ARE THINGS IMPROVING WITHIN THE ECONOMY?

This past month, lenders have been allowing Long-term rate locks. They are now allowing interest rates on new loans to be locked-in (guaranteed) for up to 120 days. These lock terms were changed to allow up to 60 days only, a few years ago. This is another sign of some softening in the mortgage market.

Andy Williams
President
Abacus Regional Mortgage nmls#118317
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

Is this another positive trend for the housing market?

Lenders have been talking for a year that they offer 95% conventional financing. Lets face it, we all said we have it, but now we really can say that it is possible to get it approved. The previous guidelines stated that it is only available in geographical areas where the housing market isn't in decline. Where in the United States can you find an area where the prices aren't falling? Until recently, buyers applied for 95% financing only to be switched in mid-stream to 90% or converted over to FHA at 3.5% down payment. Since I have had multiple 95% financed properties approved and closed, I can guarantee you that this program is alive and well and offered to buyers with 680 credit scores. As many reports have come out pointing to our economy going into another recession, this is one of many positive signs that we've had showing a boost to the housing industry.

Andy Williams
President
Abacus Regional Mortgage NMLS # 113984
484 695 5972
Pa. license NMLS # 118317

HOW VALUABLE WOULD IT BE TO HAVE THE TOOLS TO HELP SOMEONE IMPROVE THEIR CREDIT?

These are exactly what I have now at my disposal. I have been doing mortgages for over 20 years, long before there were credit scores. I have been able to read and understand credit reports for 25 years, yet some of the mysteries of the credit score algorithm still confounds most people, including me. I have recently changed the credit reporting agency in which to order credit reports. I met a very dynamic individual who has a wealth of knowledge regarding specifics on credit scores. He has taught me how to find out exactly how much and how soon a person's credit score will go down or up based on what they pay, how they pay, and how much a borrower pays. The credit agency offers an upgraded software to the borrowers that allows us to evaluate the best course of action for them, instruct them on specific remedies for their credit in order to improve their scores quickly. Why should they payoff a collection account if it is going to bring their score down? Why open a new credit card if it isn't going to help them for 7 months? Why close their open zero balance credit cards if the scores are only going to go down? These questions will be answered at my Free Credit Score Seminar held at the Best Western Hotel at Routes 512 and 22 in Bethlehem, Pa on Thursday November 17th from 9:30AM to 10:30AM EST. Please RSVP to pat.wagner@abacusmort.com

Andy Williams
President
Abacus Regional Mortgage
484 695 5972
NMLS # 118317
Co. ID # 113984

CLASSIC HOMES DOES IT AGAIN

Why is it that a builder can sell inflated new homes to unsuspecting buyers and get away with it? This has been going on with builders in the Poconos for many years, but after many law suits and criminal charges, it continues to go on today. Classic Homes of Pocono Summit purchases lots at tax sales in A Pocono Country Place for up to $ 500 and builds homes on them. Doesn't seem like anything is wrong, does it? Well, when a buyer goes to get financing for them the lenders require an appraisal on the new home. Even though a newly constructed home costs more to build, you still have to compare the price of the new home with comparable sales within the same community. These sales must be within 6 miles and 6 months of the current property, and the comparable properties used MUST be Resale Homes and NOT newly constructed ones! Since the average sales price of homes in A Pocono Country Place over the past 6 months hovers under $ 60,000, it seems hard to believe that the average New Home with Classic Homes costs $190,000. They have closed over a dozen homes this year! How?

Andy Williams
President
Abacus Regional Mortgage
484 695 5972

FREE CREDIT RESTORATION

I have just signed up with a new credit reporting agency to run all of our credit reports. They offer a service where they will give any potential customer a list of helpful hints and advice on how to improve and restore someone's credit score. If a home buyer follows the advice step by step, they will be able to buy a home any where from 2 months to 24 months later. The time frame is contingent upon the severity and depth of the buyers credit and the amount of work needed to bring it to an acceptable level. I've seen scores improve by 15 points in 5 days and as much as 80 points in a matter of months. More and more customers need the extra help that I can give to help them to become buyers and realize their dream of homeownership. For more information, or to refer a potential buyer, please feel free to contact me on my cell phone at 484 695 5972.

Andy Williams
President
Abacus Regional Mortgage
NMLS # 118317
licensed by the Pennsylvania Department of Banking

Do You Think Being a Mortgage Broker Gives Me an Advantage Over Other Lenders?

How many times has one of your clients, or you personally, been told that they can't get approved? As a Mortgage Broker, I have access to many different lenders and an innumerable amount of lending programs. I do business with large to small Mortgage Companies, Banks, and even Credit Unions. Each type of lender offers something very unique. For example, one of my credit unions offers PMI insurance rates 41% lower than banks and mortgage companies because they are a non-profit organization serving their members. This savings is passed on to my customer. Working with small local banks gives me an advantage. I can offer lower interest rates on many types of loans than the big banks like Citibank, Chase, Bank of America and Wells Fargo can give to their customers. Many of these small local banks don't sell their mortgages on the Secondary Market, they portfolio their loans. This allows me the distinct advantage to offer creative underwriting. This means that I can do certain loans that others couldn't dream of making to my customers. I offer the unique opportunity of one-stop shopping. If I have a loan in which one lender doesn't like a buyer's credit, or configures their income a certain way, I can package the loan application, ship it to another lender without any additional monies spent. This makes things easier and less stressful on the buyer, seller and realtor. Do you think it could be worth trying us for your next mortgage application?

Andy Williams
President
Abacus Regional Mortgage
484 695 5972