Buying A Home - Step 1: Rate Shopping  Introduction The idea of purchasing a home, whether it be your first or last, is bound to bring many questions to mind. This is a natural reaction, as it is one of the biggest decisions you will ever make. Rest assured, my team and I are here to assist you in understanding the loan process with our goal being to make your experience a pleasant one. This series covers the basics about buying a home. It is designed to answer commonly asked questions and provide clear definitions of terms you may be unfamiliar with, even if you have been through the home-buying process before.  Rate Shopping Shopping for the best interest rate possible has always been the consumer's primary objective when borrowing money. As well it should be! The challenge with thi... 08/13/2009

Mortgage Rate UpdateHow Does Inflation Impact Interest Rates? If you've seen the news lately, you know that inflation is a very serious issue that will likely be on the rise as the year proceeds.But What Does This Really Mean to You? The bottom line is that as inflation increases, mortgage rates will rise too. That's because lenders know that a rise in inflation actually diminishes the value of the money they receive over the life of a loan, as the money they receive for payment simply won't go as far. So when lenders see changes in inflation or even anticipate a rise, they increase their mortgage rates to make up for the loss in future buying power that will happen as a result of inflation.What Should You Do? Work with a home loan professional who pays close attention to what's going ... 08/13/2009

  Credit Report Dispute Letter - Sample If you have reviewed your credit report and believe that some of the information it contains may be inaccurate, you can legally dispute it via mail or, for faster results, the Internet. Once notified of a mistake on your report, a credit bureau has thirty days to investigate and respond. If the information can't be confirmed, then the item(s) should be removed.For items that cannot be resolved online or that require copies of official paperwork or other supporting documents, use the sample Credit Report Dispute Letter below as a guide. Be sure to mail your letter and documents via Certified Mail for your records.Word of Caution: Not all creditors report to all three credit bureaus; so be sure to only dispute a derogatory item to the credit bureau... 08/12/2009

Mortgage Rates & Homebuyer Protection Alert! Recent Federal legislation can impact your closing date. When completing your Purchase Agreement, even if you are prepared to move forward and close quickly, a more conservative timeframe of at least 30-45 days from the time of the contract acceptance would be a more realistic expectation at this time.Listed below is information on two pieces of legislation that stand to impact your closing date, and a few bullet points that explain the reasoning behind and effects of each measure.HVCC: Home Valuation Code of Conduct HVCC was designed to ensure that appraisals are conducted objectively and without pressure from parties with an interest in the transaction. Under HVCC: The appraisal and selection of the appraiser will be ordered by someone not... 08/06/2009

  Know Your Credit Score: Three Steps to Better Credit If you are looking to buy, invest in, or refinance real estate now or in the coming months, your credit is going to play a more significant role in today's tight-fisted credit environment than it has in the past. It's that simple. Would-be borrowers need to address any and all credit issues now to avoid having to pay for it later.But, here's the kicker. Nearly 80% of all credit reports contain errors of some kind. Recent studies also indicate that about one-fourth of these reports contain mistakes so egregious that applicants could actually be denied credit! Don't let this happen to you.Step One: Get Your ReportThe three main credit bureaus, Equifax, Experian®, and TransUnion®, are required by law to provide you with a free copy of... 08/05/2009

  Education may be priceless, but it sure isn't cheap. Financing tuition requires careful investment planning. If you or someone you know is preparing for this challenge, give us a call. We'll maximize the opportunities available and create a plan that's right for you.   Karl PeidlSenior Loan OfficerLincoln Mortgage CompanyPhone: 609-878-7013Cell: 609-254-6687kpeidl@linc-mort.comwww.facebook.com/newjerseymortgages   Pennsylvania: Licensed by the PA Department of Banking as a First Mortgage Banker and licensed pursuant to the PA Secondary Mortgage Loan Act. New Jersey: Licensed by the N. J. Department of Banking and Insurance Maryland: Authorized Mortgage Lender by the State of Maryland Commissioner of Financial Regulation. Florida: Licensed Mortgage Lender by the Florida Office of Fina... 08/03/2009

Shopping For A Mortgage - The Inside Scoop On How To Do It Right (Part II) Once you are satisfied that you are working with a top-quality professional mortgage advisor, here are the rules and secrets you must know to "shop" effectively for a mortgage.   First, IF IT SEEMS TOO GOOD TO BE TRUE, IT PROBABLY IS.  But you didn't really need us to tell you that, did you?  When shopping for a mortgage, keep in mind that mortgage money and interest rates all come from the same places, and if something sounds really unbelievable, better ask a few more questions and find the hook.  Is there a prepayment penalty?  If the rate seems incredible, are there extra fees?  What is the length of the lock-in?  If fees are discounted, is it built into a higher interest rate?    Second, YOU GET WHAT YOU PAY ... 07/30/2009

Shopping For A Mortgage - Here's The Inside Scoop On How To Do It Right!   First:  make sure you are working with an experienced, professional loan officer.  The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that may arise along the way.  But how can you tell?    Here are FOUR SIMPLE QUESTIONS YOUR LENDER ABSOLUTELY MUST BE ABLE TO ANSWER CORRECTLY.  IF THEY DO NOT KNOW THE ANSWERS...RUN...DON'T WALK... RUN...TO A LENDER THAT DOES!     1) What are mortgage interest rates based on?  (The only correct answer is Mortgage Backed Securities or Mortgage Bonds, NOT the 10-year Treasury Note. While the 10-year Treasury Note sometimes trends in the same direction as Mor... 07/30/2009

Credit Scores: When Good is not Good Enough    In the past, a consumer with a FICO score of 620 was considered to be a low-risk borrower by Fannie Mae and Freddie Mac. Not anymore. After suffering major losses in the mortgage market last year, the nation's two largest mortgage finance lenders have redefined risk, announcing new Loan-Level Price Adjustments (LLPAs) for borrowers with FICO scores below 720.LLPAs are automatic, cumulative fees based on credit scores and the loan-to-value, and they can significantly increase the cost of mortgage credit. These fees have nothing to do with your mortgage company or its various products and cannot be negotiated away.Let's take a look at the impact that LLPA's have on conforming loans.*Based on a loan amount of $300,000 and a loan-to-value over... 07/29/2009

 Inflation and Interest Rates - What's Going On?   If you've seen the news lately, you know concerns about inflation are increasing. But what does it really mean to you?The fact is, inflation is a very serious issue, and it will likely be on the rise as 2009 proceeds...and along with it, home loan rates will rise too. To help you learn more about this important topic, I want to send you a link to a short video, featuring the nation's foremost mortgage industry expert. In this video, you'll learn how inflation impacts interest rates and what the outlook is for down the road.Because home loan rates will be on the rise, if you or any of your family, friends, neighbors or co-workers have been considering a purchase or refinance, now's the time to act.Please contact me today to discuss your... 07/28/2009

  Have you ever had your day end and wonder where it went? Have you ever been frustrated by how reactive you have been to "emergency" situations that significantly reduced your productivity?Many of us have experienced this to an excessive degree in our business practices. One of the greatest ways to eliminate the reactive state we find ourselves in is to practice the art of Time Blocking. Time Blocking is about scheduling your day with purpose, making sure the things you need to get done DO get done. This applies to work and personal activities. Remember, the more proactive you are with your day, the less reactive you will be.Dedicate yourself to the following exercise for 2 weeks. Each morning, start off by blocking your entire day in ½ hour increments. The result might look something... 07/27/2009

The Elements of a Credit Score A credit score is an extremely important financial tool. It provides access to the financing you need in order to buy a car, a home, or pay for college tuition, among other things. Since higher scores equate to lower costs and vice versa, it's vital to understand the factors involved in calculating your score. Here are the five elements that make up a credit score, in order of importance:Payment History: 35% impact. Paying debt on time has a positive impact. Late payments, judgments, and charge-offs have a negative impact. Delinquencies that have occurred in the last two years carry more weight than older items.When applying for a mortgage, every point in your credit score can make a big difference. So don't make any major financial or credit decisions - ... 07/22/2009

  Recent Federal legislation can impact your closing date. When completing your Purchase Agreement, even if you are prepared to move forward and close quickly, a more conservative timeframe of at least 30-45 days from the time of the contract acceptance would be a more realistic expectation at this time.Listed below is information on two pieces of legislation that stand to impact your closing date, and a few bullet points that explain the reasoning behind and effects of each measure.HVCC: Home Valuation Code of Conduct HVCC was designed to ensure that appraisals are conducted objectively and without pressure from parties with an interest in the transaction. Under HVCC: The appraisal and selection of the appraiser will be ordered by someone not directly involved in the origination of th... 07/21/2009

Are You Withholding Enough for This Year's Taxes?The Answer May Surprise You! Based on the "Making Work Pay" tax credit, employers now use new withholding tables to lower the amount of tax that is withheld from eligible workers' paychecks. That means, you're probably receiving more money in each paycheck-up to $400 more per year if you are single and up to $800 more if you file jointly. While this sounds like a benefit, you need to make sure you don't end up paying in at the end of the year because you aren't withholding enough due to this rule. What Should You Do?First...take note of when your company starts paying. The new withholding tables were structured to start in April. If your employer started that month, then your paychecks will likely equal the appropriate amounts by the end... 07/16/2009

It's no secret that many facets of lending and real estate have changed as a result of the credit crisis. In addition to tightened lending practices that resulted from rising mortgage delinquencies, Washington has been heavily involved in altering the way lenders do business today. Two individual pieces of legislation impacting our business need to be taken into account when determining closing dates for purchase transactions. Home Valuation Code of ConductThe Home Valuation Code of Conduct (HVCC) went into effect May 1, 2009. Intended to shield appraisers from undue influence from loan officers and lenders, this legislation installed a "firewall" between those individuals directly involved in the origination of the loan from the selection of and contact with appraisers. HVCC also requ... 07/15/2009

It's not just banks and lenders that rely on credit scores to help make important credit decisions. Landlords, employers, insurance companies, and even cell phone and other utility companies all reportedly utilize credit scores to help determine their business and credit relationships with consumers. This means that your credit is the most important component of your entire financial portfolio. Because of this, monitoring and managing your FICO score is vital, especially if you're looking to buy or refinance a home anytime in the near future.The FICO scoring system was created in the 1960s by Fair Isaac Corporation and has been the standard for lenders since the 1980s. FICO credit scores typically range between a low score of 300 and a high score of 850. Under the FICO system, securing... 07/15/2009

Before your next meeting with a prospective client or potential referral source, take a long look in the mirror and ask yourself, "If I was a prospect, would I want to do business with this person?"The image you create, and the way people perceive you, has a tremendous impact on your long-term success. What you say, how you dress, your level of preparation, and your enthusiasm all influence your potential customer's perception. The old adage is true, "You never get a second chance to make a first impression."Evaluate your image and ask yourself a few simple questions:When your client calls, how are they greeted? Is your receptionist both friendly and professional? Is your voicemail system prompt? Does your personal message portray your professionalism and exceed the caller's expectatio... 07/13/2009

Take Stock of Your Stuff...While You Can Imagine the nightmare of having your home damaged or destroyed. Then, to make matters worse, imagine trying to recreate and remember all of the contents of your home for insurance and replacement purposes. Many thousands of Americans find themselves in that situation every year. If it happens to you, will you be prepared? Taking the time to list all of the contents in your home can seem like a very daunting process. But the Insurance Information Institute has streamlined the process by allowing consumers to download a FREE copy of the "Know Your Stuff" software by visiting www.knowyourstuff.org. The software is very user friendly, only takes a few minutes to download, and all the information entered will be saved on your local hard drive. You ca... 07/09/2009

  When you refinance your existing mortgage, you are essentially paying off the existing mortgage debt and replacing it with a new loan. Many of the same costs are involved in refinancing a loan as are in first-time financing.To start with, the lender will need personal information to verify employment for you and your co-borrower (if there is one). They will also need information regarding all of your debts and assets, including your existing mortgage.In order to expedite the paperwork process, start gathering the following items: W2's from the last two years (For borrower and co-borrower, if you filed separately) If you are self-employed, bring signed copies of your last two year's tax returns, including all schedules that were filed, and a profit/loss statement or balance sheet for ... 07/08/2009

  Freedom is essential to the American way of life. Today we celebrate those who dared to declare our independence and ensure our right to pursue happiness and the American dream. We wish you a happy and safe Independence Day, and we're truly honored that you've chosen us for all of your mortgage needs. Feel free to call us any time.   Karl PeidlSenior Mortgage ConsultantSuperior Mortgage CorpPhone: (800)706-6671 x4349Fax: (609)294-4186kpeidl@supmort.comwww.karlpeidlsmc.com     Superior Home Mortgage Corp. licensed in DE, FL, GA: Georgia Residential Mortgage Licensee #14511, MD, MI, NY: Licensed Mortgage Banker - NY State Banking Department, NC, PA, SC, VA: Virginia State Corporation Commission License # MLB-566, & DC. Superior Mortgage Corp. licensed in CT, MA: Mortgage Lender License... 07/04/2009