Hi, I’m Tony, a Web Services Consultant (WSC) based in Woodbridge, NJ. Most of my professional years were spent in commission sales as a real estate sales associate, real estate broker, mortgage broker and mortgage lender representative, a position in which I spent the last twelve years of my sales career before being forced into an early retirement which I hadn’t anticipated.

Currently I manage the online activities and business operations of TPJaveton & Associates, a Web-based entity I established at my New Jersey residence in 2009, with the intentions of generating continuous income after leaving the mortgage lending business. However, because my departure from mortgage lending came sooner than I expected, I now devote most of my time to the WSC activities.

Hi, I’m Tony, a Web Services Consultant (WSC) based in Woodbridge, NJ. Most of my professional years were spent in commission sales as a real estate sales associate, real estate broker, mortgage broker and mortgage lender representative, a position in which I spent the last twelve years of my sales career before being forced into an early retirement which I hadn’t anticipated.

Currently I manage the online activities and business operations of TPJaveton & Associates, a Web-based entity I established at my New Jersey residence in 2009, with the intentions of generating continuous income after leaving the mortgage lending business. However, because my departure from mortgage lending came sooner than I expected, I now devote most of my time to the WSC activities.

About Short Sale Coding and the Correction

Current Mortgage Rates & Market Data

Think the Government Might Owe You Money?
Scroll down to the green “HUD/FHA Refunds Info” section of this page to learn more!

Among the most important requirements a prospective home buyer has to meet in order to qualify for a mortgage loan is a satisfactory credit profile; and when a credit report reveals a less than satisfactory profile, it usually means that the prospective home buyer must take steps to find out why. The latest guest post, brought to you by our friends at North Shore advisory, discusses one aspect of how an individual’s credit can be affected negatively and the proposed solution to correct it.

SHORT SALE CODING CORRECTION ON CREDIT WILL TAKE AFFECT NOVEMBER 2013

For some time now, many short sellers were treated the same as homeowners that foreclosed when applying for a mortgage. Due to a credit coding issue that lumped short sellers into the same category as a foreclosure, the waiting period for loan approval was extended substantially. This forced millions to put their dream of participating in homeownership again off to the distant future. With interest rates climbing, and the real estate market improving, the increased future cost for purchasing would seem more of an obstacle down the road.

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But new policy changes could bring more options starting in November. After Sen. Bill Nelson focused on bringing this coding error to the FTC and the Consumer Financial Protection Board, things started to change.

This is the nature of the evolution of this business, says Fannie Mae spokeswoman Keosha Burns. The agency will input the new software into its computer system on Nov. 16. After that, if a short sale is marked as a foreclosure, the new code will allow the loan servicers to bypass it, correct it and move forward with the loan. Short sellers should speak with their bankers about the new options for homeownership, what the qualifications will be, and whether the state of their credit needs improvement.

Great credit brings great opportunity!!” Copyright 2013 • NorthShoreAdvisory.com

North Shore Advisory, Inc. offers credit repair, restoration, monitoring, and education services. We’ve been providing credit education and credit improvement for almost 25 years. For bankers and realtors we can review your clients credit reports and scores to see if we can improve them.

We can help you with your business credit needs as well as any personal credit scores.
Contact Us:
914-524-8300
Email:
info@NorthShoreAdvisory.com

HUD/FHA Refunds Info

You know, not everyone knows this, but if you owned a home and had a FHA mortgage, you might be entitled to money back from the government paid directly to you. It’s not free money (we both know that is a rarity), despite all the claims made by others that you can get free money from the government. No, this is money you would have paid into the FHA mortgage insurance fund via your MIP (Mortgage Insurance Premium) payments if your home was financed with a FHA mortgage.

There is no charge imposed by us for this service, and HUD/FHA certainly does not charge a fee for sending you your own money. We provide the service as an added benefit for your visit to this website, and of course we hope you come back often; but more importantly, we hope your name pops up on the HUD/FHA list of folks who are eligible for a refund. So Click here to check! …Good Luck!

Home: Abode and Intrinsic Equity-Based Asset

Houses Bought As-Is for ALL CASH! Fast Closings!

Home, the comfortable, warm and protective abode – to most of us – is the single biggest asset we have!

Home is what backs you up when you need to borrow money, making it one of the greatest advantages of owning it in the first place. During the pre- recession years, there was a major boom in the amount of people looking to use their homes to get access to extra money when they needed it most. One of the ways they did this was through second mortgages and equity lines of credit.

Second mortgage loans are loans made in addition to the first mortgage, and they are usually based on the equity a borrower has built up his/her home. The most common uses for second mortgages and equity loans were to fund home renovations, college education for children and extended medical expenses, although some borrowers had a tendency to abuse the process by refinancing multiple times due to the rapid increase in property values during that period.

Processing of secondary loans and lines of credit was much simpler then and would be today for the same reason, if there was enough equity in homes based on today’s values; and that is since the borrower would have already gone through the mortgage borrowing process once, the underwriting required to get a second mortgage would not be as tense an experience for the borrower.

The cost of these types of transactions will be lower than when the borrower applied for the original mortgage loan. Provided there is enough equity in the home to support a secondary financing, the upfront costs to a borrower seeking this type of financing would be greatly reduced because there is no need for a down payment; the loan amount is much smaller making a percentage of the loan amount proportionately less; and – although the interest rate will be higher in most cases – the amount paid in interest over the life of the loan is much less due to the shorter term (usually 10 to 15 years).

One thing to keep in mind when considering a second mortgage is not take a second mortgage unless payments on the original mortgage balance were made on time for a considerable amount of time. Since the prospects for obtaining a “piggy back” 100% LTV (Loan to Value) mortgage loan are near to non-existent in this post-recession economy.

When a borrower obtains a second mortgage loan the lender places a lien on the primary residence of that borrower (second mortgages on properties other than the primary residence are doubtful). This lien will be recorded in 2nd position after the primary or 1st mortgage lender’s lien, hence the term second mortgage. Second mortgages aren’t for everyone, though.

Borrowing more than 80% of the home’s value for a first mortgage will subject the borrower to private mortgage insurance. The monthly payments will obviously also be a factor. However, it is not recommended that a homeowner (or home buyer for that matter) attempt to obtain 2nd mortgage financing with an above 80% LTV ratio. This will lead to excessive costs if there is such a loan type available.

Proceeds from a second mortgage loan can be used for just about anything these days. Many consumers take out 2nd mortgage loans to consolidate debt, do home improvements or provide a college education for their children, as others did in past years. Whatever a second mortgage borrower decides to do with the loan proceeds it is important to remember that defaulting on the payments can lead to foreclosure and eventual loss of the home.

So an individual making application for a second mortgage would want to make sure that s/he is taking the loan out for a worthwhile purpose. A secondary mortgage loan can be of great help to the borrowers, although the borrower must take steps to ensure that s/he does not squander away the advantages (or proceeds) of the second mortgage, when available.


Click here to review mortgage financing options!

Real Estate Purchases and Credit Scores


Houses Bought As-Is for ALL CASH! Fast Closings!

Among the most important requirements a prospective home buyer has to meet in order to qualify for a mortgage loan is a satisfactory credit profile; and when a credit report reveals a less than satisfactory profile, it usually means that the prospective home buyer must take steps to find out why. It is at this time that the credit specialists at North Shore advisory should be consulted.

Here is another informative and insightful guest post from our friends at North Shore demonstrating their depth of knowledge in the field of credit reporting. Enjoy!

Real Estate Purchases & Credit Scores: What Should Bankers, CPA’s, Realtors, and Attorneys Know?

Now that the real estate market is on the rise and interest rates are moving upward it is time to focus on buyers in regards to credit and scores. Although borrowing money has become more costly rates are still very low historically. As the economy crashed high Fico scores (above a 740) became crucial in a purchasers ability to get loan approval or the lowest rates available.



This means buyers with high scores may be able to qualify for a larger mortgage which could equal a better school district, a bigger home, or less cost for the same loan creating more savings. All of this leads to a better quality of life for the buyer.

Here is an example:

Having a 740 plus credit score when purchasing a $960,000 property with 20% down may cost the buyer $4113 a month in mortgage payment. The total price of the loan over 30 years equals $1,480,730.00. Having a score a bit lower than 740 for the same $960,000 property with the same down payment could cost the buyer $4356 a month which may seem like a small difference. Over the life of the loan the full cost is $1,568,117.00 which equals almost $90,000 more.

So what can bankers, realtors, financial planners, CPA’s and attorneys do to help clients prepare for what could be the largest investment of their lifetime?

First asking the right questions and having the right team of experts available to assess the situation is crucial. Here are some of these questions:

  1. When will you be purchasing a property?
  2. Do you know what your credit scores are?
  3. Have you spoken to a mortgage professional or realtor to find out what is needed for preparation on this purchase?
  4. Have you figured out how much of a mortgage you can afford?
  5. Do you know what the taxes are in the location you are looking to buy in?
  6. When the divorce is final will you be purchasing a property?
  7. Maybe I can help you by having you speak to some professionals that I work with who can give you guidance and insight?

This is the age of information and we cannot all be experts in every area but we can have a team available to help us provide what is best for our clients instead of sending them off into the vast wilderness of misinformation and “so called” experts.

These are professionals to be considered as a support team for any CPA, financial planner, realtor, mortgage banker, or attorney:

Mortgage professional-

If you are not a mortgage professional find one with great knowledge and experience that you are very comfortable with. This professional should be available to you and your client offering feedback when purchasing is just a thought. They can help with the preparation and education allowing the buyer to make decisions that can lead to a more graceful and less expensive purchase moving forward.

Getting approval for a loan is more complicated these days although banks want to lend money they also are very careful to price loans right based on the potential risk (credit, income, and value of property). They will request a lot of information to make sure they have the proper documentation on all the requirements for underwriting the loan. A mortgage professional will guide your client and explain what is needed early on making the end result attainable and expectations clear.


Credit Expert-

Having the right credit expert assess what needs to be done to get the buyer into the best credit position for purchasing the property. With the right credit score buyers can save hundreds and thousands of dollars over the life of the loan or make loan approval a possibility. Credit takes time to fix and time to manage properly for the best improvement to scores.

If a buyer cannot be approved for a mortgage due to poor scores it is a waste of time to even begin searching for a property. Credit and the scoring systems are very confusing which could mean what one might think is a minor misstep can turn into a major cost for the buyer or a rejection for a loan.

Real Estate professional-

Having the right real estate professional who can help the buyer define the area, price point, type of property, time involved in finding it, and provide expert negotiation skills plays a huge part in the success of the transaction.

Here is an example of how this can work.

John and Linda are in the midst of a divorce. Larry is John’s divorce attorney. John is giving the house to Linda and at the moment he is renting. Once the divorce is final he will be looking to purchase an apartment in NYC. Larry knows John will have credit issues since some of the bills were not paid on time due to the divorce process.



He also knows that John has been so absorbed emotionally by the divorce that he has done little homework on what is needed for loan approval. As the divorce is winding down to its end Larry starts asking John some questions. He puts John in touch with a mortgage banker, realtor, and us for credit repair.

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The banker finds that John not only needs to get approval for a purchase but he also needs to be taken off the existing mortgage that his ex-wife is responsible for once the divorce is finalized. The banker gets involved right away to help the refinance along since John will not be approved for the size loan he wants if he is still on the mortgage associated with his ex wife’s property.

Since credit is a big factor in the loan approval and cost of financing, we get started right away in working on the credit scores. In John’s case we will need 30-60 days to improve his credit. Now that John knows what he needs to do he also contacts the realtor and discusses what type of property will work for him and when he should start looking based on the timing of the refinance of his existing mortgage and the credit restoration process.

John is grateful to his attorney for guiding him at a time that he could not guide himself and leading him to other professionals that can help him realistically reach his goals.

Reaching out and learning about other professionals’ that play a large part in your clients financial life will lead to great support, knowledge , and value for your customer base. Being proactive in helping is what separates an average professional from a great one! Of course giving more will ultimately lead to happier clients, more referrals, and a more successful business!

Call us with any questions or feedback on credit challenged clients or credit in general!

Making sure credit is analyzed with future financial goals in mind is a MUST before taking an action that can foil those plans and limit a consumers options for a better quality financial life.

Great credit brings great opportunity!!” Copyright 2013 • NorthShoreAdvisory.com

North Shore Advisory, Inc. offers credit repair, restoration, monitoring, and education services. We’ve been providing credit education and credit improvement for almost 25 years. For bankers and realtors we can review your clients credit reports and scores to see if we can improve them.

We can help you with your business credit needs as well as any personal credit scores.
Contact Us:
914-524-8300
Email:
info@NorthShoreAdvisory.com