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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!

MERRY CHRISTMAS, HAPPY HANNUKAH, And A GREAT KWANZA

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There is a Woman were dealing with right now and she filed for bankruptcy about 7 months ago. Most people wouldnt think they could get a mortgage after a chapter 13 medical bankruptcy, but we are getting it done here at Ford Financial. Thats what makes us REALLY different, Sharon has the connections to get things done whether you are a perfect borrower and are looking for a traditional 30 year fixed rate mortgage or not so perfect and are still looking for a loan. 

So what does someone like this need to know?

You dont need to wait 4 years, 3 years, or even 2 years from the date you filed for bankruptcy. All you need to do is wait 1 year, pay all of your bills on time, and write up a really heart felt explanation letter about why you filed, and the circumstances life threw at you. If your self employed  you need to also show letters that you still have that client base that you had before the bankruptcy and business is still strong.

ALSO it doesnt hurt to have some credit repair done.. We now also have a new LLC called Ford Credit Restoration which I will most likely post about in the near future. Its amazing what theyre doing with credit repair today.

We love working with realtors. Education is the name of the game, and a well educated realtor will help when pricing a home, it also takes a knowledgeable realtor to put a buyer into the right home. We’ve been working with Millennium 21 Realty since we both started our own companies. They are great people and I’ve got to say Jim Finkel (owner of Millennium 21) is one of the best. They specialize in Foreclosures that they are able to sell well below market value and they are currently looking for buyers!

If you need anything from them whether its a simple phone call for advice to something big like buying your first home.. Go ahead and give Jim a call, but dont forget to tell them Sharon Ford sent you!

Also check out their website on my Blogroll

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!!