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Hammonton, NJ Real Estate News

By Karl Peidl, Accredited Loan Consultant
    Don't Over-Promise and Under-Deliver You've heard this before - "WOWing" customers is paramount to long-term success in your vocation. One thing you must understand about the concept is that you cannot "WOW" someone if you promise too much and deliver too little. "WOWs" can only be created by skimping on promises, and then pleasantly surprising your customers by delivering more than they expected.Why do so few businesses in the service profession form the strong ties, for example, that a Four Seasons or Ritz Carlton Hotel achieves with each of its customers? Often times the reason is simple. In sales, we tend to place ourselves in problematic situations by giving prospective customers the answers we think they want to hear. In doing so, we actually set ourselves up for failure.This ...
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By Karl Peidl, Accredited Loan Consultant
    If you are thinking about selling your home, it is wise to consider using a qualified real estate professional to assist you. The first reaction may be to call the Realtor who sold you the home to begin with, but this is not necessarily the best plan of action. Some real estate agents specialize in placing buyers, and some have more expertise in listing and selling property. Very few real estate agents are actually good at both.Choosing the right agent to represent you in the sale of your home minimizes a variety of stress factors. Your agent should be well-versed in advertising, marketing, current fair market values, have the ability to put your home in the Multiple Listing Service (MLS) roster of homes that are on the market, and be prepared to screen prospects so that you are on...
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By Karl Peidl, Accredited Loan Consultant
Understanding What Causes Interest Rate Movement The Federal Reserve constantly evaluates the US economy and, when necessary, takes steps to address inflationary concerns and avoid economic recession or depression. The mass media, in turn, reacts by providing a wide range of opinions and interpretations of the Fed's monetary policy. This can make it very difficult for consumers to decipher how such actions will influence interest rates in general and mortgages in particular. And although actions of the Federal Reserve can have a direct impact on the Prime rate, mortgage interest rates are dictated by the trading of mortgage-backed securities, which are similar to bonds and trade on a daily basis. This means that the real dynamic at the heart of interest rate movement is the competitive...
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Effective February 15, 2009the interest rate for the Police & Firemen's Retirement System Mortgage Loan Program will be 3.75%.  This program is only available for First Time Home Buyers.   Currently there is approximately $64,000,000 in available funds. Funds dried up very quickly the last time these moneys were made available, so do not wait to take advantage of this opportunity. Call me for more information at 609-294-4349. Karl Peidl Senior Mortgage Consultant Superior Mortgage Corp.
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By Karl Peidl, Accredited Loan Consultant
1. PROGRAM DESCRIPTION: Accumulating the funds for downpayment and closing costs is a common barrier to potential homeowners.  The Smart Start Program is available to participants in the Agency's first mortgage homebuyer's program who are purchasing homes in Smart Growth areas.  The program helps these families by offering a second mortgage for downpayment and/or closing costs up to 4% of the first mortgage.2. AVAILABLE FUNDS: As allocated by HMFA.3. ELIGIBLE BORROWERS:Eligible households are those who qualify under the Home Buyer Program.  Borrowers with sufficient personal assets to close a loan at more than 80% LTV are ineligible.  Corporations and Investors are not permitted to act as borrowers.4. OCCUPANCY: Property must be occupied as the borrower's primary residence within 60 day...
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By Karl Peidl, Accredited Loan Consultant
    Homeowners refinance for different reasons, but the process of refinancing a mortgage should result in some benefit to the homeowner. A borrower may choose to refinance to obtain a lower interest rate and a lower monthly payment, or change the type of loan that they have. Borrowers who started with a high-interest sub-prime loan can often reap the rewards of an improved credit standing by refinancing. Some homeowners refinance to 'cash out' and take advantage of the equity they have earned, while others may choose to refinance to shorten their loan term and build equity more quickly.Regardless of the reason for refinancing, the mortgage consultant will need to know what the existing loan scenario entails. He/she will review the homeowner's long-term goals and provide a comprehensiv...
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By Karl Peidl, Accredited Loan Consultant
 1. Pre-approval - Get pre-approved for a mortgage and know in advance exactly how much house you can afford. Completing this step will also increase your negotiating power since you'll be viewed as a "cash buyer". 2. Loan Search - Put yourself in the hands of an experienced mortgage professional, someone who will help you to determine which financing options best suit your needs today and in the future. 3. Loan Application - It's crucial to supply the lender with as much information as possible, as accurately as possible. All outstanding debts as well as assets and income should be included. 4. Documentation - Paperwork supporting the application must also be submitted. Information commonly sought includes pay stubs, two years' tax returns, and account statements verifying the source o...
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By Karl Peidl, Accredited Loan Consultant
In response to the higher mortgage default rates being experienced by Fannie Mae and Freddie Mac (the largest buyers of 30-year fixed, conforming mortgages), the formal announcement of "Risk Based Pricing" was established during 2008. Before this was announced, a 30-year fixed loan was basically the same price for any borrower with a credit score of 660 or higher and a loan amount up to 95% of the home value. But now, Fannie and Freddie require pricing "add-ons" using a matrix of credit score and loan-to-value percentages. This risk based pricing is MANDATED by Fannie and Freddie, and is required of ALL lenders originating conforming 30-year fixed loans.   Sometimes the interest rate can be increased to cover these add-ons without having to pay them out of pocket, but that is becoming i...
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I've got good news and bad news...which do you want first? OK - here's the good news. Interest rates are at historic lows, making it possible for many homeowners to refinance and improve their financial position - and combined with homes listed currently at bargain prices, those who are in the market to buy are able to purchase the home of their dreams and get a great deal. Here's the bad news. All lenders and investors in the US have been completely slammed with the recent increase in loan applications - right at the time that many have laid off staff to save money in a challenging economy. This means that time frames needed for underwriting, approvals and closing have become longer than normal. It also means that some companies have chosen to actually raise rates, just to slow down th...
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By Julie Staradumsky, CREN
(Keller Williams Realty - Atlantic Shore)
  It's that dreaded time of the year again, time to start preparing your tax returns. And since 2008 was one of the toughest years in the history of our financial markets, this also may be a time that many of us learn exactly how much of a hit our investments and retirement accounts actually took this year. With this in mind, the most practical financial advice we can offer right now is to consider a Certified Public Accountant. An experienced CPA not only helps you navigate complex tax codes to save you money and possibly additional financial losses, he or she can also offer a new perspective on your financial goals and needs, providing a peace of mind that we can all really use right now, especially if you're one of many Americans who suffered significant losses in 2008. Remember, yo...
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By Karl Peidl, Accredited Loan Consultant
Setting Salaries and Bonuses for Your Assistants A good assistant can make all the difference in business. It can be the difference between doing fine and doing great, between breaking even and being profitable.So what's the best way to get (and keep) someone good? Make sure they're well compensated. Here are a few tips to make sure that the good ones stick around and stay properly motivated:Pay good money for good people. According to Payscale.com, the median salary for an administrative assistant is in the mid $30,000s, and the median salary for an executive assistant is in the mid $40,000s to low $50,000s. That pay is for those who do a median job. Better performers could get paid five to ten thousand dollars more - even higher, depending on the cost of living in your area. Always e...
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By Karl Peidl, Accredited Loan Consultant
    A prepayment penalty is a fee charged to borrowers that make full payment on their mortgage, or pay off a substantial portion (generally anything exceeding 20% of the total loan amount), ahead of schedule. This is a clause written into some contracts to protect the lender's book of business in exchange for providing a lower interest rate, or for providing financing to a high-risk borrower.Prepayment penalties vary with different lenders, but generally apply to a one-, two-, three-, or five-year period of time. This fee can be expressed as either a specific number of months' interest or a percentage of the outstanding balance. A 'hard' prepayment penalty applies to either the refinance or the sale of a property. A contract written with a 'soft' prepayment penalty permits the borrowe...
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By Karl Peidl, Accredited Loan Consultant
  The Fed is meeting January 27th and 28th, and its actions could impact home loan rates! Don't Wait. Call me before the Fed acts so we can review your situation and determine if there's anything you need to do.       Karl PeidlSenior Mortgage ConsultantSuperior Mortgage Corp(800)706-6671 x4349kpeidl@supmort.com       Superior Home Mortgage Corp. licensed in DE, FL, GA: Georgia Residential Mortgage Licensee #14511, MD, MI, NY: Licensed Mortgage Banker - NY State Banking Department, NC, PA, SC, VA: Virginia State Corporation Commission License # MLB-566, & DC. Superior Mortgage Corp. licensed in CT, MA: Mortgage Lender License # MC3208, NJ: Licensed Mortgage Banker - NJ Department of Banking, RI: Rhode Island Licensed Lender & Broker, & TN. SHM Mortgage Licensed by the New Hampshire Ban...
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By Karl Peidl, Accredited Loan Consultant
While it might be tempting to borrow whatever amount of money your lender is willing to give you, it's important to think carefully about how much you'll actually need to borrow in order to purchase a new home. From the down payment to taxes to insurance and interest rates, there are many factors to consider when making this important, life-changing decision. Contrary to popular sentiment, there is no standard formula for accurately calculating the specific dollar amount you should borrow when purchasing a new home. Many websites do offer special borrower calculators that claim to factor in important variables, and yet final results vary vastly from one site to the next. Other websites offer general rules of thumb, suggesting that you should never borrow more than 2 1/2 to 3 times your...
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By Karl Peidl, Accredited Loan Consultant
I came into the office this morning to find the latest email notifying me of guideline changes.  In the current mortgage environment, this is a daily occurrence.  Often, we are notified ahead of time regarding changes and loans in progress get grandfathered into the previous guidelines.  Other times changes take place instantaneously with little to no warning. As I was sipping my morning Casciano's coffee, I was pondering the best way to explain to a customer that the rules changed and we need to make some adjustments.  This is always an issue I fret over as I am not the bait & switch type.  I'm the type that will take a blow to my own bottom line to help make the changes as seamless as possible for my customer. Those who know me will attest that I am a huge Philadelphia sports fan.  I ...
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By Karl Peidl, Accredited Loan Consultant
I have always considered myself to be very patriotic.  I believe that the United States of America is the greatest country in the world and there is no place I'd rather call home.  Today is an example of why I believe this to be true.  To witness a peaceful transfer of power is something most countries cannot imagine.  And it is all because we decided 11 weeks ago that we wanted a new leader. Today is also one of those rare occasions that I reflect on a little known piece of my past.  It was 10 years ago on Super Bowl Sunday that I moved into a hotel room in Maryland.  The following morning I reported to the United States Secret Service Academy.  There was no hesitation in my mind that I would have done whatever my country needed of me to protect her.  Ultimately my knees and my heart t...
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By Karl Peidl, Accredited Loan Consultant
  Since its inception, the Internet has caused a fair share of controversy. Some people see it as a valuable tool while others consider it the devil's playground. Wherever you stand, one thing is certain - it has changed our idea of commerce forever.eBay® is a perfect example. On this website, the economic theory of supply and demand is played out on a daily basis as consumers bid against each other to purchase an array of products. In many cases, items once thought to be rare collectibles are now readily available from a variety of sellers. This is good news for buyers, who are able to obtain these items at lower prices. Sellers, on the other hand, are finding themselves with a lower profit margin than they originally anticipated.The eBay principle can be applied to other websites as ...
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By Karl Peidl, Accredited Loan Consultant
When a borrower enters into a contract to make bi-weekly payments on their mortgage, the amortization schedule is accelerated. For example, with a 30-year amortization schedule, the borrower makes 12 payments per year. In a bi-weekly arrangement, the borrower makes 26 'half' payments, which allows the loan to be paid off in 22.8 years instead of 30 years. It's the same as making 13 monthly payments.This ultimately saves the borrower thousands of dollars in interest rate fees. However, bear in mind that bi-weekly programs usually have some type of setup, transaction, and maintenance fees associated with them. A custodian manages the bi-weekly payments in a trust account (and also makes a profit on the interest accrued there). Because the lender really doesn't accept partial payments, th...
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