LATEST NJ HOME MORTGAGE NEWS

04/21/06
Industry leader, Jeff Shapiro, President of Somerset Financial Mortgage was recently featured in the April/May issue of Real Estate Executive Magazine. Real Estate Executive is a business and lifestyle magazine, reaching professionals in the real estate industry. It is produced exclusively for industry leaders, including top-producing residential real estate executives, brokers, lending institutions, and mortgage and title companies.

11/07/08
Paul Quinn enjoys helping Somerset Financial's clients get the best program and rate for thier circumstance!! Paul has been with Somerset Financial since 2005, and is very active in the day to day operations at their office. He is definitely the person to speak with about commercial financing, as he is the on-site expert, and is just as versed in residential mortgages as well. Call with your scenario and let him figure out the best way to reach your goal!!

03/26/06
News By: Mortgage News Daily

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Articles

05/01/06 The Benefit from Refinancing Now

This article looks at five specific reasons to refinance but first things first I must just point out that the information contained in this article does not constitute personal advice and because your circumstances and financial position are as unique as you are, you should seek professional, regulated and specific advice before re-mortgaging to ensure that this is the best decision for you right now…

ONE - 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…which leads me neatly to my next point!

TWO - Many lenders are trying to attract your new business and will offer you attractive refinance rates now which will reduce the amount you’re already paying. If you can currently afford what you’re paying why not forego the reduction and instead continue paying the same amount with the new lender and pay back your mortgage quicker. The years or even months you can shave off the term of your loan are years or months without interest payments which are years or months you’ll be significantly wealthier.

THREE - If you’re not wholly comfortable with your current monthly repayments then ignore point 2 and look at refinancing with a cheaper lender and taking the discount.

FOUR - Make life simpler by considering a fixed rate mortgage so you don’t have to worry about interest rate fluctuations and can budget more effectively.

FIVE - If you have accrued equity on your property you could consider re-mortgaging up to the new value of your property and using the additional funds to buy an investment property from which you could either draw down a regular income in the form of rent or which you could use for capital appreciation purposes.

With this extra money you could consider buying an overseas investment property in a country with an emerging property sector which will initially cost you less, let you and your family have a holiday home and remove expensive annual holiday costs, you could also rent it out when you’re not using it to generate an income to afford to pay for the property and over the long term this property’s value could rise significantly. Later in life you might choose to retire to this property or sell it for a nice lump sum that you can take into retirement.

Examine your options carefully and remember to look at the bigger picture! If you can profit from a re-mortgage then take the deal, but get expert advice and assistance before entering into any investment decision.

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