No, not because it is December 9th.  Today is the annual Kiwanis Christmas Party here in Hammonton, NJ.  Of all the help we provide to the community, this event is by far my favorite.  And this year is more special than usual as I was installed as the club president back in October. For those who do not know, Kiwanisis an international organization dedicated to helping children.  Here in Hammonton we sponsor events, give scholarships, and participate in various programs that help the children in our community.  The most touching of which is the annual Christmas Party. Each year the school nurse helps us to identify under privileged children in our town.  She then coordinates acquiring a wish list from each child so we can make every effort to insure they get want they would like for Chr... 12/09/2008

Last week everyone was a buzz with excitement.  The Treasury announced they would step up the purchase of Mortgage-Backed Securities issued by Fannie Mae and Freddie Mac in a coordinated move to drive home loan rates down to 4.5%.  As rates have decreased the past week or so, mortgage companies saw an increase in refinance applications.  News of rates potentially dropping to 4.5% gave cause for many to take a wait and see approach in hopes of landing the lowest possible rate.  Though the government buying Mortgage-Backed Securities does help drive down rates, it may have been quite careless to announce a target of 4.5%.  Since so many factors influence the market which drives rates, no one action can cause the affect they are looking. Most days, the bond market reacts directly opposite ... 12/08/2008

    During tough financial times, news is king. A simple announcement from the media can instantly send the financial and mortgage markets racing in either direction. As the financial markets continue to adjust to the credit crisis, current and potential homeowners will have to adjust and react immediately as well. With this in mind, lets explore the top three news stories that affect both current and potential homeowners looking to make the most of today's buyers' market. Headline #1: Mortgage Rates Plummet Thanks to the FedIn late November, an announcement that the Federal Reserve and US Treasury would purchase up to $600 billion in asset-backed securities over the next year or so sent mortgage rates on many programs plunging below 6%. This is a bold step by our federal regulators tow... 12/06/2008

Credit scoring was developed in the 1960s as a means to determine whether or not consumers were likely to repay their loans. The score ranges from 350 to 850 with a higher score being extremely favorable. Essentially, a high credit score translates into lower interest rates for the borrower.There are five factors that comprise the credit score. Payment history accounts for 35% of the score; outstanding credit balances have a 30% impact; credit history makes up 15%, type of credit factors at 10%; and inquiries influence the score by 10%. This gives the lender a snapshot of an individual's sense of financial responsibility and ability to pay back loans. There are many quick tricks to improve the credit score, and I can provide borrowers with more information on this subject. If necessary... 12/05/2008

The Federal Trade Commission (FTC) estimates that as many as 9 million Americans have their identities stolen each year. This means that you or someone you know may have been victimized by some form of identity theft in the past or will likely experience some form of this crime in the future. Identity theft occurs when personal information, such as your Social Security number or credit card numbers, are used without your permission to make purchases, obtain a credit card or other account in your name. Identity theft costs the average victim nearly $4,000 and, more importantly, 175 hours of personal time to straighten out their problems and their credit. This does not include any potential increases in interest rates from creditors and insurance companies, where the financial impact can... 12/04/2008

Points are up-front fees paid to obtain a better interest rate on a loan. One point equals one percent of the loan amount. A lower interest rate may result in a lower monthly payment, but it is important to consider how long you intend to be in the loan, and to compare current rates to historical market trends.If you take out a $300,000 mortgage and decide to pay one point, this translates into an up-front closing cost of $3,000. Paying a point up front saves $100 a month but it will take 30 months to recuperate the cost of that point. If you decide to refinance or sell the home before the 30-month mark, your money is lost. In this case, you would benefit financially by remaining in the home longer than the 30 months.Rates run in cycles. When rates are at historical lows, it is sensibl... 12/01/2008

Believe it or not, we are already at the end of November.  In a couple of days we will all be sitting around a table ready to feast on turkey and all the sides.  The meal may be my favorite part of Thanksgiving, but I thought it appropriate to take a moment to think of all that I am thankful for.  Here is a quick list in no particular order.   My Health - Having once gone two months without the use of my right arm, then another two months unable to walk, everyday that I awake with a fully functioning body is a good one. My Wife Amanda - Life without her would be vastly different.  She is my partner and best friend and I am fortunate to have her. My Parents - I cringe to think where I'd be, what I'd be doing, or who I would be as a person if not for them.  No gift or words would do justi... 11/25/2008

The debates are done, the election is over, and on January 20, 2009, Barack Obama will be inaugurated as President of the United States. No matter where you fall in the political spectrum, no one knows for sure exactly what this will mean to the future of our country. With this in mind, let's put all politics aside, and take a closer look at Obama's plan for our future. And since a home is still the biggest, most important investment you'll ever make, we'll focus the limited space of this short article on Obama's basic housing measures. More Economic Stimulus - Since trouble in the economy won't wait until January 20th, plans for another economic stimulus package are already in the works, so we might even see this happen, in one form or another, before Obama takes office. Obama has als... 11/24/2008

Identity theft is now passing drug trafficking as the number one crime in the nation-with more than 15 million victims every year. Rather than lie awake at night worrying and wondering if your identity has been stolen, you can actually take a simple step to protect yourself...it's called a credit freeze (or, sometimes, a security freeze) which I discussed last week.According to the U.S. Department of Justice, about 1.6 million households have experienced some form of theft when it comes to their financial accounts. Here are some important tips for keeping your information safe and sound:Just the Facts. Don't give unnecessary information like your date of birth and income level when you're filling out things like warranty cards or supermarket club cards. Share only what's really necessa... 11/21/2008

WHEN A HOMEOWNER MAY CONSIDER A SHORT SALE   A Short Sale simply put, is selling a property short. This means that if a person owes 200,000 dollars on their house and the market value will only bring buyers at 170,000, you are forced to ask the bank to take less money than what is owed to them. Why would a bank even consider something like this (another good question)? Most people who are in a position where they need their Realtor to negotiate a short sale are typically not in a good position financially. This could be for many reasons, the most common is an unfavorable loan that adjusted to an interest rate (Subprime loan) that now increases the mortgage to a payment that the owner can no longer afford. This is the situation that most people are facing that are in a short sale situat... 11/20/2008

    It's true, negative credit items can remain on your credit report for up to 7 years (up to 10 years for public records, such as a bankruptcy, tax lien or judgment). But this doesn't mean that you have to wait 7 to 10 years to begin reestablishing a good credit rating. Because credit scoring models typically lend more weight to your recent activity than to the mistakes you've made in the past, you can change your habits right now and begin reestablishing yourself as a good credit risk for a purchase or refinance loan in just 6 to 12 months. The following are a few Dos and Don'ts when it comes to rebuilding your credit: 1) Three months prior to securing your mortgage, DON'T apply for, close, or pay off any collections, charge-offs, loans, or other kinds of credit without speaking to y... 11/19/2008

Tips for Stretching Your Tank  The past few weeks have seen a very welcome drop in gas prices.  This morning I passed several stations that were less than $1.70 per gallon.  Even with this reduction in cost, it is still important that we cut down on the amount of gas we use to help keep prices down.  Here are some tips to help you cut down of your gas usage. Go Easy on the Pedals - Jackrabbit driving is a killer when it comes to burning fuel. Remember that slow and steady wins the race in more ways than one.Avoid Long Idles - The bottom line is idling burns more gas than restarting an engine.No Junk in the Trunk - Clean out your trunk and the rest of your car for that matter. Excess weight bogs down your vehicle, causing it to burn more fuel.Drive the Speed Limit - The higher the speed... 11/19/2008

Identity theft is now passing drug trafficking as the number one crime in the nation-with more than 15 million victims every year. Rather than lie awake at night worrying and wondering if your identity has been stolen, you can actually take a simple step to protect yourself...it's called a credit freeze (or, sometimes, a security freeze).Here's How It Works. When someone tries to open an account in your name, they'll be stopped in their tracks. That's because one of the first things a creditor will do before opening the account is pull a credit report. By having a credit freeze in place, creditors aren't able to pull your credit report. And, since very few lenders will issue credit without first seeing a credit report, identity thieves can't open fraudulent accounts using your name. Ho... 11/14/2008

We all need to be safe when using the Internet.  Never open an e-mail if you do not know whom it came from, this could save you a big headache. Social networking Web sites like MySpace, Facebook, Twitter, and Windows Live Spaces are services people can use to connect with others to share information like photos, videos, and personal messages. As the popularity of these social sites grows, so do the risks of using them. Hackers, spammers, virus writers, identity thieves, and other criminals follow the traffic. Read these tips to help protect yourself when you use social networks. 1. Use caution when you click links that you receive in messages from your friends on your social Web site. Treat links in messages on these sites as you would links in e-mail messages. (For more information, se... 11/13/2008

Lead By Example Do you suffer from high turnover in the workplace? One issue that is greatly underestimated by most managers is that of employee turnover. It can literally wreck your organization and your continuity.The longer you have a consistent team in place, the more you learn to become an extension of each other. Your productivity and efficiency skyrockets when you have a team that works well together. For this reason, it is incredibly important that you create a working environment that allows your team to flourish, a place where your employees want to be on a long-term basis. Remember, your employees spend more of their waking hours in the workplace than anywhere else. You need to strive to make it an enjoyable environment.Lead by example. Create clarity within the job descript... 11/12/2008

The Federal Housing Finance Agency (FHFA) announced that conforming loan limits for 2009 will remain at the 2008 level, except in certain high-cost areas. The good news, however, is that mortgage interest rates have remained favorable as well. Combine this with lower home prices and an increase in inventory in many neighborhoods, and today's real estate market presents a variety of great long-term opportunities. Entire neighborhoods that you may not have been able to afford in 2005 could now be open to you!     Below is an excerpt from the press release, in case you would like to review it. Please call me at your earliest convenience, and we'll discuss potential opportunities for you or someone you know in need of mortgage financing.   Conforming Loan Limit Stays $417,000 in 2009; Diffe... 11/11/2008

The Housing and Economic Recovery Act of 2008 is a $300 Billion rescue plan aimed at helping struggling homeowners avoid foreclosure. Although the bill is several hundred pages long and contains a number of far-reaching provisions, here are the top three changes that may benefit you: 1. Tax credits. First-time home buyers who purchase their primary residence between April 8, 2008 and July 1, 2009 are eligible for up to $7,500 in tax credit, provided they haven't owned a home in the last three years and fit certain income parameters. The credit is generous, but it is actually an interest-free loan that is paid back over 15 years at $500 per year when taxes are filed.2. Larger loans at lower rates. This is a great benefit for homeowners with "jumbo" mortgages, which range between $417,00... 11/07/2008

The past two weeks have been absolutely unbelievable.  I'll admit that unbelievable is an over used word, but I have witnessed 3 things that I thought I would never see in my lifetime.  Let's look back...   Item #1:  This started Monday October 27th and actually took over 50 hours to complete.  I was present at the first ever suspended World Series game which resulted in the Philadelphia Phillies winning the championship.  If you are not a Philadelphia sports fan, this one might be tough to understand.  Philadelphia had the longest championship drought of any city that teams in all four major professional sports leagues (MLB, NFL, NHL, and NBA).  The drought covered 25 years and 98 professional seasons.  I was there for Game 5 part 1 on Monday night, Game 5 part 2 on Wednesday night, an... 11/06/2008

Today is a day I've been looking forward to for almost 2 years... the day after election day.  I am now free to watch television or listen to the radio without being bombarded by political ads.  The results are in and the people have spoken in record numbers.  Change is here... or it will be here on January 20th.  I do not consider myself to lean left or right.  On some issues I agree with one party and on other issues I agree with the other side. Today, I am very optimistic.  Though no one has a magic potion for what ails us as a nation, my hope is that this election will spark the turnaround we have been waiting.  Hopefully confidence will return and people will view the future as bright.  Our economy and the housing market has been in dire need of optimism and hopefully this change i... 11/04/2008

Today is one of the most important days on the calendar.  Once every year, we as Americans, get to voice our opinions by voting.  We have the right to choose who will govern us.  This is something that should not be taken lightly. This year is a bit special.  It is on this every fourth election day that we chose the most powerful man in the world.  Our nation, and our world, is facing challenges unlike those we have ever seen before. We are about to make history by voting in the first African American President, or by choosing the first female Vice-President.  Either way, we are taking a big step forward toward equality for all. Though I look forward to our country being given new direction, and hopefully the confidence needed to pull out of these tough economic times, I'm also looking ... 11/04/2008