Updated Contact info!

Posted on May 13, 2012 by admin

Please email me at GCF@GREGORYCFRANK.COM or call me at 516-776-0808!  I’m very excited to be making a tremendous announcement in the next few days, so stay tuned!

 

Posted in Uncategorized | Leave a comment

A few good tips!

Posted on April 12, 2011 by admin

Here are a few tips you should 100000% follow when in the market for a mortgage:

Do NOT apply for new credit (cars, credit cards) if you need a mortgage.  The new debt will lower your score and increase your monthly liabilities.

Review your TOTAL monthly housing payment (taxes, insurance, mortgage).  Banks don’t just use your mortgage payment when calculating affordability.
Funds used for down payments, closing costs, and reserves MUST be seasoned (in the bank for at least 2 months) at time of application.  Lump sum deposits are not counted.
Get a pre-approval.  It will strengthen your offer, but more importantly you will have the bank on your side.
Lock your rate (unless you don’t have a closing date).  Floating a rate is very risky, especially in this environment.  Rates are low enough, don’t risk a move upward.

Read your documents!  Make sure you have all your questions answered before signing.

Have a great day!

 

Posted in Adjustable Rate Mortgages, Conforming and Jumbo Loan Limits, Credit Q&A, Debt Utilization Ration, Fixed Rate Mortgages, General Info, Home Buying Dos & Donts, In The News, Mortgage Points, Refinancing | Leave a comment

Posted on March 25, 2011 by admin

Posted in Adjustable Rate Mortgages, Conforming and Jumbo Loan Limits, Fixed Loans, Fixed Rate Mortgages, General Info, In The News, Lower Your Payments, Market Updates, Refinancing | Leave a comment

30YR/25YR/20YR Mortgage…which one is for me?

Posted on March 17, 2011 by admin

With Mortgage rates so low, most people look for the “protection” of a 30YR loan.  While for some people it is a wise choice, for others it is a costly mistake.  Why? For those homeowners that are confident they will be in the home for 15+ years, why not look at the 20YR, or even a 25 YR loan? The cost savings over time is tremendous!  For example, 80% of the people that I qualify for a 30YR will qualify for a 25YR, and about 65% will qualify for a 20YR.  MOST people that DON’T qualify for the 20/25YR loans, and only for the 30YR, are those that are first time homebuyers or borrowers that are stretching to purchase/stay in a home.  Granted, the 15YR is a great option for a Fixed Rate loan, but the payments can be hefty.

Now, for those that are refinancing FROM a 30YR, please…have your mortgage broker run the numbers on a 20 or 25YR.  When you see the amount that you will save over time, you’ll be thankful you took the time to do your research.  Don’t just focus on the amount of savings on a monthly basis, look at the total COST and total SAVINGS over time.

Posted in Adjustable Rate Mortgages, Conforming and Jumbo Loan Limits, Equity Line, Fixed Loans, Fixed Rate Mortgages, General Info, Home Buying Dos & Donts, In The News, Lower Your Payments, Market Updates, Refinancing, Uncategorized, Understanding the Loan Process | Leave a comment

Mortgage Bonds trading higher, Middle East.

Posted on March 16, 2011 by admin

Mortgage Bonds are trading higher today due to various economic news filtering out of the Middle East.  We have also seen a slow- down in the “safe trade”, meaning traders buying up US backed assets.

With all the events happening around the globe (Bahrain, Japan, Libya), the mortgage market has been very active, and can turn very quickly.  If you have an adjustable rate mortgage, and are in the market for a fixed rate loan, you may want to consider locking in at these levels.

We have a small window of opportunity….

Posted in Adjustable Rate Mortgages, Business Week, Conforming and Jumbo Loan Limits, Fixed Loans, Fixed Rate Mortgages, General Info, In The News, Lower Your Payments, Market Updates, Refinancing, Uncategorized | Leave a comment

Current Mortgage Market Update

Posted on March 14, 2011 by admin

Mortgage bonds are trading higher, stocks are trading down due to the situation in the Middle East and Japan. When we see market volatility, investors head towards US Dollar assets. SO WHAT DOES THIS REALLY MEAN? Mortgage rates are at 1 months lows…great time to lock.

Posted in Uncategorized | Tagged , , , , , | Leave a comment

Bank of America…thanks for the heads up!

Posted on October 5, 2010 by admin

Today, Bank of America has chosen to exit the wholesale lending business.  That means, as a mortgage broker, I can no longer offer Bank of America’s products.  Ok, fine.  But how about a little notice? An email? A phone call from my representative?  No, just headlines on CNBC. So, as a customer, you leave me high and dry….hmmmm.  Yet, you want to focus on the customer directly so you can sell other services and charge high ATM fees? Losing revenue in one place usually means what…..making it up in others.

Just got this from Wells Fargo:

In a rapidly changing regulatory and business environment, we want to let you know that we remain steadfastly committed to you, your borrowers and the Wholesale business. For more than 15 consecutive years, we’ve worked with brokers, and we remain committed to this origination channel.

We believe that the broker community plays an important role in the lending industry. You bring competition to the marketplace and offer choices to borrowers. Our research shows that brokers remain a home lending channel of choice for many borrowers, who rely on your ability to provide them with a variety of lending options.

Over the past few years you’ve seen our continued investment in the Wholesale business with new product offerings and enhancements to better serve you and your customers.

We’ve got the backing of one of the most trusted, diversified financial services company in the nation – Wells Fargo & Co. Additionally, Wells Fargo Home Mortgage is a leading originator and servicer of residential mortgages. You can count on this history and experience now and in the future.

Together we have the opportunity to make the American dream of homeownership a reality. We value your partnership, and thank you for your business.

Posted in Adjustable Rate Mortgages, Business Week, Conforming and Jumbo Loan Limits, Debt Utilization Ration, Equity Line, Fixed Loans, Fixed Rate Mortgages, General Info, In The News, Market Updates, Refinancing, Uncategorized, Understanding the Loan Process | Leave a comment

A few good reasons to refinance

Posted on July 29, 2010 by admin

1 – Refinance for a lower rate: Lower your rate, lower your payment, and pay less interest to the bank.

2 – Fix your rate: If you have an ARM, it’s a perfect time to convert to avoid inflation.

3 – Mortgage a house that is paid off: Use the cash to buy a 2nd home, invest, or use to expand a business.

4 – Cash out to consolidate debt: pay off those high interest loans and cards.

5 – Consolidate 2 loans: if you have a primary mortgage and a HELOC, it’s a perfect time to consolidate the 2 and fix your payments.

Posted in Adjustable Rate Mortgages, Conforming and Jumbo Loan Limits, Credit Q&A, Debt Utilization Ration, Equity Line, Fixed Loans, Fixed Rate Mortgages, General Info, In The News, Lower Your Payments, Market Updates, Refinancing, Uncategorized, Understanding the Loan Process | Leave a comment

Can I Modify my loan?

Posted on July 21, 2010 by admin

Most of the phone calls I make telling a potential borrower that they do not qualify aren’t fun.  In fact, none of them are.  Refinancing a mortgage has a major financial impact for borrowers, and when that it isn’t possible, the conversation usually turns towards Modification.  I have consulted several people on this topic that have resulted in a positive outcome.  Here is what I know:

Some local, portfolio lenders MAY adjust your rate by filling out a form.  But if your loan is held by Fannie, Freddie, or a large bank, they won’t adjust just by asking.  You need the following:

First, you must be delinquent.  Next, you must be able to show that you have cash flow.  Why would a bank reduce the mortgage if you can’t even pay that? For example, if you used to bring in $8,000 per month, and now bring in $5,000 per month, the lender will formulate what your new affordable payment would be, and they work off of that.  What is your house worth? If that value has dropped, then they will take that into account.

Most important, get the right advice.  Do your research…and look out for the scam artists that prey on people’s misfortune.

Posted in Adjustable Rate Mortgages, Appraisals, Conforming and Jumbo Loan Limits, Credit Q&A, Debt Utilization Ration, Equity Line, Fixed Loans, Fixed Rate Mortgages, General Info, Home Buying Dos & Donts, Homeowner Affordability Plan, In The News, Loan Modification, Lower Your Payments, Market Updates, Refinancing, Scams, Uncategorized, Understanding the Loan Process | Leave a comment

What is your relationship with your broker worth?

Posted on July 13, 2010 by admin

Over the years, I’ve had several deals that where “transactional”, the client was very specific on what he/she wanted and was not interested in my advice or guidance.  The client also negotiated very hard on the fees and rate.  Some of those loans closed, and others I passed on due to the over-negotiation of the client.

Lately I’ve been calling all my past clients to show them the savings they can obtain by refinancing with today’s low rates.  My “deal of choice” right now is going from a 30 to a 20 year loan, the amount of savings over time is substantial.  This is where the RELATIONSHIP comes into play.  We save the client on closing fee’s, we absorb what we can based on the repetitive business, and we work on smaller margins as our way of saying “thank you”.

My point is that when you work someone that is a broker, banker, agent, or advisor, work the relationship, not the transaction.  Those with integrity that put your best interest first will prove over time that maintaing a win-win relationship will always prove beneficial over time.  I have very happy clients right now, and that is the goal.

Posted in Adjustable Rate Mortgages, Conforming and Jumbo Loan Limits, Debt Utilization Ration, Fixed Loans, Fixed Rate Mortgages, General Info, Home Buying Dos & Donts, In The News, Lower Your Payments, Market Updates, Refinancing, Uncategorized, Young Adults | Leave a comment