FHA and Investor Specialist

New York Jumbo Mortgage Rates

Michael Byrne (Chase Home Loans) — Wed, 28 Jul 2010 21:43:23 -0400

New York Jumbo Mortgage Rates have dipped recently, particularly with my Company. 30 Year Fixed Rates have dipped to around 5% (5.04% APR) and adjustable mortgage rates even lower on purchase money loans. Contact me or call 908 531 6170 for a direct quote for your particular needs. In the 5 boroughs and the surrounding area, we also offer Jumbo Mortgage Rates for Co-Op loans and Condo loans as well. The easing of the secondary market has been a long time coming. Much of New York "conforming jumbo" loans up to the national high cost maximum of $729,750, according to this link on the HUD website.

The good news is that while we offer great pricing on conforming jumbo mortgages, there are great programs still available for those who either have a loan amount over $729,750 below the 5% threshold in "high cost" areas or those who fall just above the county loan limit in the non "high cost" areas. We like to insure we have access to the best loan programs out there. I was able to price a loan the other day for a 30 Year Fixed Rate at 4.5% (4.55% apr)

New York Jumbo Mortgage Rates are available currently with a 70-80% loan to value up to a 1 million dollar loan amount for fully documented loans, with strong credit, and asset reserves. This means on a purchase transaction, if you can put 20-30% down, we may be able to arrange financing for a jumbo loan. Cash-out refinances and rate reduction refinances also are available to a 60%-75% Loan-to-Value, based on an appraised value. Loan amounts greater than 1 million dollars are also available. Please contact me directly for quotes and terms. It is a great idea to really review your particular scenario prior to expecting a rate quote in today's market, so you should expect to contact an experienced mortgage professional and review your scenario in detail prior to receiving loan terms. In today's market, anything else would be less than scrupulous.

There are different terms available for New York Jumbo Mortgage Rates, such as the traditional 30, 20 and 15 Year Fixed terms as well as adjustable rates such as a 5/1, 7/1, and 10/1 Adjustable Rate Mortgage (ARM) program. There are also interest-only options available for these New York Jumbo Mortgage Rates, for those that prefer that option. I have found that many consumers prefer an interest-only option when paying down their loan in an accelerated manner, as the payment re-amortizes monthly.

As always, please contact me any time with questions and for a direct quote for your particular loan! Not a commitment to lend.

Michael Byrne

Mortgage Specialist

Contact Me

NJ Mortgage Banker USDA Loans Jumbo Loans FHA Loans VA Loans my site

Zillow Blog My Blog stated income loans Loan Officers: Do More Loans

Foreign National Mortgage Financing Rehab Loans Conforming Jumbo Loans

Co-Op Financing Union Plus Mortgage Super Jumbo Loans Harp Loans

"A referral is the greatest compliment I can receive"

Interested in a Condominium? Get a FHA-Insured Loan

Michael Byrne (Chase Home Loans) — Mon, 26 Jul 2010 21:41:20 -0400

FHA loans are a great idea when buying a condo, with as little as 3.5% down required. Make sure the condo has been approved for FHA financing.

Via Ki Gray - Austin Real Estate:

Mortgage Insurance for Condominium Units (Section 234(c)) program assists potential homeowners in purchasing a home in a condominium development. The prospective condominium must be the potential homeowner's primary residence.

The intent of this federal program managed under the U.S. Department of Housing and Urban Development (HUD) is to insure the loan of a borrower who buys a unit in a condominium property. HUD does not directly provide loans to borrowers. Instead, HUD insures loans through FHA-approved lenders. Some of those who take advantage of the program are low- to moderate-income renters who want to buy their unit in order to avoid displacement when their apartment building is converted into condominiums.

Some aspects of the program are as follows:

* Program insures the loan up to 30 years.
* Condominium development must be separated into a minimum of four dwelling units - can be a walk-up, a rowhouse, semi-detached or an elevator structure.
* Loan is made by a certified HUD lender.
* To be eligible, you must prove creditworthiness and meet FHA underwriting criteria.
* Down payment may be as low as 3 percent or less - FHA insurance enables homeowners to finance around 97 percent of the home's cost through the home loan.
* Some closing fees may be included in the loan, reducing up-front cost.
* FHA limits certain fees charged by lenders - e.g., loan origination fees.
* FHA limits the amount of the home loan based on the locale of the condominium and number of units being bought.

Some restrictions do apply to the program. FHA will not insure loans under this program for rental units converted to ownership except as follows:

* Units were converted over a year prior to loan application.
* Potential borrower or co-borrower was a tenant of one of the converted units.
* Property conversion is sponsored by a tenant's group that represents the bulk of households in the development - 80 percent of FHA-insured home loans must be for owner-occupants.

In order to get started, you need to find a FHA-approved lender. You may do so by contacting lenders and asking them if they are FHA-approved or by conducting a search on the HUD website. Either way, you'll want to shop around for a reputable lender with a good interest rate and low closing fees.

Compare rates and fees, and use the following as a checklist to compare lenders:

* How much is the lender charging for the interest rate and origination fees?
* Is the lender approved by FHA for your local area?
* Do you know the lender's reputation?

Ask plenty of questions and keep the following in mind:

* Interest rate is not regulated and points are not set by the FHA.
* Before signing any agreement, understand that you are responsible for negotiating with your lender regarding the terms set for the loan, to include routine and reasonable closing costs required to close on the loan.

Property developers who intend to finance the construction or renovation of properties they intend to sell as units under this program may also obtain FHA-insured mortgages.

For more information, visit the HUD website or contact your local lender.

Ki created a website to help buyers interested in Austin real estate. This is a free service for buyers interested in homes in the Austin MLS. He has lived in Austin, Texas for over ten years. He also has a blog for people to keep up with the Austin Texas real estate market.

Michael Byrne

Mortgage Specialist

Contact Me

NJ Mortgage Banker USDA Loans Jumbo Loans FHA Loans VA Loans my site

Zillow Blog My Blog stated income loans Loan Officers: Do More Loans

Foreign National Mortgage Financing Rehab Loans Conforming Jumbo Loans

Co-Op Financing Union Plus Mortgage Super Jumbo Loans Harp Loans

"A referral is the greatest compliment I can receive"

The Rate Game---Lower rates don't always mean better results

Michael Byrne (Chase Home Loans) — Mon, 26 Jul 2010 17:04:26 -0400

Here is a perspective (from a non-loan officer) regarding the pitfalls of simply going for the "best rate".

Ask your lending professional what their experience level is and ask for references as well.

Via Elliott S. Topkins Massachusetts Real Estate and Title Atty (Topkins & Bevans-etopkins@topbev.com):

I recently got involved with representing an elderly Seller with property in the fashionable Beacon Hill section of Boston. At the urging of her grown-up children, she decided to sell the Condominium Unit which she used as a pied-de-terre on her frequent visits to Boston.

The properly showed nicely, and we received several Offers. We accepted the deal which offered the lowest loan to value mortgage contingency. That was where the problems began. The Buyer, a medical professional who fancied himself quite a real estate expert, started to shop for mortgages. This property was not going to be his principal residence, at least not from the start.

Investment properties, even with substantial down payments, are not viewed the same way by Lenders as principal residences. In the end, the Buyer walked away from the deal, and my Seller, because he could not get a fixed rate loan at a rate that I didn't think was possible in the first place. When he notified me. as attorney for the Seller, that he was unable to obtain the financing set forth in the mortgage contingency, I spoke to my Seller, and we agreed to underwrite three years of a quarter of a per cent a year, by lowering the purchase price. That was not acceptable. We offered to give him Seller financing for five years, fixed rate, thirty year amortization, with a balloon at the end of five years. This did not work for him either. We have today terminated the deal.

What a colossal waste of everyone's time, really occasioned by the fact that interest rates are low, and everyone thinks that he or she will get the lowest rate on every deal. I remeber when I worked for a mortgage company, and friends would call me up to say they would refinance if rates every got to single digits. What a difference twenty years makes, no?

In any event, it is my belief that we are in a "tail wagging the dog" mode with interest rates, and that can be a royal deal killer. If any of you have some suggestions as to how to get around the kind of behavior I saw with my cratered deal, I am all ears.

Michael Byrne

Mortgage Specialist

Contact Me

NJ Mortgage Banker USDA Loans Jumbo Loans FHA Loans VA Loans my site

Zillow Blog My Blog stated income loans Loan Officers: Do More Loans

Foreign National Mortgage Financing Rehab Loans Conforming Jumbo Loans

Co-Op Financing Union Plus Mortgage Super Jumbo Loans Harp Loans

"A referral is the greatest compliment I can receive"

Foreign National Loan

Michael Byrne (Chase Home Loans) — Sun, 25 Jul 2010 15:28:39 -0400

Foreign National Loan: One reason the United States real estate market has declined is because there is not a large enough pool of buyers to purchase homes currently on the market. One great way to increase the pool of buyers is to increase the availability of Foreign National Loans in the housing market. With home values off of their peak prices by a substantial sum, there is great interest from residents of foreign countries to purchase real estate in the US. The value of the dollar relative to other foreign currencies also makes it an attractive time for Foreign Nationals to purchase properties at a discounted value.

The main issue is that there are limited Foreign National Loan programs available for a purchase, or refinance for that matter. Some Foreign Nationals could also take some equity out of an existing US property they own to purchase another property. The difficulty in obtaining financing is because there is usually no US established credit, no US tax returns and/or w-2's, and assets may be in a foreign currency. Many FN's have had to purchase properties outright or seek less than desirable private or hard money financing in order to own a home in the US. The good news is that now there is a program I can refer to my Foreign National clients. Feel free to contact me to refer you to a foreign national financing specialist.

One of my referral partners has Foreign National Loan programs available at the below loan-to-values in the listed states. Please contact me for more information on this program and to get you started with financing. (This is not a Chase program.) Other states may be available on a case by case basis. A loan to value is calculated by dividing the lower of the purchase price or appraised value (Value) by the loan amount. For example, a home being purchased for $500,000, with an appraised value of $525,000, and a loan amount of $300,000; would have a loan to value of 60%.

Here is a quick snapshot of the current lending parameters by state:

California - Max 70% LTV
Colorado - Max 70% LTV
Connecticut - Max 60% LTV Metro New York Area
Florida - Max 70% LTV
Hawaii- Max 60% LTV
Nevada - Max 50% LTV
New Jersey - Max 60% LTV Metro New York Area
New York - Max 60% LTV
Washington State- Max 60% LTV
Oregon - Max 70% LTV

Other states may be available on a case by case basis. Please review the amount of down payment required and the down payment amounts you have prior to looking at homes. Other guidelines may apply to qualify for financing, including income documentation. Minimum loan amount 100k.

These loans are available for purchases, refinances, and cash-out refinances. Documentation requirements may vary on each program and the rates are much better than hard money or private money rates. This Foreign National Loan program is designed for those living abroad and looking to purchase a true second home or investment property in the US. It is not designed for those currently living in the US without proper documentation. Please contact me for details.

Michael Byrne

Mortgage Specialist

Contact Me

NJ Mortgage Banker USDA Loans Jumbo Loans FHA Loans VA Loans my site

Zillow Blog My Blog stated income loans Loan Officers: Do More Loans

Foreign National Mortgage Financing Rehab Loans Conforming Jumbo Loans

Co-Op Financing Union Plus Mortgage Super Jumbo Loans Harp Loans

"A referral is the greatest compliment I can receive"

PRESENTING AND NEGOTIATING THE OFFER

Michael Byrne (Chase Home Loans) — Sun, 25 Jul 2010 14:59:08 -0400

Here is a great piece of information on how a buyer's agent can best present an offer for a prospective property. I feel it is always a great idea for a buyer to have a buyer's agent represent them in the negotiating processs.

It also is imortant for a buyer to meet with a loan officer to get pre-approved for financing prior to looking at properties.

Via Donna & Larry Johnson (Keller Williams Real Estate):

PRESENTING AND NEGOTIATING THE OFFER

Lets set the stage:

You've written the offer and it's time to present it to the sellers. Do you simply fax it over to the listing agent and await their response?

Let me ask you this, is that truly representing the buyer? Of course not.

Call the listing agent and let them know you would like to personally present the offer.

Here are some of the key steps to presenting and negotiating the offer:

Give the sellers some personal background on the buyers, what they are looking for, their qualification abilities, how many homes they have looked at and what they appreciate about their home.

Provide the sellers with a current snapshot of the marketplace (the same information you provided your buyers with when they decided on what price to offer)

Review all of the major details of the offer; contingent or non-contingent, inspections, date of closing, etc. Then move to price. Upon presenting price, be silent and listen.

Be sure to have all your documents and disclosures in order including your letter of Buyers pre-qualification.

You might also include a brief timeline outlining many of the sequences of the escrow including from the date of opening to the date of closing.

If you've done your job and you have a good agent on the other end, you will walk away with an accepted offer.

Michael Byrne

Mortgage Specialist

Contact Me

NJ Mortgage Banker USDA Loans Jumbo Loans FHA Loans VA Loans my site

Zillow Blog My Blog stated income loans Loan Officers: Do More Loans

Foreign National Mortgage Financing Rehab Loans Conforming Jumbo Loans

Co-Op Financing Union Plus Mortgage Super Jumbo Loans Harp Loans

"A referral is the greatest compliment I can receive"

Commercial Project Financing

Michael Byrne (Chase Home Loans) — Sun, 25 Jul 2010 14:44:13 -0400

Here is a program offered by a referral partner that is worthy of note, being that they are offering commerical and business project financing with just 5% into a project.

"Projects" can include new commercial developments (hotel, mixed used,
business parks, multi-family (apartments), assisted living facilities,
retail centers, schools, private hospitals etc. This Program can also be
applied to viable opportunities which are NOT associated with an
underlaying real estate collateral.

Minimum funding is $10-million and the upper ceiling is
$250-million.NON-RECOURSE and no pre-payment penalty after the 2nd year.
Loan term UP To 10-years.

At this point in time the structure is as follows: Whatever the target
funding amount is, the client brings 5% of total cost to the table in CASH
(it's 4% of project cost here in the USA) in addition to a $35K
administration/UW fee.

1st year interest only at 5.50%; years 2-5 interest only at 7.50%. At the
end of the 5th year the loan modifies into P&I...interest at 7.50% with the
principle amortized over 20-years all due at end of the agreed upon loan
term.

Current deals-in-progress examples: Two new Embassy Suites Hotel
developments, one in Atlanta ($52-million) and one in Virginia Beach
$115-million; Ten "Value Place" extended stay limited service hotels for
one developer/operator $55-million; $40-million funding for an Athens,
Greece based charter yacht operator with which to purchase two luxury
custom yachts to be built at a FL shipyard.

"Business Only" fundings: $15-million to enable an existing Ford/Lincoln
dealership group to expand into the import and marketing of Chinese
manufactured electric passenger/utilityvehicles; $10-million for a FL based
developer of an advanced lead-cobalt battery system to power electric
vehicles (a lower cost alternative to lithium batteries); A $40-million
fuinding for a MN developer/operator of WiFI/telcom towers/ISP services; A
$36-million funding for a FL based start-up" to acquire and operate a 185
passenger/cargo catamaran to enter scheduled daily service between W. Palm
Beach and the Bahamas.

The funding process is very streamlined and rapid. From the date that the
client receives and accepts Terms and Conditions, opens escrow and wires in
their $35K, closing can be anticipated within 28-days IF the client has all
of their "ducks in a row"..

INTAKE PROCEDURE - The following items are required for initial intake:

1: Completed Loan Application

2: Executive Summary detailing the project, location and Exit Strategy with
bios on the Principal(s) - maximum of 8-pages. We do NOT need or want a
multi-page "book" at this point.

3: Current financial statements on the borrowing entity and PFS on the
Principal(s)

4: 5-Year Pro Forma

5: Use of Funds break out.

6: PROOF OF FUNDS EVIDENCING THAT THE CLIENT HAS THE REQUIRED 5% OF FUNDING
REQUEST. This will take the form of a CURRENT bank statement in the name of
the borroer or borrowing entity.

(Appraisal and Feasibility Study will be requested at the appropriate time).

PROCEDURE: Assuming a FAVORABLE initial review of the above items, a
conference call will be scheduled with the client Principal(s) and the Administration Director. Purpose of the call is for both parties to "get
comfortable" with the possibility of moving forward.

Within 3-4 days, the client will receive conditional Terms and Conditions
and Escrow Agreement draft for review and acceptance. Client has four
business days in which to confirm acceptance and wire-in the $35K which is
pro-rata refundable. Client also establishes their escrow account with
www.commercialescrow.com. This Escrow Company is entirely independent of
the investment group and is 17-years established, licensed bonded and
insured in CA.

The terms of the Escrow Agreement will fully secure the client's 5% funds
for the sole benefit of the client who remains in sole control over that
account.

At the time the TX investment Group confirm their funding intent, the
client wires the escrowed funds into the Bank that will be issuing the SBLC
that the TX Group will be funding against. It's a seamless process.

The ONLY downside to this Program is that the required funds are issued at
closing.. there are no drawn-downs and intrerest on the entire loan amount
kicks in immediately.

Developers with major scale projects might want to consider structuring
their funding as a series of loans which kick-in as the project develops
over time. Alternatively, deposit "excess" funds into a series of interest
bearing instruments which will at least reduce the interest impact.

Please send me the up to 8 page executive summary for an initial review.

Thanks,

Michael Byrne

Mortgage Specialist

Contact Me

NJ Mortgage Banker USDA Loans Jumbo Loans FHA Loans VA Loans my site

Zillow Blog My Blog stated income loans Loan Officers: Do More Loans

Foreign National Mortgage Financing Rehab Loans Conforming Jumbo Loans

Co-Op Financing Union Plus Mortgage Super Jumbo Loans Harp Loans

"A referral is the greatest compliment I can receive"

Working Towards Owning Your First Home

Michael Byrne (Chase Home Loans) — Thu, 22 Jul 2010 12:33:51 -0400

This blog points out how those who thought they had missed out on the chance to purchase a home are in a great position now. It always is imperative to get pre-approved for financing first and to find out how much you can personally afford(as well as be approved for).

Via Paddy Pizappi PineBush & Hudson Valley NY Real Estate (RJ Smith Realty Real Estate Solutions):

In the craziness that was the market a few short years ago you did not have to really work towards the goal of owning a house. Heck if you were breathing and could sign your name you could practically buy a house without a penny down and the banks would cover the closing costs in you mortgage. Today not so much, right? BUT I have been seeing a resurrection of home buyers who are working and saving for their dreams. My latest offer came from a couple who I started talking to over a year ago. They looked at a house with me back then and we talked about what they could afford. They had some work to do in order to afford a house they could be proud to own.

Well they called last week and we put in an offer on a lovely house this week. It is much more house than they could have afforded before not only because they have saved a significant amount towards the down payment but because the prices and interest rates are very much in their favor right now. I know that these are buyers who are going to have the pride in ownership that will translate into a great home for their young family.

So if you are thinking that you have missed out on your chance to own a home because you can never come up with a down payment or have terrible credit or whatever you need to set a goal and start the journey. If you truly want this you can find a way. Give me a call wherever you live to discuss the steps you need to make in order to buy that first home. I will be glad to help you out with a plan and a referral to a great Real Estate Professional in your area who will help you realize your dream.

I'm Paddy Pizappi - Work with Me and You'll be Happy!

Click Here To Search For Properties In The Greater Hudson Valley

Paddy Pizappi, Associate Broker for Buyer Representation
RJ Smith Realty - A Real Estate Solutions Company
Serving the Greater Hudson Valley of New York
from Pine Bush, NY at the corner of Orange, Ulster, and Sullivan Counties
Call or Text to 845-800-7086

Get Started With Your Own Rainmaker Blog Today Click Here To Ask Me How

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Michael Byrne

Mortgage Specialist

Contact Me

NJ Mortgage Banker USDA Loans Jumbo Loans FHA Loans VA Loans my site

Zillow Blog My Blog stated income loans Loan Officers: Do More Loans

Foreign National Mortgage Financing Rehab Loans Conforming Jumbo Loans

Co-Op Financing Union Plus Mortgage Super Jumbo Loans Harp Loans

"A referral is the greatest compliment I can receive"

What A Buyer's Agent Really Does

Michael Byrne (Chase Home Loans) — Sat, 17 Jul 2010 18:08:00 -0400

Here is a nice piece on what a buyer's agent does in a transaction. I can offer a pre-approval for financing and recommend a buyers agent for your needs.

Via Dan and Amy Schuman,e-Pro,ASP (Keller Williams Realty Greater Cleveland):

Real Estate Agents Are Not Just Door Openers- What A Buyer's Agent Really Does

There are a lot of home buyers out there that think real estate agents merely drive people around, unlock doors and let people inside homes. Some even view us as glorified taxi drivers. However, the truth is that during the course of a transaction, we end up "wearing many hats" as the process is quite complicated. With that in mind, we are writing today to educate home buyers of the many benefits of using a buyer's agent.

Here is just a small list of things a buyer's agent does for their clients:

1.   Educate a buyer regarding the home buying process, including explaining fair housing laws and agency relationships.

2.   Preview homes in advance and also find "off market" opportunities including"pocket listings" - saving valuable time.

3.   Discuss advantages and disadvantages of different types of housing and specific features of homes that may affect resale.

4.   Assist with financing.

5.   Provide information on schools, neighborhoods and places of interest.

6.   Help with market stats.

7.   Negotiate offers on buyer's behalf to get them the best price and terms.

8.   Explain the home inspection process, provide names of inspectors, and help buyers navigate through the often difficult stages of this step in the home buying process.

9.   Ensure contract conditions and deadlines are met.

10. REPRESENT YOUR BEST INTERESTS AT ALL TIMES - BECAUSE THE LISTING AGENT WILL NOT AND CANNOT REPRESENT YOU!

Obviously, though not on the list, we will certainly schedule and show you homes. Before we show you homes though, we always recommend that you meet with us so we can get to know what you are looking for in a home, neighborhood, etc. The more we know about you and your needs, the easier it will be for us to find you that perfect home.

If you are a home buyer that is just calling listing agents of homes you like on line, do yourself a favor and commit to one agent to represent you. Otherwise, you are missing out.

Remember, it does not cost you money to hire a buyer's agent as the seller pays all commission. Also, if you decide to work directly with the listing agent, you will not get representation as that agent will either represent the seller, or if they practice dual agency, neither.

Hopefully, you now have a good understanding of the many things we offer our buyers and you will view us as more than your personal "cab".

Here are other articles of interest pertaining to home buying:

Buying A Home In Cleveland - The Complete Guide

Buying A Home - How To Choose A Neighborhood

Agency in Ohio - Why Using A Buyer's Agent Is Important

****************************************************************************************

About The Authors:

This information is provided compliments of Amy and Dan Schuman, The Schuman Team Keller Williams Realty. The Schumans are residents of Solon OH and have worked with numerous professional athletes, business owners, and executives who are relocating to Cleveland.

If you are looking to buy or sell Cleveland OH real estate, including the surrounding suburbs, please contact the Schuman Team at 216-346-3235.

SEE ALL CLEVELAND OH AREA HOMES FOR SALE BY CLICKING BELOW:

CHECK OUT THE SCHUMAN TEAM'S AWARD-WINNING WEBSITE

Real Estate Agents Are Not Just Door Openers - What A Buyer's Agent Really Does is the property of The Schuman Team and may not be duplicated or used without their written consent. ©July2010

Michael Byrne

Mortgage Specialist

Contact Me

NJ Mortgage Banker USDA Loans Jumbo Loans FHA Loans VA Loans my site

Zillow Blog My Blog stated income loans Loan Officers: Do More Loans

Foreign National Mortgage Financing Rehab Loans Conforming Jumbo Loans

Co-Op Financing Union Plus Mortgage Super Jumbo Loans Harp Loans

"A referral is the greatest compliment I can receive"

Conforming Jumbo Mortgage Rates: Below 5%

Michael Byrne (Chase Home Loans) — Sun, 27 Jun 2010 00:03:42 -0400

Conforming Jumbo Mortgage Rates: feel free to contact me for a free, no-obligation consultation. With Fannie/Freddie Loan limits as high as $729,750 in many areas, the main concern with the Conforming Jumbo Mortgage Rates has been with the pricing hits. When pricing out a conforming jumbo mortgage for a previous employer, I was struck by how the pricing did not compare to regular conforming rates. It seemed almost an oxymoron to use the phrase "Conforming Jumbo Mortgage", as the pricing did not resemble that of regular Fannie/Freddie pricing. I often ended up brokering out my conforming jumbo mortgage deals to portfolio jumbo lenders, losing control of the loan in the process just to get better pricing. I had loans not receive the attention deserved simply because I could not offer a suitable in-house product.

Well, that changed yesterday. I was pricing out a loan for a purchase money client and found a conforming jumbo mortgage at a rate lower than a regular conforming loan I had just priced earlier: 4.625% on a 30 Year Loan with no points and an APR of 4.69%. It turns out at Chase we have extremely competitive pricing on our Conforming Jumbo Mortgage Rates, particularly for new purchase transactions. Couple the strong pricing with the fact that we can offer financing on approved Condo's, High-Rise Condo's, and even approved Co-Ops in the New York metro area. The last few years in the mortgage business have made me accustomed to being surprised, but I have to admit this is the first time I have been truly pleasantly surprised in some time.

A second pleasant surprise I found on our rate sheet was the point adjustment for New York State: normally most lenders add a .25 point adjustment for loans in NY State. At Chase Manhattan, the point adjustment is .125 of a point better for New York State, yet another positive.

It turns out that our sheet has the Fannie Mae hit of .625 points for a conforming jumbo mortgage rates just like most rate sheets, but the main difference is we also receive up to a .625 pt positive adjustment for conforming jumbo mortgage rates. I actually had better terms for a 700k loan than for a client who was looking for a 90k loan. With much of New Jersey, Connecticut, and New York's five boroughs and surrounding areas having a much higher loan limit for Conforming Jumbo Mortgage Rates , I know I have found the right home here at Chase. For anyone considering purchasing or refinancing with a conforming jumbo mortgage rates, feel free to contact me for a free, no-obligation consultation.

Not an offer to lend. Rates and terms subject to change without notice.

Michael Byrne

Mortgage Specialist

Contact Me

NJ Mortgage Banker USDA Loans Jumbo Loans FHA Loans VA Loans my site

Zillow Blog My Blog stated income loans Loan Officers: Do More Loans

Foreign National Mortgage Financing Rehab Loans Conforming Jumbo Loans

Co-Op Financing Union Plus Mortgage Super Jumbo Loans Harp Loans

"A referral is the greatest compliment I can receive"

Flemington, New Jersey Vocalist For Hire

Michael Byrne (Chase Home Loans) — Sat, 26 Jun 2010 11:36:04 -0400

Flemington, New Jersey Vocalist For Hire: Sharon Byrne's mezzo-soprano voice is often commented on for its ability to seamlessly adjust between classical repertoire and jazz standards. Therefore, she is the ideal performer to match your specific event. Her voice would suit any religious or civil ceremony, reception, corporate event/society or recital using her varied and adaptable repertoire.

Song Clips on Demo

Taken from Live Performances

Misty (Garner), They Can't Take That Away from Me (Gershwin)

Qui Sedes (Bach's Mass in b minor), O Divine Redeemer (Gounod)

Flemington, New Jersey Vocalist For Hire: In addition to performing at parties, weddings and other religious services, her many solo performances with orchestra include Brahms' Alto Rhapsody, as well as Handel's Messiah, Bach's Magnificat, Bach's Mass in B-Minor, Bach's St. John Passion, Mendelssohn's Elijah, Mozart's Requiem, and Verdi's Requiem. She is currently studying voice with Rochelle Ellis, Westminster Choir College.

Sharon has recently completed her graduate studies at Shenandoah University. While studying for her undergraduate degree at Westminster Choir College, she sang with the Westminster Symphonic Choir in performance of Britten's War Requiem, Honegger's Jeanne d'Arc au Boucher and Brahms' Ein deutsches Requiem (recorded with the New York Philharmonic under the direction of Kurt Masur). Sharon can be heard on two other recordings (Singing for Pleasure and Westminster Choir at Spoleto Festival, U.S.A.) and toured Europe and the Far East with the critically acclaimed Westminster Choir and under the direction of Dr. Joseph Flummerfelt. She has performed in the operas choruses of Strauss' Der Rosenkavalier, Verdi's Falstaff and Janackek's The Excursions of Mr. Broucek at the Spoleto Festival, U.S.A.

Flemington, New Jersey Vocalist For Hire: Sharon Byrne's Contact Information: Phone 609-731-1848 Email: sharonbyrne321@yahoo.com

Michael Byrne

Mortgage Specialist

Contact Me

NJ Mortgage Banker USDA Loans Jumbo Loans FHA Loans VA Loans my site

Zillow Blog My Blog stated income loans Loan Officers: Do More Loans

Foreign National Mortgage Financing Rehab Loans Conforming Jumbo Loans

Co-Op Financing Union Plus Mortgage Super Jumbo Loans Harp Loans

"A referral is the greatest compliment I can receive"

Facts You Should Know About RESPA

Michael Byrne (Chase Home Loans) — Wed, 23 Jun 2010 15:57:47 -0400

RESPA was passed in 1974 to help consumers in becoming better shoppers for settlement services and to eradicate kickbacks and referral fees that needlessly raise the costs of settlement services. You should know the guidelines of RESPA (The Real Estate Settlement Procedures Act) if you are a first time home buyer. RESPA specifies the guidelines that mortgage brokers or lenders have to abide by when borrowers apply for a mortgage loan.

RESPA required disclosures

At the time of loan application, mortgage brokers must provide the following disclosures to the borrowers:

o Special Information Booklet that contains consumer information about different real estate settlement services.

o Good faith estimate (GFE) of settlement costs, which document the charges the home buyer is expected to pay at settlement. However, it is imperative to know that this is only an estimate and the actual charges might be different.

o Mortgage Servicing Disclosure Statement, which reveals to the borrower whether the lender plans to service the loan or transfer it to a different lender. It also contains information regarding complaint resolution.

The lenders are required to mail these documents within 3 business days of receiving the loan applications. If the lender rejects the loan application within 3 days, then lender does not have to give these documents.

The first time home buyers

RESPA statute does not impose penalty on the mortgage brokers/ lenders if they fail to supply the Special Information Booklet, Good Faith Estimate, and Mortgage Servicing Statement. However, bank regulators can impose penalties on lenders who fail to obey the federal law. You can go through the section on RESPA enforcement for more information.

Michael Byrne

Mortgage Specialist

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FHA Reform Passes House

Michael Byrne (Chase Home Loans) — Sat, 12 Jun 2010 10:17:47 -0400

Some changes coming soon for FHA loans below.

Via Richard Smith Mortgages Home Loans FHA TN GA AL (American Acceptance Mortgage, Inc):

One of the results of the mortgage crisis is the movement to reform the agencies and GSE's - primarily Fannie Mae, Freddie Mac, and FHA. Much of this push worries me a good bit about the potential to harm a system that for decades was successful in building home ownership in the US. The FHA Reform Act though seems to provide some flexibility and tools to enable FHA to manage more effectively its risk and its insurance funds.

In the bill there are provisions to:

Allow FHA to ncrease the Annual Mortgage Insurance premium.

Allow charging annual mortgage insurance premiums to be discretionary

Authorize HUD to require that lenders indemnify for mortgage insurance claims if the "Mortgage was not originated or underwritten in accordance with HUD requirements."

Allows HUD to set up additional controls and systems to manage and address credit risk and early defaults and claims and lender compliance with underwriting standards - with the goal of safety and soundness of the "Mutual Mortgage Insurance Fund."

The annual mortgage premium is the portion of the FHA mortgage insurance that is in the monthly mortgage payment. FHA has requested this flexibility to modify monthly premiums. There is the possibility that this will allow the up front mortgage premiums to be reduced.

These changes are in response to the reviews subsequent to the insurance fund reserve falling below Congressional mandated levels. The reviews seemed to point to a concentration of delinquency problems with select lenders, a need to revamp some of the underwriting standards, and a need to monitor more closely application of underwriting standards at the origination level.

These changes seem to be mostly positive for the agency and for the industry.

Richard Smith
NMLS 184479

Cell: 423-280-0345
Toll Free: 888-474-9920
Office: 423-899-6898

American Acceptance Mortgage, Inc
NMLS 132505, TN/GA Licensee

Email: rsmith@aamonline.com

FHA, VA, Rural Development, Conventional, Jumbo,
Reverse Mortgages, FHA 203k Renovation

Home financing in Tennessee and Georgia.

Apply Here

Begin your Home Search here

Reverse Mortgage Calculator

www.RichardSmithHomeLoans.com

Michael Byrne

Mortgage Specialist

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NJ Mortgage Banker USDA Loans Jumbo Loans FHA Loans VA Loans my site

Zillow Blog My Blog stated income loans Loan Officers: Do More Loans

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"A referral is the greatest compliment I can receive"

Ten Best Buyer Behavior Practices

Michael Byrne (Chase Home Loans) — Fri, 11 Jun 2010 10:06:28 -0400

Here is some great information on how a buyer can improve the quality of their real estate transaction. Always get pre-approved first, and feel free to contact me any time with questions!

Via Carra Riley CRB, CRS, GRI (Carra Riley Inc.- Real Estate Consultant, Author, Speaker ):

Ten Best Buyer Behavior Practices

Many things we read in the blogosphere inspire creative writing ideas. I recently read a blog post about an agent who felt so abused by the actions of a buyer she thought a "Buyer Code of Ethics" should be initiated. I too, have felt the sting of a buyer not thinking the real estate agent was a "human being" so decided to create a Best Buyer Behavior Practice list.

If you are a serious buyer and would like the BEST agent in the area to help you find the property of your dreams, then take a look at some of the Best Buyer Behavior Practices. Following the suggested behavior list can help you find the right agent to work with and be prepared to have a pleasant real estate experience. When you find the right individual and treat them with professional respect, they will do everything within their power to help you achieve your purchase goals.

Once you connect with the right person, you will have found your "agent for life" who will help you with more things that you can ever image. You will have a relationship on a higher level than just a "salesperson" and their knowledge of the community and people connections will be invaluable as you invest in the biggest asset of your life. You will have a friend you can call and ask any questions and if they don't know the answer, they will probably know someone who does.

Determine if you are a serious buyer or just a looker.                                                                It is perfectly fine to "look" just be HONEST with the agent so they can help you create a plan of action and decide together what the best steps might be to start looking for a home. Honesty HAS to be the basis of the new relationship with a real estate broker.

Remember you are creating a "team" to help with the purchase of a home.                There will be many players so you need to have a great captain. You will need a lender, insurance agent, title company, several inspector possibly and in some states an attorney. You need to select someone who can be there through the entire process letting you know what to expect and who can interact with the entire team to get you to the finish line.

Make the purchase of the property a BUSINESS decision.                                                              Buying real estate is one of the biggest investments most people make. Be sure you use all your business decision making skills and take the emotion out of the process. You can fall in love with the home you select (after the inspection) but be sure you remember the entire process is still a business transaction.

Down payment and qualifying.
Before you even start looking you have to come to grips with the fact you will need a down         payment and closing costs. If you do not have any down payment then selecting a real estate agent who has knowledge of the down payment assistance programs and a lender who has access to those programs is paramount in going forward. Qualifying for the loan is a MUST before house shopping!
Identify What You Want.                                                                          Actually make a list you will be giving to the agent you will be selecting to help meet your needs: Location, Size, Bedrooms, Bathrooms, Condition, Garage size, timing for closing, Special conditions.

Selecting an agent.          If you know the area you are wanting to purchase in, start with a search of that particular area to try and find a specialist. The process for selecting a real estate agent requires more business skills and link above should give information for that aspect of the transaction.

Commit to working with one agent.                                                                                      Once you select the agent you connect with on a personal communication level then make a business plan of the shopping process and commit to that agent with a buyer agency relationship. What does this mean to the buyer? That you are going to purchase any real estate with the agent you have selected. What does that do for you? It makes you the employer and that agent is going to do everything possible to make your real estate goals come together in the form of a successful closing.

Respect the agents time.                                                                                                                       You are a peson and so is the agent. When doing business with a real estate agent you should think about how you would do business with any professional. If you are calling an accountant or an attorney you have to wait for an appointment most of the time. If you are connecting with a producing real estate agent who you have interviewed to help you with a purchase, you need to realize they have other clients and commitments so be understanding about your turn when it comes to looking at homes. If you are ready to buy today, have your loan approved, and want to sign a contract NOW, most agents will be prepared to meet those needs. However if that is NOT your status then take a breath and please wait your turn and be considerate of your team.

Disclose your agency agreement.                                                                     Many times a buyer gets excited and wants to call on an ad or a sign because they might not be able to talk to their buyers agent the minute you want to know an answer. If you are tempted to call on your own.. PLEASE disclose to the listing agent you are calling that you are working with a buyers agent and just wanted to know the price or ask the question you may have. Full disclosure keeps everything honest and above board. If the property you call on is the one you end up buying and you alienate the listing agent by not disclosing you are working with an agent it will be bad vibes you will have to deal with that in the transaction. Honesty is ALWAYS the best policy. If you are tempted to go to a new home development without your agent, PLEASE stop and ask the on site policy for coming to the project without your agent. If they do not pay your agent a fee if they are not there, then do not go in. Remember, you are on a team so make the plan with your agent before you go out running around without them. A buyers agent works for YOU and has a fiduciary responsibility to protect you and your interest so let them do their job.. make a plan and work the plan.

Listen to your real estate agent.                                                               If you have done your job right in interviewing an agent to work with on a real estate investment then listen to what they have to say. You can always have respectful conversation about any subject but they are in the real estate business and have the experience needed to help steer you in the right direction to coming together with resolutions on any conflict.

Buyers, if you are looking for a DEAL, select the best real estate agent then remember:

If the home is a good value and other people might be interested in it, you might not get the property with the lowest offer.

Large earnest money deposits speak to the seller and the listing agent showing you are serious about purchasing the property.

Short sales can take a LONG time to process and lots of games could be going on in the process.

Every transaction needs to be a win/win. Find out what some of the things the seller wants and include them in the offer.

Every real estate transaction has waves..... that is almost a guarantee! If you are in the same boat rowing with your buyers agent you will navigate the waves to a smooth closing.

Implement the ten best buyer behavior practices and you are sure to be on the A team!

Cosmic Cow Pie

Carra Riley

Michael Byrne

Mortgage Specialist

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"A referral is the greatest compliment I can receive"

Marketing to Realtors

Michael Byrne (Chase Home Loans) — Sat, 05 Jun 2010 13:00:29 -0400

Marketing to Realtors: I have been using a website software/subscription to create websites for real estate agent's listings, complete with a virtual tour with music. Since I use and see the value in the service, I decided to become a sales affiliate. The websites then get submitted to Craigs List every 4 days or so, as well as several other real estate listing sites such as Trulia, Zillow, ELooky Loo, and more. I then solicit agents who have listings to help them with marketing by creating websites, and all I ask for in return is mortgage financing referrals and to develop a business relationship. Many agents currently pay good money for sites that are not as high quality as the sites I create for them. I have agents who prefer the brochures available as well from the websites I have created using this Loan Officers Marketing to Realtors Program.

There are also free weekly webinars to help you increase your business as well as webinars for your agents as well. This constant training is a great value in of itself.

Here are the sites I have now: View Sites I have my own page on each individual website to market my financing services as well.

Here is a recent website I created in about 20 minutes: 30 Timberline Dr

I have found this service to be a great piece of Marketing to Realtors and a co-marketing program. You can use this service to go out and establish real estate agent referrals: I am not just asking them for business but rather helping us both generate business. This is a great way to get your foot in the door with top agents by offering them value. It also makes me feel more confident when cold calling agents, as I have a service that will help us both work to generate business through my own Marketing to Realtors. I am not just another LO saying "use me I'm the best".

This Marketing to Realtors system is relatively inexpensive monthly and allows for up to 150 websites to be created. 1 loan a year pays for the service, depending on your pricing. I just closed a loan from this service and just established a new relationship with another agent last week.

My sites average 25-35 hits a week and have several top agents signed up and 44 sites going, putting my name out there and getting hits each and every day. It is a great system for Marketing to Realtors.

The current cost is $249/month for up to 150 websites. Personal success coaching and training is available as well as low or even no fee time trials.

Check it out by clicking below or copy and paste the url into your browser:

http://www.domoreloans.com/e_testimonials.htm?refid=naitch6203

Good luck and give this Loan Officer Marketing to Realtors program a shot!

Michael Byrne

Mortgage Specialist

Contact Me

NJ Mortgage Banker USDA Loans Jumbo Loans FHA Loans VA Loans my site

Zillow Blog My Blog stated income loans Loan Officers: Do More Loans

Foreign National Mortgage Financing Rehab Loans Conforming Jumbo Loans

Co-Op Financing Union Plus Mortgage Super Jumbo Loans Harp Loans

"A referral is the greatest compliment I can receive"

Top Ten Indicators a Mortgage Lender May be Going Out of Business

Michael Byrne (Chase Home Loans) — Sun, 08 Apr 2007 19:49:03 -0400

This is meant to be comedy, although there is a grain of truth behind many of these:

10. Their 1-800 number has been temporarily disconnected.

9. They recently consolidated 13 regional offices to 1 centralized office as a "cost-saving" measure.

8. They recently dropped a whole segment of loan programs with little or no notice.

7. They started offering loan programs in a market segment they did not pursue previously.

6. Their corporate website is now ad-supported.

5. You google them and #1 on google's search is www.lenderimplode.com

4. You find out they are threatening legal action against sites which reported they are having financial trouble.

3. Your AE issues a statement declaring their company financially fit and secure.

2. The CEO issues a statement declaring the company financially fit and secure.

1. 60 Minutes's preview for next week is featuring a report on them.

I still think these are funny.

Michael Byrne

www.mortgageprosforum.com and www.cafepress.com/buyfromclarence

Michael Byrne

Mortgage Specialist

Contact Me

NJ Mortgage Banker USDA Loans Jumbo Loans FHA Loans VA Loans my site

Zillow Blog My Blog stated income loans Loan Officers: Do More Loans

Foreign National Mortgage Financing Rehab Loans Conforming Jumbo Loans

Co-Op Financing Union Plus Mortgage Super Jumbo Loans Harp Loans

"A referral is the greatest compliment I can receive"