FHA Streamline Refinance
If you are a New York or Connecticut homeowner with a FHA Mortgage, the possiblities of Homerica Mortgage Corporation helping to refinance another FHA Mortgage has opened up dramatically in the last several months! In some cases, a full appraisal or income documention are not needed to qualify. In addition, FHA Streamline Refinance will allow your mortgage balance to be higher than the value of your home. Also, know as “being underwater.” In some cases, lenders will allow the Loan to Value Ratio to be as high as 125% for...
read moreNo Income Verification Loans
Yes. Believe it or not No Income verification loans do still exist. At Homerica Mortgage Corporation, we currently have relationships with lenders who will lend on well qualified home owners without verifying income. These loans are ideal for self-employed borrowers whose income varies from year to year, have very good FICO scores, a lot of equity in their home and high liquidity. Typically, these mortgage rates are about .500% higher than the full income verification loans. For instance, if the 15 Year Jumbo mortgage were...
read more15 Fixed Rate Mortgage Refinance Equals Huge Savings!
If you currently have a 30 year mortgage, you may want to consider a 15 year fixed rate because of the huge interest savings over the life of the loan. For instance, a 30 year mortgage payment for $200,000.00 at 5.5% is $1,135.58 a month for 360 months. The interest paid over 30 years is $208,806.90. The estimated interest rate for the conforming 15 year fixed over the last few months has been 3.25%. A $200,000.00 mortgage payment at a 15 year fixed rate of 3.25% is $1,405.34 per month. The interest paid over 15 years is...
read moreWhat is HARP 2.0?
The mortgage industry is buzzing about the new HARP 2.0 program. Why? HARP 2.0 has removed the LTV restrictions and may open the door to responsible borrowers. With the original HARP, the Loan to Value was restricted to 125%. In which case many borrowers were still not able to refinance. In fact as of August 31, 2011 only 894,000 borrwers were able to refinance under the previous HARP program. So what does this mean to our NY or CT neighbors who are “underwater” on their mortgage? This means, for...
read moreA Standardized Good Faith Estimate Takes the Guesswork Out of Shopping for the Right Mortgage
If you’ve ever shopped for a mortgage before, you probably know that mortgages come in all shapes and sizes… meaning that they have varying fees, interest rates and closing costs. So how do you compare mortgages apples to apples? It’s easier now that the the Department of Housing and Urban Development requires all lenders to use a standardized Good Faith Estimate (GFE). Since January 1, 2010, all mortgage brokers and lenders are required to use a standardized GFE disclosing the mortgage’s terms and closing costs and we’re required...
read moreWhat Does the National Debt Mean to Borrowers in New York and Connecticut?
Mortgage rates and unemployment rates are two of the most influential elements in economic activity in the U.S. When the U.S. government incurs high debt, interest rates tend to rise. So why haven’t interest rates risen recently in light of the national debt crisis? Ahhhh… good question. And the answer is that the government is intentionally keeping the interest rates low in order to help the economy. A few years from now, hopefully, these tough times will be a thing of the past. And interest rates will rise again. The moral of this story...
read moreMortgages for Law Enforcement
What sets Homerica Mortgage Corporation apart from other mortgage companies? I’m proud to say that it’s our people. We truly have a great group of employees here… specifically, our Loan Officers. I’m particularly proud of the fact that I have on my staff two of New York City’s finest men in blue… Scott Williamson and Mike Mulqueen. Additionally, Scott Williamson served as a trustee of the Patrolmen’s Benevolent Association of the City of New York for over 12 years. Both of them are retired NYPD. And for all of you police officers...
read moreLife’s Transitions and Qualifying for a Mortgage
Getting married? Relocating? Maybe you’re retiring and downsizing. Whatever the case, life’s transitions often accompany the purchase of a new home. But qualifying for a mortgage in these tough times isn’t as easy as it was a few years ago. Today, I’ll give you some advice on what pitfalls to avoid when applying for a mortgage. If you need a mortgage, now is not the time to rack up credit card debt. I know, I know… you’re getting married and you need to pay the caterer and you need to pay for the cake and your tux and the...
read moreIs it Time to Refinance Your Mortgage?
A bad economy can sometimes affect other aspects of your life in positive ways. Bad news in the economy is generally good news for interest rates. When the economy is doing poorly, interest rates tend to go down. Alternatively, when the economy is doing well, interest rates tend to go up. The fact that the economy is hurting right now is one of the primary reasons why interest rates are so low. Do you want to add a deck off the back of the house? How about renovating that den? While the economy is not so great, New York and Connecticut home...
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