Ask the "Mortgage Man": Can I buy a house if I just declared bankruptcy?

Ask the "Mortgage Man": Can I buy a house if I just declared bankruptcy?: I have heard this question over and over again, and until now, I was unable to say yes.  The old tried and true method of approval is: 2 yea...

Why The Mortgage Man?

Why do they call me the mortgage man? I started my career in finance with Beneficial Consumer Discount in 1986 and became a collection manager.  Once I was given the option of moving out of town to manage my own branch, I decided to pursue a career as a Mortgage Underwriter with Merchants Bank of Allentown in 1988.  Once I had a thorough understanding regarding collections and underwriting, I took a job with Meridian Bank as a mortgage loan officer.  I continue to service 27 real estate offices and builders in three counties ( Monroe, Northampton, Lehigh ).  When Meridian was being sold to another bank, I decided to go out on my own as a Mortgage Broker in 1997.  I've owned my owns business for 16 years and know all the ins and outs of the mortgage industry.  I've seen interest rates as high as 16% and as low as 2.5%.  I've witnessed market bubbles, corrections, booms, busts, short sales, foreclosures, bankruptcies, wrap around mortgages, recasts, bridge loans, divorces, identity theft, fraud, subordinations, straw buyers, owner financing, hard money lending, and many other situations in my years in the industry.  Through it all, I've used my knowledge, experience, and contacts to help over 5,000 families purchase their home. I have almost any program or lender to get the job done.  If I do not, I know who may be able to help a potential home owner purchase their home.  It takes just one phone call to get the right answer!  Please call me with any situations or scenarios that you wish to discuss in confidential manner.


Andy Williams NMLS # 118317
President
Abacus Regional Mortgage
484 695 5972

Commercial Loans in the Lehigh Valley requiring NO Appraisal!

Can you imagine buying a commercial property and financing this piece of real estate without having the bank order an appraisal?  Most commercial appraisals cost upwards to $2,000 per appraisal.  This is not only extremely expensive, but a commercial appraisal can be much more time consuming than a residential appraisal.  There is so much more paperwork and analyses that needs to be done to complete a commercial appraisal.  Since there aren't as many commercial properties selling in this market, the appraiser must go to remote areas to find similar properties to compare to the subject properties value.  Since most of my commercial loans don't require appraisals, I save my customers lots of time and money.  We can close most commercial loans in under 30 days!  In addition, I shop for the lowest interest rate which is now as low as four.  For a low cost, low rate commercial loan with the fastest closing, you need to look no further. 

Andy Williams
President
Abacus Regional Mortgage
484 695 5972
NMLS # 118317

Commercial Loan Rates Drop....Finally!

For years, interest rates on commercial loans have been much higher than standard 30 year fixed rate mortgages for a primary residence.  The rates for home loans have been coming down lower in the past few years to record lows.  Most homeowners have refinanced their mortgages to the lowest payments possible, but commercial loan rates have remained steady. There has always been a difference in interest rates between the two types of mortgages of between .5 to 1.5% in rates.  Never before has the spread been as much as 3 % higher for commercial loan rates.  Until recently, rates on commercial loans have been TWICE the rate of residential home mortgages.  The reasoning of most banks has been that they are lending to businesses based on the depositors who have money in their banks.  These institutions have been paying depositors less than 1% on their savings accounts and CDs, yet they are charging 6.25% to the commercial borrowers. Since they have a limited pool of funds they can't lend like the banks who are selling their residential loans to Fannie Mae and Freddie Mac.  These agencies have an unlimited amount of funds to lend to the banks, making them flush with funds available to lend to homeowners.  Finally, they have come to realize that these low interest rates on home mortgages appear to be staying at these record low levels for quite some time.  In sympathy with the home mortgages, many local banks have reduced their lending rates on commercial loans to as low as 3.75%.  This marks a sharp reduction for what they were charging as recently as a few months ago.  Since most commercial loans are much higher than residential loans, the monthly savings will be significant.  If you haven't taken advantage of these low rates for businesses, you may get in touch with your current lender, or if you own a business in Pennsylvania you can call me.

Andy Williams
President
Abacus Regional Mortgage
484 695 5972