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Market Update from Our CEO- 01.04.17

 

Daily Quote: A new year is like a blank book.  The pen is in your hands.  It is your chance to write a beautiful story for yourself. Happy New Year!!!
 
What Exactly Is A “New Year”?
 

What really makes a year “new”?  Is it something as arbitrary as the changing of a calendar or the fact that we’ve once again completed a full orbit around the sun?  Or is a new year defined by some change which makes the future differ from the recent past regardless of the date it occurs?
 
If you ask me the new year really began on November 9th 2016.  That’s the day everyone woke up

4 Ways to Save Your Down Payment Faster

 

By Jordann Brown for RateHub.ca

When I set out to save a down payment for my home in March 2015, I decided to save $40,000. I had originally planned for this process to take three to five years. But due to luck and perseverance, I was able to cut that time in half and managed to become a homeowner in just 15 months.

Saving for a down payment wasn’t easy. I used several met

What The "APR" Is

 

The "APR," or "annual percentage rate" is one factor you'll want to consider when you're evaluating different loan products. But when you're comparing APRs, make sure you're comparing apples to apples. 

Because you'll be looking at two basic kinds of loans:

  • Fixed-rate loans, where your payment stays the same for the entire life of the loan.
  • Adjustable-rate mortgages

The Advantages of Seller-Paid Points

 

Say you’re interested in buying a home listed for $300,000, where the seller is willing to settle for a bottom line of $291,000.

You could ask the seller to knock $9,000 off the list price. But in that scenario, you might be better off asking the seller to instead contribute $9,000 toward your closing costs in the form of “seller-paid points” that reduce the interest rate on your mortgage.

The seller would still get the same amount of money. But the latter scenario has some

The Larger Role of the Mortgage Lender

 

A responsible lender won’t treat the mortgage purchase as a simple money-in-exchange-for-goods-or-services transaction, but rather play an active role in the entire mortgage planning process.

That means serving as an advocate who helps you understand the impact of the mortgage on your overall finances, evaluate the various options, and decide what course of action is best for you.

Things You Should Consider When Looking At Mortgages Or Homes

 

When you’re thinking about taking on a mortgage and buying a home, you should consider the decision in light of your overall financial situation.

Buying a home is usually a better financial strategy than renting because of the equity that homeownership gives you. But it requires more money upfront, and represents a long-term commitment. 

So when you’re selecting a mortgage, you want to consider the overall price range of the home, the down payment and the monthly payment.

And you need to evaluate those factors along with any major expenses you anticipate for the future. Those expenses can include college payments for your children, caring for elderly parents, or your own retirement.

There’s a lot to consider, which is why it’s a good idea to consult with a mortgage professional to evaluate your situation and weigh you

Fixed Rate or Adjustable Rate Mortgage? Questions to Consider

 

One of the questions to consider when you’re buying a home is whether you want a fixed rate or adjustable rate mortgage (ARM). 

With a fixed rate mortgage, your payment remains the same for the duration of the loan. 

An ARM stays fixed for an initial period of time — three, five or seven years.  Then it fluctuates based on market interest rates. The "caps" on your loan will indicate how much the mortgage rate can change after the initial fixed period. 

A Comparison Between 15-Year and 30-Year Mortgages

 

If you’re considering a fixed rate loan, one of the questions to consider is whether you want the term to be 15 years or 30 years.

On its surface, the 30-year mortgage looks more attractive to many borrowers because the monthly payments are smaller. But the lower interest rates for a 15-year mortgage means you would actually end up paying considerably less over the life of the loan than you would for a 30-year mortgage.

A big consideration when you’re weighing the relative advantages of the two options is what you intend to do with the extra money from the 30-year mortgage&rsq

Mortgage Interest Isn't Always Tax Deductible

 

 

A lot of people think that mortgage interest is always tax deductible, but that isn’t true.

In order to be tax deductible, the mortgage interest has to be attached to a “qualified residence,” which usually refers to one of two types of homes — a primary residence or a vacation home.

And the amount of deductible interest depends on whether the mortgage is classified as “acquisition indebtedness” or “home equity indebtedness.” 

The “acquisi

Don't Get Outbid On That Home!

 

So you've finally found the perfect house, but you're not the only one!  When other potential buyers are bidding for the same home, you'll want every advantage you can get.  Here are some tips to help you make sure the house you close on is the same one you've got your heart set on:

1. Understand the seller's needs 

Are there any contingencies you can waive to make your offer more appealing?  Can you provide a rent-back agreement to a seller who will need to stay in the home for a short while after closing?  Find out as much as you can about the sel

Understanding Your Home Appraisal

 

 

The appraisal is an important part of determining the loan amount. Mortgage guidelines require the lender to base the loan amount on whichever is less — the purchase price or the appraised value.

There are no true objective standards when it comes to determining what a home’s appraised value should be. Ultimately, it’s an estimate based on an appraiser’s opinion of that value. But professional appraisers aren’t simply guessing. They do have criteria for arriving at their estimates.

First of all, they compare your home with similar homes that

Credit Scores Explained

 

Your credit score has a big impact on your personal finances, with a good score translating into a better rate on everything from home mortgages to auto loans to credit cards. So how do credit scores work?

Your credit score can range from 350 to 850. The higher, the better. The five factors that determine that score, and the percent to which they count towards your score, are as follows.

Payment history: 35%

This is your record of making payments on time and in full. Timely mortga

Important Points About Good Faith Estimates

 

Page 2 of the Good Faith Estimate itemizes all of the loan’s closing costs. Here are some things you should keep in mind as you fill it out. 

Block A:

This is the section dealing with the fees that your mortgage lender, mortgage broker, bank or credit union charges. You can usually negotiate here. Maybe you can pay less in the way of fees in exchange for a higher mortgage interest rate, or pay more fees for a lower rate. It depends on the lender and loan program. But the fact that you have that control makes this an important part of the itemization.

Toys For Tots Campaign Helps Area Children

 

AnnieMac Home Mortgage chipped in to make the holidays special for some area kids during the Culture Committee’s 6th Annual Toys for Tots Campaign.

According to Kathleen Dixon, AnnieMac employees contributed 70 toys in the bins placed around the offices from Nov. 9 to Dec. 9 — everything from Star Wars action figures, to toy cars and trucks, to dolls, to educational toys.

The national Toys for Tots program, run by the United States Marine Corps Reserve, collects new, unwrapped toys, which are distributed to children in the community whose parents cannot afford

Single Women Homebuyers Resurface in Real Estate

 

 

From RIS Media

First-time and single women homebuyers have resurfaced in the real estate market, contributing to a significant share of transactions in a year marked by full-steam-ahead sales, according to the National Association of REALTORS® (NAR) 2016 Profile of Home Buyers and Sellers survey. First-time homebuyer sales rose to a share of 35 percent, the survey found; single women homebuyer sales rose to 17 percent.

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AnnieMac Home Mortgage

The Mortgage Company

Jeff Coon

Phone: (732) 378-6104

1800 Rt 34

Wall NJ 07719