Mortgage Loans

Mortgage Loans

Daylight Savings Reminder – Set Your Clocks Ahead

John Thomas March 14, 2010
It’s that time of the year again: Daylight Saving Time (DST). Time to set your clocks ahead and spring forward one hour. DST officially begins this Sunday, March 14, at 2 a.m. and will last until the first Sunday in November.

And while it might take us a couple of weeks to adjust our internal clocks, DST provides extra hours of sunlight in the long run that we could all utilize this spring to keep our households running smoothly. With this in mind, here are a few items to think about as we make the transition into spring:

  • Replace your furnace filter
  • Clean the kitchen exhaust hood and air filter
  • Check your electrical system
  • Check or replace your multi-purpose fire extinguishers
  • Check the light bulbs in all your fixtures
  • Review your emergency escape plan with your family
  • Have a professional air conditioning contractor inspect and maintain your system
  • Check for roof damage
  • Repair all cracked, broken or uneven driveways and walkways
  • Protect your home from sewer or drain back-up losses
  • Check your water heater
  • Check the shutoff valve at each plumbing fixture
  • Inspect and clean dust from the covers of your smoke and carbon monoxide alarms, and replace batteries
DST is also a great time to review your long-term mortgage strategy. Take advantage of that extra sunlight. If you have questions about your mortgage, the Home Buyer’s Tax Credit which is about to expire, or someone you know is in need of home financing, please don’t hesitate to give me a call at 302-703-0727 or send an e-mail to DelawareMortgages@yahoo.com.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713

Delaware USDA Rural Housing Funds to Run out in April 2010

John Thomas March 13, 2010 Tags:

The funds available to guarantee Delaware USDA Rural Housing Loans will run out by the end of April 2010. Every year USDA will run out of money before the end of its fiscal year in September. This does not normally affect borrowers because the lenders will lend on a conditional commitment from USDA to guarantee the loans once the funds have been appropriated later in the year or beginning of next year.

The problem now is there are a project 150 million shortfalls after the money runs out in end of April, so the government will not be able to cover it so is going to cut off approvals after the money runs out. The program ran out of money last year early as well but got money from the Stimulus package so the program was still available the rest of the year. There is no stimulus money available this year. Keep Reading...

Delaware First Time Home Buyer Book – Your Guide to Buying Your First Home in Delaware

John Thomas March 8, 2010

March 8, 2010 – John R Thomas of Primary Residential Mortgage just published a new book specifically for Delaware First Time Home Buyers.

Here is the link to buy your copy of this must-read book for any first time home buyer

Your Guide to Buying Your First Home in Delaware Book

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office Keep Reading...

Delaware First Time Home Buyer Mistakes – Timing Problems

John Thomas March 8, 2010

The following is a very common mistake that Delaware First Time Home Buyers make when searching for a home to buy:

Mistake #1 – Timing Problems – Any first time home buyer who is currently renting should try to time their purchase at the end of their lease so they don’t incur any penalties. If you haven’t bought yet and your lease is coming up, then sign a month to month lease.  This will allow you to get out of your lease as soon as you find the house you want to buy.

If you are trying to buy a house before your lease is up, then look to see if you can break the lease early. Some leases will let you out with a 60-day notice. Others will allow you to pay a penalty to get out early. Some leases won’t let you out no matter what the circumstance if this is a condition of your lease, offer landlord a buy out of the lease. Keep Reading...

Delaware First Time Home Buyer Seminar – March 20, 2010

John Thomas March 3, 2010
There will be a Free Delaware First Time Home Buyer Seminar on Saturday, March 20, 2010, at 10:00 AM and again at 1:00 PM. The seminar will last about 2 hours and each participant will be able to receive a free copy of their tri-merge credit report. The seminar will cover all of the basics of buying a new home in Delaware. The seminar will cover Delaware FHA loans, Delaware VA loans, Delaware USDA Rural Housing Loans, First Time Home Buyer Loan Programs, and the Delaware FHA 203k Rehab loans. Learn how to get $8,000 First Time Homebuyer tax credit or the $6,500 move up the buyer tax credit for buying a home by June 30, 2010. That is a check for $8,000 or $6,500 from the IRS to you at tax time just for buying a home! The best thing is you don’t have to ever pay the money back!!Each participant will receive a Free Audio CD on Homebuying 101, Credit Scoring Handbook, Homebuying Handbook, and an opportunity to meet with a mortgage planner to be pre-approved to buy a home at the seminar. You will also learn the importance of credit in buying a home and learn valuable tips on how to improve your credit score. Learn what programs are available to help with down payment and closing costs. The new loan limits for conventional and FHA will be covered as well as changes to borrowing 100% financing.

The Seminar is being held at The Seminar is being held at The Christiana Hilton Hotel at 100 Continental Drive, Newark, DE 19713 from 10:00 AM till 12:00 PM and a second session from 1:00 PM till 3:00 PM. To register for the seminar, please call 302-588-3665 and ask for John Thomas. You can also e-mail me at DelawareMortgages@yahoo.com

For a Complete list of seminars visit www.DelawareMortgageLoans.net/seminars

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727. Keep Reading...

Delaware Home Affordable Refinance Program HARP – extended till June 30, 2011

John Thomas March 3, 2010

The Home Affordable Refinance Program commonly called HARP has been extended for all Delaware home owners until June 30, 2011. The program was set to expire on May 1, 2010. The program allows homeowners that owe more than their home is worth up to 125% of the current value for low rates and better terms.

The program is slightly different depending on whether your loan is a Fannie Mae loan or a Freddie Mac loan. The Freddie Mac HARP program is much better because it allows you not to verify your income to qualify so really good for all you self employed borrowers who have trouble verifying income. Keep Reading...

Federal Reserve Raises the Discount Rate by 0.25%

John Thomas February 22, 2010

The Federal Reserve decided to raise the Discount Rate from 0.5% to 0.75% last week. The increase took effect today Monday, February 22, 2010.  The Discount Rate is the rate the federal reserve charges bank to borrow money from the Federal Reserve. The Feds said they were keeping the Federal Funds Rate unchanged at near zero for an extended period of time.

The market was surprised by the Feds decision to increase the Discount Rate and responded by driving the yield on the treasury up. The Fed is also changing the loan term from 28 days to overnight. The Feds want to encourage banks to rely more on private funding and only use the Federal Reserve in emergencies. Keep Reading...

Can you get a Delaware Mortgage if you own more than 4 properties?

John Thomas February 21, 2010

Most lenders right now will cap the maximum number of financed properties at 4. But Fannie Mae recently relaxed there guidelines to 10 properties total. Problem is most lenders still have the cap at 4. Can you get a loan if you have more than 4? The answer is yes, but there are some tough guidelines.

The guidelines are as follows for financing if you currently have 5 or more mortgages up to 10;

1) No cash-out only rate & term refinance or purchases

2) Must have 6 months of PITI for each property

3) Capped at 75% LTV Keep Reading...