Find out if now is the right time to refinance!!!

You may be able to lower your monthly payments or reduce the time it takes to pay off your loan. You may also be able to save even more if you use your refinance proceeds to pay off credit card or other installment debt, since mortgage interest is usually 100% tax-deductible, and interest on consumer debt is not. Here are some important reasons to consider refinancing:

Get a lower mortgage rate and reduce interest costs.
Convert an adjustable rate mortgage to a secure, fixed-rate mortgage.
Consolidate your first and second mortgages into a mortgage with a lower rate.
Get cash for family wants and needs.

The advantages we offer you for your refinancing needs include:

Low rates
Easy online application
All types of mortgage programs
Guidance and advice from an experienced loan professional

Visit www.edjmortgage.com Today!!!

Forclosures On The Rise

If you have been looking at the news the past few months, I am sure you have heard about the difficulties in the mortgage and real estate industry. There are a lot of homeowners that are facing foreclosure. The reason that most people are facing foreclosure is because of the type of mortgage that they have in particular the Adjustable Rate Mortgage (ARM). Many homeowners purchased their home two to five years ago using the adjustable rate mortgage, and now that interest rate is adjusting up. If you remember, I talked about adjustable rate mortgages in an earlier issue of The EDJe-ucator. The increase in the interest rate causes the mortgage payments to increase which makes it difficult for the homeowner to make their monthly payments. An adjustable rate mortgage can be a budget buster, and I know that you have been sticking with your budget.


If you are a homeowner, my advice would be for you to make sure you know what type of mortgage you have, i.e. a fixed rate mortgage or an adjustable rate mortgage. If you are in the market and looking to purchase a new home, make sure you know the difference between an adjustable rate and fixed rate mortgage. If you know of anyone with an ARM that it is getting ready to adjust, have them to give me a call at 1-877-469-3353 or 832-647-1769. I am sure it is in their best interest that they refinance to a fix rate mortgage. If the homeowner is unable to refinance and is having difficulty making their mortgage payment, he/she should contact their current mortgage company and try to set up a payment plan. This might hurt your credit scores, but at least you will not lose your home. Banks and mortgage companies really don't want to foreclose on your house because the foreclosure process can be very expensive and sometimes they actually lose money. Banks and mortgage companies are not in the business of foreclosing on houses and trying to re-sell them. They are in the business of lending money. If you contact your bank or mortgage company, sometimes they are willing to work out an agreement with you.


For the record, I am not totally against adjustable rate mortgages. There are a couple of occasions I will recommend an adjustable rate mortgage to a client. The first occasion is if the borrower knows that they are not going to occupy the house for a long period of time. In this case, the borrower can take advantage of the lower interest rate of the adjustable rate mortgage, and sell the house before the interest rate adjusts. The second occasion is only for "discipline" borrowers. In this case, maybe your credit is not strong as it should be. I might recommend that the borrower consider an adjustable rate mortgage and take advantage of the lower interest rate. While on the adjustable rate mortgage, the borrower must work on their credit to improve the scores and never be late on their mortgage. Before the interest rate adjusts, the borrower can refinance to a fix rate mortgage.


Thank you for reading The EDJe-ucator. If you have any questions or referrals, call 1-877-469-3353 or 832-647-1769 email donte@RealEstateByEDJ.com.

Say "Good Bye" To Your Landlord

Owning your own home provides several benefits. In addition to the satisfaction of being a homeowner, you can build equity, enjoy tax deductions, say "good bye" to your landlord and take control of your living environment. Whether you are a first-time home buyer, renter, or are purchasing a new or second home, we have an assortment of tools and loan programs to meet your individual financing needs.

We can help you realize your homeownership dreams by offering you all the best advantages:
Low Rates
Easy Online Application
All types of Mortgage Programs
Guidance and Advice From an Experienced Mortgage Broker/Realtor

Determine how much you can borrow and buy with our pre-qualification consultation. You can beat the competition and negotiate more effectively when you're pre-approved. Apply online at www.edjmortgage.com now to be pre-approved. Call EDJ Toll Free 1-877-469-3353 or 832-647-1769

Now Is A Great Time To Buy

That's right...now is a great time to buy. In today's real estate market, there is a huge number of homes for sell. No matter what neighborhood you live in, I am sure that you have seen a for sale sign in the front yard of many homes. With this influx in housing inventory in the market, many sellers are willing to negotiate in the buyers favor. With that being said, there are some major bargains available for home buyers.

If you are already a home owner, now is also a great time to purchase your first investment property. As you know, one of the most common ways to building wealth is through real estate. When you purchase a property at a bargain price and it is worth alot more, then you have equity in that property. Since it is a buyers market right now, I would recommend that you rent the property. As a result of the increase in foreclosures, alot of families are losing their home, but these families still need a place to live. Once the market becomes a seller's market, you can sell your investment/rental property or you can continue to rent the property. Either way, you are building wealth. If you want "The EDJe On Building Wealth", contact Edmond Donte' James at 832-647-1769 or 1-877- 469-3353 or email me at donte@RealEstateByEDJ.com.

How Can EDJ Help You As A Realtor?

Most of us think we know the role of a realtor, right? You're buying a house, you need a realtor to help you. You're selling a house, you need a realtor to list your home. But what about apartment locating, did you know realtors can help you with that? Leasing a home can also be done with a realtor. Ready to open your business and need to lease or buy a commercial space? It's all about location, location, location! Are you an investor looking to take advantage of the current foreclosure market? Contact EDJ for the latest foreclosure information.

Whether you knew the role of a realtor or not, I am here to "Give You the EDJe on Real Estate." With my extensive experience as a mortgage broker and my ability to "Give you the EDJe on Building Wealth," I am ahead of the pack of realtors because I am always working to put you in the best wealth building position. From getting you the best residential purchase price to helping you get the most for your home, I am always focused on your wealth strategy in every step of the real estate process. Even if you are not ready to purchase a home or sell a home, but are more interested in leasing a home or apartment, I can provide that EDJe to help you build wealth even while you are LEASING...who else can do that for you?

I am thrilled and excited to offer this real estate service to you, your family and friends through my affiliation with Realm Real Estate Professionals. When you think real estate, think Real Estate by EDJ...where you know you are guaranteed to get that EDJe!

Got a real estate referral, please contact Edmond Donte' James at 832-647-1769 or 1-877- 469-3353 or email me at donte@RealEstateByEDJ.com

$8,000 First-Time Homebuyer Tax Credit

Disclaimer:

The following $8,000 First-Time Homebuyer Tax Credit Q&A is from a RealtyTrac.com email dated June 29, 2009.

Q&A

When do I need to purchase to qualify?

If you buy a home between Jan. 1 and Dec. 1 this year and close escrow during these dates, you will qualify for an $8,000 tax credit - as long as it is your primary residence and you meet the simple requirements.

How does the law define "first-time homebuyer"?

The law defines "first-time homebuyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase.


What are other requirements to qualify?

All U.S. citizens who file taxes are eligible to participate. An income limit of $75,000 a year for individuals and $150,000 a year for joint filers also applies.

How do I apply for the credit?

Taxpayers should use IRS Tax Form 5450 to claim the first-time homebuyer tax credit.

Does the credit have to be repaid?

No. Unlike a similar tax credit passed in 2008, this $8,000 tax credit does not have to be repaid to the IRS.

Can I use the tax credit toward a down payment or other closing costs?

Yes. An announcement made May 29 allows the tax credit to be used toward purchase costs of a home, including down payment in some cases. This can be done one of two ways. First, buyers using an FHA-approved lender can sell their anticipated tax credit to the lender and use the proceeds to immediately apply the tax credit to any down payment above the minimum down payment of 3.5 percent required with FHA-insured mortgages. Second, buyers who receive financing through state housing finance agencies and certain non-profits will be able to use the tax credit for their down payments via a tax credit advance loan that does not result in any cash back to the buyer.

Source: RealtyTrac.com

Today's Economy

If you have been reading the blog posts for the past few days, you remember me talking about saving, creating a budget, the importance of having excellent credit scores, and having the right mortgage. With the condition of today's economy, it is critical to have a financial plan for you and your family. In regards to saving, many experts now are saying that you need to have 9 to 12 months saved for monthly expenses instead of the usual 3 to 6 months. Again, a way to save is to create a budget and account for every dollar that is being spent on a monthly basis. Over the last few months, the housing market has changed tremendously. With that being said, it is important to work on your credit scores to get that excellent credit. If you are not doing so, start paying your bills on time and pay down debt. Last but not least, it is imperative to have the right mortgage. If you have an adjustable rate mortgage and your payments are increasing, now is the time to refinance to a fixed rate mortgage. CALL EDJ TODAY!!! If you are looking to buy or sell a home, CALL EDJ TODAY!!!

If you have any questions or comments, please contact Edmond Donte' James at 832-647-1769 or 1-877-469-3353 or email me at donte@RealEstateByEDJ.com.