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It’s the perfect time to find out more about the current New Jersey mortgage rates that are at all time lows following the COVID-19 outbreak. Those looking to buy a home may have fewer options available now than were available in February of 2020. In March 2020, The Federal Reserve took steps to keep money flowing through the mortgage financing system. Since the Federal Reserve pledged to cut short-term rates and buy billions of dollars’ worth of mortgage-backed securities, rates on home equity lines of credit and fixed-rate mortgages have fallen. The rate reductions were designed to stimulate the economy...
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There’s no better time to purchase a home, make modifications or refinance your mortgage than today. With rates being low, now is a good time to refinance to save money on your overall home payment. For New Jersey home modification and refinancing, the team at Garden State Home Loans provides the best experience. We have a local office with a focus on NJ clients. Our office is dedicated to providing clients with the best online tools for their New Jersey home modification and refinancing plans. For the last 25 years, we’ve perfected our process so that our customers have a...
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Garden State Home Loans is your local and trusted choice for New Jersey home loan refinancing. From our office in Cherry Hill, we find the best refinancing rates for homeowners throughout the state. We keep our focus solely on New Jersey home loans, and providing our customers with a personalized lending experience that meets homeowner needs. For over 25 years now, we’ve been dedicated to an improved home loan experience for New Jersey residents. Refinancing your home loan, when the available rates make it worthwhile, is a great way to save thousands of dollars on your mortgage, pay off your...
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Garden State Home Loans is the professional team to call for New Jersey home loan information. Our office is based in Cherry Hill, and we’re dedicated to the best service for both New Jersey buyers and residents interested in refinancing. We offer the lowest industry rates and closing costs, and our staff is available from 9:00 AM to 9:00 PM, seven days a week, to field your calls and answer your questions. Our focus on NJ customers and personalized touch is the difference that our clients love! If you like, you can start here with our mortgage and amortization calculation...
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Do you need to choose between pre-approval vs pre-qualification? The two sound similar in nature, but there's an importance difference between them that you should be aware of when buying a home. Pre-Approval vs Pre-Qualification - The Difference Pre-approval is not the same thing as a pre-qualification. Pre-qualification is the first step in the mortgage process. During this step, you are giving a bank or lender an overall financial picture. This includes your income, assets, and debt. After evaluating your situation, the lender can give you an idea of what you qualify for. However, this is not a guarantee! This...
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Q: What is the purpose of this fee? A: The Federal Housing Finance Agency (FHFA) announced that qualifying refinance transactions sold to Fannie Mae and Freddie Mac will be charged a 0.5% fee in order to recover from COVID-19 losses. Q: Why is the fee showing up on October 9, 2020 if the official statement from the FHFA says it won’t go into effect until December 1, 2020? A: While this fee doesn't officially begin until December 1, 2020, you will be seeing it reflected in rates and costs now. On average, loans are taking approximately 20 days to close, meaning...
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Refinancing with a VA Loan The Veteran’s Administration loans, or, VA loans, are a home-mortgage option available to veterans, current or former members of the national guard, an active reserve member, or a surviving spouse in the United States. Those who have a VA loan can also refinance with it. With a VA loan, you can do a standard VA cash-out refinance or a streamlined refinance. Different Refinance Options Standard Cash-Out Refinance A VA cash-out refinance allows qualified veterans to either open a loan that is larger than their current loan or pay off a loan that is not currently a...
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When you have high interest debt on auto loan, credit cards or other loans, they could be difficult to pay off and may hinder your financial goals. U.S. households carry an average of $15,762 in credit card debt, and in 2015, they paid the debt with an average interest rate of 13.66%. Many credit card holders pay even higher rates on higher balances. If you own a house, one way to reduce your balances is to utilize the equity in your home. There are two ways to consolidate your debt with a mortgage: refinancing your existing mortgage or through cash-out...
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There are a lot of reasons to refinance your mortgage, whether to get a more attractive interest rate or to change the length of your loan. So how long should you or do you have to wait to refinance after getting a mortgage? When Can I Refinance? As long as there are no stipulations in your closing document from your mortgage lender that claims you couldn’t refinance for a period of time, you can refinance at any time after taking out a mortgage. Most lenders indicate on your loan documents that there are no pre-payment penalties, which means you...
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While you can legally refinance at any time, there may be some costly consequences to this decision. When considering refinancing, the more relevant question is how long “should” you wait before refinancing again. Only a few lenders are likely to approve refinancing if you have been in your current mortgage for less than a year. Explore restrictions with your current lender to understand your refinancing options. Prepayment penalties A prepayment penalty is a clause in your mortgage contract stating a penalty if the mortgage is paid off faster than previously agreed. Although prepayment penalties don’t prevent refinancing, it makes refinancing...
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