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600px-us-federalreservesystem-seal1With the Implosion of the mortgage market. Unfortunately we had to slow up and focus more attention on other areas of the business EXCLUDING this blog!! Wellll on that note things have picked up a bit and rates are at a CRAZY low. NOW is the oppurtunity for everyone to refinance. The Fed (short for federal reserve.. aka the people that print off our money)  cut mortgage rates because of the poor state of our economy.

What happens is the federal reserve lends money that they print off and charge an interest rate to banks. The banks then charge an interest rate on that money to us, the consumer. The “prime” rate is the rate directly influenced by the federal reserve and is usually 3 percentage points higher.  The fed rate is down to about .25% which translates a prime rate of about 3.25%. This is extremely low causing mortgage rates to drop to the low 5 percentage, even as low as 4.75%.

Call us to talk about how low we can get your current rate. This is cheap money. The only tough part is that the credit crunch is still effecting many and shaky credit may not get the same low rates.

here is a relative article

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Loans, Buy Down Mortgage, Save money, Money, Mortgage

Loans, Buy Down Mortgage, Save money, Money, Mortgage


I found a great resource for people looking for ways to save tons of money on accumilating interest.
Its called “How to knock 9 years off your mortgage.”

I feel that mortgage brokers should be the “good guys” when it comes to owning a home. When a lot of money is moved around in real estate there is definitely room for greed’s nasty face to show up. If banks had it their way they would be constantly lending money to you and gaining tons of interest on that money. It’s what they’re good at. Although its not all that bad. If you know how to make it work to your advantage! Do your homework. Study how a mortgage can work for you. And if youre reading this, you are moving in the right direction.

The reason why we should be the good guys is that we’ve already done the homework, we know the material. We should be guiding clients in the best possible direction just as a financial planner would. We should be earning our comission through good sound advice and life long/Mortgage long guidance. We SHOULDN’T be putting people into loans we know they can barely make it by. Why let the public suffer with a sub par quality of life paying tons of money towards a mortgage they cant afford? But thats what was happening for a while.. knowlegeable mortgage brokers letting their loan officers solicit without the clients best interest in mind. Greed played a big part in the mortgage meltdown. I’m hoping to help turn it around one loan at a time.

*UPDATE* I am a finishing up my degree and classes had just started a week ago. There is a lot of transformations going on and I would like to apologize to the readers of this blog for not posting regularly like I should. There has been a few changes.

The Down Payment Assistance programs are most likely going to be non existant by october 1st of this year. This is very close. It will be one of the Bush administration’s final blow to the mortgage industry. Although I understand the reasoning behind its dismantlement, the down payment assistance program helps alot of renters that don’t want to throw their money out the window with monthly payments to their landlords. It will be devistating to many.

*Exciting News* – Ford Financial is now one of 3 institutions helping with a 220 apartment units transition into condominiums. This is great for us because the other two banks have a limit credit score or they can’t do the conversion. I know we will help alot of people stay in their homes.

If you have any questions about your current mortgage, credit repair, or getting a mortgage please contact us today!

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.

I am going to be posting a series of articles to fully let you, the consumer/client, know everything there is to know about going with an FHA insured loan.

Most of you know about the “mortgage meltdown” with alot of subprime lenders going under, now FHA loans are making a strong comeback as a useful alternative for first-time home buyers. FHA is also great for home buyers with less than perfect credit. If you are a first-time home buyer or have bought a home before and have less than perfect credit you have come to the right place. We consider ourselves FHA specialists and many colleagues have told us we were way ahead of the curve when it came to the mortgage, while everyone else was scrambling to just become licensed in FHA loans. NOW to find out if this is a good option for you all you have to do is answer a few questions.

Because it’s an FHA loan, lenders will offer you lower, more affordable rates. This is possible because the FHA insures lenders, so they have less risk by taking you on as a borrower.

Want to learn more? Check back every couple of days, we’ll eventually post up the full guide. And if you’re in the mortgage industry, contact us for the Informative powerpoint for mortgage professionals.

As always, for a personalized analysis, connect with one of our specialists online
Or give us a call 908-625-4982

So many of you have probably realized that our website is still “under construction”. We are in the process of transfering Website hosting companies, and the transfer will not take place untill the 29th of july. Another 5 pain-staking days! Well in the meantime feel free to browse our blog for information about mortgage services we offer (like no money down loans) in the great state of New Jersey! Hopefully everyone’s summer is a breeze so far! — Also you can still visit our other website that were are in the process of transfering

With the current domain name you will be able to use a varitey mortgage calculators at your convenience, create your very own login account so when you apply with us you can check the status of your loan while taking little time out of your day. Even check out the loan application checklist so you know you have everything you need, So go ahead and check out the SOON TO BE.. Ford-Financial.com

Not many people know about this topic. But it is definitely a rising discussion. We just started a credit restortion LLC called FORD CREDIT RESTORATION LLC. We are marketing services for credit repair for people struggling getting a decent interest rate or people even struggling to get a loan at all.

What we can help with

Lower interest rates for
-Auto loans
-Mortgages
Lower Insurance premiums
Lower credit card rates
Remove debt
Stop the creditor harrasment
Get a will
Get a living trust
Boosted credit score

Check out our Credit Repair Blog

or visit our Credit Restoration Site