For underwater homeowners, there is hope in HARP, the Home Affordable Refinance Program. HARP was initiated in 2009 for those whose mortgages are owned by government entities Fannie Mae or Freddie Mac. The federal government has recently liberalized the qualification guidelines so that more homeowners can participate, lower their mortgage rates, and pay down their loans more efficiently.

What’s New with Harp?
The overall goal in the revamped HARP 2.0 program, which ends December 31, 2013, is to allow more eligible borrowers and lenders to participate more easily. The basics are that the Federal Housing Finance Agency (FHFA), which regulates Fannie & Freddie, has removed the ceiling on the accepted loan-to-value (LTV) ratio-the percentage of the loan amount to the property’s value. High LTVs= greater risk to lenders so this figure determines fees that borrowers are charged for their loans. Formerly the LTV ceiling to qualify for HARP was a whopping 125%. In fact, In some cases an appraisal is not even required!

To qualify for HARP, homeowners must meet all the program criteria including:
* A Fannie Mae or Freddie Mac loan-sold to either entity on or before May 31, 2009.
* The current loan-to-value ratio must be at least 80% .
* Current on their mortgage with no late payments in the last 6 months and only one late payment in the past 12 months.

HARP 2.0 has been released and guidelines do vary from lender to lender, so contact your mortgage professional for more information and to see if you can qualify.

Robert Snyder
Mortgage Advisor
Silex Financial Group, Inc.
Cell: 973.495.8925
Fax: 973.966.1063
Email: Bob@bobthebroker.net
www.bobthebroker.net
nmls #207771

There is nothing “outside the box” about an open house.  The question is, are your open houses successful or do you spend the time reading the Sunday paper.  If you’re cutting coupons on Sunday afternoons then maybe you need to stop advertising your open house in the local newspaper and find new ways to draw a crowd.  Today open house advertising on the Internet has become THE way to drive traffic.  With fewer and fewer people buying newspapers and the advent of smartphones, Wi-Fi hotspots and notebook computers, open house advertising has moved almost entirely to the web

One strategy I really like is the use of Facebook ads.  Facebook ads work much the same way as other Pay Per Click ads, however, there are a few significant differences.  The biggest difference and key is that Facebook allows you to target your ads so they are seen by your specific demographic (i.e. Age, Sex, Location and often their interests).  Facebook ads are great because you can start with low budgets, analyze results and make changes.  Facebook ads also allow you to target based on profile key words, so they can be more effective than search ads.

If you are going to spend a Saturday or Sunday hosting an open house you owe it to yourself to make it a success.

Robert Snyder

Mortgage Advisor

Jacob Dean Mortgage

Cell: 973.495.8925

Fax: 973.966.1063
Email: Bob@bobthebroker.net

www.bobthebroker.net

Check Out My You Tube Channel!

Become a Fan: Facebook  

Follow Me On: Twitter

If you are in need of a mortgage in Morris County, Middlesex County, Sussex County, Bergen County or anywhere in New Jersey please give me a call!

As of now, the temporary conforming loan limits are set to expire on September 30, 2011. There has been some recent chatter inn Congress about extending these limits. Barney Frank recently said that he believes the Obama administration will support keeping the loan limits where they’re at now. He also told the WSJ he believes many House Republicans will support doing so, given current housing market concerns.

“I think there’s a very real chance they’ll get extended,” Rep. Frank told the WSJ.

“Temporary loan limits” were enacted in 2008 as part of the government’s economic stimulus package. This was because private money left the mortgage market, home buyers that were unable (or unwilling) to bring a large enough downpayment to get their respective loan sizes to $417,000 or less found themselves without financing.

20 percent down didn’t matter anymore. You had to bring as much money as needed to get to the magic $417,000 number.

In areas like New York and New Jersey this left a large sector of the housing market a complete disaster.

In February 2008, to help more Americans get financing, and to help the housing market recover quicker, Congress agreed to let Fannie Mae and Freddie Mac securitize mortgages for more than $417,000, based on local home prices.

The “variable loan limit” concept proved to be a success and was later rolled into the 2008 Housing and Recovery Act which made “high-cost areas” permanent, but with a slightly different formula. Under the Housing and Recovery Act, loan size limits are not to exceed $625,500.

The Housing and Recovery Act limits take effect October 1, 2011 — one day after the original, temporary limits expire.

Starting October 1, 2011, today’s high-cost conforming loan limits will be reduced in the New York/New Jersey area from $729,750 to $625,500. This means that home buyers will have to bring an extra $104,250 to the closing table if they want to avoid having to pay jumbo mortgage rates. Fixed jumbo mortgage rates are traditionally higher than conforming fixed ones.

Mortgage rates may still be low come October, but you may not be eligible for them because of your loan size. Refinancing households should pay attention, too. You won’t be able to refinance a $729,750 mortgage to new conforming loan without paying $104,250 at your closing toward your loan balance.

October 1, 2011 is coming up quick. If you’re buying a home this fall, or thinking of a refinance, make sure you act sooner rather than later. The clock is ticking. As we have seen recently, we cannot rely on Congress to get anything done!

Robert Snyder

Mortgage Advisor

Jacob Dean Mortgage

Cell: 973.495.8925

Fax: 973.966.1063

Email: Bob@bobthebroker.net

Check Out My You Tube Channel!

Become a Fan: Facebook

Follow Me On: Twitter

If you are in need of a mortgage in Morris County, Middlesex County, Sussex County, Bergen County or anywhere in New Jersey please give me a call!

There have been a number of articles in the media recently to support my beliefs. Yes, even the ever negative media has started to see the light. Here are a couple of those articles that I think are worth a read:

Why It’s Time To Buy – <The Wall Street Journal

Return of Optimism for US Housing – CNBC

Now just because there are a couple of articles out means that everything is rosy, I am certainly not saying that. I do believe that when we look back we will say that 2011 was the year to buy a house!

Robert Snyder
Mortgage Advisor
Jacob Dean Mortgage
Cell: 973.495.8925
Fax: 973.966.1063
Email: Bob@bobthebroker.net 

www.bobthebroker.net 

Check Out My You Tube Channel!

Become a Fan: Facebook  

Follow Me On: Twitter

If you are in need of a mortgage in Morris County, Middlesex County, Sussex County, Bergen County or anywhere in New Jersey please give me a call!

Via www.DaveYourMortgageGuy.com:

Of course there are probably a million reasons to be on Twitter. Like how about to find out what Kim Kardashian ate for Lunch???? But lets talk about 5 reasons that it will help your business. And trust me for the life of me I could not figure out how Twitter was even helpful to my business. Because lets be honest Justin Bieber Tweeting is not Helping my business!! But, I have finally come up with at least 5 ways that it can help.

A Free Profile- I teach a MCE class on social marketing, etc and my biggest thing is if its free(profile) why not do it. I suggest having a profile on any website that gets traffic, facebook, youtube, twitter, trulia, activerain, etc. This is one more example. By being on as many sites as possible you increase your internet prescience.

ReTweet- for those of you who do not know how to start blogging or what to Tweet about, ReTweet is your option. This allows you to Retweet an article you find on the internet and have it posted on your Twitter Page. Most major websites give the option of “ReTweeting” just look for the ReTweet button on the left hand side where the article starts

Communication- Now more then ever it is important to be available thru any communication option. I have had clients find me off of Twitter, ActiveRain, Facebook and FaceBook advertisements, Trulia, Message Boards and the list goes on. You may hate Twitter but your possible future client may love it and found you because of Twitter.

200 Million- Twitter is no longer that short version of the Facebook status option. There are over 200 million members and they are tweeting over 110 million times a day

Super Charge your Blog- I recently read an amazing Article by Karen Fiddler about how when she posts her blogs on Twitter she received 38 immediate views. This is 38 views that she would not normally get. So Twitter brings your blogs more exposure then you would normally get. And remember the more traffic(clicks) your blogs get the higher they appear on the 1st page of Google. Which is the Super Bowl for all of us bloggers, its gets no better. Immediately after reading Karen’s Article I test it and I received 15-35 more views right away on my blogs.

For quite some time I could not figure out how Twitter was even remotely helpful to my business. And I now can honestly say I have figured it out. Its EXPOSURE!!!!! The more places my blogs appear the more traffic I get. Now remember Twitter limits you to 140 characters, so keep it short and for your links use short URLs. I hope you found this helpful. And if you have any other amazing reasons to use Twitter please leave a comment!

David Krichmar

Mortgage Banker/Broker

Schmidt Mortgage Company

Approved MCE Instructor

Office:832-689-6012

David.Krichmar@gmail.com

www.DaveYourMortgageGuy.com

Robert Snyder

Mortgage Advisor

Jacob Dean Mortgage
Cell: 973.495.8925

Fax: 973.966.1063

Email: Bob@bobthebroker.net

www.bobthebroker.net

If you are in need of a mortgage in Morris County, Middlesex County, Sussex County, Bergen County or anywhere in New Jersey please give me a call!

Staffing employment in February was 13% higher than in the same month last year, according to the ASA Staffing Index.  Sounds like great news.  Staffing agencies are starting to place people in jobs.  It makes sense; companies are starting to grow again but are a little hesitant to add too many costs so they turn to agencies to hire.  Great, that just means there are more qualified buyers out there right?

Wait, hold on a second.  Be careful.  In the eyes of most lenders a staffing job is a “temp” job.  Yes, I know that often a position placed through a staffing agency is considered a permanent position.  Yes, often it might be more secure than a direct hire’s position.  Unfortunately in the eyes of most lenders it is still considered a “temporary” position.

Even further, keep in mind that your clients may not understand this.  I recently had a borrower call me to be pre-qualified.  Of course one of the first questions I asked was where he worked.  He explained he just got a new job with Kraft Foods.  Great, I said and started discussing the job and some numbers.  As the conversation proceeded to unfold I happened to ask him how he found the new job.  When it came down to it, of course he was being paid weekly by the staffing agency.  Yes he worked for Kraft, but technically his employer was the staffing agency…or in the eyes of the lender the “temp” agency.

Just one more reason it is important to have your buyers pre-qualified!

If you are in need of a mortgage in Morris County, Middlesex County, Sussex County, Bergen County or anywhere in New Jersey please give me a call!

Attend the BEST Wine Tasting & Food Event of the Year!

Taste of Madison 2011

10th Anniversary
January 18, 2011
7:00 – 9:30PM
VIP Hour 6:00 – 7:00 PM
The Park
Avenue Club
184 Park Ave
Florham Park, New Jersey

www.parkavenueclub.com

Info Tel.: 973-377-7830

Gary’s Wine & Marketplace and the Napa Valley Vintners Association will
once again help sponsor the Taste of Madison. The 10th Anniversary
event will be held at the Park Avenue Club and will feature an amazing group of
Napa Valley winemakers from Shafer, Cliffe Lede, Schramsberg, ROY Estate,
Saintsbury and more-pouring their own distinguished wines and showcasing the
best of Napa Valley. For a complete list of those attending click here.

A highly anticipated annual food and wine extravaganza, Taste
of Madison has become THE premiere food tasting event in Morris County,
providing the opportunity to sample signature dishes from some of Madison’s
finest chefs and restaurants, all on one night and under one roof.

This annual fund-raising event is organized by the Madison Rotary Club Foundation,
the Madison Chamber of Commerce, and the Madison Downtown Development Commission
and will feature food, desserts and wine offered by the restaurants and
retailers of Madison NJ. For a complete list of restaurants click here.

The Consumer’sGuide to Credit Reports and Credit Scores is a well planned, easy to understand website that deserves high praisefor the government.  As the site says:

Your credit history isimportant to a lot of people: mortgage lenders, banks, utility companies,prospective employers, and more. So it’s especially important that you understandyour credit report, credit score, and the companies that compile thatinformation, credit bureaus. This site–maintained by the Federal ReserveBoard–provides answers to some of the most common, and most important,questions about credit.

Here are what I believe to be some of the highlights of thewebsite:

• Getcopies of your creditreport– then make sure information is correct. The site tells you how.

•Understand how your credit score is determined. The new site tells you.

• Learnthe legal steps to take to improve your credit report. Again, the informationis online.

• Bewareof credit-repair scams. The web site keeps you up to date.

• Thewebsite offers step-by-step instructions to help you correct an error on yourcredit report — not an uncommon job for credit-active consumers.

The siteis new and fresh with the latest government regulations dovetailing into yourresponsibilities, indicating it’s not just up to the law to make sure creditorsdo the right thing.

Morris Museum

Normandy Heights Rd., Morristown, 973/971-3700

ImagineThat!!! Discovery Museum for Children
4 Vreeland Rd., Florham
Park, 973/966-8000

Northlandz
495 Hwy. 202 S., Flemington,
908/782-4022

My favorite of them all is the Silverball Museum in Asbury Park. If you are
a pinball fan like I am, you have to make the time to go here. Not only do they
have all the nostalgic pinball machines from your childhood, but you can play
them all…no quarters needed. Make a day of it as Asbury Park has some
wonderful restaurants as well!
Silverball Museum: Pinball Hall of Fame
639 Cookman Ave., Asbury Park, 609/577-0232

Any other hidden gems???

Via Paul Newell at Balanced Wellness:

I was listening to a Robert Kiosaki CD and he mentioned that adults should have a financial report card. Yeah, that’s right, a financial report card! Its actually a pretty creative way of assessing where you really are in your financial education.

From our elementary school days, we have always been graded on our understanding of course material and in some cases our application of what we’ve learned. As we go through high school and college, those grades mean the difference between going to an average/outstanding college, or getting into a secure, high-paying job. In those days we get programmed to focus on a grade instead of focusing on the actual learning experience and how it applies to all things.

Report cards have been established in our mindset as a measurement tool that can bring good and bad outcome. I was a B – C student so when my report card came home, I got that speech. You know the one; “you can do better and you need to apply yourself or you won’t get that good job.” If it the report card was good, then I was getting rewarded in some way, most likely ice cream at Do Me A Flavor (ice cream store in Summit, NJ).

So I decided to create a Wellness Report Card for people in school, work or even in retirement. Here’s how it works:

1. Pick your five areas of wellness – what does wellness mean to YOU. The book Well-Being by Tom Rath writes that there are 5 main areas of wellness that contribute to our well-being; career, financial, social, community, physical. So to make the exercise easy let’s stick with those or you can use the five I chose: career, finances, community/charity, relationships, health.
2. Define what your grading scale looks like and means – In order to get an A in your career category, what does that look like? Are you an entrepreneur, and Fortune 500 company executive? Are you making a certain amount, living/working in a specific area? If you got a C in finances, does that mean you’re living paycheck to paycheck? Determine your grading scale from A to F (“+” and “-” do count); and this takes thought so don’t rush through this part.
3. Grade yourself – Now that you have a grading scale, what grades would you give yourself? Be honest!! No one else has to see this report card but you because its your responsibility. This is a very important snapshot of where you are right now. If you have poor grades its okay for now, but this will make you aware of areas that need improvement. If you earn, yes EARN, good grades then you’re rewarded with a happy, healthy and rewarding life and being.
4. Scan the consequences – Now you have your five areas of wellness, you have a grading scale, and your grades; reflect on what the consequences are if those grades stay the same. For example, if you have a C in career, what happens if you stay in your current situation? Could lead to more stress, more work, less engagement, etc. What if you have a C in health, what happens if you stay your course? Would it lead to high blood pressure, diabetes, weight gain. Reflecting on the consequences will help with your next step.
5. Take Action/Get a Plan – In school if you were getting poor grades or you wanted to get better in music or sports, what was your course of action? Did you practice or study more? Did you get help from a coach or tutor? Those tactics still apply, because to get better and accomplish anything you need repetition, and the help of others. Once you have a report card, craft a plan for the next 90 days before you reassess for your next report card. If you got a B in relationships, what can you do to improve to an A? Is it spending more time with family, or reconnecting with friends? I gave myself a C+ in that category because I want to connect with my family in Jamaica and get out to Colorado so see my friend Ward and his family. I have to book the trip to see them or have already made the visit before my next reassessment.

Do this exercise and be honest with yourself on where you are right now. There is no right or wrong or where you should be; its about where you are right now and figuring where do YOU want to go. I’ve always felt that everything we need to succeed is always within us, we just have to rediscover it. That requires honesty and accountability. Damn, I just sounded like my mother after one of my average report cards!! But for the first time I truly understand what she was talking about back then.

If you need some assistance with the exercise or have questions, reach out to me and we can go through this.

Be well and find your balance,