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Hello everyone! We are in the process of creating a fully functional website. This is taking a while because we are looking into several different website services. We want the best serviced website to match the service we give to each and every client. This is the site that we have up right now. We hope we will be making the mortgage process a painless procedure. You can apply online, fax all the documents you need, log in to our site and get updates about where you stand in the loan process. Also, by doing this maybe we can save some trees!

I suggest you check it out. Especially if your in the market right now looking for a top notch mortgage professional to finance your dreams.

We always love when visitors come by. If your in the Somerville, New Jersey area don’t be afraid to walk in and see what Ford Financial is up to!

Our Address is 14 E. Main Street

                        Somerville, NJ 08876

Right across from the Court House and next to the Courthouse Deli!!

You’ve worked hard to own your home. If you are 62 years or older or know someone that is 62 years and older that would benefit you or someone you know could be converting some of your home’s equity into tax-free income. Whether you use that money to pay bills, cover taxes, or finally buy that vacation home, youll have a newly found peace of mind.

I know reverse mortgages may SEEM confusing. But really it’s a pretty simple process. Let me show you.

Basically the name explains it. Instead of paying off the mortgage when you first buy a house, the bank pays YOU an equivalent of that same mortgage payment every month. But just like with a regular mortgage you have choices.. (By the way the money you or someone you know will receive is Tax-Free.)

               Choice A – Lump sum – Make funds availabel immediately

               Choice B – line of credit – Makes funds available upon request – If not touched it will GROW

               Choice C – Monthly installments – Fixed installments based on requirements

               Choice D – Line of credit + Monthly installments (My personal favorite) – Receive a monthly payment while having the line of credit growing there for any emergencies.

So who is elgible?

Anyone 62 years or older and occupies the residence atleast 6 months out of the year. The home must be owned free and clear or have a small remaining balance that can be paid with the reverse mortgage.

NO INCOME, EMPLOYMENT, OR CREDIT REQUIRMENTS NEEDED

Why would this benefit anyone?

The reverse mortgage customer retains ownership and lives in their home

Cash advances can be used for any purpose.

Loan proceeds are not considered income and will not affect social security or medicare benefits.

What types of interest rate options are there?

The reverse mortgage is a variable-rate loan linked to the one year U.S. Treasury Security Rate which does not change very often. Any adjustment to the rate has no effect on the number of loan advances a customer can receive, but causes the loan balance to grow at a faster/slower rate.

Typically, there is no out of pocket expenses.

How is the reverse mortgage repaid?

It can be repaid at any time. You can get a reverse mortgage, sell your home a year later, and receive the balance of the equity. There is no requirement that the house be sold, just that the loan is repaid.

Hopefully that answered alot of questions out there.. If theres anything that didn’t fully absorb, Give us a call any time! Check out our Contact page

As some of you know the Down Payment Assistance programs offered by FHA were on the verge of being shut down. Something like 30% of all FHA government loans were done with downpayment assistance programs. The two most popular non-for-profit’s, Nehemia and Ameridream, were in question of whether or not they actually were non-for-profits and if they deserved to stay afloat.

Well i’ll just copy and paste the email I recieved the other day…

August 1, 2008 Last night, Congress introduced bipartisan legislation, H.R. 6694 <https://www.ameridream.org/Documents/Congress/HR6694.pdf>  that would reauthorize and reform charitable downpayment assistance. This bill would remedy a harmful provision in the new housing law which limits homeownership opportunities for low and middle-income Americans. The legislation, sponsored by U.S. Reps. Al Green (D-TX), Gary Miller (R-CA), Maxine Waters (D-CA), and Christopher Shays (R-CT) reauthorizes and reforms charitable downpayment assistance funded in part by sellers, which has helped over one million families and individuals become homeowners since 1999. The program was eliminated by legislation signed by President Bush on July 30, 2008. The Green-Miller-Waters-Shays plan would re-authorize and reform non-profit downpayment assistance and secure it as an allowable source for FHA borrowers. The bill seeks to ensure that providers of the downpayment assistance operate in a transparent manner to guard against conflicts of interest. The bill also includes language to ensure that FHA maintains its financial stability by permanently authorizing the Secretary to assess higher premiums to higher risk borrowers. It is important that you contact your elected officials in Congress and tell them that you support downpayment assistance and urge them to support H. R. 6694. To reach your elected officials, please call the US Capitol Switchboard at 202.224.3121. To learn how you can support it, visit http://www.supporthomeownership.com <http://takeaction.supporthomeownership.com/ahaa/issues/alert/?alertid=11521436> . AmeriDream continues to be your trusted advisor, bringing timely and accurate information when you need it most. Thank you for your continued support and confidence.  

We at Ford Financial pledge to always give you the real deal, up to date information about your home mortgage and the benefits/downfalls that come with it. Contact us today if you have any questions!!

When it comes to Ditech, you’ve got a big name your dealing with. I’m sure everyone’s seen the commercials offering low rates. What I don’t understand is how they can run an ad with a set rate when rates can change HOURLY. Must be all that fine print. Ever read all that fine print? There are alot of fee’s involved in that fine print that your local mortgage broker (Ford Financial) won’t ever charge you. Like a “Lock in Fee”. They actually charge you money to lock in an interest rate.

..Like you even know when the best time to lock in a rate is?

That’s not meant as an insult in anyway, one of the advantages you get with us is the expertise of when to lock in the rate. Usually, our clients say. “ok I trust you just lock me in whenever you feel it will be the lowest”. This could mean saving you a hundred bucks every single month because you went with a knowlegable loan officer rather than a profit machine. So Whatever you do, if you dont use us here at ford financial, just please dont use Ditech.

Disclaimer – Ditech is probably an upstanding mortgage company that will finance/refinance your home. What it comes down to is EVERYONE offers the same low rates, Ditech is no lower than our rates, the difference is the knowledge our loan officers have in getting you the perfect loan while giving you the perfect service. So, go ahead and give us a look, you’ll be glad you did.

Purchasing your first home can be a daunting task for many first time homebuyers. Many individuals do not have the best credit and finding a home loan that wont kill your paycheck can be a hard task. Others are concerned about the up front costs that come with purchasing a home including money down, closing costs, taxes, etc.

FHA is a solution to many of these questions and doubts.

Today’s FHA terms are pretty straightforward. In fact, in many markets the rates and terms are better than those for conventional 80% / 20% down payment loans.

There is little or no adjustment to the interest rate for an FHA loan, as the rates vary within .125 percent of a conventional loan. (like stated earlier right now are lower due to market conditions)

Normal subprime lenders have employed much higher interest rates in order to compensate for the increased risk of the loan. Because FHA loans are guaranteed, there is substantially less risk for the lender and therefore interest rates are lower

Mortgage insurance is funded into the loan, meaning a premium of 1.5% is added to the loan balance instead of being paid out-of-pocket. In addition, a small portion for the mortgage insurance premium is added to the monthly payment, but it is far less than private mortgage insurance premiums.
Borrowers can finance 97% of the purchase price and put down 3 percent. In some instances, when using the down payment assistance programs that supplement FHA, the down payment can be zero.
Allowable debt ratios are higher than the debt-ratio limits imposed for conventional loans.

Stop renting today and purchase your first new home. Why pay for someone else to build equity when you can jump on lower FHA loan rates and build your own wealth? Don’t be intimidated by the thoughts of upfront costs and take that first step to purchasing your first home. It may not be a brand new house but it’s always nice to have a roof over your head that you can say belongs to you.