(302) 703-0727

(302) 703-0727

Delaware Mortgage Loans – Market Update – January 10, 2008

John Thomas January 11, 2008

In his first speech on the economy since the December 11th Open Market Committee meeting Fed Chairman Bernanke said today, in light of recent changes in the outlook for risk and growth, additional policy easing may be necessary. He went on to say, Based on that evaluation, and consistent without a dual mandate (control inflation and promote economic growth), we stand ready to take substantive additional action as needed to support growth and to provide adequate insurance against downside risks.


Mr. Bernanke made a point of reminding his audience that, financial and economic conditions can change quickly. Consequently, the Committee must remain exceptionally alert and flexible, prepared to act in a decisive and timely manner and, in particular, to counter any adverse dynamics that might threaten economic or financial stability. Keep Reading...

The Role of a Delaware Real Estate Agent

John Thomas January 11, 2008

Frequently, the first person you consult about buying a home in Delaware is a real estate agent or broker that is licensed in Delaware. Although real estate brokers provide helpful advice on many aspects of home buying, they may serve the interests of the seller and not your interests as the buyer.

You need to know if the agent you are speaking with about a property is a seller (Listing) agent or a buyer’s agent. The buyer’s agent works for you and has your interest at heart. The seller agent is hired by the seller to list their house for sale. The selling agent’s job is to find someone who will be willing to buy the home on terms and conditions that are acceptable to the seller. In Delaware an agent is allowed to both represent the seller and the buyer, this is called dual agency. Keep Reading...

Pending Home Sales Drop 2.6% for November 2007

John Thomas January 8, 2008

The U.S. Housing Market saw more signs of a decline in the latest report of pending home sales for existing homes. The National Association of Realtors index of pending home sales dropped 2.6%. This index measures the number of Americans signing contracts to buy previously owned homes. The index had shown a gain of 3.7% in October which was a sign that market might be stabilizing, but this latest report is another sign that 2008 is going to be another tough year for the housing market.

This report supports statements made by the Treasury Secretary Henry Paulson when he forecasted on Tuesday that the housing recession will continue and will be the biggest risk to economic expansion. Keep Reading...

First Time Home Buyer Seminar – January 26th at 10:00 AM

John Thomas January 7, 2008
There will be a Free First Time Home Buyer Seminar on Saturday, January 26, 2008, at 10:00 AM.  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, My Community loans, and First Time Home Buyer Loan Programs. Each participant will receive a Free Audio CD on Credit Scoring, 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.To register for the seminar, please call 302-368-7132 Ext 12 and ask for John Thomas.

For a complete list of Free seminars visit http://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.

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

Doug MacGray’s Weekly Financial Update – Week of January 7, 2008

John Thomas January 7, 2008

A BAD START: The year has started off on a bad note.  (I am watching Chariots of Fire on ESPN Classic as I write this.  The Scottish runner, Eric Liddel slipped and fell but finished his race in first—I hope the markets mirror this performance in 2008).  After only three trading days, the S&P 500 is down 3.86% (2nd worst start ever), the Dow is down 3.5% (4th worst ever), and the Nasdaq is down 5.57% (worst ever).

JOBS: This past week’s bad news that was a bit of a surprise came in the form of the jobs report from the U. S. Commerce Department.  Expectations weren’t particularly high.  Analysts had estimated that we’d see about 70,000 new jobs in December.  The gain was only 18,000.  Also, the nation’s unemployment rate jumped to 5%. Keep Reading...

Is Buying a Home in Delaware in Today’s Economy a Good Idea?

John Thomas January 2, 2008

As a long term investment, homeownership is still one of the best investments for individual households. “Why?” you may ask. After all, the headlines say the housing market is down and out, with defaults rising at an alarming rate, and mortgage markets so frozen that buyers can’t get a home loan at any price.

What buyers need to realize is that housing markets, like all markets, inevitably have their ups and downs. Homeownership has a proven track record that is virtually unmatched by any other purchase in terms of its real benefits. Keep Reading...

Is it possible to get a Delaware Mortgage for more than the home’s value?

John Thomas January 2, 2008 Tags: , ,

Can you get a Mortgage Loan for more than the value of your home?

If you want to refinance a home you already own in Delaware, there are mortgage programs that allow you to borrow up to 150 percent of the home’s value. The program is under the special program created by the economic stimulus bill of 2009 is called the HARP Program.  It is only to lower your current mortgage rate or to switch from an ARM to a fixed rate.

It is generally not possible to buy a home and borrower more than it is worth.  One exception is buying a fixer-upper property.  There are Delaware loan programs (Delaware FHA 203k Loan) that allow you to borrow the purchase price plus the cost of the fix-up.  Both you and the property must qualify.  You must qualify income-wise and credit wise (640 Minimum FICO score).  You are able to borrow up to 110% of the after repaired value of the home on an FHA 203k Rehab Loan.  The after repaired value is based on the repairs/renovations being done on the property. Keep Reading...

Home Buying Tips – Features of a Succesful Budget

John Thomas January 2, 2008

Slapping together any old budget does not guarantee success at saving.  In order for a budget to be effective, it needs to be thought out and actually fit with your personal needs and spending patterns. A great budget will always include the following;

  • A clear awareness of exactly how much you’re spending and where. Start tracking every expenditure, even if it’s just a dollar or two at a time. Daily spending adds up faster than you may realize.
  • Budget for emergencies. Car repairs, medical bills, and appliances that suddenly break down can put a severe crimp in anyone’s budget.  Make sure you have money set aside for events such as these.
  • Make your income projections as accurate as possible. A budget won’t be very helpful if you overestimate your income and fall short in the end.
  • There are many types of financial planning software on the market these days, so use one to help you with your budgeting process.
  • Get the entire family involved.  Give them each a role to play in the budgeting process and make them responsible for something age appropriate.
  • Understand the vital difference between needs and wants, and budget accordingly. Needs include things like groceries and housing. Wants include things like a new car stereo and a 52-inch television.
  • Don’t beat yourself up if you fall off the budget bandwagon and splurge occasionally guilt may lead to additional expenditures! By the same token, reward yourself for a job well done.
  • Avoid credit cards. Studies show that on average, due to interest and late charges, consumers end up paying 30% more for a product than they would have if they used cash.
  • If you do have credit card debt, avoid late payments and going over your limit.  Ever-increasing fees for these infractions can really add up.
  • Your attitude is vital. You must be committed to your budget and want to make it work.

If you need help with a budget, please feel free to call me (302) 703-0727or attend one of our free budgeting seminars. Please go to our seminars page by clicking on the link at the top of the page for more information on our 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...