I'm here to help! Call 973-219-8383 | Monday, Nov. 19, 2018

RATE UPDATE !!!

BREAKING NEWS ON RATES!!!

Despite the FED indicating over the past 3-4 month that there is a possibility they will start tapering  their “bond purchases*” this month they actually surprised most markets and DID NOT change anything.  This is good for rates for the moment.  Bond buying will continue at a pace $85 billion a month.  We may see a slight dip in rates.  Who knows how long it will last however…

*Bond purchases by the Federal Reserve had played a significant part in getting mortgage rates to drop over the past few years.  The mention of the pull back is what caused them to start to go back up earlier this year.

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Is your credit score below 600?

Great news… The “credit” door has been opened slightly wider for us here at Absolute Home Mortgage and we can now offer mortgages to folks with CREDIT SCORES AS LOW AS 580… Last month we also helped a couple buy a home that was still in Bankruptcy… They wouldn’t have gotten it done if they didn’t ask if we could help! We can’t help if you don’t ask… It takes a lot of courage sometimes to just pick up the phone or send an e-mail these days knowing how hard the process might be to buy a home and get a mortgage. Don’t let a road bump stop you. Use that initial momentum and give us a try…

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THIS MORNING’S MARKET UPDATE:

Good news for the economy in general but not good for those that are in the midst of trying to get a mortgage. THE UNEMPLOYMENT NUMBER DROPPED TO 8.9% WHICH IS THE LOWEST SINCE EARLY 2009. 192,000 jobs were created in February (the most since May of 2010). These are both huge indicators that (supposedly) the economy is recovering which applies even more upward pressure on interest rates. If you’re thinking about it at least call me. It never hurts to talk!

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“I’d rather see the effort than hear the promise.” -aktiv-

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Still in Bankruptcy?

Just when you think you’ve seen it all, on Friday, February 25th, 2011, we were able to find a way to close a new “purchase” mortgage for a couple who are still in bankruptcy paying on a Chapter 13 BK for another year. This wasn’t accomplished with the help of any magic or pulling any strings but simply through trying.

I was referred to a couple that had a tarnished financial past that included filing for Bankruptcy. In the past, I knew that a person could “refinance” a mortgage through the FHA while in BK if they had on-time mortgage and BK payments so I figured “why not try it on a purchase?”. At first the idea was unthinkable and downright inconceivable when I reviewed this with anyone. Although this was a foreign concept and seemed unlikely there was nothing in the guidelines that said it couldn’t be done. When I politely asked for a reason as to why it couldn’t be done the winds shifted and the wheels started to turn. I soon found myself on a mission, along with a few others, to make this happen. The thinking behind this file went from “We can’t…” to “We can try!”… and the rest is history.

Remember, there is no bad question nor bad idea; it’s usually just a lack thereof… If you could use some added ingenuity and persistence then give me a call. I’m always happy to help! And keep in mind, although I’m not one to make a promise, I will make the effort.

Call me today with your questions or scenario…

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Rates are up! Refinance? If you can because something is always better than nothing, right?…

You bet it is… when we were kids, we’d ask mom for some cookies. There’d always be a compromise on the number we’d get and we’d rarely get as many as we wanted as mom would win the battle by saying “something is better than nothing, right?”, well, isn’t that right? That applies to life as we know it today as well especially now in the mortgage market. While rates climb lately there are still chances to save money and there is nothing wrong with that. I’m working on a refinance this month for a couple that is going to save about $240 on their monthly mortgage payment. It works for them and it could work for you. If you’ve been thinking about refinancing and weren’t convinced it was worth it or you procrastinated, don’t fret. Rates are still GREAT! Take advantage now. One other moral to the story… What do you get if you don’t ask at all? No Cookie. There are thousands of eligible borrowers out there that could be saving hundreds a year or even month that just don’t know what to do and are like deer in headlights. Pick up the phone (or e-mail me) and talk to me about what a refinance could do for you and your family TODAY. If we lock in and the rates get better we might also be able to do a float down. Make the most of your situation and make the call. It takes 5 minutes. I don’t have to run a credit check if really don’t think I can help you save money at first. I don’t even collect and application fee unless we actually close a loan so you’ve got nothing to lose by simply just reaching out to me. Call from the car on the way to work or from home. Shoot me an e-mail any time. I’m easy to get in touch with and despite my obviously direct approach I’m open to discussion, a good listener and I realize we both win only when you come out ahead. If it doesn’t work for you we don’t do the loan… It’s that simple

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Public message on cell phone telemarketing

Cell Phone Numbers Go Public this month.
REMINDER….. all cell phone numbers are being released to telemarketing companies and you will start to receive sales calls.

…. YOU WILL BE CHARGED FOR THESE CALLS

To prevent this, call the following number from your cell phone: 888-382-1222.
It is the National DO NOT CALL list It will only take a minute of your time.. It blocks your number for five (5) years. You must call fro m the cell phone number you want to have blocked. You cannot call from a different phone number.

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I’ll pay your closing costs……

For certain qualified borrowers I can actually pay all or some of your closing costs on Purchases and Refinances. If cash is tight just ask me how it works and if it would make sense for you… I’m never more than a phone call or e-mail away.

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Should I try to buy home today?

YES, if you are working and feel confident about making money in the future then go ahead a buy a home…

Rates are holding steady in the 4’s on 30 fixed and low 4’s on a 15 year with no points. The questions still remain for those of you tracing mortgages and reading this blog: Where is the economy going? What direction will rates go? What will be the home price trend for our current homes and/or homes we want to buy? We can all agree there needs to be a recovery. What we don’t know for sure is whether or not we have really started to recover or is if there so much unknown bad news that we’re still far from recovery. There are countless opinions on countless topics such as: the state of the economy in general, wages, labor, employment, unemployment, housing, rates, the stock market, the global economy, etc…

Here’s what we do know, if you sell a home today you are selling at the low end but if you are also looking to buy you are ALSO buying at the low end. Same as if you sell “high” and buy “high”. It’s all relative!!! You just need to have the right perspective.

One thing we do know for sure is that Today is a great day to buy regardless of where we are in the cycle simply because mortgage rates are so low. Historical data indicates that the equity loss here in NJ has slowed considerably in the last year since the 10-20% reductions per year we’ve seen since 2007. The losses, if any this year (2011), should be minimal compared to the past few years. So, if we are near a bottom for housing prices and we hit the bottom for mortgage interest rates then we can certainly rationalize the statement that NOW is a good time to buy!

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Need a quick closing? How’s 22 days?

Hey Folks,
Rates have certainly gone up a bit in a short amount of time. No news to you I’m sure… As long as folks realize that today’s rates are phenomenal and these low rates still make home buying very affordable we’ve all still got a chance at continued success. Remember, perception is reality and one person’s reality isn’t always the same as another’s… If you find yourself dealing with a client who is stuck on the fact that rates went up let me help you get over that hurdle with them. The work isn’t easy these days but things are certainly easier when someone can help you carry the load.

Quick note on a Quick Closing: 22 day closing from receipt of the client’s application!!! Let me know If you have any quick closings that you need to get done.
Call me if you need me.

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Keith Tatum is a Branch Manager and Senior Mortgage Loan Originator at Residential Home Funding - NMLS ID - 239309
© 2009-2018 KeithTatum.com - All Rights Reserved
Equal Housing Opportunity

This is not a commitment to lend. All rates, fees and loan terms are subject to a formal loan application, credit risk, appraisal evaluation and other lending criteria. Programs, rates, terms and conditions are subject to change without notice. Other restrictions may apply.

Licensed Mortgage Banker - Licensed by the NJ Dept. of Banking & Insurance - NMLS #34973

WE DO NOT ACCEPT APPLICATIONS FOR NEW YORK PROPERTIES