(302) 703-0727

(302) 703-0727

Greenpoint Mortgage Shuts Down

John Thomas August 20, 2007

I just heard the news that Capitol One has shut down their mortgage unit, Greenpoint, laying off more than 1900 employees. This is effective immediately. So here we go again; if you have any loans with this company you will need to find another lender. This is yet another casualty in this erratic market and more reason to be committed to a company like Citizens Lending Group.  This will be an unexpected shock too many.  If you need someone who will be there today, tomorrow, and in the future, give me a call at 302-703-0727. Keep Reading...

FREE Real Estate Investment Seminar – September 26, 2007

John Thomas August 19, 2007 Tags:

There will be a Free Real Estate Investment Seminar on Wednesday, September 26, 2007, from 6:30 PM till 8:30 PM at Primary Residential Mortgage’s Office in New Castle, DE.  The seminar is on Getting Started in Real Estate Investing.  The seminar will show you how to set up a plan for investing and how to get your self financially ready to invest, how to gather a power team around you, give you an action plan to buy your first rental property, how to do investing as a business, and how to analyze a property to determine if a good investment. Everybody is welcome but must register in advance because space is limited.  Each participant will receive a Free Audio CD on Real Estate Investing.  Please call 302-703-0727 and ask for John Thomas to register. Keep Reading...

First Time Home Buyer Seminar – September 29th at 10:00AM

John Thomas August 18, 2007 Tags: ,

There will be a First Time Home Buyer Seminar on Saturday September 29, 2007 from 10:00 AM to 12:00 PM at the Primary Residential Mortgage’s office in New Castle, Delaware.  The Seminar is FREE!!!  Come learn what it takes to buy a home in Delaware.  First time home buyer programs will be covered.   Program will also cover how to improve your credit and how to afford a mortgage payment that might be more than your current rental payment.  All registered participates will receive a Free Credit Scoring Audio CD.  Free credit checks will be given at the seminar.  Everybody has the opportunity to receive their complete credit report and get pre-approved to buy a home at the seminar.  You will also have the opportunity to schedule one-on-one appointment with a mortgage professional and credit counselor who can answer questions for your specific situation.  Please call 302-703-0727 and ask for John Thomas to register for this seminar.  The address of seminar is 42 Reads Way, New Castle, DE 19720. Keep Reading...

Fed Cut Discount Rate from 6.25% to 5.75%

John Thomas August 17, 2007 Tags: ,

The Federal Reserve has taken significant action in the last few weeks due to the credit crunch. And now they’ve made an unexpected move by cutting the discount window rate which is great news. I’ll get to that in a minute, but first let’s look at recent events and understand what they mean.

Market movement
To date, over 120 mortgage companies have closed their doors due to reduced liquidity. The result: Borrowers who want to take out non-conforming loans have fewer, more expensive options.

Many media outlets have incorrectly added fuel to the fire by stating that mortgage lending has stopped altogether and that borrowers can’t get a loan without a 20% down-payment. This is not true. Keep Reading...

Delaware Adjustable Rate Mortgage Holders Prepare for Increase in Interest Rates

John Thomas August 17, 2007 Tags: ,

Delaware Adjustable Rate Mortgage

Delaware Adjustable Rate Mortgage will be increasing their rates because, in 2004, the Federal Reserve made it clear that short-term interest rates would be increased at a measured pace because of a fluctuating US Dollar, unstable oil prices and an evaluation of other economic indicators. In an effort to curb inflation, the Federal Reserve has kept its word and continued to raise short term rates, including one incredible streak of 17 consecutive interest rate hike announcements following meetings of the FOMC. As a result of these interest rate increases, thousands of Delaware homeowners with adjustable rate mortgages will feel the sting of corresponding increases in their annual adjustments. Delaware consumers with revolving debt accounts tied to the prime rate have already felt the impact, as the prime rate always rides 3% above the current Fed Funds Rate. And although an increase in the Fed Funds Rate does have a direct impact on financial markets as a whole, Delaware mortgage rates are affected rather indirectly, and may go up or down based on the prevailing perception investors have of current economic statistics and their reaction to the Federal Reserves after-meeting statements. Keep Reading...

Still Room for First Time Home Buyer Seminar August 18, 2007

John Thomas August 16, 2007 Tags: ,

There are still some seats left for the Free First Time Home Buyer Seminar on Saturday, August 18th from 10:00 AM till Noon at Primary Residential Mortgage’s Office in New Castle, DE.  Please call 302-703-0727 and ask for John Thomas to register.

If you would like to apply for a Delaware Home Loan, you can APPLY ONLINE HERE, you can call John R. 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...

Equity Management – Securing Equity

John Thomas August 16, 2007 Tags: ,

Now that we better understand the advantages of equity extraction and investment, the next step is to explore specific methods of putting your cash to work for you. Again, these options are not for everyone, and they may not even be available to homeowners who have poor credit ratings or excessive outstanding debt. In fact, many mortgage experts recommend against withdrawing equity unless you have first assembled a management team to oversee its investment – and until you have fully committed yourself to exercise the financial discipline necessary to reap the long-term rewards. Keep Reading...

Equity Management – Working Equity

John Thomas August 15, 2007 Tags:

Home equity accumulates in four ways: the money committed in the original down-payment; any appreciation in the local housing market over time; physical improvements or renovations; and, of course, principal payments on the mortgage itself. Through these four avenues, cash value – or equity – steadily builds up in the property. While seemingly desirable on its face, this accumulation of wealth in the home has three detrimental consequences that are not generally well-understood by most consumers.

First, the cash in your home is “buried.” Not only is it unavailable in the event of a family emergency, but it is also vulnerable to lose due to periodic downturns in housing values, fire, or natural disasters such as hurricanes (insurance, where available, may not cover the full market value of your home). Perhaps more critically, cash trapped in property is earning zero interest, year after year. No prudent consumer would put money into a savings account or investment plan that yields no rate of return, but many homeowners do exactly that without a second thought when it comes to their mortgages. Keep Reading...