Atlantic County, NJ You Can Pay Off Your Mortgage Early

This is doable and definitely worth checking out especially in this time of economic challenge and most of us are seeking ways to make things easier, take control, be more financially aware, etc. Well, you can do that by becoming better and more aware of your financial power. Become Financially Literate. Learn how you can pay off your mortgage early and free up that cash to invest, build more wealth, take a vacation, etc.  There is a line in the bible that Joshua or Josea states that “My people perish for lack of Knowledge. I don’t remember where exactly to find it but I’m sure if you speak to your minister, reverend, etc. who knows the bible will be able to point you to this exact line in the bible. Check it out and read it for yourself and then ask yourself what is your biggest expense? If you own a home, I would guess that is your largest expense and you need to learn how to handle it the best way you can. Wouldn’t actually paying off your mortgage early do that for you and your family.

Here is the article:

Rumor Has it that Bank of America***

Lowered it’s credit score needed to obtain a mortgage to 580. However,  I have searched and have not been able to find any information confirming this. The only article I did come across was an article stating that Bank of America lowered its credit card fees.  I found the article on’s website.  The article link is below so you can check it out for yourself.

This is certainly a good thing and Bank of America should lower its fees in my opinion because they, like all other banks, charge too much for these type of fees and I for one commend them for that decision. Also, I don’t know if  Bank of America actually lowered their score for obtaining a mortgage to 580 so I would suggest anyone wanting to confirm that to call them and speak to a Vice President or other higher executive to confirm or deny.

How Is Atlantic County, NJ faring in the number of New Property Listings?

Well, let’s see. Comparing data from May 2010 to May 2011 the number of new properties listed is down by six percent. The data says that in May 2010 the number of new properties listed were at 469 and in May 2011 the number dropped to 442. However, median prices seems to have risen. In May 2010 the median price was $259,999.  In May 2011 the median price for new listed properties rose to $269,212. This represents a $9,213 increase in price. What does that mean for home sellers in Atlantic County, NJ? Please keep in mind these numbers represent properties that are listed at full market value vs. bank properties which usually sell for less because the bank accepts less, otherwise known as a short sale.

Atlantic County NJ Home Sellers with Expired Listings, How are these Sellers Doing?

Well first let’s answer the question, what is an expired listing? An expired listing is simply a listing that an agent was able to secure from the home owner but for whatever reason was unable to get it sold. Why? There are numerous reasons why a listing might not sell. Most agents would immediately say, “the market”, or it’s “priced too high”. And in some cases, other agents would argue in most cases, they would be right. Home sellers are very emotional when it comes to the price the home will actually be listed to appear on the MLS (multiple listing service). This is certainly understandable because of the lives lived and memories attached. To them it is more than just “selling” their home. It is an extension of the memories they have created. This is where the experience of the agent plays a great deal in helping the home owner understand the pricing strategy and getting the home owner to help you sell the home as soon as possible.

In Atlantic County, NJ looking at a snap shot of May 2010 to May 2011, the number of expired properties is down 9% according to Clarus Marketmetrics.  The number has dropped from 254 to 232.

What is the Qualified Residential Mortgage (QRM) and What Does It Mean for Buyers and Sellers?

The Qualified Residential Mortgage (QRM) is part of the Dodd-Frank bill that is supposed to make sure lenders do a better job of qualifying buyers for mortgages. How? By requiring buyers to have 20% of the purchase price for a down payment. This is what occurred in the past and when buyers could not qualify for this, lenders thought of different ways for home buyers to be able to buy – no money down, 3% down, etc. which stimulated the home buying market and made brokers and lenders a lot of money. Fast forward 25-30 years ahead and we’re back here again. Essentially, what has happened is because lenders were greedy and allowed home buyers an easy way to get a home without the down payment requirement of 20% or  making sure they were qualified to buy a home in the first place, now we’re right back in the same boat. Is this good or bad? It could be good for home buyers because now we all have a great opportunity to learn financial literacy and personal responsibility and take control of our finances from the door so this mortgage nightmare will never happen again. Or it could be bad because it will be much more difficult to buy a home and if homeowners want to sell, this could result in longer wait time to find qualified buyers who have to have 20% down payment available for the purchase to even be considered for a mortgage. Basically, the lenders have put the responsibility back on the buyer – So Home buyers Beware that if you want to purchase a home you had better really be ready to take on that responsibility or keep renting. Home sellers may have to be ready to give more incentives, etc. to make the sale.

What Did the State of New Jersey set up for its Homeowner Residents?

The State of New Jersey did not  participate with the other 32 states who put together the Emergency Homeowner’s Loan Program based on the Dodd-Frank Wall Street Reform and Consumer Protection Act. New Jersey is considered to be among one of the hardest hit states along with 16 other states. These states are getting their money from the Hardest Hit Fund. These states include: New Jersey, Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada,  North Carolina, Ohio, Oregon, Rhode Island, South Carolina, Tennessee and Washington, D.C.

The window of opportunity for homeowners is approximately four weeks and the deadline is July 22, 2011 and you must, of course, meet the criteria.

Did Homeowners in NJ miss out on the $1B in new Help?

32 States across the country are participating in the D0dd-Frank Wall Street Reform and Consumer Protection Act announced last week. This program, known as the Emergency Homeowner’s Loan Program, will help up to 30,000 homeowners who are in need of assistance so they don’t lose their home to foreclosure. Actually, it’s not a loan; well it’s an interest-free loan. These type of loans are considered “bridge loans” that have been structured to reduce the temptation for underwater homeowners to otherwise “walk away” from their homes. The banks and the lenders would rather you stay in your home because remember they don’t want these homes on their books because it looks bad for them. You must of course meet the criteria in order to get the help but there is at least some help to get.

Here is the link to the full article, check it out for yourself:


Why isn’t Atlantic County, NJ  included in this 32-state wide assistance program? Well, the State of New Jersey decided not to participate in the program because they wanted to set up something else. Tune in tomorrow….