Show me the MORTGAGE money!

Realtor's Toolbox...The Equity Advance

Scenario: You have a buyer willing to buy and a seller willing to sell. Great! This transaction can be put together, just one hurdle to jump. The 10% deposit. Unfortunately, the deposit is in the buyer's home, not in their bank account, and the buyer does not have a HELOC (Home Equity Line of Credit) to get it out.

If the house is already listed, or was listed within the past 6 months, MOST lenders today will not do a HELOC. Also most lenders will not go above 70% loan to value. 

However, in many cases, WE WILL! In many cases, for a modest fee, we will assist the buyer with getting enough equity out of their current home to solidify the contract.

It's a great tool for your toolbox. Call for details. 

Realtors: Unwarrantable condo's have a mortgage source:

Listing or selling a condo that is unwarrantable is a problem. We have a solution. Financing for 2 unit complexes, no pre sales, not Fannie Mae or FHA approved. Give me a call with the details and I will find a solution.

Realtors: Assisting the Appraiser is....

a GOOD thing. Hey you're the good guys, and they are the good guys too!

Let's face it, they have a job to do, coming up with a fair market value, and no one is getting a mortgage without an appraisal! So, let's make their job as easy as possible. Here are a few suggestions:

1) In all likelihood you as the Realtor are the contact for the appraiser to gain access to the property. Make yourself available, and make contact with the appraiser as quickly as possible. (The lender should provide the appraiser with contact info for the Realtor). The faster the appraiser can get into the property the faster the appraisal can get done. No appraisal, no approval, no mortgage.

2) Meet the appraiser at the property. Assist the appraiser with introduction to the homeowner and access to the property.

3) By all means provide the appraiser with the best comps available!!! They will verify them and check for others anyway, but this is a great assist, and the worst that can happen is the appraiser says no thanks.

Saving the appraiser time and effort will speed your transaction and at the very least create a good working relationship with a needed and respected real estate professional.

 

Want to know which way rates are going.....

Watch the 10 year US Treasury Bond....

US Treasury Bond

Lender paid MI....we have it!....and it.........

makes great sense for a buyer with less than 20% down.

Lender Paid Mortgage Insurance is a program that provides an alternative to combo/piggyback loans —and makes sense for both lenders and borrowers:

• One loan, one monthly payment, easier to qualify 
• Lender pays the MI premium by incorporating it into the rate
• No MI premium for the borrower to pay
• Easy to understand, safer alternative to combo loans
• Greater potential tax benefit *
• OR Seller could choose to pay the MI premium in the form of seller paid closing costs
• Monthly and Single Premiums are also available
• Call for more info....

* Borrowers should consult with a tax advisor for specific tax advice.

 

Private Mortgage Insurance company offers Job Loss Protection....

If you are purchasing a home with less than 20% down you will most likely be getting private mortgage insurance.

One insurance company, Genworth, is now offering Job Loss Protection to qualifying borrowers, at no cost to the borrower.

Job Loss Protection

> may pay up to 3 monthly mortgage payments per job loss occurence with a maximum of 6 payments.

> No additional cost to the borrower

>Call for details

 

Putting less than 20% down? Think Single Premium MI....

Single Premium MI

With Single Premium MI, homebuyers enjoy monthly payments that are lower than they would be with traditional mortgage insurance, FHA loans or combination loans. A single premium is either paid in full at closing or financed into the loan, and provides coverage until the loan amortizes to 78% of the original value. With Refundable Single Premium MI, any unused portion of the premium can be refunded if the MI cancels within five years.

Sell your home FAST!..... with seller paid closing costs..

Make your listing the HOT! one!

Did you know that sellers can pay up to 6% of the purchase price toward the buyer's closing costs. You could make your home more affordable and more attractive by offering to buy down the interest rate, or absorb some of the closing costs so the applicant cna put more down and qualify easier.

For more info give me a call at 973-432-6888.

David J DeCarlo Senior Loan Representative 1st Constitution Bank

PMI Companies get back in the game.....

RMIC, a private mortgage insurance company, has just announced new classifications for much of NJ making 95% financing on purchases possible again for most of the state.

This would also apply to rate and term refinances. 

...From the Real Estate Pros... Spring Cleaning for a fast Sale...

excerpt from a blog by Montclair Realtor Katie Severance

Spring Cleaning for a Fast Sale

Spring Cleaning for a Fast Sale

When the weather begins to warm up, the house hunters come out of the woodwork.  It seems like nearly everyone puts in a call to their Montclair NJ realtor in the springtime.  If you’re thinking about putting your home on the market, take advantage of this season’s renewed interest in real estate.  But before you list your home, make sure you’ve don’t your spring cleaning.

Clean Green
When you start you spring cleaning projects, remember to think green.  Use environmentally friendly cleaners; they’re easier on the Earth and on your body.  Don’t just toss out old clothes and furnishings.  Send them where they can live another life, like to a shelter or local charity. 

read more: http://katieseverance.com/blog/?p=45