My most challenging scenario has been matched. I was recently asked if I can finance a Mobile Home that sits on piers.  First of all, most conventional lenders won't finance mobile homes, whether they are on a permanent foundation, or they are situated in a mobile home park.  Given that this home is also resting on piers with the original axles and wheels underneath, makes this a nightmare to finance.  When the question was posed, I told the agent that only a very small local lender would consider financing such a property.  I gave a few names as suggestions based on the proximity of the subject property in relation to these lenders.  When I saw the agent last week, during my routine weekly visit,  lo and behold he told me that he tried all of my suggested banks, and Mauch Chunk Trust has agreed to finance this property.  If you have a mobile home, or a house that sits on piers located in Carbon, Monroe, or Northern Lehigh Counties, Mauch Chunk Trust will finance it for you.

Any questions, please call me at 484-6985-5972.

Andy Williams
President
Abacus Regional Mortgage
NMLS # 118317

Ask the "Mortgage Man": FREE Mobile App for your I Phone or Droid

Ask the "Mortgage Man": FREE Mobile App for your I Phone or Droid: This FREE App offers you the ability to calculate total mortgage payments, and offers industry news and current interest rates.  It is all f...

Ask the "Mortgage Man": Rehab Loan Made Easy

Ask the "Mortgage Man": Rehab Loan Made Easy: Is there an easy way to finance the repairs into a home purchase?  I can't find a home for a good price that doesn't need tons of renovation...

COULD THIS BE THE BEGINNING OF A NEW MARKET?

I don't want to jinx myself, but the Real Estate market seems to have opened up. I had my best months in newly originated loans in the last quarter of 2011. It reminds me of 1997. Normally after Thanksgiving, things slow down as we go into the holiday season. It is a time to reflect on the year's acitivites. Yu can regroup and work on year-end reports and tax returns. Instead of getting ready for 2012, December was extremely busy in new loans. I had hoped for some momentum going into the new years. Well, I had my best January in 18 years and there doesn't appear to be any sign of slowing down. Is this is a sign of things to come, or an anomaly in the market? One can only hope it is the former.

Andy Williams
President
Abacus Regional Mortgage

Do Some Buyers Think the Interest Rates Are High ?

I have heard more than one buyer state that the interest rates are too high. I can't even fathom that kind of talk. With interest rates at their historic lows right now they can't go much lower. They have no where to go but up! When I was in college studying business in 1981, the interest rates on conventional mortgages got as high as 18%, Fha/VA 16.5%. When I started originating mortgages in 1986 the interest rates had just fallen to as low as 10%, sometimes dipping as low as 9.5%. These rates are a gift and a temporary phenomenon to boost the economy. Buyers should seize this opportunity, especially those who've yet to purchase a home, because they won't last. The home prices are down significantly from their highs. The combination of these two opportunities make it a must for every willing and able buyer to buy a home now!

Andy Williams
President
Abacus Regional Mortgage
484 695 5972

Rates Always Stable during last 2 Weeks of the Year

I don't know whether all of the economists and government employees go on vacation for the last 2 weeks of each year, but the interest rates always stay flat for the remainder of the year. Perhaps they are enjoying their families and getting ready for the holidays. Maybe they are taking in a few office parties and spending their year-end bonuses. Whatever the reason, it is safe to say that the Mortgage rates on 30 year Fixed Rate products will not change until after January 1st. For those buyers who aren't closing until the end of February, but are concerned that their interest rates will rise before they get a chance to lock them in, have nothing to fear by waiting until the beginning of January to lock. Rest easy and enjoy the holidays knowing that interest rates aren't going up.

Andy Williams PA. NMLS License no. 118317
President
Abacus Regional Mortgage License no. 113984
484 695 5972

LOW RATES DUE TO SHAKY ECONOMY

It is amazing to me how much bad news continues to come out each day about everything from the economy to the housing market, and job market. Here's a bit of good news. The interest rates were supposed to be climbing along with gas prices by the beginning of summer, yet neither happened. In fact, the interest rates have dropped, and the Federal Reserve has promised to keep the Federal Funds rate at 0% for 2 more years. This means that most variable rate mortgages ( home equity lines of credit, commercial loans ) are going to stay low for at least 2 more years, too. Mortgage rates are not based on the Federal Reserve interest rates, but they are based on the sale of treasury bills, economic news, and other factors that effect the stock market, as well. With the mortgage rates at or near their historic lows, buyers and homeowners need to take advantage of them now. They will not stay this way for long. I have seen mortgage rates as high as 18%! Believe me, enjoy them while they last.

Andy Williams
President
Abacus Regional Mortgage
484 695 5972

INCREDIBLE ACT OF KINDNESS

We were at the beach when a commotion startled us to our left... We looked to see a man grabbing at his throat like he can't breath..his wife runs to the lifeguard chair asking for help...another woman tells him to lie back in his chair..within seconds he stops moving and his face turns dark grey..he is dead. The lifeguards come running and pull him off his chair on to the sand by his legs. They immediately start CPR and a lady comes over and immediately starts pounding on his chest..she is an ER nurse. Within minutes, police come running onto the sand followed by Paramedics, but they can't get an ambulance on the sand because you can't drive on the beach. The Paramedics place the man on a stretcher with a Defibrilator attached to it. You can see his body jump but no pulse. Every minute, as they continue to work on him, his body jumps in response to the electrical shocks he is receiving but still no pulse. Eventually they manage to get a beach vehicle on to the sand and get him loaded onto it in the back. As they drive away you can still see the paramedics working on him but the mood is very dim with the remaining swimmers and beach onlookers' faces in horror over what we've just witnessed. A woman faints as another tells us that he has had 7 heart bi-pass operations and can't get another. As his loved-ones leave the beach, everyone else appears to try and get back to some sort of normal activity, but the mood is not good as we all know the outcome of this event. About an hour later, the lifeguard who originally started the CPR is back at his chair. We asked him what became of the man. He told us that his heart has started beating but it is irregular. He was lifted by Helicopter to a hospital in Atlantic City where he remains in critical condition. Since yesterday, he has been moved from Critical Care to Stable and is on the road to recovery. What an incredible story with a happy ending. Everyone from the bystanding nurse,the lifeguards, paramedics, police to the helicopter pilot all deserve kudos for what they have done for this man.

Who Says You Have To Starve Yourself To Lose Weight?

There are many foods you can eat which digest slowly in your system. By eating slow digesting foods, you can curb your appetite and minimize hunger between meals. Oatmeal is one of the best foods you can eat because of the length of time it takes to fully digest it. It is a complex carbohydrate that fills you up but lasts in your system for a long time and keeps your hunger satisfied. There are many other low calorie foods that you can eat which give you important nutrients and suppress your appetite. Eating apples and bananas will satisfy your hunger and yet aren't loaded with a lot of calories. Couple these with a good amount of water on a daily basis will curb your appetite, keep you full, and allow you to lose weight.

Is this Real Estate Market going to improve?

The current real estate market reminds me of the time I started in the business. 1990 was the beginning of a down turn in home prices. We were coming off of some recent highs in terms of average prices and number of sales. The Gulf War had caused widespread panic among many Americans, whose last memory of war as a nation was the Vietnam fiasco. Interest Rates were dropping into the single digits for the first time in 12 years. Still the housing market continuted to spiral downward.

Today we have prices dropping, home sales way down, foreclosures increasing and re-emergence of short sales. We are still in the Middle East fighting terrorism having just killed Osama bin Laden. Interest rates continue to fall, yet we don't have an upturn in the housing market. Fear not because history does repeat itself. We will again experience rising home prices and increased sales. Hang in there because the market will come back.

For a free credit report contact me at 484-695-5972

Andy Williams
President
Abacus Regional Mortgage

HOW HARD CAN IT BE TO GET SOCIAL SECURITY IF YOU ARE 62?

Shouldn't social security be easy to obtain when you are of retirement age? I have a friend who continues to bang their head against a brick wall from attempts to have the social security administration (SSA) grant them retirement benefits. How difficult can it be to start getting benefits which are rightfully theirs?

After applying last year, this file is in limbo in some sort of SSA purgatory. Months upon months of phone calls, repeated visits, letters from their Congressman and still nowhere? It shouldn't be this difficult. After doing some research, I found that the SSA doubts whether they have indeed retired. After furnishing the SSA with proof of retirement in the form of a tax return showing low earnings, and a letter from their last employer stating they are retired, the SSA still questions their validity.

The current schedule of retirement ages are as follows:
Age 62, Partial Retirement Benefits
Age 67, Full Retirement with Full Monthly Benefits
Age 70, Full Retirement with Unlimited Additional Earnings*

* After age 62, a person can earn additional income from another job but must earn below $ 14,160 for the year. Any earnings exceeding this amount will be paid back by deducting $1 of Social Security Benefits for every $2 earned from other employment.

What difference does it make if they continue to work? Let's pretend they aren't retired and are going to continue working. If they earn over $ 14,160 and receive SSA benefits, it will have to be paid back next year. They wouldn't be getting away with anything anyway! What do you think?

Andy Williams
President
Abacus Regional Mortgage

WHICH IS BETTER FHA OR CONVENTIONAL FINANCING?

Is FHA still the best way to go? I was recently asked this same question when the subject of PMI insurance came up. The monthly risk premium on FHA increased from .9% of the base loan amount to 1.15%. This marks a 27% increase from last year and 130% increase from three years ago. With many conventional programs offering no PMI insurance with a slightly higher interest rate, the total monthly payment is less than loans with PMI insurance. Is it better to go back to conventional financing?

Are knowledgeable experienced Realtors a Good source of Information?

Do you accept a recommendation by your realtor? Ever ask them for some names of good home inspectors, attorneys or mortgage companies? I just saved a home buyer a ton of money. She was going to Wells Fargo ( her bank ) for her mortgage until her realtor suggested contacting me to compare rates and fees. After shopping both Wells Fargo and my company, she saved 3/8% on the interest rate and $ 844 in total closing costs. With a monthly savings of $ 46, she saved $ 17,000 over the life of the loan by going with my company. Don't you think your realtor knows what is best for you?

Andy Williams
President
Abacus Regional Mortgage
484 695 5972

Oil Price Scare is only temporary

There's been a lot of talk lately about the U.S. increased demand for oil and its effect on the price of crude oil. Some economists predicting gas prices could hit $ 6.00 per gallon by the summer. This is another example of the media blowing everything out of proportion. News like this is all we need to make home buyers shy away from purchasing homes. Believe me, the prices will come down soon. All we need to do is increase our oil drilling within our country and continue to drill in the arctic where they have found large oil deposits. In addition, since most of our oil imports come from Canada, Mexico, South America and Western Africa, we can become less dependent upon Saudi Arabia and other parts of the Middle East. We simply have to import more oil from these other countries. We are well diversified as it is as the middle east gives us less than 20% of our current oil supply. So don't panic. The gas prices will go down again.

Andy Williams
President
Abacus Regional Mortgage