Somerset Mortgage Lenders is a mortgage banking firm that prides itself on attaining the highest ethical and moral standards and is dedicated to providing quality mortgage products at value pricing to our customer. Somerset has a long-standing history of servicing its local community as a reliable mortgage company. Our goal is to establish a successful partnership with our customers, staff, investors, and markets that respect the interest and goals of each party. Somerset Investors Corp. has been built on the belief that to be successful in mortgage banking it must first begin by molding itself as a customer service firm that provides quality service to the public. To this end, Somerset has used its considerable experience and expertise to recruit and train top service professionals. At Somerset Investors Corp. Co, we have deployed state-of-the-art technology to process loans in a quick, efficient and compliant manner. This allows us to offer accurate, concise information with an emphasis on customer education. We expedite all loan applications so that borrowers can address their financial needs as soon as possible. Somerset will help you reach your goals, as we have helped thousands of others. Our customers frequently come back to us when they’re ready for new loans, and they send their family and friends to us as well. Somerset Mortgage Lenders can help you when other lenders won’t. We work with people with all types of credit, equity, and income. http://www.somersetmortgagelenders.com http://blogs.law.harvard.edu/tech/rss Thu, 11 Jun 2009 11:47:29 -0400 Thu, 11 Jun 2009 11:46:42 -0400 FeedForAll v2.0 (2.0.2.9) unlicensed version http://www.feedforall.com Somerset Mortgage Lenders and Gregg Marcus strive to keep the public educated with tips and tricks meant to make getting your loan as easy as possible. To this end, they have put together this brief explanation of the steps you must take to be prequalified for a loan. http://www.somersetmortgagelenders.com/Mortgage-Article/HowToPreQualifyForALoan.htm 597E360B-0CA1-4093-A6C8-4950C42419BA Thu, 11 Jun 2009 11:45:56 -0400 A conventional loan is essentially any type of lender agreement that is not fully protected by the FHA (the Federal Housing Administration) or fully backed by the Veterans Administration furthermore Potential homebuyers who have at least 3% of the purchase price available to make as a down payment, may be eligible for this most popular type of loan program. http://www.somersetmortgagelenders.com/Mortgage-Article/HowToPreQualifyForALoan.htm 79D257B2-95AD-4012-B356-788721337C8D Thu, 11 Jun 2009 11:45:57 -0400 To establish how much mortgage you can realistically afford, you can use one of two main formulas - called Qualifying Ratios. Qualifying ratios examine a person’s income and expenses in order to estimate how much money can reasonably be spent on monthly mortgage payments. http://www.somersetmortgagelenders.com/Mortgage-Article/HowMuchMortgageCanIAfford.htm D322E9D3-5036-4CEE-BC28-269B2603E85A Thu, 11 Jun 2009 11:45:58 -0400 To refinance is to pay off an existing mortgage with funds obtained from a new mortgage loan. There are numerous great reasons to refinance your mortgage, among them the following: http://www.somersetmortgagelenders.com/Mortgage-Article/ReasonsToRefinanceNow.htm 4EA1975F-D2A6-41D8-B4EE-7113A54F6F5E Thu, 11 Jun 2009 11:46:00 -0400 What is Home Equity? Your home equity is the appraised value remaining in your home after you subtract the remaining balance you owe on your existing home mortgage(s). It can be thought of as the part of the home you actually own instead of the bank: the part you’ve paid for so far. It isn’t difficult to build equity in your home, and chances are if you’ve owned your home for a while and have been making your regular mortgage payments, you probably have built a considerable amount of home equity already. Though the housing market rises and falls in cycles, the overall tendency is consistently upward. In other words, property values tend to rise over the long term. http://www.somersetmortgagelenders.com/Mortgage-Article/AllAboutHomeEquity.htm 3F331497-8024-4048-85B4-DC720B0D386C Thu, 11 Jun 2009 11:46:01 -0400 Debt consolidation was designed to help individuals who are “drowning in debt” to regain control of their financial lives. Consolidating debt gives individuals the chance combine their various monthly payments into a single monthly payment that is usually lower than the sum of the individual monthly payments on the same debt. Payments on consolidated debt are also quite often at a lower interest rate than the rates offered by the individual lenders. http://www.somersetmortgagelenders.com/Mortgage-Article/ConsolidatingDebt.htm 86C4051A-285A-417E-8BCD-0F937A497AE8 Thu, 11 Jun 2009 11:46:02 -0400 There are advantages and disadvantages to both home equity loans (HELs) and home equity lines of credit (HELOCs), making the choice between the two dependent on your unique needs and circumstances. http://www.somersetmortgagelenders.com/Mortgage-Article/HomeEquityLoanVsLineOfCredit.htm 1687D963-EE67-492E-91C1-F1713F8C961B Thu, 11 Jun 2009 11:46:03 -0400 The Federal Housing Administration (FHA) does not directly make loans to borrowers but rather provides insurance on loans made by approved lenders. FHA-insured mortgages can be obtained for single-family, multi-family, manufactured and mobile homes, and hospitals. http://www.somersetmortgagelenders.com/Mortgage-Article/UnderstandingFHAMortgages.htm 75B9AEDE-5796-47C3-B754-1CE7AA915FA3 Thu, 11 Jun 2009 11:46:04 -0400 Reverse mortgages were created in order to help ease the financial burden on aging seniors. A reverse mortgage is a type of financial instrument that permits home owners over the age of 62 to gain access to the money they have accumulated as home equity. http://www.somersetmortgagelenders.com/Mortgage-Article/UnderstandingReverseMortgages.htm B8A107F7-DE62-4080-AAA2-1CAC878E4CA2 Thu, 11 Jun 2009 11:46:05 -0400 The Federal Housing Authority (FHA) insures loans against default, protecting both lenders and borrowers. It neither makes loans directly nor sets the interest rates on loans it insures. FHA insured loans can be used to purchase new or refinance existing 1-4 family homes, condominiums, or mobile or manufactured homes on a permanent foundation. http://www.somersetmortgagelenders.com/Mortgage-Article/WhyChooseAnFHAMortgage.htm AF0CB3EC-2678-4BA6-91AC-3510B819AC59 Thu, 11 Jun 2009 11:46:06 -0400 You’ve found the home you want. You’ve made an offer which the seller has accepted. You’ve applied for a mortgage, and been approved. Move-in day is almost here. There’s only one more step - the closing. http://www.somersetmortgagelenders.com/Mortgage-Article/TheClosingProcess.htm 7171A02E-764E-422B-9A18-EB0C8908D277 Thu, 11 Jun 2009 11:46:07 -0400 Potential home buyers often discover that while they’ll have no trouble making their monthly mortgage payments, they nonetheless can’t buy a home because they lack the funds to make the necessary down payment and closing costs. Fortunately, a number of solutions to this problem exist, one of the most common being: down payment assistance programs. http://www.somersetmortgagelenders.com/Mortgage-Article/DownpaymentAssistance.htm 38B71329-977F-409E-8147-A98C52EBEF97 Thu, 11 Jun 2009 11:46:08 -0400 Numerous factors come into play when determining the interest rate you’ll pay on a home loan. http://www.somersetmortgagelenders.com/Mortgage-Article/FactorsAffectingRate.htm DD90A8D3-9943-41FA-845A-E6DB0ED8B14F Thu, 11 Jun 2009 11:46:09 -0400 The following is an overview of the fees and other costs associated with getting a home mortgage http://www.somersetmortgagelenders.com/Mortgage-Article/FinancingCostsAndFees.htm 43C22AD0-CCA5-4FE7-9DB3-F6E1617C4369 Thu, 11 Jun 2009 11:46:10 -0400 Whether it’s to purchase a new home or refinance your current home, there are an assortment of loan programs you have to chose from, based on a combination of your objectives and your eligibility. http://www.somersetmortgagelenders.com/Mortgage-Article/FindTheRightLoanProgram.htm C74C39AA-BFC2-4D94-A7E3-3C8A9F3FC821 Thu, 11 Jun 2009 11:46:11 -0400 The following are the primary factors taken into consideration when determining whether to approve or deny a potential homebuyer’s application for a mortgage http://www.somersetmortgagelenders.com/Mortgage-Article/GettingApprovedForAMortgage.htm E587470C-DBF1-41E4-846E-60F938B9EED9 Thu, 11 Jun 2009 11:46:12 -0400 In an ideal scenario, you would buy your home with a 20% down payment, have closing costs that come to around 3-5% of your home’s purchase price, and have enough money remaining in your bank account to cover 2-3 months of housing expenses. http://www.somersetmortgagelenders.com/Mortgage-Article/HowMuchDown.htm E638C53B-341C-4886-A119-CF0FF300C914 Thu, 11 Jun 2009 11:46:13 -0400