All Forum Posts by: Joseph Scorese

Refinancing Your Mortgage: When It Makes Sense

Important considerations for when refinancing is a good financial move.

Refinancing your mortgage can offer a way to take advantage of low interest rates -- or, if your mortgage payments have become oppressive, an escape from adjusting rates, increased payments, or reduced income. With property values falling and companies tightening their belts or even laying off employees, there's no better time to make sure your mortgage meets your current budget and long-term needs.

What Is Refinancing?
When you refinance, you get a new mortgage to replace your existing mortgage. Because you're getting a brand new loan, you usually have to pay title insurance and escrow fees, lender fees, points (optional), appraisal fees, credit reporting fees, and any amounts needed to bring your insurance and tax obligations up to date.

Why Refinance?
Homeowners refinance for many different reasons, but here are some of the common ones.
Refinancing can save money by lowering your interest rate. If the interest rate on your current mortgage is higher than the current market rate, you'll pay less by refinancing.

Who Can Refinance?
If you have sufficient equity, you can refinance. A new lender will consider the same factors your original lender did: your income, debt-to-income ratio (how much of your monthly income is spent paying off debts other than the mortgage), your home's value, how much equity you have in your home, and your credit score.

Refinancing is much harder than it once was, for a few reasons. Some borrowers have difficulty refinancing because they have insufficient equity, mostly because the value of their property has not returned to an amount that exceeds what they owe on the mortgage. And lenders have become surprisingly strict about how much they'll lend, usually requiring refinancing homeowners to have at least 5-10% equity in the home.

Another problem is that lenders have made "stated income" loans all but unavailable. With stated income loans, borrowers didn't have to provide independent verification of their income. Instead, the amount they could borrow was based on the income they claimed to have (hence their nickname, "liar loans"). These were intended for people who had a hard time verifying income, such as the self-employed. But in recent years, borrowers used stated income loans to artificially inflate their income to qualify for bigger mortgages. Unless their income or equity have increased substantially, borrowers currently holding this type of loan will have a hard time qualifying for more traditional refinance mortgages for similar amounts.

Financial Freedom through Ca$ hflow!

Saturday, August 29, 2015

6:30 PM to 8:30 PM

2424 Studios 2424 E. York Street, Philadelphia, PA – Suite 238 (Conference Room)

Financial Freedom through Ca$ hflow!

How do you like your cash flow - as a trickle or a stream? Join us for a special Cashflow 101 Game on Saturday, August 29th from 6:30 - 9:00 PM.

If you want to earn more passive streams of income by buying and selling real estate or if you want to TRANSFORM your real estate business by advancing from single family residential to multi-family commercial properties, learn investment strategies by playing Cashflow 101 and make 2015 your most successful year in real estate!

Bring your friends, partners, associates or anyone who wants FINANCIAL FREEDOM as a real estate investor!

Diversified Investors Group - South Philadelphia Subgroup

Monday, August 24, 2015

6:30 PM to 8:30 PM

Famous Dave's  1936 South Christopher Columbus Boulevard, Philadelphia, PA

www.digonline.org

Diversified Investors Group – South Philadelphia Sub Group6:30-8:30 PM Famous Dave’s BBQ - 1936 South Christopher Columbus Boulevard Philadelphia, PA 4th Monday of the Month 6:30 - 8:30 PM

Speaker: Carmen Accardo Real Estate Appraiser and owner of CVA Consulting Corporation Providing Real Estate Appraisal Solutions in the Greater Philadelphia Real Estate Market We will be discussing “As Proposed” Appraisal Valuations – New Construction & Renovation Loans Coming up with the Right after Repair Value for proper Financing

Diversified Investors Group - Philly Riverwards Sub Group

Wednesday, August 19, 2015

6:30 PM to 8:30 PM

2424 Studios

2424 E. York Street, Philadelphia, PA

www.digonline.org

3rd Wednesday of the Month 6:30 - 8:30 PM

Diversified Investors Group– Philly Riverwards Real Estate Networking Group

Crowdfunding For Your Next Project - A Real Possibility

Speaker: David Postolski, Esq. Gearhart Law

Bio: David Postolski is a registered patent attorney and Intellectual Property attorney at Gearhart Law. With over 15 years’ experience, David specializes in assisting inventors, creators, artists, start-ups, entrepreneurs, early stage companies and emerging companies with their U.S and International intellectual property strategy, protection, enforcement and monetization.

David remains very involved in the creation of New York State’s first federally approved patent pro bono program in conjunction with Volunteer Lawyers for the Arts. David is a frequent speaker and author on intellectual property issues surrounding raising capital, business formation, licensing, and reward and equity based crowd funding.

David is also a Professor at Parsons School of Design where he teaches master level students about IP, ethics and other regulatory considerations in starting business ventures and products around design. David is the current vice chair of the Professional Issues Division of the ABA Section of Intellectual Property law as well as a member of the CLE Board, Membership Board, founder of the International Action Group and the Sponsorship Committee.

4 key steps in the Mortgage Underwriting Process

This past week, I personally Underwrote and funding a Private Mortgage on behalf of an Investor for a Construction Loan. The experience was fast past and exciting. The opportunity to have a trust created by another putting their money to work on real estate financing and bearing them a fantastic return and points was fulfilling. (12% Interest and 3 Points)

When underwriting any file the same basics stick for an evaluation of the borrower. Also, working with a knowledgeable Attorney is necessary for the proper documentation to put in place.

Between loan approval and closing, your lender is doing a lot of work behind the scenes in a process called underwriting. Here are five things the lender does during underwriting.

Underwriting Financial & Credit Verification
Verification of the information on their application and supporting documents. The amount of verification involved depends on how risky I perceive it to be. Credit and Financials are Key!

Completed Value Appraisal
I want to make sure that the price of the property the investors is buying is comparable to the values of similar properties. Ordering an independent appraisal of the property prior to closing, and the results could affect the rate and terms of your mortgage. A licensed appraiser will provide an expert's estimated value based on a physical inspection and comparable, or "comps" -- prices paid for comparable properties that have recently sold in the neighborhood. An appraisal typically costs between $300 and $500.

Title search and title insurance
After the appraiser has looked at the physical side of your house, working with a Class A Title Company looks at its legal history. Before I lend the money against a house I want to make sure that there are no claims on it. That's why a title company performs a title search.

The Mortgage process can be a challenge to navigate if not armed with Top expertise. Don’t go alone in today’s complex financial landscape. Rely on one of the top mortgage bankers in the market to represent your best interests in a home loan purchase or refinance. Joseph V. Scorese will make your mortgage work for you.

We make your mortgage process simple, quick and easy.

It comes Down to Some Basics--Count on expert counseling and guidance. Depend on our system and our team to ease your mind, keep you up to date, and take care of you every step of the way.

Diligent-- We move quickly to find you the right mortgage. Our team will make the arrangements, underwrite, fund and close your loan....all done in-house. This speeds you to a swift and satisfying closing.

Ease-- Be assured that we'll structure a home loan to your best benefit. Plus, as a mortgage banker. We deliver what you want and make the process simple, quick and easy.

Technology that works for you.

We can evaluate different financing options by using our interactive calculators and going over various mortgage scenarios.

Or, just call Joseph Scorese for immediate assistance. Making mortgages work every day for you!

• Cell: 215-290-5108

• Office: 267-455-0520

Specialties:

• Purchase

• Refinance

• Debt Consolidation

• Home Improvement

• Construction Financing

• 1st Time Home Buyer

• Commercial & Mixed Use, Portfolio Lending

Diversified Investors Group - South Philadelphia Subgroup

Monday, August 24, 2015

6:30 PM to 8:30 PM

Famous Dave's

1936 South Christopher Columbus Boulevard, Philadelphia, PA

www.digonline.org

Diversified Investors Group – South Philadelphia Sub Group6:30-8:30 PM Famous Dave’s BBQ - 1936 South Christopher Columbus Boulevard Philadelphia, PA 4th Monday of the Month 6:30 - 8:30 PM

Speaker: Carmen Accardo Real Estate Appraiser and owner of CVA Consulting Corporation Providing Real Estate Appraisal Solutions in the Greater Philadelphia Real Estate Market We will be discussing “As Proposed” Appraisal Valuations – New Construction & Renovation Loans Coming up with the Right after Repair Value for proper Financing

Wholesaling Panel – Local Wholesalers who are doing deals regularly!

We have arranged a panel of EXPERT wholesalers who are willing to sit on a panel and have a open discussion with you on the business of wholesaling.

This is a rare opportunity to ask questions of the guys who are in the trenches doing it everyday. Plus you will benefit by the questions of others.

Questions about the Technical stuff? Productivity? Business Hacks? Mind Set?

Stop what you are doing now, RSVP and put this on your calendar. You do not want to miss out on this one.

Expert Panelists:

Frank McGovern - Building Opportunities LLC - Philadelphia area

Jason Ramos - Good Vibes Real Estate Solutions - Mercer County area

Francesco Moracci - Galka Investments LLC - North Jersey area

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WORKSHOPS– Begin at 6:30 PM. Members and Visitors — Come early and learn from our experts! Topics/speakers vary each month.

TOPIC #1: Build Wealth in Real Estate Now!

The Big Picture – What’s Yours?

Real Estate is a Long Term Game – How are you playing it?

You don’t have to be a Landlord! But maybe you should.

Real Passive Returns – The world of Private Lending.

Speaker: Paul W. Margaritis

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Location: The Holiday Inn in Princeton NJ (100 Independence Way)

Time: Doors open at 6 pm. Presentation begins at 7 pm.

Cost: SJREIA members attend for FREE. Visitors pay $15

PLEASE RSVP if you plan to attend so we know how many to expect (THANKS!)

Any questions please email Matt Faircloth – [email protected]

MEETING SCHEDULE: Doors open at 6pm

6:30-6:45 - Workshops
6:45-7:00 - Break-Visit with Business Affiliates & Networking
7:00-7:15 - Announcements
7:15-9:00 - Main Speaker/Presentation

This event is sponsored by South Jersey Investors Group. Admission is free to their membership and there is a $15 charge for non members.

Mortgage Rates Moving Into High 3's

Mortgage rates continued lower today, adding to an already impressive streak of improvement that began in mid-July. Much of that improvement has come courtesy of increasing concerns over the trajectory of global growth and inflation. When investors downgrade their growth outlook, they often move more money into bonds. Greater demand for bonds brings bond prices higher and rates lower.

This was the case today as several pieces of economic data suggested weaker growth and inflation this morning. Markets responded by moving money out of stocks and into bonds. Among the bonds that benefit are the mortgage-backed-securities (MBS) that dictate mortgage rates. With rates already at 2-month lows on Friday, this means the winning streak is simply extended. You'd now have to go back to May 28th to see rates as low as today's. Most lenders are quoting either 3.875% or 4.0% on top tier scenarios for conventional 30yr fixed loans.

As with any streak of solid gains, it can always make sense to lock. That said, there are always certain borrowers that are more risk-tolerant or who are willing to accept the possibility of higher rates in exchange for the chance at lower rates. The risk takers continue to be in a better position over the past few weeks than they had been through mid-July. We're at a point where the longer term trend toward higher rates in 2015 is facing imminent defeat. The catch is that it's the rest of this week's data that may determine that. If the data is stronger than expected, rates could easily snap back higher. Bottom line: lowest rates in 2+ months, and a risk of a bounce back despite a decent enough chance for further gains. Hard to go wrong here as long as you set yourself a limit as to how much you'd be willing to lose before locking at a loss.

Diversified Investors Group - Philly Riverwards Sub Group

Wednesday, August 19, 2015

6:30 PM to 8:30 PM

2424 Studios

2424 E. York Street, Philadelphia, PA

www.digonline.org

Crowdfunding For Your Next Project - A Real Possibility

Speaker: David Postolski, Esq.Gearhart Law

Bio: David Postolski is a registered patent attorney and Intellectual Property attorney at Gearhart Law. With over 15 years’ experience, David specializes in assisting inventors, creators, artists, start-ups, entrepreneurs, early stage companies and emerging companies with their U.S and International intellectual property strategy, protection, enforcement and monetization.

David remains very involved in the creation of New York State’s first federally approved patent pro bono program in conjunction with Volunteer Lawyers for the Arts. David is a frequent speaker and author on intellectual property issues surrounding raising capital, business formation, licensing, and reward and equity based crowd funding.

David is also a Professor at Parsons School of Design where he teaches master level students about IP, ethics and other regulatory considerations in starting business ventures and products around design. David is the current vice chair of the Professional Issues Division of the ABA Section of Intellectual Property law as well as a member of the CLE Board, Membership Board, founder of the International Action Group and the Sponsorship Committee.