Never Make a Mortgage Payment again!
By · CommentsGet cash out of your current residence or buy a new home.
Never Make a Mortgage Payment again!
Reverse Mortgage Loan
No Income Requirements. No Credit Requirements.
Revel Casino/Resort Makes it’s Debut
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At approximately 6:35 a.m. on the morning of April 2, 2012. Revel management and staff raised their glasses to mark the official soft opening of this city’s 12th casino, which many hope will turn the resort’s fortunes around.
Revel is the first newly constructed casino to open here since the Borgata debuted in July 2003. At 47 stories, it is New Jersey’s second-tallest building. It is the city’s first non-union gambling hall and Read More→
Revel Casino Will Help Transform Atlantic City, NJ
By · CommentsRevel Casino is a new type of destination resort. The amenities it will offer will help transform Atlantic City and revitalize the tourism to the area.
Here is a summary of what Revel Casino Resort has to offer:
- Resort size: 6.3 million square feet
- 47 stories high
- situated on 20 acres
- 1,898 guest rooms (all with ocean views)
- 14 restaurants with world class chefs
- a 31,000 square foot spa
- 55,000 square feet of retail shops
- 2 theaters (5,500 seats and 700 seats)
- 3 nightclubs and 1 dayclub
- at least 10 swimming pools
- a 150,000 square foot casino
- 2.5 acre sky garden
- dramatic views of the beautiful beaches and Atlantic ocean
To see a video on the new Revel Casino….A NEW KIND OF DESTINATION go to: http://www.youtube.com/watch?v=QgAwClHOw44&feature=related
This spring, Iron Chef Marc Forgione will join Revel at its 6.3-million-square-foot beachfront resort in Atlantic City with the opening of American Cut. The restaurant will pair Chef Forgione’s award-winning, modern and signature take on fine dining with the comforts of the new American steakhouse. This marks Chef Forgione’s first restaurant outside of his Michelin-starred, eponymously named outpost in New York City. Read More→
Reverse Purchase Mortgage
By · CommentsThis program allows a borrower to get a mortgage without any income or credit requirements.
Minimum Age – 62
Maximum Age – None
Maximum Loan- Determined by the borrowers age and property value. Generally the borrower will need between 25% – 35% down plus closing costs of approximately $10,000- $12,000. Generally the maximum loan amount will be $485,000.
Income Requirements- None
Credit Requirements- None.
Time- 60 day closing.
Primary Residence Only.
Buyers may remain in the property until both spouses pass away. (Providing the taxes and insurance has been paid on time.)
Buyers can sell the house at any time and receive all proceeds after paying off the loan.
Heirs can sell the house and receive all proceeds after paying off the loan.
Heirs are not liable for the loan. But must pay off loan in order to receive any proceeds.
Loan Balance is increasing, not decreasing because they are not making any payments.
The Difference Between a Short Sale and a Foreclosure
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Foreclosures have been a hot topic in the real estate industry for the last few years. You could be a Jersey Shore homeowner looking at the possibility of foreclosure yourself. Foreclosure isn’t the only option, though. A short sale may be an alternative for you to pursue. But, what is the difference between a short sale and a foreclosure? Let me explain. Read More→
Margate, NJ Prepares for Hurricane Irene
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Saturday, August 26, 2011 in Margate was a beautiful day. The sun was shining, warm weather and no wind. It was the perfect beach day. But as the expression states, it was the “calm before the storm.” Today it is overcast and starting the drizzle just a bit. The weather is changing. We have a mandatory evacuation and I will be leaving with my family shortly. We were lucky enough to be invited to stay with friends off shore.
Like the rest of Margate and other barrier islands across the East Coast, we moved everything outside indoors, tied down anything that can move with strong winds, moved valuables to higher levels in the house and will be taking our jewelry and cash with us and put plywood on our windows.
We pray for minimal damage to everyone affected by this storm. Be safe and we hope to be in touch with all of you after the storm.
Housing More Affordable Than Anytime In Past 35 Years
By · CommentsBuyers in today’s market can expect to pay about 17 percent of their gross monthly income on their mortgage. The average, since 1975, has been 25 percent and at times, such as the early 1980s, mortgage payments were as much as 45 percent of gross income. Zillow.com calculated housing affordability using data dating back to 1975. Based on median household income, median home value, the average 30-year fixed-rate mortgage, and an assumed 20 percent down payment, their research determined that homes are more affordable now than they’ve been at any point in the past 35 years. Read More→
What a week……..
By · CommentsThis blog is intended for the purposes of promoting discussion and dialog relating to the mortgage industry and how it affects potential borrowers.
Current Mortgage News 3/10/11
What a week……..
The Libyan crisis, Worsening employment news and now the Japanese Tsunami all contributed to large swings in the bond market the past week. The end result…. Not much change in mortgage rates. They are still hovering in the high 4’s to low 5’s.
With rates low and inventory starting to stabilize, this may be the last chance to get a good deal on a new home. The shore market continues to remain strong with prices holding better than most areas of the country.
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Gary Freedman has been in the Mortgage and Real Estate Industries for over 20 years. He has directly originated or managed the originations of over $700 Million in mortgage loans. He completed the prestigious B.F Saul Mortgage Company management training program in nine months. This training included working as an Underwriter, Appraiser, Processor and Closer. This training gives Gary the unique ability to understand the process from start to finish which allows his clients to experience a remarkably smooth loan process. Gary served as President of Granite Mortgage Corporation and Millennium.
Title Insurance Company from 1994-2000. He currently holds his Mortgage Brokers License in the states of New Jersey and Pennsylvania under License Number NMLS ID #146492. He has held the Real Estate Broker’s license in the state of Pennsylvania.
To reach Gary Freedman please e-mail him at gary.freedman@tridentmortgage.com or via phone 609-487-7202.
The opinions and views expressed here are solely those of Gary Freedman and do not represent those of Trident Mortgage or any of its affiliates, officers, members or employees. Gary Freedman is not a CPA, Attorney or Financial Advisor. The information provided is deemed to be generally accurate but should not be relied upon to make any decisions. You should consult your CPA, Attorney or Financial Advisor before acting on any of the information provided herein.
This blog is intended for the purposes of promoting discussion and dialog relating to the mortgage industry and how it affects potential borrowers.
General Information
This big news this week is the turmoil in the Middle East, especially Libya. They export 2% of the world’s oil and all exports have been cut off due to the current events there. This sent oil prices spiking to $120 a barrel before settling back after Saudi Arabia assured the markets it would make up any lost supplies.
The potential disruption of oil caused a flight to quality. This simply means traders started buying more US bonds and other government backed secured instruments. The benefit from this is that put downward pressure on rates pushing mortgage rates back down into the 4.875% range.
The markets continue to remain volatile. With rates still very low at least for now and housing prices at or near the bottom, there is not likely much more time left for home buyers to get any deals.
Stay tuned for future events in the Middle East that could change the market (and interest rates) very quickly.
Gary Freedman has been in the Mortgage and Real Estate Industries for over 20 years. He has directly originated or managed the originations of over $700 Million in mortgage loans. He completed the prestigious B.F Saul Mortgage Company management training program in nine months. This training included working as an Underwriter, Appraiser, Processor and Closer. This training gives Gary the unique ability to understand the process from start to finish which allows his clients to experience a remarkably smooth loan process. Gary served as President of Granite Mortgage Corporation and Millennium.
Title Insurance Company from 1994-2000. He currently holds his Mortgage Brokers License in the states of New Jersey and Pennsylvania under License Number NMLS ID #146492. He has held the Real Estate Broker’s license in the state of Pennsylvania.
To reach Gary Freedman please e-mail him at gary.freedman@tridentmortgage.com or via phone 609-487-7202.
The opinions and views expressed here are solely those of Gary Freedman and do not represent those of Trident Mortgage or any of its affiliates, officers, members or employees. Gary Freedman is not a CPA, Attorney or Financial Advisor. The information provided is deemed to be generally accurate but should not be relied upon to make any decisions. You should consult your CPA, Attorney or Financial Advisor before acting on any of the information provided herein.
