732.299.4824

abarber@fam1fund.com

Tips for Your First Meeting

Is this your first time going through the mortgage process?

As a first-time home buyer, you may not know what to expect of your first mortgage meeting, but that’s ok!

At Team Barber of Family First Funding, we are committed to helping you navigate through the entire mortgage process, from your first meeting with a member of our Toms River mortgage team to closing day.

Your first meeting with us is designed as a chance for us to get to know each other better and to find out a bit about your finances and the loan options you are considering. While there is no pressure on this meeting, we understand that everything about the mortgage process can seem intimidating, so we have provided a few tips to help you prepare for your first meeting with us.

If it will help ease your nerves, do some research on common mortgage questions and start making a list of the questions you have for us. Writing these questions down before your meeting will make sure that there is nothing you forgot to ask during our meeting.

Of course, you will most likely uncover more questions as we go through our discussion, but having your own list of questions ready beforehand is always a great idea.

We will also be asking a lot of questions during this meeting. This is our way of getting to know you better as well as assessing your current financial situation and your goals for the future. We will evaluate this information as a whole to make sure we find the perfect mortgage for your specific needs.

One of the most important aspects of preparing for your first meeting with a Toms River mortgage professional is gathering your relevant documentation. There are specific documents that are required to proceed with the mortgage process, so it is important to have as much of this information as possible readily available.

The sooner we receive all your documentation, the sooner we can get the pre-approval process going so you can start searching for the perfect home.

If you have any questions about what documentation you will need for your first meeting with a member of our team, or would like to know more about the mortgage process and get your first meeting scheduled, give us a call at (732) 299-4824 today!

 

 

 

Hispanics Grow the Housing Market as First Time Buyers

There is currently a great deal of buzz in the media touting the impact of millennials on the housing market. Will they purchase homes? Are they going to rent forever? Is their student loan debt to high?

What we know is that we are seeing signs of change as millennials are rethinking their future and are now seeking opportunities to become home buyers. Unfortunately, the story stops there, as a general all-encompassing statement and an incomplete story at best.

Where is the mention of the impact of the Hispanic millennial community on the general landscape?

Hispanics are earning more money, becoming better educated and forming households at a faster pace than any other demographic in the United States. They also continue to demonstrate a strong desire for home ownership and as such has become a key component of the real estate market.

With a population that is only now beginning to age into the prime home buying years adding  800,000 potential buyers annually the emergence of young Hispanic millennials and their impact on the market have established them as a major part of the landscape within the industry.

All indications are that Hispanics will account for 52% of new home ownership between 2010 and 2030.  The Hispanic rate of home ownership increased to 46.0% in 2016, while the nation’s overall homeownership rate declined to 63.4%. In fact currently nearly half of all first time buyers are Hispanic.

Of course when you consider that 76.4% of all growth in the US Labor Force has been via the Hispanic Community going back as far as 2010 and an upward trend in home ownership not only seems logical but in fact probable. Sprinkle in the fact that the median annual household incomes rose by 6.1% and it is easy to see how this trend of home ownership can gain traction.

Unfortunately, the Spanish community continues to face challenges where obtaining mortgage financing is concerned. Today Hispanics are declined for conventional credit at a rate that is 7% higher than the national average and first-time buyers who usually have less cash for down payment and often lower credit scores are also affected disproportionately. In total 17% of all conventional applications from the Hispanic community are declined while 15.5% of all FHA applications meet the same fate.

Family First Funding is actively working to reverse that trend and Team Barber is leading the way.  With so many people desiring to own a home it is imperative that we determine where the obstacles lie and ensure that we eliminate their impact. Team Barber has established a department capable of helping to overcome the two biggest challenges facing these young home buyers who when polled indicated that their concerns were obtaining the money required for the down payment and closing costs and developing their credit profile. Sprinkle in the fact that only 4% of mortgage originators speak Spanish when 52% of those polled stated that they would prefer to complete the transaction in Spanish due to the complexity of the process and it is clear that there are issues providing an appropriate level of service for the fastest growing segment of our population.

Perhaps an even bigger problem is that 27% of Hispanics are considered credit invisible meaning they simply have no credit profile at all which is by all accounts normal for the culture. Even with all of these obstacles in their path the Hispanic market has outgrown what was once considered to be a niche lending opportunity.

While much of the housing industry is just beginning to recognize the significance of the Hispanic community Family First Funding and Team Barber have developed a team within the team that is dedicated to providing guidance and opportunity that will Improve credit access for first time buyers, afford access to programs with low down payments and ensure that those stuck in the credit margins are provided the tools that they need to enable the successful transition to homeownership.

If you have any questions or want to see what your loan options are, give Anthony a call at 732.299.4824 for your free consultation. Hablamos espanol.

Can I Buy a Home With Bad Credit?

Home buying opportunities are advantageous for qualified applicants. However, an occasional credit blemish or certain extenuating circumstances might not preclude you from purchasing a home. A Team Barber mortgage professional at Family First Funding can review your current credit status to determine if you are qualified to buy a home.

Understanding the Importance of Your Credit
Credit is generally an extension of agreed upon terms to purchase and use goods that you can pay for at a later date or over a period of time. As you build a history of on time payments to several creditors, you are likely to attract other lenders who are willing to offer various credit arrangements for items that you may want to buy. Consequently, slow payments or late payments are likely to send red flags up for certain financing requests.

Check Your Credit Before Speaking With a Mortgage Lender
Consumers should request a copy of their credit report one or two times per year to ensure that accurate information is shown within the major credit reporting bureaus. Prospective home buyers should certain check their credit before contacting a mortgage lender. Having some idea about the items that are reflected in your credit report will keep you updated on your positive credit attributes and provide details about certain items that require your attention.

A Team Barber mortgage professional can review and discuss items that appear on your existing credit report. However, a tri-merged credit report may be needed to get a more accurate view of your credit rating and your credit score. A lender-requested credit report will reflect the most recently reported data from Equifax, Experian and TransUnion.

Buying a Home With Late Payments or Past Due Payments to Creditors
If past due payments appear on your credit report, you might be able to qualify for a mortgage approval. Some home loan applicants might delay speaking to a mortgage lender if a blemish is displayed on their credit report. When seeking a mortgage loan approval, your recent credit history is most important.

Derogatory items that display late payments or past due payments within the past 24 months could cause some concerns for a home mortgage lender. However, past due payments and certain derogatory items that stem from more than five years ago are likely to have less of an impact if your current credit standing is favorable.

Speak With a Mortgage Lender About Alternative Financing Opportunities
A licensed mortgage lender might have the ideal program for your specific situation. For instance, a mortgage professional may suggest that you pay off certain past due bills to improve your chances of receiving a financing approval. Alternatively, if recent late payments appear on your credit report, you might be encouraged to add a co-borrower with a favorable credit history and a higher credit score to strengthen your loan application.

Team Barber loan professionals have provided guidance for many home loan applicants with credit challenges to buy a home in New Jersey. Contact a member of Team Barber to inquire about qualifying for a home mortgage loan: 732.299.4824 or abarber@fam1fund.com.

Buying a Home? Find Out How Much You Can Afford

Buying a home might be a very wise idea for a family that makes timely rental payments to a landlord or to a property manager. Knowing how much you can afford to spend toward a home may be reassuring. After completing a mortgage pre-approval application, a lending professional from Team Barber of Family First Funding can provide the precise loan amount and monthly payment that you are currently eligible to receive.

Get Pre-Approved Before Starting Your Home SearchSome home buyers might spend a large portion of a gorgeous weekend driving around town to preview homes that are for sale. Shopping for a home often creates some memorable pastimes. However, if you know how much you can afford to borrow for a home, you may be able to avoid an emotional connectional with a property that is outside of your budget.

Working with a Team Barber mortgage expert will ensure that you receive assistance from a licensed lending professional. After reviewing your credit report, credit score and your annual earnings history, a mortgage adviser will be able to determine whether you are qualified for a home loan. Thereafter, you may need to supply some additional documentation, such as your recent bank statements, pay stubs, W-2 forms, proof of your rental history or other lender-required items.

Opportunities to Get Approved for a Larger Mortgage LoanIn terms of affordability, your mortgage loan approval is based on your monthly debt-to-income ratio. A permanent pay raise or a larger down payment could impact the amount of money that you are able to secure toward a home mortgage loan. For instance, a promotion or a pay increase of 10 percent or more could enable you to obtain a larger home loan.

Based on a 40-hour workweek, if you earn $25 per hour and your hourly earnings are permanently increased to $28 per hour, your weekly earnings would be $120 greater. Your monthly income (annualized) would increase by $520. The additional income could enable you to afford a monthly mortgage payment that is approximately $145 higher for a conventional mortgage loan and approximately $161 higher with a loan that is backed by the Federal Housing Administration.

Using an interest rate of 4 percent, the additional income could enable you to obtain a mortgage loan that is approximately $30,000 larger or $34,000 larger, respectively. While the above scenario gives you some details about the opportunity to potentially qualify for a larger mortgage loan, the actual terms will be based on the current interest rate, higher property taxes, added insurance costs and other factors.

Speaking with a Team Barber mortgage professional may enable you to discuss financing strategies to secure a large home loan. Perhaps, an adjustable mortgage rate, an interest rate buy down or making a larger down payment might increase your opportunities to obtain a large home mortgage loan.

Contact a Team Barber lending professional today to apply for a same-day mortgage loan approval and find out how much you can afford to borrow for a home loan: 732.299.4824 or abarber@fam1fund.com.

Buying a Home Without Money for a Down Payment

Saving enough money for a down payment on a home might resemble a task that is too difficult to accomplish. Whether your current lifestyle consumes a large portion of your income or a financial setback has prevented you from becoming a homeowner, you might qualify to buy a home without a down payment. If your recent bill payment experiences reflect timely payments to your creditors, a Team Barber mortgage adviser with Family First Funding may be able to help you reach your goal.

Pay Your Bills On Time

As you are probably aware, the terms for big-ticket items are more favorable for individuals with excellent credit versus the terms for individuals who are required to remit a large down payment on a major purchase.

For example, a borrower with a very low credit score might need a 20 percent down payment to secure a mortgage loan approval to buy a home. If the purchase price amounts to $250,000, a borrower without money for a down payment toward a home could accumulate the necessary funds by saving $1,000 per month for 50 months or by saving $2,000 per month for 25 months.

With a favorable credit rating and a good credit score, a borrower will have more options than the aforementioned scenario that requires a $50,000 down payment toward a home that has a purchase price of $250,000.

It truly pays to appropriately manage your monthly bills. In many cases, if you pay your bills on time, and you avoid adding new obligations to your current level of debt, you might be able to buy a home with a low down payment or without a down payment requirement. Speaking with a Team Barber mortgage professional could enable you to learn about the most advantageous home loans for your situation.

No Down Payment Mortgage Programs for Home Buyers in New Jersey

Two very reputable programs may be used toward buying a home in New Jersey without any money for a down payment. The United States Department of Agriculture (USDA) and the Department of Veterans Affairs (VA) provide opportunities for eligible borrowers to buy a home without money for a down payment. Both programs are underwritten in accordance to affordable mortgage lending guidelines versus some of the alternative no money down programs.

When funding is available, several down payment assistance programs may be used in conjunction with other types of mortgage loans to facilitate buying a home with no money down.

Contact a Team Barber mortgage adviser with Family First Funding about buying a home in New Jersey without a down payment: 732.299.4824 or abarber@fam1fund.com.

Buy a Home Before Mortgage Interest Rates Increase Again

Now is a great time to buy a home in New Jersey. Money is available for borrowers who qualify for low interest rate mortgage loans. Team Barber mortgage advisers from Family First Funding are ready to assist home buyers in Monmouth County and Ocean County areas of New Jersey.

Robust Economic ConditionsInterest rates increase when certain economic factors are performing well. A strong job market and robust levels of consumer spending could lead to higher interest rates. The Federal Reserve controls interest rate adjustments in the United States to help tame inflationary pressures. However, robust economic conditions are typically an excellent time to speak with a mortgage adviser about buying a home.

Interest Rate Increases in 2017On March 15, 2017, the Federal Reserve applied a quarter-point increase to the federal funds rate. Indications suggest that future rate increases are planned, if the expected level of economic activity is realized. While mortgage interest rates are still below the historical averages, it might be a wise idea to buy a home before mortgage rates increase again.

Free Pre-Approval for Home Buyers in New Jersey  Instead of paying $495 for a mortgage pre-approval application, home buyers in New Jersey can contact Team Barber to speak with a professional mortgage adviser. For a limited time, the mortgage pre-approval application fee will be waived. Getting pre-approved for a mortgage loan is a prudent way to prepare to buy a home before mortgage rates increase again.

A mortgage pre-approval can save home buyers a lot of time. Instead of wondering what items are needed to qualify for financing, a prospective buyer can obtain a written pre-approval that will list the items that are necessary to receive a mortgage loan. Additionally, a pre-approval from a licensed mortgage lender will reflect a favorable lending limit that a borrower can afford to finance for a home in New Jersey.

Buying a Home With Less Than Perfect CreditFirst time home buyers are occasionally under the impression that several late payments that occurred more than two years ago might lead to an automatic mortgage denial. Many home buyers have exhibited some sort of creditor delinquency or late payment experiences. The best way to determine whether it is possible to obtain a mortgage loan with bad credit or with less than perfect credit is to speak with a Team Barber mortgage professional.

Contact a Team Barber mortgage adviser at Family First Funding to discuss buying a home while interest rates are still attractive: 732.299.4824 or abarber@fam1fund.com

Mortgage Team Helps First Time Home Buyers in New Jersey

Financing for a home often appears to have too many hurdles and mounds of paperwork. However, prospective home buyers who receive professional lending support may be able to navigate the loan approval process much easier. Team Barber of Family First Funding offers prompt assistance for first time home buyers in New Jersey.

Understanding the Home Loan ProcessAfter a borrower has completed several mortgage transactions, she might know what to expect while refinancing or seeking a loan to buy another home. For first time home buyers, it is important to understand the home loan process. Team Barber is comprised of mortgage professionals who patiently guide borrowers from an initial pre-qualification through the closing of escrow.

If a borrower is pre-qualified to buy a home, she will need to provide more information to obtain a mortgage loan approval. While the specific approval requirements will vary among loan programs and applicants, a lender will perform a variety of checks and balances to validate the issuance of an affordable mortgage loan.

The home loan process can proceed fairly smoothly when a borrower has continuous rapport with a Team Barber lending professional.

Asking Questions About a Mortgage LoanMortgage loans contain financial terms and legal information that occasionally requires greater clarity. For instance, a borrower could agonize over certain descriptions that are contained within a mortgage note or a title policy. However, knowledgeable mortgage advisers, loan processors and other members of Team Barber are delighted to answer any loan related questions for its existing clients, prospective borrowers and for first time home buyers in New Jersey.

Explaining a Loan DecisionWhen a borrower applies for a mortgage loan, an automated underwriting decision is granted. In some cases, an underwriter might perform a manual review to determine if an alternative solution exists. Whether a borrower receives a favorable loan decision or a loan denial is issued, a Team Barber member will ensure that a satisfactory explanation is provided. According to the Realtor website, a lot of mortgage lenders will provide borrowers with a path toward attaining a loan approval.

While every lender is happy about sharing good news, loan advisers from Team Barber are recognized for providing insight to borrowers who might need to make a few adjustments before reapplying for a home loan in NJ.

ConsiderationsKnowing that a trustworthy mortgage lender is prepared to offer outstanding customer support is comforting for many home buyers. Team Barber of Family First Funding provides the highest level of honesty and ethical support for first time home buyers in New Jersey. Contact a member from Team Barber today to apply for a mortgage loan: 732.299.4824 or abarber@fam1fund.com.

Are You Prepared to Buy a Home This Spring?

An affordable mortgage loan could enable you to buy a beautiful home. In a few short weeks, a lot of prospective home buyers will start to review new listings that appear in Ocean County, New Jersey. Members from Team Barber of Family First Funding can review your financial situation to determine if you are able to buy a home this spring.

Finding the Right Neighborhood to Buy a HomeHome buyers often find a lot of attractive properties to consider in Monmouth County, NJ and in Ocean County NJ. Whether you are seeking to buy a home in the suburbs or to purchase a property that is near work, popular venues or cultural activities, the timing could be great to find a home in the ideal neighborhood.

Working with a licensed real estate agent could enable you to obtain information about new property listings or details about homes that are not displayed on the active residential listings. Finding the ideal area to buy a home this spring might be based on the quality of local schools, travel time to work, proximity to shopping and other important aspects. A patient real estate agent will search to locate homes that meet the needs of your family.

Having a list of desirable amenities will reflect that you are prepared to shop for a home with specific features.

Securing Attractive Financing From a Local Mortgage Lender in New JerseyAmong the best ways to prepare to buy a home this spring are to work with a reputable mortgage lender and to secure a home loan pre-qualification. Team Barber has a winning reputation for providing honest and ethical support for new and existing clients in New Jersey. Using reliable underwriting methods and a consultative approach to educate first time home buyers and previous home buyers about attractive financing opportunities has enabled Team Barber to help many families in areas of New Jersey, such as Middlesex County, Monmouth County and Ocean County.

Getting pre-qualified to buy a home a spring could be a step in the right direction. While a pre-qualification is an initial measure of the possibilities for a home loan, a mortgage adviser from Team Barber will extend professional support to submit your documents to underwriting to seek a pre-approval.

After you find a home and you have met the final mortgage approval requirements, the financing will be prepared for you to buy a home this spring. If you are ready to get started, you are encouraged to contact a mortgage professional from Team Barber at Family First Funding: 732.299.4824 | abarber@fam1fund.com.

5 Ways to Get Your Real Estate Purchase Offer Accepted

Buying a home is an emotional experience. Before a home is removed from the list of available properties on the Multiple Listing Service, the seller will need to accept the terms of your purchase offer. Team Barber of Family First Funding provides helpful lending services for home buyers in Ocean County, NJ and Monmouth County, NJ.

Respond QuicklyResponsiveness in time sensitive real estate markets could make or break a deal. Adhering to a sense of urgency to return phone calls and documentation to the respective parties is important. Delayed response times have ended many real estate deals that ultimately led to a seller taking the next best offer. Proactive communication efforts may be instrumental toward getting your real estate purchase offer accepted.

Consult With Buyer’s AgentA professional buyer’s agent has training and experience to negotiate a real estate offer for a prospective buyer. A buyer’s agent who has a pulse on the local market is generally more adept at preparing a favorable real estate purchase offer than a first time home buyer or a previous home buyer with limited experiences with real estate contract negotiations. Working with a buyer’s agent could substantially improve your opportunity to get a real estate offer accepted.

Seek Financing From a Local Mortgage LenderIf you are buying a home in New Jersey, Team Barber is ready to provide professional lending services. A mortgage lender can issue a pre-qualification letter to a home buyer who meets certain underwriting guidelines. A home seller might accept a purchase offer from a buyer who has been qualified for financing that meets or exceeds the amount of the listing price.

Additionally, a local real estate agent who represents the seller may be familiar with the financial strength and the reputation of Family First Funding. Your loan qualification letter from Family First Funding might be useful toward gaining an accepted purchase agreement.

Agree to Close the Deal SoonerRequesting a speedy settlement could signal to a seller that you are motivated to buy a home. Where a seller might be planning to sell a home between 60 days and 180 days, your offer to close within 30 days could be enough to seal the deal. According to the Realtor website, you might also gain some additional leverage if you are the first prospective buyer to present an offer on a home that is listed for sale.

Make a Cash OfferIf you are in a position to buy a home without a loan from a local mortgage lender, a home seller may perceive a cash offer more favorably than offers from buyers who need to complete the traditional financing process. Contact Team Barber about financing to buy a home in Ocean County, NJ.

4 Ways to Save Money for a Down Payment on a Home

Buying a home creates an opportunity to provide some long-term comfort for a growing family. Paying a mortgage has the potential to build home equity versus paying rent. However, the challenge for many families is coming up with enough money for a down payment on a home. Financial professionals who represent Team Barber at Family First Funding are enthusiastic about helping prospective borrowers with a variety of home buying challenges.

  Create a Savings Account to Buy a HomeEstablishing an account that specifically exists to amass the money needed for a down payment on a home is a prudent idea. Speak with your employer about setting up a direct deposit into your checking account. Pay yourself first by forwarding a portion of your payroll earnings into the account that is dedicated toward buying a home. Automating the process could eliminate an oversight or opportunities to splurge.

Make Contributions to a 401(K) PlanContributions that are made to a 401(k) plan before taxes can accumulate rather quickly. Many employers offer matching contributions that are generally capped at a percentage of a participant’s salary. For instance, if an employer offers a six percent annual match toward 401(k) contributions, an employee who earns $40,000 per year could contribute $2,400 and receive a matching contribution from the employer. That is a combined amount of $4,800.

A co-borrower who sets up a 401(k) plan at work might realize similar benefits, as well. Pre-taxed contributions that exceed an employer’s contributions are often allowed up to a certain threshold. Generally, a first time homebuyer can make 401(k) withdrawals without incurring a penalty. Check with your employer and a tax professional to determine the most beneficial allocation for your financial situation.

Use Money From Your Tax RefundApply a portion of your tax refund toward buying a home. According to Internal Revenue Service, the amount of the average tax refund is $3,120. Many consumers use tax refunds toward bills, buying a car, traveling and other items. However, you could use the money from your tax refund toward a down payment on a home.

Save Your Daily ChangeUsing a canister to stash your loose change is another way to easily save money toward buying a home. At the end of each day, you can simply add your coins into the canister. Additionally, you could also save specific bills, such as your one-dollar bills or your five-dollar bills toward your home buying goal.

ConsiderationsWith several financial tweaks and lifestyle adjustments, you could be on your way to accumulating enough money for a down payment on a home. Contact a Team Barber mortgage adviser at Family First Funding for more information about buying a home.

Internal Revenue Service: https://www.irs.gov/uac/newsroom/tax-refunds-reach-almost-125-billion-mark-irs-gov-available-for-tax-help

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