New Finance Plan just announced.  If you have a mortgage that is more than what your house is worth and you have been rejected in the past for a refinance because of this, this may be your chance for a refinance!  The program is the latest administration effort to help homeowners in the face of a massive number of foreclosures and plunging house values that have left millions of borrowers owing more than their homes are worth.

Article Link is here: Click Here for High LTV Refinance Article

Maple Tree Funding

Think Mortgage… Think Maple Tree

Give us a call or email Blog@mapletreefunding.com for more info!  518-782-1202

If you Google the title of this Blog “Homes for sale in New York” you may get well over 50,000,000 results (in about 3 seconds of course).  The tool the internet provides of getting a good look at a property in the comfort of your own home has become a House Hunting standard for the most part.  One of the questions becomes, what website do most people use to search for homes?  Do they simply use their Realtor’s website or do they use managed companies looking for profits from advertisements?  There are publically traded companies such as Zillow.com that advertise homes as well.

I’d like your feedback for what site you feel is the best for searching for a home?  What do you use when you are looking at homes for sale?  Sure, Homes.com is a big player, but I tend to lean more towards a site like AlbanyHomes411.com that provides many features that allows me to have easy filters for my search results.

Please post your favorite link on our Facebook page… Post a comment under this article on our Facebook Page of your favorite link.  Those who post a link will be eligible to win a Maple Tree Funding Sweatshirt.  Post before February 1^st, 2012 for a chance to win.  You must be a fan of our site to qualify.  (One entry per person)

Think Mortgage… Think Maple Tree

As a Mortgage Broker, we read many articles about when a homeowner should refinance.  The problem is, each homeowner is different, each loan is different, and each goal is different!  Just because it’s fun to review and crunch numbers, let’s take a look at this example:

Client A has a mortgage rate of 5.25%.  Client B has a mortgage rate of 5.50%.  If both refinance into 30 year fixed rates of 4.25%, who saves more?  That’s the problem with some of these articles!  Without knowing the loan size for this example, we can’t really tell how much a person will save per month.  In this example, if Client A has a $200,000 mortgage and refinances from 5.25% to 4.25% they save roughly $120 a month.  If Client B has a $100,000 mortgage and refinances from a 5.50% to 4.25% they will save roughly $75 per month.  Both great reasons to refinance, obviously, the higher the mortgage the higher dollar value in savings.

What if I told you that we could refinance your mortgage to a lower rate and you will still pay the same amount per month?  Doesn’t make sense does it?  How about we can refinance your mortgage (closing costs included), you keep the same payment, and we reduce 8 years off your mortgage?  With 15 year rates at record lows this is a popular option many of our clients are taking.  Needless to say the tens of thousands saved in interest payments over the life of the loan, many of our clients are paying less with lower terms (depending upon their initial interest rate).

Don’t feel like you have to fit the mold of “When to refinance” based on an article written that is not specific to you… call Maple Tree Funding and let us work out scenarios for you!  Also, as a great late Christmas gift, feel free to refer your friends or family to us for their annual mortgage checkup… helping them save hundreds a month and tens of thousands in interest is one heck of a gift!  We’ll even give you credit for it!  Start the process or the gift by clicking HERE or sharing this page!

Think Mortgage… Think Maple Tree!

Trying to “time the market” is tricky when it comes to buying and selling stocks…  Trying to figure out where mortgage rates will be can be just as tricky; however, there are certain aspects that can be viewed as positives towards a future outlook.

According to Freddie Mac, Mortgage rates will remain “very low”, at least through mid-2012.  The Government Sponsored Enterprise (GSE) says that rates (which are currently at historic lows) should continue to stay that way due to the Federal Reserve’s program for extending the maturity date for mortgage securities it holds.  The program is expected to continue through the middle of this year.

Freddie Mac also stated in its latest market outlook that this should keep fixed-rates for 15- through 30-year mortgages relatively low during the first half of the year, with rates possibly edging up during the second half.  The GSE also said that the Fed’s guidance (that it will likely keep the target range for its benchmark federal funds rate near zero through mid-2013) ensures that initial interest rates for adjustable-rate mortgages (ARM’s) will also remain extremely low throughout 2012.

Freddie Mac also said in its outlook forecast that housing activity will be better in 2012, but not robust.  “While the headwinds remain strong going into 2012, there are indications the economy and the housing market are gaining ground, albeit slowly,” commented Frank Nothaft, Freddie Mac’s chief economist.

Think Mortgage… Think Maple Tree!

Maple Tree Funding has many loan programs that include Conventional, FHA, and VA Mortgages.  One of our programs is the USDA Rural Development Program.  That’s right, the United States Department of Agriculture has a Mortgage program that allows for 100% financing.

First, some of the highlights:

• 100% Financing
• No cap on seller’s concession (based on appraised value)
• No down payment
• All pre-paid closing costs may be refunded at closing w/ receipts
• Low monthly private mortgage insurance

As far as eligibility is concerned, there are 5 main aspects.  Without getting into too much detail, here are the bullets:

1. Must be single family residence (no multi-units)
2. You must have documented income that meets requirements
3. The home must be in an eligible rural area (http://www.usdany.com/)
4. Your income cannot exceed the maximum limits
5. Must meet minimum credit standards (typically 620)

This is a great program that Maple Tree offers through numerous banks.  Some banks require a minimum of 620 score as others require 640.  Income limits are based on which county you are looking to purchase in (for example, 1-4 person household in Glens Falls has an income limit of $74,050; Albany-Schenectady-Troy has a $88,550 income limit for a similar 1-4 person household).   Few exceptions [As of 12/2011]

Final qualifications based on underwriting guidelines and USDA Approval

Zillow, (www.zillow.com) the publically traded online real estate information marketplace (Ticker Symbol Z) that provides information about homes, real estate listings, and mortgages, as well as enables homeowners, buyers, sellers, and renters to connect with real estate and mortgage professionals has many tools that are helpful.  However, for those of us in the Real-Estate / Mortgage industry, we realize that “not all homes are equal”, especially when it comes to valuation.

I found an interesting article regarding the Connecticut Housing Market on Courant.com discussing valuation and issues that are caused as a result of using Zillow as a “Final Value” website.  Zillow does include many disclaimers regarding valuation and how its “Zestimates” are only the starting point for figuring out the true value of a house.

Zillow has become one of the dominant sites for preliminary research on home values…  We in the industry have to keep the facts in front of the buyers (and sellers) that Zillow is only to be used as a tool, and that valuation by a certified appraiser is not included in all Zestimates.  An example of this would be a recent sale we had… Zillow had a home valued at $235,000, the home sold in August for $290,000.  Zillow now has the home valued at $290,000 (because of the public sales record).  Nice $55,000 increase overnight!

Think Mortgage… Think Maple Tree

Maple Tree Funding

www.mapletreefunding.com

A simple question… an interesting formula by FICO.  What is FICO?  This is another question we hear often as Mortgage Brokers… FICO stands for Fair Isaac Corporation and they are behind the credit score model.

The three major players in the Credit Score Industry are TransUnion, Equifax, and Experian.  These three bureaus all match a credit score to a potential homebuyer.  The bank will use the middle of the three credit scores (if there is a co-borrower, the bank will use the lower middle score of the two borrowers applying for the loan).

Your credit score is made up of many factors such as payment history, amounts owed, length of credit history, new credit, and types of credit used.  Below is a nice pie chart taken from MyFico.com that can be used to help understand your credit score.

Maple Tree Funding works with clients with all credit scores.  Although not everyone will be credit-qualified at the start, we have programs that can help you increase your credit score.  Once your credit score meets the minimum of one of our numerous lenders, we can assist you in your home purchase or home refinance.  For more information on improving your score, facts and fallacies, how mistakes are made, and how to fix an error, please visit this helpful site at http://www.myfico.com./ 

Maple Tree Funding has VA loan options for our Veterans.  Some of the key features of the VA mortgage program include 100% financing (No down payment required).   VA also has no monthly mortgage insurance.  You do not need to put 20% down to bypass MI.

 A few other highlights regarding our VA Home Loan Program include:

• No Reserve Requirements
• 30 year competitive fixed rates
• Perfect credit not required
• Flexible Income Qualifications

Maple Tree Funding has added even more lenders this year to our VA approved lenders list.  We now have multiple VA sources to shop and compare our clients file.  This program allows our Veterans to get into a home with 100% financing, no MI, and less than perfect credit.  It is a great program that we have in our arsenal of loan programs.  For more information please visit our website dedicated to the VA Loan program at www.nyvaloan.com.  We are proud to assist our Veterans with this great program.  Email us at Blog@mapletreefunding.com for more information.  VA is also a great refinance option for those looking to lower their rate and for those who may have MI from a conventional or FHA Loan.

Maple Tree Funding

http://www.mapletreefunding.com/

Many times we are asked the question “Can I buy a home”?  Some of our clients worry that they do not have enough down payment or their credit scores are too low.  Maple Tree Funding is here to help…  With 100% financing programs such as USDA and VA Loans, we offer our borrowers that are eligible a 100% no out of pocket financing option.  Our Veterans can enjoy a 100% financing no Monthly Mortgage Insurance Loan.

For those who have some money but not 20% down, we have FHA options with as little as 3.5% down!  Seller’s concession of up to 6% can help pay for closing costs as well.

If you are concerned about your credit, Maple Tree Funding will do a full analysis and see if you qualify now (perfect credit not required) or if you need help, we will give you a plan of action to increase your credit scores to get you ready.  Too many people think you need a 700+ score to purchase a home… this is not true…  some banks are lending to 620 credit scores depending upon other factors such as income history and assets.

Visit www.mapletreefunding.com for more info or send us an email at Blog@mapletreefunding.com if you have any questions or would like us to help you get ready for your home purchase or refinance!

Maple Tree Funding

http://www.mapletreefunding.com/

With one credit report (Experian, TransUnion, & Equifax FICO scores) Maple Tree Funding is able to shop your Home Mortgage file to dozens of banks.  We are able to review Conventional Loans, FHA Loans, VA Loans, USDA Loans, and more…

People may ask why use a broker?  There are so many benefits to using a broker that I will send you to our link on our website that explains the Benefits of a Broker.  Please click on the Benefits of a Broker link to view our website page.

Since this Friday is “Black Friday” and the shopping frenzy will be taking place, I figured it was a great time to write about the Broker advantage, especially, the Maple Tree Funding advantage.  Think of us as your one stop shopping store for a Home Purchase or Home Refinance.  We have the comfort feeling of a Brick and Mortar store as you can come in to talk to our Licensed Mortgage Loan Originators in either our Latham or Queensbury office, or feel free to go on-line and experience the “Amazon Feel” as we can assist you on-line and over the phone.  We can also setup an appointment and come meet you!

Shopping with only one credit report is just one aspect Maple Tree Funding has that other Local Banks do not… try carrying your credit report from bank to bank and you’ll see what I mean.

All Mortgage Loan Originators from Maple Tree Funding are Licensed throughNew YorkState.  We are professionals here to serve you!

Have a great Thanksgiving!

Maple Tree Funding

http://www.mapletreefunding.com/