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Let me help you navigate the mortgage process, from preapproval to close....
I have been a resident of Fairfield County for the last 35 years, I hold a finance degree from University of Denver and bring 20+ years to the table in the mortgage business. I have worked in all aspects of the mortgage industry, ranging from processing to underwriting to a regional Sales Manager with national top 10 lenders. My experience with Fannie Mae and Freddie Mac underwriting guidelines, coupled with my knowledge of the financial markets, help clients choose the financing options that best suit their individual needs. NE Moves Mortgage and the Real Estate community work together as a team and provide seamless service to the Fairfield County area homebuyers.
"Having Jim on the team is exactly what our clients need. His ability to provide unparalled service and numerous mortgage products, make the home buying process a very positive experience!" T.M Fairfield, CT
"Our Realtors are involved in every aspect of the buying process. Since financing is a such crucial part of the real estate transaction, having a financial expert, gives our buyers a unique opportunity for personalized service. Jim understands the needs of our sophisticated clientele. L.P. Westport, CT
MONTHLY E-MAGAZINE
RELATED NEWS LINKS
5 Things to Know About Tax Scams
Don't be tricked into revealing your personal information.
By Cameron Huddleston, Kiplinger.com
Each year the IRS receives thousands of reports from taxpayers of suspicious e-mails, phone calls and faxes. These notices claim to be from the IRS – and often use the agency's logo – but are scams meant to trick taxpayers into revealing personal information.
Here's what the IRS wants you to know about these scams so you don't become a victim:
1. The IRS doesn't ask for detailed personal and financial information. Any notice claiming to be from the IRS that asks for your PIN, password or similar secret access information for credit card, bank or other financial accounts is a scam.
2. The IRS doesn't send taxpayers e-mails or text messages. So do not reply to e-mails or messages supposedly from the IRS, open any attachments (which could contain viruses) or click on any links (which could take you to a fraudulent site).
3. The IRS Web site is www.irs.gov. Sites that end in .com, .net, .org or other designations are bogus.
4. You should be wary of people claiming to be IRS agents. Don't reveal any personal information if someone calls and claims to be from the IRS. Instead, call the IRS at 1-800-829-1040 to see if an agent has a legitimate need to contact you.
5. You should report scams. The IRS Web site provides details on reporting scams and what to do if you've been victimized.
Reprinted with permission. All Contents ©2011 The Kiplinger Washington Editors. www.kiplinger.com.
Annual Percentage Rate
What is the Real Cost of Financing?
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Annual Percentage Rate (APR) is a tool that consumers can use as a starting point to compare loan programs. However, it's important to keep in mind that APR is not a perfect system, and not all lenders calculate APR in the same way. While the Federal Truth-in-Lending Act does require any mortgage broker or lender to disclose APR to the consumer, there is no rule written in stone for calculating this number that each and every lender agrees upon.
The point of calculating APR is to let the consumer know what the actual cost of their financing is in the form of a yearly rate. APR factors in certain closing costs and fees associated with the loan, and spreads this total over the life of the loan along with the actual note rate. The objective is to give the consumer a clearer picture of what their actual costs are, and this inhibits lenders from hiding fees or upfront costs behind low interest rates in their advertising.
Fees that are generally included in the APR calculation are points, pre-paid interest, loan processing fees, underwriting fees, document preparation fees, and private mortgage insurance. On occasion, lenders will include a loan application fee and/or credit life insurance. Fees that are normally not included in the APR calculation are fees from Title, Escrow, attorney, notary, document preparation, home inspection, recording, transfer taxes, credit report and appraisal.
Remember, all lenders do not perform the calculation the same way. Moreover, APR does not consider the possibility of making pre-payments, moving or refinancing. Unless the interest rate is tied to a fixed instrument, APR is even more confusing. Calculating APRs on adjustable rate and balloon mortgages is more complex because we really have no way of knowing what future rates will be.
If all lenders calculated APR the same way, we could make easy comparisons when deciding on what loan program to go with. Since they don't, the consumer should know that APR is simply a starting point for comparison. They should rely on the skills of a well-versed loan professional to assist them in obtaining the loan that meets their specific needs. The more important things to consider are how long the loan is needed. What are the long-term goals of the borrower? If the home buyer only expects to stay in the home for five years, there's not a lot of sense in looking exclusively at 30-Year Fixed rates because the APR seems more reasonable. If a young couple is buying a home, knowing they will refinance in eight years to pay for their son's college education, then once again, APR is not a realistic factor to take into consideration.
The Loan Executive should be prepared to answer questions about APR once the lender provides the Truth-in-Lending Disclosure Statement (Reg Z), such as why the “amount financed” listed in Box C is not the same as the actual loan amount, and why the APR is higher than the interest rate on the loan in most cases. The consumer will get a clear definition about the fees associated with their loan in the good-faith estimate, but the Truth-in-Lending Disclosure is often an area that is confusing to the borrower.
Stay tuned for more Business Boosters coming your way!
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Contact Information:
177 West Putnam Avenue Greenwich, CT 06830
Email: james.hanrahan@nemoves.com
Phone: 203-816-7879
Fax: 781-663-6725
NMLS #: 80306 CT Lic. #63011
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