Posts Tagged ‘Refinancing’

If you have not Refinanced yet, Why not? Do you need a personal Invitation?

If so, here it is……

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You are cordially invited to save hundreds of dollars off your monthly mortgage payment by refinancing your loan today. Dan Shlufman and Classic Mortgage hereby request the presence of your loan application at our processing center in Maywood, NJ. We would be thrilled to share this special time in history with you when we have the lowest interest rates on record.

The pleasure of your patronage is respectfully requested. Please RSVP to the contact information listed below at your earliest convenience. We want to make sure that we have funds put aside so that you can enjoy a lower monthly payment for 15, 20 or 30 years.

 

If you would like us to book a hotel or a flight which you can pay for with these savings, please let us know. Also, if you need cash to pay off high interest credit cards; for a home renovation; college or a business investment, you can do that too.

Contact me today and find out how you can save hundreds of dollars on your monthly payment by refinancing. You can also buy a new home with a great interest rate. As Eddie the pitchman from the 80’s might say, “act now, these Crazy rates won’t last forever!”

 

Warmly (or, maybe with this weekend’s weather, I should write “Hotly”),

 

Daniel M. Shlufman, Esq.

 

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BREAKING MORTGAGE NEWS-Rates to Plunge on Brexit!

Last night, the United Kingdom shocked the world by voting 52% to 48% to leave the European Union. Though their Prime Minister David Cameron campaigned hard against the withdrawal, the British people decided that it was in their best interest to do so. This vote is seen as an anti-immigrant one as the UK wants to limit access to its borders. As a result of the financial uncertainly this has caused, MORTGAGE RATES WILL BE PLUMMETING today and at least in the short term.

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So, what does this have to do with mortgages? Well, I am glad you asked! As the financial analysts and traders were blindsided by the result of the vote, the world stock markets are in turmoil. The British Pound is at a 30 year low v. the dollar and the Dow Jones is down 3% before the open. As a result, the yields on the 10 year US Treasury, which is one of the indexes that effects mortgage rates is down 22 points. That means that mortgage rates are going to open significantly lower today.

If you can act fast, there may be a unique opportunity to refinance and take advantage of what may be a significant “blip’ in the market. This could last for some time until the markets stabilize but there is no way to know. What I can predict with relative accuracy is that today, mortgage rates should be the lowest they have been for the year.

Contact me today and find out how you can save hundreds of dollars on your monthly payment by refinancing! Have a great weekend.

Regards,

Dan

Memorial Day, A Time to Remember Those Who Fought and Died to Protect our Freedom

This month, instead of writing about mortgages or real estate, I am going to write about the importance of Memorial Day. To avoid too much heaviness, I will end with some interesting facts! And, after Memorial Day, if you are looking for a house or have a high interest mortgage loan, please reach out to see how I can assist!

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Memorial Day is not all about barbeques and a long beach weekend. Though it has morphed into the unofficial start of summer, Memorial Day is really about honoring the men and women who died while serving in the United States military. Beginning with the Civil War, over 1,200,000 soldiers have died during wartime. We owe it to their memory to take some time out of our day next Monday to remember their sacrifices. As the famous quote says, “all gave some and some gave all.” In these divisive times with our unprecedented fractured populace, we need to remember what we have in common and not what drives us apart. For all the ideological differences that exist, we must never forget the freedoms we have or the lives that have been lost in pursuit of these freedoms.

Memorial Day was first observed after the Civil War as a response to the unprecedented carnage of the Civil War with over 620,000 casualties on both sides. It was originally known as Decoration Day when flowers, wreaths and flags were placed on the graves of soldiers. It has become an American holiday observed on the last day of May since 1971. Memorial Day is a federal holiday when all non-essential government offices are closed. In 2000, Congress established a National Moment of Remembrance where Americans pause for one minute at 3:00 PM in an act of national unity.

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Memorial Day Facts:

1. More than 36 million Americans will travel at least 50 miles from home on Memorial Day
2. It is a tradition to fly the American flag at half-mast from dawn until noon and then at full height for the rest of the day
3. Waterloo, New York is considered the birthplace of Memorial Day since it began its annual community service in 1866.
4. The tradition of wearing red poppies on Memorial Day originated from John McCrae’s 1915 poem In Flanders Fields.
5. In 1868, President Ulysses S. Grant presided over the first Memorial Day ceremony at Arlington National Cemetery (which was Robert E. Lee’s plantation prior to 1864)

Happy Memorial Day!

So You Want to Buy a House in 2015 (or Refinance)?

If you are looking at the mild, dry weather this winter and the low interest rates and thinking “We should look into buying a house this year,” then this is for you. Likewise, if you have an interest rate above 4.25%; want to change from a 30 year fixed to a 15 year; have PMI on your loan but an increased house value; have an FHA loan with PMI of 1.35%; or want to convert an ARM to a fixed, this is for you too.

But, in order to get a new loan, there are a few things that you should know.  Though some of them are “self-evident” and would appear to the untrained eye to be common sense, trust me that they are not. I would say “don’t try these at home” but, if you don’t try these you will likely not be able to buy or to refinance your home!  To get a loan you need 3 basic things: good credit, sufficient income/employment and assets.

Credit Items:  If you have a mortgage on your house, pay it on time EVERY month. Just one late payment in any year can disqualify you from getting a loan for 12 months. Similarly, if you carry credit card balances, at least pay the minimum payment when it is due.  Having a late payment on your credit card can drop your score by 20-50 points in the months following that late payment.  To keep your credit score highest, keep the credit card balances to less than 25% of the credit limits. MP900405592

Do not incur additional debt while you are in the loan process.  That means, no new “toys,” furniture, trips, cars etc.  As one client told me when his initial loan approval was subsequently declined for leasing a new car, “you didn’t tell me NOT to lease a car.” So, though I never told him “TO” lease a car, I am telling you now not to do this (or at least not to do it before you check with your lender first).

The credit reports you get from the consumer credit reports are not the same credit reports that lenders use. As a result, the credit scores are generally overstated (sometimes significantly). Do not rely on these when applying for a loan. Have a credit report run by a professional (i.e. as noted above, do not try this at home).

Finally, one of my favorites, do NOT co-sign a loan for anybody at any time (other than student loans for a child). Co-signing is the same as signing as far as the banks are concerned.  If the loan payments are made late, or worse, not at all, it will destroy your credit for a very long time.  As Nancy Reagan would advise “Just say No.”

If you have credit issues, address them up front so they can be explained and dealt with early on.  If they exist, they will come up.  Not only that, but when the tax liens and collection accounts appear, we are not going to believe that “this is the first you are hearing of this.”

I Quit My Job Income/Employment:  Do not change (or worse) quit your job during the loan process (And Yes this happens. And No, it is not an isolated incident). If possible maintain a stable work history in the same job preferably or at least within the same line of work for the two year’s prior to applying for a mortgage loan. While there, find out if your employer has a procedure in place for verifying employment.  A lot of large companies and government entities have an online procedure that requires a code from the employer.

When you are asked to provide all of the pages of your tax returns, do not just send the first two pages or the random pages you feel like sending. We need to see all schedules to determine if there are other properties owned, unreimbursed business expenses, etc. Yes, we know that the tax returns are long yet we still need ALL pages.

If you are self-employed, find out what your tax returns show.  Do not tell us when we inquire about your income, “I don’t know what he (i.e. accountant) puts down.”  I know a lot of accountants and generally (though I won’t swear for all of them), “he puts down” the income and expenses based on the results of your business and the documentation that you provide to him.

Assets:  Cash may be king in life, but not in mortgage lending. All assets that will be used in the purchase of a house need to be located at a financial institution and “seasoned” in the account for at least 2 months.

Writing a Check

If you are getting a gift for some of the downpayment it needs to be from a blood relative. And, the source of the relative’s assets needs to be provided via a copy of their account statement. We understand that your uncle does not want you to see his bank statement. But, by making a gift, those assets are now part of the loan file and they need to be verified like
any other assets.

As with the tax returns, ALL pages of your bank statements mean “All pages.” We are aware that the last few pages may be blank, or contain printed text or have copies of your checks. But, we need these too. While we are at it, do not move money between your accounts without telling us first and unless absolutely needed for the downpayment or closing costs. Otherwise, we will need many more statements and possibly explanations. This applies especially to any large deposits that are made into your account during the two month’s prior to applying for a mortgage loan.

You are now ready to apply for a loan. If you follow the suggestions above, you will avoid 80-90% of the issues that arise during the loan process. Good luck.

Dan