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Cherry Hill, 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)
 Albert Einstein was a smart cookie who was ahead of his time. In popular culture the name "Einstein" has become synonymous with genius. Mortgages aren't physics, but it can certainly seem like it if you don't have a loan officer that is not only good at explaining things to you, but one who is knowledgeable and can show you the many differences in loan programs.As stated, mortgages can be confusing at times. It doesn't help when some loan officers don't take the time to walk you through the process. One piece of advice, no matter if you are purchasing or refinancing, if it takes more than a full day to get a Good Faith Estimate from a lender, this is usually a red flag. Unless they tell you that they are just busy. And by sharing some of these well written blogs, it might give you some...
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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)
There are a few analogies that we all could use when comparing shopping for a mortgage, shopping for rates, and mortgage fees. We could use shopping for shoes, shopping for cars, or even shopping for Christmas trees. I thought I would use shoes as an analogy so Ines Hegedus-Garcia, Kristal Kraft, and other females could possibly relate to this. Should I include Mike Mueller because he wrote a post, Choose Your Mortgage As You Would Your Shoes, which was a good post. So, what does shoes have to do with shopping for mortgages?  It's quite simple. Each shoe has a different fit, just like each mortgage is different for each borrower. The primary concern of a competent loan is to make sure that they understand that clients goals, what they want to accomplish, and to make sure that they won'...
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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)
 When shopping for a mortgage, the general consumer can get very confused at times. Even if you have bought or refinanced several times in the past, it can still be confusing. It doesn't matter if you are applying for a FHA, conventional, VA, or subprime mortgage. The Good Faith Estimate (GFE) is very critical when shopping for a mortgage. But you have to be careful because more than 75% of this piece of paper is an estimate. Some loan officers will cut corners just to make their total estimate look cheaper. Three things that you want to look for when you first look at your GFE. Look at the loan program and make sure this is the program that you want. If it was an adjustable, it would say differently.  (Yellow highlight --  Upper right hand corner) Look at the rate. Make sure this is wh...
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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)
FHA, FHA, FHA.......  why are more companies doing FHA now than they did in the last 5 years? In my opinion, this is a good thing, yet a scary thing. Why do I say this?  So many lenders and loan officers are now jumping on the band wagon because other financing alternatives are not there anymore. Peter G. Miller, a columnist for Reality Times mentions that the last two weeks of July showed an increase of 49.1 percent in FHA mortgage loans. He also states that applications for purchases were up 6 percent while refinances grew by 82.6 percent. Wow, why are refinances are so much higher?  Basically to refinance borrowers out of those toxic arms, such as the pay option arms. Also to refinance out of other mortgages that they should have never been placed in the first time. Overall, year-to-...
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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)
 Excuses, excuses, excuses......  I truly understand that borrowers, whether they are a first time homebuyer, buying for their second time, refinancing, or have done this many of times, rely on a professional to steer them in the right direction. But such is life and not everyone is honest and has integrity. As a consumer, you have to ask questions and ask for proof. Stop taking the loan officer's word. This works when dealing with a true professional, but again, this is not always the case. I just wrote a post the other day titled Mortgage Prepayment Penalties -- (PPP). A few people made some comments stating that they just don't understand how borrowers can not know what they have when the documents are right in front of them. Whether it's a FHA mortgage, a conventional loan, VA, or e...
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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)
 Yes, you actually have friends. Bloggers that mention your name, for what ever reason it may be. Good, bad, or indifferent, by someone mentioning your name, it does two things. Sure, it can give that blogger Google juice. But it can also give you some Google juice and some name recognition not only here on ActiveRain, but in the blogosphere.  Have you searched your name on the net? Try searching it through Google. Better yet, when was the last time that you searched your name here on Active Rain? You might be pleasantly surprised. It doesn't matter if you are new, have been here for a few months, or that you are an old timer. Give it a try.   Go to the search feature up top, click on the drop down arrow and pick blogs. Then type in your name : Jeff BelongerHopefully you should have a f...
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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)
I had told a short story in regards to a first time homebuyer being very confused over the mortgage process, even though I explained it well to them. Why did this happen?  Because they started to talk to family members who got them to shop around and a realtor that told them one fee was too high. No matter if you are going for a FHA, conventional, VA, or subprime mortgage, you not only need to feel comfortable, but educated. The story turned out in my favor because the previous lender wasn't keeping in touch with his clients after application in regards to the market, good or bad. Not giving his clients the option to lock-in or to float the rate. All consumers when shopping need to ask how long the rate is good for or if they can lock in. Too many lenders dangle lower rates that are onl...
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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)
 Client's shopping for a mortgage who get to the loan officer first. They feel really comfortable with this particular loan officer and actually tell this loan officer that they trust them. Mr. Loan officer, thanks for educating us, says the client.It's been a few days now and the loan officer has not heard from the buyers after leaving a message on their cell phones, at home, and both of their e-mails for 2 days straight. This couple prior to this was calling this loan officer every day for 1 1/2 weeks.  Yippie. I caught the buyer, Mrs. Client, at work. We had a good 30 minute discussion. I asked her, Theresa, didn't you trust me and like me?  She said yes. But they were scared and confused, being the fact that they are first time homebuyers. Oh, by the way, the loan officer mentioned ...
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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)
 Mortgages ---  May it be a FHA, conventional, VA, or a subprime loan, you don't have to have a college education in mortgages or real estate. Yes, it can be confusing at times, especially for first time homebuyers. And what can even make it more confusing is if you are shopping for a mortgage or a home and you have two different answers or opinions when shopping from 2 different people. What do you do then?  Just remember.....  the cheapest or best rate doesn't always mean that it's the best deal.So how do we make sure that this doesn't happen to us? Even if we think they are telling us the truth, how do we still know this for sure?  I would be lying if I said that there is an easy answer. I will say this, I am glad that I am on this side of the fence, with 15 years in the mortgage in...
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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)
Just as easy it is for buildings to fall from demolition or that of a category 4 or 5 hurricane, so are mortgage companies falling by the waste side. Just two more large lenders closed their doors in the last two days, GreenPoint Mortgage of 20 years and First National Bank of Arizona. This makes for 130 lenders to close their doors since the end of 2006.There is a company called the Mortgage Lender that runs a web site called the implode meter. This site uses their expertise in the mortgage industry, their knowledge, and lots of research in regards to these companies financials. This web site has been a highly visible tool for many lenders in today's market. Not only has it been useful, but very accurate when it places companies on their ailing/watch list. (please click here for that l...
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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)
Don't let your lender confuse you with definitions of certain fees. It's amazing how some loan officers will define such fees, especially when explaining what an origination fee is. In regards to conventional loans, most companies just put their points under discount points. Sometimes you will see a lender place nothing under origination or discount points, but under broker fee. And then you have the FHA origination fee. Definition: Origination Fee  A fee related to establishing your mortgage. The exact use can be unclear, but the fee ultimately compensates your lender or broker for putting your loan in place. This is from about.com.In some handbooks that are supposed to be supplied by all lenders to their clients when purchasing or refinancing, the origination fee is defined as a fee c...
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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)
 FHA upfront MIP refunds can some what be confusing at times because there are certain dates involved. The refund process has changed about 3 to 4 times in the last 15 years.  In part 1, FHA Mortgage Insurance Premium & Monthly Mortgage Insurance, I talked about the basics of the upfront charge and the monthly insurance.  In this section, I will share with you the types of refunds that are allowed.  The different refunds and their dates:   The old rule was that if you had paid your off either by selling your house or refinancing in 7 years or less, that you would receive a certain refund. But the date that this was applied to had to happen by January 1st of 2001. So as you can see, if you had a FHA mortgage prior to this date, that you will not get a FHA refund. For those FHA loans that...
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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)
In the first part, FHA Mortgage Insurance Premium & Monthly Mortgage Insurance and how it works, I talked about how the upfront mortgage insurance and the monthly mortgage insurance worked. After visiting several web sites describing FHA, the mortgage insurance, and who can get these types of loans, I decided to write more about how you need to be careful. I can't tell you have many sites were so wrong and or not updated. I saw a few that even said that the one-time mortgage insurance is 2.25%. This is not correct, it's 1.5% of the base loan amount. What really irks me are those that blatantly lie about certain things about FHA and how it operates. The only things that are not written in stone is how an underwriter can view credit and that they can allow for higher qualifying ratios. Al...
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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)
I just created a new group : The FHA Mortgage Group  With todays ever changing market, FHA will be a viable part of how consumers will purchase or refinance their home. Sure, there are 100's of other financing options still out there today. FHA will not be the end to all other financing problems. But it will catch on as it should have been a strong front runner in previous years. Group description : Where everything and anything about FHA is discussed. New programs, old programs, and bringing awareness to not only the consumer and realtor, but to all loan officers. Because of todays market, FHA will start to be a viable tool in todays lending world. Be on top of your game and get to know all that FHA has to offer. Even as a consumer, it might help you weed through everything that is on ...
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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)
 It's crunch time, especially with today's market. Does this make you hungry? Well, many loan officer's are very hungry and not that busy. Which leaves us to my rant of inexperienced loan officers trying to give their clients a FHA mortgage. Word of advice :  If you find someone giving you false information or information that doesn't make sense, why stay loyal to them? Seriously, run away, don't walk. Most of the criteria by FHA and HUD is written in stone. No lender can change this no matter what you think or have been told.In Part 2, I will give you 2 great examples of two consumers that got my name from the internet. Both were blatantly lied too and you would want to read this.In Part 3, I will let you know the different types of refunds that could be available to you. Especially si...
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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)
FHA has so many programs for those that are looking to purchase a new home and or refinance their existing home. And just for the record, FHA is not the end to all problems. There are 100's of programs out there other than FHA. But what you need is a loan officer that not only has these other programs, but a lender that has FHA as well. Why?  So you have all your options just in case. I have seen way too many consumers get placed in a loan other than FHA because that particular lender isn't FHA approved. It's not a simple process and can cost that lender money to be approved.FHA is not only for those that have less than perfect credit or for first time homebuyers. You could have bought a home with a previous FHA mortgage and still upgrade while using another FHA loan program. And in reg...
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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)
Mortgages can be confusing at times. Sometimes making feel like you are jumping out of a plane without a chute. It doesn't help when some loan officers don't take the time to walk you through the process. One piece of advice, no matter if you are purchasing or refinancing, but if it takes a full day to get a good faith estimate from a lender, this is usually a red flag. Unless they tell you that they are just busy. And by sharing some of these well written blogs, it might give you some good insight to as what to look for when shopping for a mortgage.If you are shopping for a mortgage, what do you look for online? If you come across an article or a blog on a certain topic, do you read the whole thing? After half way down, do you go to something else, not knowing that you might have miss...
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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)
Okay, so I got you to look. Isn't the title more than 50% of what you write? To catch the attention of anyone out in the blogosphere. Micthell Hall tagged me to write my book meme after writing his meme. Book Meme Apparently we can blame these meme's on Carole Cohen who started tagging people at the end of June. Carol went on to say that "Something tells me those of you who love to blog also love to read." I am not sure about this, at least for myself.In regards to Carol's statement. I love to learn, but I was never an avid reader. As Mitchell stated, I also have a short attention span at times and I need something to jump out at me. Sure, I loved reading Sports Illustrated and the sports section every morning. I had a teacher in my junior year in high school how had us read something l...
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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)
 As I have stated in so many of my blogs, FHA has some great financing options to help those home owners that tend to have less than perfect credit. FHA has 2 types of streamline refinance options.  The FHA streamline refinance with an appraisal and without an appraisal. Two main features of these streamline refinances is that you don't need to qualify in regards to both income and credit. The only thing in regards to credit is that the borrower is current and up to date on their mortgage. There are some lenders that sometimes want a clean mortgage history in the last twelve months, but this is not a HUD requirement.       1. Streamline refinance with an appraisal : This is where you can include your closing costs within the loan amount. There are two types of calculations to achieve th...
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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)
 This has always been a problem and debated amongst the real estate industry and mortgage industry for eons. I know realtors that can be stuck on this debate and upset when lenders don't meet the commitment date. I know some lenders that just don't care at times, thinking that as long as they meet the settlement date, things will be fine.So, who is right? Let's break this down some.Commitment date : An agreement or pledge given by a certain date stating a guarantee for financing.Settlement date : The date by which an executed order must be settled by the transference of instruments or currencies and funds between buyer and seller.  Definition in context The commitment date is there to protect both the seller and the buyer. Each state is different on the laws if a commitment date is miss...
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