The Bergen County Homes Blog » refinance

Hudson City Savings Posts Mortgage Rates

Bergen County Real Estate Agent — Wed, 20 Jan 2010 20:01:45 +0000

One of the great things about Bergen County is that we have several independent banks and savings and loan institutions as outstanding options for a home buyer or a homeowner who wants to refinance their mortgage. Hudson City Savings is one of the best.

Hudson City Savings does business the old fashioned way – traditional banking with a superior degree of personalized service. As a result my buyers experience a more efficient process with lower costs.

I’ve worked with Carol Yang who has done an excellent job for my home buyers. Carol emailed me these mortgage rates today and I thought you’d like to look at them:

Here is our new rates for this week (as of 01/20/10) -all quotes below are 0 points :

For loan amount up to $417,000:

10 yrs fixed 4.625%

15 yrs fixed 4.75%

20 yrs fixed 4.875%

30 yrs fixed 5.25%

For loan amount above $417,000 and below $1,000,000:

10 yrs fixed 5.0%

15 yrs fixed 5.125%

20 yrs fixed 5.25%

30 yrs fixed 5.625% (up to $729,000)

30 yrs fixed 5.875% ($729,100 to $1,000,000)

For loan amounts up to $1,000,000

3/1 4.25%

5/1 4.5%

7/1 4.75%

10/1 5.0%

*For self-employee, please add 0.25% to the above rates for stated-income programs. For No-Income-Verify, please add 0.375% to the above rates.

*Rates are subject to change without notification. Please call Carol for any questions.

Carol Yang
Hudson City Savings Bank
West 80 Century Road
Paramus, NJ, 07652
(973) 984-7705

carolmortgage@yahoo.com

Stop Foreclosure with a 125% Loan Modification

Bergen County Real Estate Agent — Mon, 06 Jul 2009 19:45:41 +0000

Bergen County homes have done better than most in the US real estate market but like elsewhere, our home values have depreciated over the past few years. For many homeowners this has created a horrible situation where they are facing a short sale or foreclosure.

For those who have seen their mortgage rates reset to a loan they can’t afford, the situation soon deteriorates to a short sale or foreclosure because their loss of equity makes it impossible to get the appraisal needed to refinance to today’s low interest rates. This is why the Federal Government stepped in to help.

On July 1st HUD Secretary Shaun Donovan announced that Fannie Mae and Freddie Mac will begin refinancing mortgages with loan-to-value ratios as much as 125%. This means you can be 25% negative in the value of your house and still refinance. The idea is to try to match the loss of equity so that homeowners who’ve been paying their mortgages and have good credit can stay in their homes.

While this is just part of the Bergen County housing market, it allows many people to keep their home and helps stabilize real estate values by avoiding foreclosures and short sale transactions.

If this works for you or someone you know, get in touch with a licensed mortgage banker. You need a top level loan officer’s help to qualify for this program; if you need a recommendation, just let me know.

How to Handle the Bergen County Housing Market

Bergen County Real Estate Agent — Wed, 15 Apr 2009 15:02:07 +0000

“How’s real estate and what should I do?” I am receiving so many calls and messages like this that I thought I should post some answers. It seems that real estate is on everyone’s mind lately.

Here’s something to consider: A primary motivating factor for most people is simply because it was the right time. So ask yourself this question – Is this the right time for you?

The right time to move can be due to many reasons such as getting your kids out of the city and into a backyard, you’ve outgrown your home and need more space, you’ve had it with renting and want your own place, you’re ready to move to your dream retirement, everyone’s moved to California and you’re still in Bergen County etc.

If you’re wondering how to manage things based on how the real estate market is doing in Bergen County, here are some answers to help you:

Are you thinking of buying a home? Do it now – we’re at or near the bottom with mortgage rates at historic lows; inflation, with its high interest rates, is projected for the future.

Want to move up to a larger home? Move up now – the cost of upgrading is always the cheapest when you’re around a market’s bottom which is where we are today.

Own a home and not moving? Check your mortgage rate immediately. No matter when you purchased or if you did refinance recently, do this for your own benefit.

Thinking of selling your home? Get your home on the market now – you stand to lose another 5% this year so waiting will hurt you.

Not sure if this is the right time to move? Then don’t. If you’re not sure, its always best to stay put. However, it’s also best to investigate your options fully; I suggest you do this bi-annually.

Let me know if you have any other questions about how to handle the housing market in Bergen County.