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interest-rates-headlineIf you haven’t noticed, mortgage rates are at a new low. But does that mean our economy is at a new low or is it on the rise?  Probably both, I really don’t know.

It kind of sucks because people have been hearing “record low interest rates” or “lowest rates in 30 years” for a while now but those are only sales terms.. They finally have a new connotation. Rates really are at a new low which explains why mortgage applications have shot up to a record 5 year high.. thats back in 2003. 80% of that rise in applications are Refinances. Rates have dropped because of The Federal Reserves pledge of billions of dollars just one month ago.

For people with REALLY poor credit… example.. you haven’t paid your mortgage/bills in over 3 months. Anything over 600 credit score is kosher for a new interest rate around 5.18% … This is real.. 5.18% is very low. The lowest Freddie mac has recorded since 1971.

But say you have ok credit.. and you have some equity in your house. The 30 year fixed rate is at 5.18%.. cheap money right? You can pick up a 15 year extension on your mortgage, Cash out with a rate of 4.92%..

Even 5 year Adjustable rates are low.. around 5.49%

I would say all of these low rates is going to be the stick of dynamite needed to break up the clogged log fluke and bring home sales back up from the free fall it was in.  It might be able to stir up our economy too with all the homeowners cashing out.

So if your in New Jersey and you are wondering what to do because you’re short on money and you just spent a good portion of your reserves on christmas presents, give us a call. See what we can do for you over at Ford Financial!



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!!

Amongst the spectrum of people in real estate, there are investors. They look for good deals, try to flip  the house, and sell it for a profit. Right now with Indymac bank going under and releasing 3,800 of its 7,200 employees and completely stopping it’s lending to investors (see article in Wall Street Journal) It is getting harder for everyone INCLUDING investors to get a mortgage.

The thing with investors is that most of their income comes from flipping houses. They really need those stated income – verified asset kind of loans and they are dissappearing. Luckily there are a few good people out there mostly who specialize in loans for investors. They are not the most lucrative, with high closing costs but they are still getting the job done.

Isn’t that what it ALL really comes down to? And, no, I am not referring to the people we work with as “tools”. Most mortgage brokers get the same rates and the same average loan programs. In todays industry when you have more resources than the next mortgage broker the chances of getting that hard loan closed or getting the best rate is much much more likely. Especially when dealing in hard times like this your going to want a mortgage broker who has more options for you.. BETTER OPTIONS.

There are a lot of brokers out there scrambling around to get their FHA license. Guess what?! We’ve had our license alllll along.. Why? because we want that tool in our tool box just in case we need it..

Call us today to find out what tools we can offer you to build a better life!!

Some of you will notice the two new links on the left hand side of this page. These are links to government sponsored programs. Both are very similar in that they both are involved with down payment assistance. With these two programs you can buy a house with no money down. So when you hear everyone say NO MONEY DOWN, this is what they’re talking about.

How does it work?

Being that they are non-profit organizations they basically take a check written by the seller, the organizations then process that check and write a new check as a “gift” or “grant” for the down payment which the seller is returned in the end.

There were some problems with this earlier on in the year between the government and them regarding whether or not they really are a non for profit organization.

Either way they are still providing homes with no money down through FHA backed mortgages. Being FHA experts in this field if you are looking to buy a home for no money down it most definitely is possible!!

FSBO = For Sale By Owner.

In todays world everyone has the idea that if they can list their homes on or or they can pull it off  and sell their home themselves and save some serious bucks in the process.

What it comes down to is in the real estate market today you need the assistance of a professional.

You could either put up your white flag and list your home with a realtor.


Find out how we are using our expertise in mortgage financing to  give you the same tools real estate agents are using to sell their own listings.

What we get out of it is the business of your prospecting buyers. We thrive off of bringing buyers to your doorstep, after that, we get the financing paperwork done and your house is just that much closer to being sold.

It seems like everyone is listing their homes for sale by owner… so If you want a leg up in getting your home sold quicker than your rivals Mr. and Mrs. Yarlsdale across the street, give us a call today.

Do you know anyone that is a “Good Neighbor”?

With FHA government loans a firefighter, EMT, Teacher, Police Officer or hospital worker can qualify to buy a house at HALF PRICE.

Half Price means 50%, 1/2, .50.. whatever you want to call it.

Say a house is bidding at 100,000.. a “good neighbor” could bid 50,001 and WIN THE BID!!!!

The program is called the “Good Neighbor” program and is focused on giving back to the people that give so much of their time to the communities they live in.

This is big stuff. If you are interested at all about this shoot us an email ASAP.

After some time well spent, we can proudly say that we are FHA GURU’s. Sooo lets begin..

What is FHA?

The Federal Housing Administration. Although you probably are hearing more and more about FHA government loans it is NOT some new program. It has only been since the mortgage meltdown that FHA loan programs have risen to the top and are helping LOTS of people!!

Why FHA?

FHA doesn’t provide the money, they just provide the insurance on the money. Because of the declining housing market and increasing foreclosures/defaulting loans, mortagage insurance companies are becoming more and more strict about whose loans they insure and it’s coming back to bite YOU, the consumer, in the behind. FHA is the governments way of “coming to the rescue”.

Can you benefit from FHA?

Yes. There is a VERY VERY high possibility that a FHA government issued loan/refinance can help you get out of financial troubles.

Ford Financial as a mortgage company is adapting to these current changes. Now-a-days you have to put up your left leg and first born to the big bankers to get a decent interest rate on a loan. We know the “In’s and out’s” of the FHA loan programs.

The next few blogs will be all information about FHA so come back and learn a little will ya?

Realize how YOU can benefit.

So since being home from college Me and Sharon Ford(my mother) had been thinking about putting together a seminar Specifically a seminar for 3 types of people…

1. People with High Debt

2. People interested in a special government loan
(like the stimulus package?.. you’ll love this)

3. ANYONE.. bring your friends, your family, a person you met on the street this morning on your way to work after you had your bagel an orange juice..

So I can’t actually recommend bringing a stranger off the street, but they would probably learn a lot if ya did!

Call us for details or check back here for more updates.

OK… so let me introduce myself. My name is Eric Byrd and am part owner in my mother’s mortgage business. Yes, yes.. I know we have different last names.. Byrd Financial just doesn’t seem to have the same “ring” to it.

I’m a full time student here at Quinnipiac getting my bachelor’s. Theres not much I can do during the school year.. BUT I do intend to blog on here as much as possible adding anything I can. I plan to add a section with different articles of the wall street journal that is specific to the mortgage industry right now. I also plan to add some lessons I am taking away from my classes to share with you all.

I look forward to getting more involved with this, so should you!