Peter Buchsbaum | GMH Mortgage Services, LLC.
Licensed Mortgage Lender in Pennsylvania and New Jersey.
I specialize in Philadelphia, Montgomery and Bucks Counties in Pennsylvania, as well as Mercer and Burlington County, NJ Mortgages, Home Loans, and Refinancing.
The Mortgage Minute | Renting vs. Buying
GMH MORTGAGE SERVICES, LLC.
FHA Home Loans
The FHA allows for less money down and more seller assist in an effort to keep a borrowers out of pocket expenses as low as possible. With rates still at historic lows and the FHA’s somewhat more lenient underwriting criteria makes the FHA loan one of the most popular first time home buyer loans. Don’t forget the FHA also has a product that allows for the borrower to finance repairs and upgrades to the home the borrower chooses.
VA Home Loans
The VA loan in my opinion is the best loan on the market. You do need to be a Veteran to qualify. The interest rates are very competitive and the seller can pay all of your closing costs so that you need none of your money invested in the purchase. All of this comes with no mortgage insurance premium. This loan even comes in a Jumbo variety in a non-high balance county.
Home Equity Line of Credit | HELOC
The HELOC can be a valuable tool when looking to avoid Private Mortgage Insurance. They are available on investment property as well as a primary residence. They can be a great way to manage your real estate asset.
PHFA Home Loan
PHFA loans can be conventional, FHA, VA and USDA. The rates are typically a little lower than other lenders but they may also come with an additional 4% of the purchase price (up to $6,000) funds for down payment assistance. These funds are paid back without interest over a period of 10 years in monthly installments. This is the perfect loan for the borrower that just does not have the money needed to buy a home. There are income limits and debt to income ratios that need to be met as well as credit score requirements.
Everyone has a different need in today’s refinancing arena. If your current rate is higher than 5% you may save money monthly. If you want to explore a 15 year payment to pay off your loan earlier a refinance may help facilitate that. Recently I have seen a larger number of people take money out of their current home to buy another home rather than sell. There is no one size fits all answer to the refinance puzzle. Everyone has a different reason for what they are trying to accomplish.
Reverse Mortgages are the most misunderstood loans available today. Reverse mortgages are not either terrible or the perfect answer. It depends on the individual’s needs. For many people they are perfect and for others they are a bad fit. What they can do is allow for the borrower to live in their home with no mortgage payment. The borrower still needs to pay taxes and insurance but no principle and interest payment. Remember good for some not so good for others.