out, may include alimony and child support received, and an average of your monthly commissions and overtime pay should you desire to have those factors considered.
Lenders also like to see applicants having a consistent work history in the same or similar occupation with a trend of steadily growing income over the several years leading up to the submission of the loan application. They will almost certainly verify your employment (except in the cases of certain type’s loans - i.e. (No-Income-Verification, Stated Income, and No-Doc loans).
If you are self-employed, have held your current job for under two years, get paid on a commission basis, there’s a good chance you’ll be asked to provide further information about your prior work history.
Mortgage Terms: A definitive factor in determining whether or not to approve your application for a mortgage is the amount of your proposed monthly payment factored as a percentage of your current income.
SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more
Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.
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.
Friday, July 10, 2009
Costs of FHA Mortgage Insurance
Costs of FHA Mortgage Insurance
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com
Somerset Mortgage Lenders and Gregg Marcus strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this brief article on the costs of FHA mortgage insurance.
FHA loans carry a higher mortgage interest premium than conventional loan programs, which only demand MIPs as little as .5% (for those homebuyers putting 10% down), with a renewal rate as little as .3% in subsequent years.
It is a widely-known fact that FHA mortgages help a wide variety of Americans who otherwise would not be able to afford a home to buy one. FHA insured loans are not for everyone, however. Though the down payment and therefore up-front costs are lower on FHA mortgages, the monthly payments might possibly be higher.
There is no clear-cut rule to whether a specific FHA loan would cost you more or less than a conventional loan. Just as with conventional mortgages, different FHA mortgages have different interest rates and different loan terms based on numerous factors, not least of which is your credit? With a conventional loan, your credit is considered jointly with your income.
As FHA loans are designed more for low-to-moderate income households, an applicant’s credit is weighted even heavier. The result of this could potentially be higher interest rates and (with the additional cost of monthly mortgage insurance premiums) higher monthly payments than you could get by coming up with a larger down payment and getting a conventional loan.
Of course, that is not always an option for would-be homebuyers. Fortunately, many of the closing costs associated with FHA mortgages can be financed into the loans. The FHA also helps homebuyers by imposing limits on how much money mortgage companies can charge in certain fees, such as loan origination fees which, according to the restrictions placed upon FHA lenders, cannot be higher than 1% of the total loan amount.
The most striking fact about the cost of FHA mortgage insurance however is its cost to taxpayers, that being nil. FHA mortgage is totally self-funded, with the money paid by borrowers in mortgage insurance premiums going directly into an account which pays for the FHA’s expenses. The bottom line of this is that not only do FHA-insured mortgages and FHA mortgage insurance benefit borrowers and lenders alike.
SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more
Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.
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.
Thursday, July 9, 2009
What is a Divorce Buyout?
What is a Divorce Buyout?
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com
Somerset Mortgage Lenders and Gregg Marcus strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this brief article on Divorce Buyouts.
A divorce home buyout (or a divorce buyout, for short) is simply when one party in a break-up buys out the other party’s share in the property that they own and have been residing in together.
Divorce buyouts are generally completed according to the following 3 basic steps:
1.) The parties determine and write into the separation agreement which of them will live in the home and which of them will have their interest in the property bought out.
2.) The party buying out their ex-spouse (or soon-to-be-ex), then applies for a refinancing loan to take the place of the original loan, including borrowing enough extra money to compensate the party who is to be selling/losing interest in the property.
3.) Two documents - a quitclaim deed and a consideration letter - are signed at the closing and filed in the recorder’s office of the county where the property is located.
It seems simple, yes?
And in many cases, it is. Provided everybody’s on the same page, a divorce buyout could be one of the smoothest processes in the divorce proceedings.
However far too often the divorce buyout is complicated by all that occurs prior to and during the process, The last thing you ever want to do in a divorce is complete the divorce proceedings without ever looking into whether or not you can really afford the court’s determinations and/or the settlement agreed to regarding the terms and conditions of the divorce home buyout arrangement.
If your spouse, for example, defaults on their payments while the divorce is still pending, not only could it severely negatively impact your ability to buy them out, but it can be detrimental to your credit rating as well.
It’s important to note, as well, that any divorce buyout agreement is incomplete without a date by which the buyout must be accomplished. This can cause a whole host of problems if an ex-spouse is reluctant to fulfill his or her end of the agreement, potentially dragging out the divorce buyout process indefinitely. In the worst of cases, you could even have to take them back to court to get it properly resolved, something no one want to have to do.
SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more
Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.
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.
Tuesday, July 7, 2009
The Closing Process
The Closing Process
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com
Somerset Mortgage Lenders and Gregg Marcus strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this brief article on The Closing Process.
You've found the home you want. You’ve made an offer which the seller has accepted. You've applied for a mortgage, and been approved. Move in day is almost here. There's only one more step - the closing.
The word closing in terms of real estate is the process by which the transfer of property from seller to buyer is finalized. Once your mortgage is approved, a date is set for the closing to take place: called a closing date.
Depending on the state in which the transaction is taking place, the closing process is conducted by one of the following representatives of buyer and seller, respectively.
1 An attorney
2 A real estate broker
3 A lender/loan officer
4 A representative of a title insurance company
5 A representative of an escrow company
In order for a closing to take place, several key items must first be prepared and delivered to the lender in advance
1 Title search and title report
2 Title insurance binder
3 Hazard insurance binder
4 Property survey
5 Inspection certificates - for termites, sewer or septic, and well (where relevant)
6 HUD 1 settlement statement - a list of all credits and charges itemized for you and the seller, according to the terms of the contract
At the time of closing, the borrower signs many documents, most significantly a mortgage/deed of trust and a promissory note. These are loan documents granting the lender a lien against the property you’re purchasing as a way of securing your repayment of the loan. The promissory note is the borrower’s legal promise to pay back the loan. The mortgage/deed of trust is the legal instrument recorded in the local office of public records.
SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more
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
Monday, July 6, 2009
New Home Financing
New Home Financing
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True" http://www.somersetmortgagelenders.com
Somerset Mortgage Lenders and Gregg Marcus strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this brief article on New Home Financing.
Fixed Rate Loans
Several categories of conventional loans exist, the most common and familiar being the fixed rate mortgage. In the cases of fixed rate mortgages, the borrower will lock in an interest rate, and pay down both the principal and interest on the loan at that interest rate every month until the mortgage is paid off. The most typical term of a fixed rate loan is 30 years, though fixed rate mortgages can also be obtained for much shorter terms, the primary difference being in the size of the monthly mortgage payment.
Conforming Loans
Other conventional loans are known as conforming loans. In these cases, an arrangement is made between borrower and lender that comply with the stipulations of two federally run mortgage trading companies (or Government Sponsored Entities - GSEs) Fannie Mae (FNME) and or Freddie Mac (FHLMC).
Fannie Mae and Freddie Mac does not directly approve or deny loans. They buy and sell home mortgages, working with lenders to make home ownership easier for people to attain. Lenders like to sign up borrowers with conforming loan, because they can then sell these loans to Fannie May or Freddie Mac in order to more quickly receive the funds coming to them, and use those funds to make other investments. Fannie Mae and Freddie Mac, in turn, then repackage these loans to sell to investors as securities.
The current guidelines for a conventional Fannie Mae loan set a maximum purchase price for a single-family home at slightly above $415,000 (though residents of Alaska, Hawaii, or Guam may be able to qualify for an even larger loan).
The interest rate as well as the short- and long-term pricing on a conforming loan is determined primarily by the type of loan applied for. Also taken into consideration will be the amount of funds you already have to contribute to closing costs, your credit rating, credit score, and credit history, your employment history, and the type and location of the home in question.
Jumbo Loans
Other forms of conventional loans are nonconforming loan instruments that do not meet Fannie Mae or Freddie Mac loan qualifications, such as jumbo loans, or loans so large they fall outside the Fannie Mae and Freddie Mac loan limits (or purchase limits). Jumbo loans are provided by private investors and as such ordinarily come with much higher interest rates than conforming loans.
FHA Loans
Government entities from a local to a federal level and private entities alike have worked to Develop loan programs that make home ownership a reality for many people considered Under-qualified for traditional mortgages, these include; loans for first-time homebuyers, people with a low-to-moderate income that are insured by the Department of Housing and Urban Development (HUD) via the Federal Housing Administration (FHA). HUD and the FHA do not make loans directly, rather they insure loans; meaning that the lender still gets paid back - even if you default on the home loan.
New Home Purchase Loans are available from Somerset Investors Corp. in the following states: CA DE IN MT NM RI TX CO FL MA NC NY SC VA CT GA MD NH OR TN VT DC HI ME NJ PA
SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more
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
Subscribe to:
Posts (Atom)
