LATEST NJ HOME MORTGAGE NEWS

05/10/06
Somerset Financial, Inc. has built a strong reputation as an outstanding mortgage brokerage firm serving the lending needs of real estate professionals, builders and individual homebuyers.

We're a full service mortgage broker with an experienced staff offering expertise in every area of mortgage lending...from purchase to refinance to construction lending. We have access to a full range of mortgage sources and all of our lending specialists are dedicated to finding the right loan - with the best rates, terms and costs - to meet our clients' unique needs. But that's just the beginning of our service. Throughout the lending process we provide regular loan updates and progress reports so clients always know the status of their loan. We also offer a special Mortgage Manager service for those considering refinancing their mortgage.

And, now it's our pleasure to offer all of our exceptional mortgage services online. Through Somerset Financial, Inc. you not only have access to the best loans available in the marketplace, but you can review loan alternatives, and even apply for your loan, at your convenience, online - 24 hours a day.

05/08/06
Home sales should generally level-out and remain at historically high levels, according to the National Association of Realtors®. David Lereah, NAR’s chief economist, said mortgage interest rates are trending up but will remain favorable. “Economic growth and job creation are providing a favorable backdrop for the housing market, but rising interest rates have an offsetting effect,” Lereah said. “Home sales will move up and down somewhat over the remainder of the year but stay at a high plateau, meaning this will be the third strongest year on record.” He expects the 30-year fixed-rate mortgage to rise to 6.9 percent by the end of the year.

Growth in the U.S. gross domestic product is forecast at 3.7 percent in 2006, while the unemployment rate should average 4.8 percent.

Existing-home sales are projected to drop 6.0 percent to 6.65 million this year from a record 7.08 million in 2005. New-home sales are likely fall 10.9 percent to 1.14 million from the record 1.28 million last year – both sectors would see the third best year following 2005 and 2004. Housing starts are forecast at 2.00 million in 2006, which is 3.2 percent below the 2.07 million in total starts last year.

NAR President Thomas M. Stevens from Vienna, Va., said home prices are expected to cool, but not as much as in earlier projections. “Although housing inventories have been improving, the balance is still a bit more favorable for sellers and annual appreciation remains in double-digit territory,” said Stevens, senior vice president of NRT Inc. “Even so, the market is in a process of normalization – appreciation will return to normal single-digit patterns, providing solid investment returns into the future.”

The national median existing-home price for all housing types is likely to increase 6.4 percent this year to $221,700, while the median new-home price is expected to rise 2.3 percent to $242,700.

Inflation as measured by the Consumer Price Index is seen at 3.4 percent in 2006. Inflation-adjusted disposable personal income should grow 3.8 percent this year.

05/01/06
If your mortgage introductory or fixed rate period is about to expire you can save substantial money over the period of your loan if you re-mortgage. You avoid having to start paying your mortgage lender’s variable rate of interest which is highly likely to begin at least one percentage point above that which you have already been paying and which could increase your monthly outgoings significantly. Over the lifetime of your loan just a one percent increase will result in you paying back thousands in extra interest payments – money you could save towards retirement, put in a fund for your kid’s college education or use to actually pay off your mortgage faster.

We are so confident that we can help you, that if you are not happy with the mortgage we get for you, we will gladly put you into another mortgage for free. IN addition, if we promise you a rate when you speak with us, and we do not get you the rate we promise, we will pay you $1000. No strings attached.

With over 20 years of experience, and files of repeat customers, we are sure you will be happy working with us. Somerset Financial Mortgage has the right plan for you. We can help you onto the path of financial freedom and give you peace of mind.

Call or Contact Somerset Financial Today!

04/22/06
At Somerset Financial Mortgage we strive to make our customers happy! We always have their best interest in mind. Whether you are a new home buyer or an established real estate investor we have a program for you.

100% Financing

For qualified buyers. If we put you into a loan that you are not happy with, we would be happy to move you into another vehicle...for free.

Less Than Perfect Credit is OK

0 Point Loans do exist, and we have them available to qualifying customers.

Cash Out Refinancing to 100%

Vacation Home Financing to 100%

Investor Purchases to 100%

MORTGAGE NEWSLETTER SUBSCRIBE

Articles

05/01/06 The Benefit from Refinancing Now

Five reasons why you could benefit from refinancing and how that ‘benefit’ can be turned into a real profit for your future. At certain times and in certain circumstances it actually makes more sense for someone to re-mortgage than to stay with their current lender and ride the waves of ever changing interest rates. read more...

03/24/06 Calculating A Mortgage

A mortgage calculator is a pretty interesting tool. It is used on the websites of many lenders to show what the various options are in the loan products that they can offer. The hope is that an individual will come to the website, punch in the numbers to the loans they would like to have and see how much of a home they can afford to pay for each month. But, this little tool can do many more things for you as well. In home buying, you need every advantage that you can get to get the best interest rates, the best terms and the most highly affordable home loan that you can get. read more...

03/22/06 Common Mortgage Broker Myths

It does not cost more to use a mortgage broker

Mortgage Brokers provide extremely important service in the field of finance, including the loan origination, working face to face with the borrower, pre-qualifying the loan, verifying the credit and property aspects of the loan and making sure that you, the borrower, are protected in all areas of the loan.

The mortgage broker is committed to customer satisfaction

We know that for us, one of the most important considerations with any loan is simply to stay in constant contact with the borrower. We also know the importance of getting the job done in a timely manner.

We pride ourselves in the number of referrals sent to us by satisfied borrowers and we are committed to earning the respect and confidence of every single client. read more...

03/20/06 Everyone Loves A Victorian House

Everybody loves a Victorian-era house. It's hard not to be charmed by such a big and boisterous creation, and to be sure, Victorians had many good qualities. Spaciousness was certainly one. Another was the almost incredible amount of effort lavished on their famously ornate detailing. And there's always something appealing in a building that expresses such confidence in its own time.

Yet often overlooked in the haze of nostalgia is the reason why Victorian architecture plummeted from favor toward the end of the 19th century, and why it was held in contempt for another six decades thereafter. And lurking in that story is a lesson that's even more applicable to the new homes of our own time. read more...

03/20/06 Refinance or Not to Refinance

With rates still holding steady many home owners are rethinking the possibility of saving hundreds per month when refinancing. But should you refinance? To answer this question we will first need to define the financial term home loan refinancing.

Home Refinancing Defined: The process of the same borrower paying off one loan with the proceeds from another loan. The repayment of a loan with funds from a new loan secured by the same property as the first loan. The new loan may be from the same or a different lending institution. read more...

03/02/06 IT DOES NOT COST MORE TO USE A MORTGAGE BROKER

Mortgage Brokers provide an extremely important service in the field of finance, including the loan origination, working face to face with the borrower, pre-qualifying the loan, verifying the credit and property aspects of the loan and making sure that you, the borrower, are protected in all areas of the loan.

The Mortgage Broker then presents the loan to the Mortgage Lender for funding. For providing this valuable service, the Investor gives the Mortgage Broker a wholesale cost. This makes it possible for you, the borrower, to obtain the most competitive rate available.

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