The Real Voice of New Jersey Real Estate

Cash-flow is a foreign term to many folks these days.  The ability to spend, save, collect and consume aren't where we are used to being.  In fact, I would venture to say a whole lot of people have one mindset in their mind... save money.

There's one issue I have with that.  What some folks are doing, or rather thinking, is that they should save money in the short-term... and reap wealth when the "economy" and "housing industry" comes back.  Let me tell you something about short-term, it seems to translate to those very results as well.

*I should warn you; I like putting quotations around words for no other reasons than it makes me feel special and stupid... all at the same time.*

Let's just say that there's a bunch of individuals out there who aren't feeling (tangibly) the pinch that is going on with others.  Let's just say that they are more than making "ends meat".  They aren't rich and perhaps will never be.  Yet, they are secure in their financial situation.  They bought their house exactly two years ago with a 6% rate attached to their 20% down payment.  That's a 30-year fixed rate, if you are curious:)

Well, now there is today!  If you can get a fixed rate in the mid to high 4% range, keep your mortgage payment similiar or slightly above what it is now... why not shave three years of payments and get into a 25-year term?   You will pay (assuming you do;) a mortgage down faster and own your abode free and outright before you reach diapers... that's the goal, at least.  That's long term wealth, my friends.  If you can afford it, do it.  Especially now.

My guess is that some are and some aren't... in the postion or mindset of long-term wealth.

I think we got too heavy in quick bucks in Real Estate, the Greed Factor.  We also changed a paradigm from thinking a house is a roof over your head into a house is a way to make some coin.  Real Estate allows us to survive, folks.  There is no icing when you aren't eating the cake.

Real Estate makes coin, yet it's a roof.  It's time to cover your head and ignore your ego... coin in any investment has always been up and down depending on when you sell... or if you even do.  Keep when not wanted, sell when it is hot.  If it isn't either, just sit back and review the perception.  The medium considers all odds.

If you are lucky/capable/competent enough to be in the postion to do so, increase your payment another $100.00 or keep it the same to keep your financial lives in order. 

I believe in long-term wealth, even/especially when it involes long-term pain.  Wealth ain't "Lincolns" or "Franklins"... it's a smile:)

I typically add a song or song(s) to my post.  If you stuck around this long, here it is:)

Jason Sardi
Mortgage Consultant
First Choice Equity Group Inc

 610-439-2166  ext. 229
Toll Free @   1-866-262-8720        ext. 229
jsardi@fcegi.com
Licensed with the New Jersey and Pennsylvania Department of Banking

http://www.robbinsvillehomesforsale.com/009398

This post was originally written in May of 2008 but I thought it was not a bad idea to re-post it now. Amidst the talk of rock-bottom rates, there will be a lot of folks out there shopping for a mortgage. So, from the synapses of my brain to your eyes... here's my recommendations when shopping for a mortgage:

I'm well aware that most of us fancy ourselves smart shoppers. Whether we are buying a car, groceries, looking for the next Gas Station, sorting through bids on our next Home Improvement Estimate, shopping cell phone carriers...etc... we want the best deal. We want it cheap and efficient.

After over 7 years of being in the Mortgage Business and learning from and being trained by folks who have been in the business since Jimmy Carter took office, I've learned two things. Like any job, this can be frustrating as hell, but I absolutely love what I do. I've also learned how to shop smart! I'm only licensed in New Jersey and Pennsylvania, if I have friends & family outside the confines of where I can lend, they count on me to guide them accordingly.

That written, I want to pass some of my own personal thoughts on how you as a consumer can shop smart to make certain you are getting the best Mortgage for your needs. I'd ask for a drum roll but realize you have better things to do ... so I'll get to it.

5 Ways of Shopping Smart For A Mortgage:

- Begin the conversation with any Mortgage Company/Direct Lender/Bank with the following question, "What's your Interest Rate?" If the person on the other end quotes you a rate, hang up! Well, don't hang up ... that's kind of rude, just say thank you and you'll get back in touch with them. If you are being quoted a rate without them knowing anything about your financial situation, credit score and history, short and long-term goals, they aren't doing their job and won't be doing your situation any justice at all.

Read more »

http://www.robbinsvillehomesforsale.com/009384

When considering buying a home, let's say in Robbinsville, New Jersey, understanding what your credit score is HUGE these days may be a borderline understatement.  For purposes of my experience, I'll concentrate on how credit relates to getting a mortgage to buy a home or trying to refinance the one you currently own.

Talking about credit is about as much fun as chewing broken glass while watching Yanni's latest video on VH1, at least to most.  Even for the most severe masochists or staunchest Yanni advocators, it's probably not a subject full of brim excitement.

So, I'll try to make this concise and simple.  Educating yourself and working with professionals who can guide you along the way, to make sure your credit is worthy of a three course meal at the White House, is crucial.  I'm not just talking about those whose credit is in the crapper.  I'm also writing to folks whose credit may be moderate or maybe you've never made a late payment in your life but your score is low.  The Credit Reporting Industry is wagging the dog, forget about whining... work and know the system.

Here are a few tips & quips:

* Get a copy of your Credit Report.  It may not provide your actual credit score, but at least you can verify the accuracy of the information on your report.  I've included information below that you can utilize to do this.  Quick thing here, credit modules differ within industries.  For example, the credit report a mortgage company pulls may differ from that of the institution giving you a car loan or credit card.  Mortgage folks weigh heavy on student loans and car loans and even heavier on your Mortgage History, provided you have one. 

* Communication is key with your credit.  If you are experiencing rough financial times, call them before they WILL call you.  Let your creditors know what is going on.  It probably won't stop them from reporting you late to the credit agencies, but it probably will provide you one less of a headache.  That's what life's all about... avoiding headaches:-)

Read more »

http://www.robbinsvillehomesforsale.com/00935D