(302) 703-0727

(302) 703-0727

Shopping Around for the Best Delaware Mortgage Rate?

John Thomas April 13, 2007 Tags:

SHOPPING AROUND?

HERE’S THE INSIDE SCOOP ON HOW TO DO IT RIGHT!

First: make sure you are working with an experienced, professional loan officer. The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that may arise along the way. But how can you tell?

Here are FOUR SIMPLE QUESTIONS YOUR LENDER ABSOLUTELY MUST BE ABLE TO ANSWER CORRECTLY. IF THEY DO NOT KNOW THE ANSWERS RUN DON’T WALK RUN TO A LENDER THAT DOES! Keep Reading...

Should You Leverage Your Home or Pay It Down Rapidly?

John Thomas April 7, 2007 Tags: , ,

Newark, DE – There is a great debate within the inner-mortgage circles these days. Should we, as loan professionals, encourage clients to borrow as much money as possible? Or would consumers benefit more if we helped them to understand the advantages of 15-year amortization schedules and pre-paying principal? Let’s examine the pros and cons of both strategies.

Leveraging Your Property. In order to understand why you’d want to borrow as much as possible for your home purchase, you must first grasp the concept that equity has a zero rate of return. Here’s an example: Keep Reading...

Financial News for March 2007

John Thomas April 1, 2007 Tags:

Sales of existing homes unexpectedly rose by 3.9% in February, the largest monthly gain in three years, the National Association of Realtors reported March 23. The price of a median home sold last month dropped to $212,800, down by 1.3% from the same month in 2006, marking a record seven straight months that the median home price has fallen.

Construction of new homes and apartments rose 9% in February to a seasonally adjusted annual rate of 1.53 million units, the Commerce Department reported March 20. Construction had fallen by 14.3% in January. Even with the better-than-expected rebound, construction activity remained 28.5% below last year’s level. Keep Reading...

Delaware Real Estate Investment Seminar April 18th

John Thomas March 30, 2007 Tags:

Free Real Estate Invesment Seminar on April 18, 2007 from 6:30 PM to 8:00 PM at Primary Residential Mortgage, Inc.  The Seminar is for New Real Estate Investors.  The seminar will show participates how to analysis potential investments, how to aquire the proper financing, what loan programs are available for investors with the current mortgage market, and much more.  Each participate will recieve a Free Audio CD on Real Estate Investing and a Free Investors Kit which includes most forms needed to get started in Investing.  Please Call 302-703-0727to register.  The seminar will be at 42 Reads Way, New Castle, DE 19720. Keep Reading...

How to Establish Good Credit for a Home Loan

John Thomas March 28, 2007 Tags: ,

If you’ve never had credit in your own name, it can be difficult to get a car loan or credit card. Having no credit history can be as much of a problem as having a bad credit history. Students, other young people, and newly divorced or widowed women who have always obtained credit jointly with their husbands often find themselves in this situation.
It seems like a vicious circle: you can’t get credit because you’ve never had credit, but you’ve never had credit because you can’t get credit. What’s a person to do?
Don’t despair. Here are a few tips to help you establish credit in your own name. Keep Reading...

Delaware First Time Home Buyer Seminar April 28th from 1:00 – 3:00

John Thomas March 26, 2007 Tags: ,

There will be a First Time Home Buyer Seminar on April 28th from 1:00 PM to 3:00 PM at the Primary Residential Mortgage, Inc’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 to register for this seminar.  The address of seminar is 42 Reads Way, New Castle, DE 19720. Keep Reading...

Fed Funds Rate Held Steady at 5.25%

John Thomas March 26, 2007 Tags: ,
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Fed Funds Rate Held Steady at 5.25%

And the whole financial world anxiously sat on the edge of their seats this week, waiting to see what the Fed had in store following their most recent meeting. But no surprises to have been worried about – as expected, the Fed decided to hold the Feds Funds Rate steady at 5.25%. But they did make a subtle change in the carefully crafted wording of their Policy Statement, which suggested that a rate cut may be more likely than a hike as their next move down the road. However, the Fed also said that Core inflation remains above their comfort level…and the Fed will not cut rates as long as this remains true.  Mortgage Interest Rates are not directly controlled by the Feds so changing the Feds Fund Rate doesn’t always mean mortgage interest rates move accordingly. Keep Reading...

Sub Prime Lending Big Changes

John Thomas March 10, 2007 Tags: ,
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Sub Prime Lending Big Changes Coming

Sub Prime Lending in for Big Changes in March 2007.   First, let’s start by defining a Sub Prime Loan, What is a sub-prime mortgage loan? Simply put, it is a mortgage loan offered to folks who don’t have the traditional credit history, down payment, or income levels that would normally be required to be approved for a typical conventional mortgage loan.

Here is a list of Sub Prime Lenders that have closed their doors recently; Ownit Mortgage Solutions, one of the nation’s largest sub-prime lenders of which 15-20 percent was owned by Merrill Lynch, closed its doors on December 5th, 2006. It appears that Ownit ran out of cash when it was required to buy back the mortgage loans it originated that ultimately went into default. Keep Reading...