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Woodbury, NJ Real Estate News

By Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
( Social Media - Infinity Home Mortgage Company, Inc)
    Good Faith Estimates  - Extremely important message below!!!   If you are a consumer looking to purchase or refinance, this is a must read. It could cost you thousands if you don't pay attention. This is not a threat, but a warning from someone that has over 16 years of experience in the mortgage industry. When shopping for a mortgage, even if shopping with more than 2 lenders, you want to get a good faith estimate from everyone that you speak to.     So, here is my pet peeve.  This is a major red flag -  if you speak to a loan officer, on the phone or in person, and they didn't offer you a good faith estimate, don't walk, Run!!! The Good Faith Estimate is an over abused term and can be misleading. If the loan officer qualifies you for a mortgage, no matter if its a FHA loan or a co...
Comments 64
By Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
( Social Media - Infinity Home Mortgage Company, Inc)
For several of you that read my blogs, I try and do a FHA vs Conventional purchase comparison once every few months. FHA loans have been more wisely used in recent months as the choice of mortgages. What I hate hearing is that they have taken the spot of the subprime loans. This is not true by any part of the imagination. This statement is from those that are inexperienced in both the mortgage and the real estate industries. The realization has been that 30% of the subprime mortgages in the last 5 years previous to the last 2 years should have been FHA mortgages, not subprime. A recent survey has stated that FHA loanscould be more than 60% of all loans originated for the 2nd quarter of 2009. To compound this, so many said just because you had a conventional loan, you had the better loa...
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By Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
( Social Media - Infinity Home Mortgage Company, Inc)
Good Faith Estimates -- Such an extremely vital part when shopping for a mortgage. Yes, rate is some what important, but seems to be the primary focus so many times. Not to sound rude or out of character, but a monkey can quote a rate. And I am dead serious about this. For any of you in the process of buying a home or refinancing your current mortgage, this is a must read. I have been in the mortgage industry for over 16 years and this subject has to be my biggest pet peeve out there. I have written about this a few times, which you can read below. You didn't get a good faith estimate? Understanding what a good faith estimate is APR vs mortgage interest rate Basic information to look for when shopping for a good faith estimate......... Only compare the lenders fees, which are located o...
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By Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
( Social Media - Infinity Home Mortgage Company, Inc)
  How many of you have seen those commericals for new pills that will help you lose weight?  What about the new ab machines shown on TV, showing how you can cut inches off of your waist and lose 20lbs or more. But every person on TV looks in great shape to beging with. And the before and after pictures tend to be a joke. The before pictures, these people look dumpy with ugly clothing and their hair is messed up. In the after pictures, not only do their bodies look better, with weight loss, but the clothes that they are wearing make them appear to be better dressed. Not only that, but their hair looks proper and they actual have a smile on their face, as opposed to the before picture to where they didn't have a smile on their face. Did you ever read the small print that says that you nee...
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Woodbury, NJ Real Estate Professionals