Atlantic Pacific Mortgage Corporation

5 Reasons You Can't Get a Mortgage Are you gearing up to refinance or buy a home this year? These five things may stop your mortgage dead in its tracks. Here's what you need to know to prevent your loan application from being denied. 1. Your Credit Score Is Not What You Think It Is...Continue reading

If you saw the recent White House announcement of lower insurance payments on Federal Housing Administration home mortgages, you might have wondered: Does this matter to me as a potential home buyer or refinance? Who specifically will benefit from the decrease in fees? The Obama administration estimates that by lowering the FHA's annual mortgage insurance premiums by half a percentage point, as many as 250,000 new buyers will be able to purchase a house. That's great news and...Continue reading

4 Reasons to Buy a Home During the Holidays In the market for a new home? Here are four reasons to add real estate shopping to your December to-do list. Bargain prices... Did you know that, historically, home prices are lower in December than in any other month? As for the overall housing picture, if you’re not yet in the market, you’ll like this news: While home prices are continuing to rise, it’s happening at a much slower pace. U.S. home values are currently up 6.4 percent year-over-year and have been slowing for nearly two years. Next year home values are expected to grow at 3 percent roughly half their current pace. These changing dynamics, and a shift toward healthy stabilization, put more power in the hands of buyers. Low mortgage rates What’s driving affordability? Low mortgage rates. Currently hovering in the 3 percent range, rates are projected to edge up to 5 percent by the end of 2015 To put this in perspective, did you know that if rates go up by just one percentage point, your purchasing power is reduced by a whopping 11 percent? Find out how much waiting to buy could cost you. Motivated sellers If sellers are listing their home for sale this time of year, this likely means they’re serious about shedding the weight of their residences. Regardless of why that is perhaps they’ve recently gotten divorced, have to relocate for a new job opportunity, or are under some other personal pressure this puts you, the buyer, in a much better position to negotiate and ultimately cut a deal, particularly since competition is minimal this time of year. Tax savings At the end of the year, everyone is looking for ways to lower their tax bill. And closing on your new home before Dec. 31st is one way to get some breaks. After all, you can deduct home purchase costs, including mortgage interest, property taxes and points while you build equity and save yourself a significant amount of money. Please do not do hesitate to call me with any questions and pre-qualification @ Mr.P - 215-570-7020

A guide to getting your first mortgage *** a lot of material to read but its worth it..or just call me - I will explain or prepare you for a mortgage *** To buy your first home, you likely will need a mortgage. In fact, before you even start looking at houses, you should look into your mortgage prospects....Continue reading

Act Now To Refinance Your Home Before Rates Rise There has never been a better time to refinance your home. That's because of a little-known government program called the Home Affordable Refinance Plan (HARP). This allows Americans to refinance their homes at shockingly low rates, and reduce their payments by an average of $4,130 a year. ... But here's the catch - like most government programs, this is likely temporary. Currently the program is set to expire on December 31, 2015. But the good news is, once you're in, you're in. If the thought of a lower payment or fewer years on your mortgage sounds appealing, the time to act is right now. It's like a true middle-class stimulus package This is unknown to many, but the Home Affordable Program is for the middle class. If your mortgage is $625,500 or less (unless you live in a high-cost area then the loan limits may be higher), you most likely qualify. Basically, the Government wants banks to cut your rates, which puts more money in your pocket (which is good for the economy). However, the banks aren't too happy about this - here's why: 1. You can shop several lenders, not just your current mortgage holder 2. Your home's Loan-to-value (LTV) can be 80% to 125% You think banks like the above? Rest assured, they do not. They'd rather keep you at the higher rate you financed at years ago. That's why the pressure is on time-wise. The Middle Class seems to miss out on everything (did you ride the last stock bubble? Probably not). Thus, it's almost a no-brainer to jump on this now. You need to act fast in order to refinance your house at these current low refinance rates. You can greatly benefit: The average monthly savings for most eligible Americans is $345. Can you use an extra $345 a month? Many homeowners not only save every month, but depending on their current rates, they can also shorten their term. This is why it's a no-brainer - you will likely lower your payment, possibly shorten your term, AND can also get cash. This is how powerful that little word called "interest" is. The middle class never sees "breaks" like this. So this is your chance to get "in". This often overlooked method to lower your payment (and continue to make the higher payment by directing the excess to the principal) is a great way for you to pay off your mortgage in a shorter period of time, all the while saving more money in interest over the life of the loan.

Common Waiting Periods to Qualify for a Refinance after Bankruptcy Here is a snapshot of how soon you may be eligible for a new mortgage loan after your bankruptcy. I have broken it down by three types of real estate loans for easy comparison. 1. Conventional Loans... Conventional mortgage lenders are generally requiring four years to have passed since your bankruptcy. There are different time requirements depending on your specific situation and the type of bankruptcy you filed for. Chapter 7: Four years from the discharge or dismissal date. (2 years with extenuating circumstances, but your lender will need to approve that exception.) Chapter 13: Two years from the discharge date, but 4 years from the dismissal date. Visit http://knowyouroptions.com/refinance/overview to get more information about refinancing through conventional lenders. 2. FHA Loans (Governmentinsured mortgages) FHA-insured mortgages are more lenient regarding your credit and previous bankruptcy. However, FHA lenders will also be reviewing your credit and payment history after the bankruptcy to determine the level of risk in making a new loan to you. It will help if you have new credit cards and new reestablished credit. Chapter 7: Two years from the discharge date of the bankruptcy. Chapter 13: At least one year after the pay-out period under the bankruptcy. (Subject to additional conditions)

6 Ways to Refinance Your Home After Bankruptcy Failure is the opportunity to begin again more intelligently. It’s no secret that a bankruptcy is one of the worst things that can happen to your finances and credit history....Continue reading

How to Refinance Your Home Loan With Bad Credit? Looking for a way to refinance your home when you have bad or blemished credit? You do have refinancing options and you don’t need perfect credit to qualify.... Check Out HARP 2 One option to consider is HARP 2, the revamped federal Home Affordable Refinance Program. There are no loan-to-value restrictions in this refinancing program. But there are a few requirements: 1. Your mortgage is owned by Fannie Mae or Freddie Mac. 2. Your mortgage was delivered to Fannie Mae or Freddie Mac by June 1, 2009. 3. You haven’t previously used the Making Home Affordable Refinance Program. 4. Your loan is not an FHA loan. The aim of HARP 2 is to make it easier for homeowners who owe much more on their homes than the homes are worth to refinance into lower-rate loans. Not sure if Fannie Mae or Freddie Mac owns your mortgage? Look-up tools from Fannie and Freddie make it easy to find out. Refinance an FHA Loan If your home loan is insured by the Federal Housing Administration (FHA), be sure to check out your refinancing options as well. FHA mortgage programs have more lenient qualifying guidelines than other mortgage programs and are easier to refinance. A downside to financing a home with an FHA loan is the increasing costs of mortgage insurance premium (MIP) associated with this type of loan. According to the U.S Department of Housing and Urban Development to streamline refinance an FHA loan, the mortgage you would like to refinance must already be FHA-insured and the mortgage must be current and not delinquent. So folks who fell behind on an FHA-insured mortgage are out of luck. In addition, no cash may be taken out on FHA mortgages refinanced using the streamlined refinanced process and the refinance results must result in lowering a borrower’s monthly principal and interest. To learn more about refinancing an FHA loan, contact any mortgage professional that offers these kinds of loans. The Best option is to call Mr. P @ 215-570-7020

Act Now To Refinance Your Home Before Rates Rise There has never been a better time to refinance your home. That’s because of a little-known government program ...called the Home Affordable Refinance Plan (HARP). This allows Americans to refinance their homes at shockingly low rates, and reduce their payments by an average of $3,000 a year. But here’s the catch like most government programs, this is likely temporary. Currently the program is set to expire on December 31, 2015. But the good news is, once you’re in, you’re in. If the thought of a lower payment or fewer years on your mortgage sounds appealing, the time to act is right now. It’s like a true middle-class stimulus package This is unknown to many, but the Home Affordable Program is for the middle class. If your mortgage is $625,500 or less (unless you live in a high-cost area then the loan limits may be higher), you most likely qualify. Basically, the Government wants banks to cut your rates, which puts more money in your pocket (which is good for the economy). However, the banks aren’t too happy about this here’s why: You can shop several lenders, not just your current mortgage holder Your home’s Loan-to-value (LTV) can be 80% to 125% You think banks like the above? Rest assured, they do not. They’d rather keep you at the higher rate you financed at years ago. That’s why the pressure is on time-wise. The Middle Class seems to miss out on everything (did you ride the last stock bubble? Probably not). Thus, it’s almost a no-brainer to jump on this now. You need to act fast in order to refinance your house at these current low refinance rates. You can greatly benefit: The average monthly savings for most eligible Americans is $250. Can you use an extra $250 a month? Many homeowners not only save every month, but depending on their current rates, they can also shorten their term. Deferred payments typically, one or two payments are skipped / deferred as well. This is why it’s a no-brainer you will likely lower your payment, possibly shorten your term, AND can also get cash. This is how powerful that little word called interest is. The middle class never sees breaks like this. So this is your chance to get in. But how do you find these rates? Give it a shot and call me to discuss your options @ 215-570-7020 [Mr.P]

New Poll Finds Home Price Growth has Peaked and Will Slow !!! Take advantage of your property value - refinance: get rid of PMI and do some Cash Out or Debt Consolidation. Home price increases will most likely slow down even further over the next two years due to stagnant wage growth, tight lending standards, and few first time home buyers, according to a new Reuters poll. The poll of 31 property analysts also found consensus that home price growth has reached a peak. The pr...edictions of analysts had a median 7.5% increase in 2014 with a gain of just 4% by 2016. This is a significant slowdown in growth from the more than 12% increase reported in the 12 months through March on the most recent S&P/Case-Shiller gauge of values in 20 U.S. metropolitan areas. Of the 20 cities tracked by Case-Shiller, all had double-digit price growth in the last year except Washington, Cleveland, Charlotte, Boston, New York and Denver, which all had single-digit price increases. Many cities that were hit the hardest during the downturn had the strongest gains, led by Las Vegas with 21% price growth. 18 cities remain below peak prices during the bubble, and just two Dallas and Denver have returned to their previous levels. Analysts are quick to say that peak prices during the bubble shouldn’t be used as a benchmark. When compared with March 2004, prices in 14 of 20 cities are now higher. The market lost momentum toward the end of last year and the beginning of 2014 due to unusually severe winter weather and rising mortgage rates that caused the economy to contract. In recent testimony, Federal Reserve Chair Janet Yellen also said this slowdown is an area of concern and may last longer. Most analysts view the slowdown in price gains as welcome news. Double-digit increases cannot be sustained for long, and the slowdown shows the market is becoming more stable. Foreclosures now once more make up a smaller share of sales, while higher home prices have caused investor interest to cool. Still, first-time buyers still account for less than 30% of the market, according to the National Association of Realtors, while the percentage of all-cash buyers remains high. More first time buyers would bring stronger growth in the market, but this is heavily dependent on mortgage rates. The average 30-year fixed-rate mortgage is now just over 4% and expected to climb to 4.5% before the year ends and 5.68% in two years. When asked to judge whether the housing market was fairly valued on a scale of 1 (extremely undervalued) to 10 (extremely overvalued), the average answer from analysts was a 5, with conservative responses So if you are ready to refinance and do Cash Out Option - this is the time to take advantage of your property's Value being at the peak. Do not hesitate - Call Mr. P @ 215-570-7020

5 Essential Tips to Paying Off Your Mortgage Early and Start Living a Debt Free Life If you want to get out of debt completely, your biggest obstacle is probably your mortgage. The trend of paying off mortgages early has caught on, with millions who lived through foreclosure and job loss now after the security of owning their home free and clear. There are many strategies for getting rid of your largest debt, some safer and easier than others. These tricks will get you there,...Continue reading

When to refinance your mortgage? What's your goal? Before deciding whether to refinance, you need to determine what you want to accomplish. Remember, refinancing a mortgage doesn't pay off the debt; it just restructures it, often at a lower interest rate and a different loan term than the current mortgage. ****Reducing the interest expense is the most common goal of a refinance. But some homeowners also appreciate the ability to extend the loan back out to 30 years, reducing ...the monthly payment. **** Debt consolidation is another goal of refinancing. If you have both a first mortgage and a home equity loan, combining the two mortgages into one fixed-rate mortgage levels out the payment over the loan term. Let's refinance your loan with Mr.P @ 215-570-7020

5 Reasons You Can't Get a Mortgage Are you gearing up to refinance or buy a home this year? These five things may stop your mortgage dead in its tracks. Here's what you need to know to prevent your loan application from being denied. 1. Your Credit Score Is Not What You Think It Is...Continue reading

If you saw the recent White House announcement of lower insurance payments on Federal Housing Administration home mortgages, you might have wondered: Does this matter to me as a potential home buyer or refinance? Who specifically will benefit from the decrease in fees? The Obama administration estimates that by lowering the FHA's annual mortgage insurance premiums by half a percentage point, as many as 250,000 new buyers will be able to purchase a house. That's great news and...Continue reading

4 Reasons to Buy a Home During the Holidays In the market for a new home? Here are four reasons to add real estate shopping to your December to-do list. Bargain prices... Did you know that, historically, home prices are lower in December than in any other month? As for the overall housing picture, if you’re not yet in the market, you’ll like this news: While home prices are continuing to rise, it’s happening at a much slower pace. U.S. home values are currently up 6.4 percent year-over-year and have been slowing for nearly two years. Next year home values are expected to grow at 3 percent roughly half their current pace. These changing dynamics, and a shift toward healthy stabilization, put more power in the hands of buyers. Low mortgage rates What’s driving affordability? Low mortgage rates. Currently hovering in the 3 percent range, rates are projected to edge up to 5 percent by the end of 2015 To put this in perspective, did you know that if rates go up by just one percentage point, your purchasing power is reduced by a whopping 11 percent? Find out how much waiting to buy could cost you. Motivated sellers If sellers are listing their home for sale this time of year, this likely means they’re serious about shedding the weight of their residences. Regardless of why that is perhaps they’ve recently gotten divorced, have to relocate for a new job opportunity, or are under some other personal pressure this puts you, the buyer, in a much better position to negotiate and ultimately cut a deal, particularly since competition is minimal this time of year. Tax savings At the end of the year, everyone is looking for ways to lower their tax bill. And closing on your new home before Dec. 31st is one way to get some breaks. After all, you can deduct home purchase costs, including mortgage interest, property taxes and points while you build equity and save yourself a significant amount of money. Please do not do hesitate to call me with any questions and pre-qualification @ Mr.P - 215-570-7020

A guide to getting your first mortgage *** a lot of material to read but its worth it..or just call me - I will explain or prepare you for a mortgage *** To buy your first home, you likely will need a mortgage. In fact, before you even start looking at houses, you should look into your mortgage prospects....Continue reading

Act Now To Refinance Your Home Before Rates Rise There has never been a better time to refinance your home. That's because of a little-known government program called the Home Affordable Refinance Plan (HARP). This allows Americans to refinance their homes at shockingly low rates, and reduce their payments by an average of $4,130 a year. ... But here's the catch - like most government programs, this is likely temporary. Currently the program is set to expire on December 31, 2015. But the good news is, once you're in, you're in. If the thought of a lower payment or fewer years on your mortgage sounds appealing, the time to act is right now. It's like a true middle-class stimulus package This is unknown to many, but the Home Affordable Program is for the middle class. If your mortgage is $625,500 or less (unless you live in a high-cost area then the loan limits may be higher), you most likely qualify. Basically, the Government wants banks to cut your rates, which puts more money in your pocket (which is good for the economy). However, the banks aren't too happy about this - here's why: 1. You can shop several lenders, not just your current mortgage holder 2. Your home's Loan-to-value (LTV) can be 80% to 125% You think banks like the above? Rest assured, they do not. They'd rather keep you at the higher rate you financed at years ago. That's why the pressure is on time-wise. The Middle Class seems to miss out on everything (did you ride the last stock bubble? Probably not). Thus, it's almost a no-brainer to jump on this now. You need to act fast in order to refinance your house at these current low refinance rates. You can greatly benefit: The average monthly savings for most eligible Americans is $345. Can you use an extra $345 a month? Many homeowners not only save every month, but depending on their current rates, they can also shorten their term. This is why it's a no-brainer - you will likely lower your payment, possibly shorten your term, AND can also get cash. This is how powerful that little word called "interest" is. The middle class never sees "breaks" like this. So this is your chance to get "in". This often overlooked method to lower your payment (and continue to make the higher payment by directing the excess to the principal) is a great way for you to pay off your mortgage in a shorter period of time, all the while saving more money in interest over the life of the loan.