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%

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