Great Rates Call 1-800-363-8115 x 8369
Loan Amounts up to $2 Million
No income/No Asset
Low/Moderate Programs
1-4 Family Residential Investment Loans
High Loan to Value
Investment Property Rates
75 Day Lock in Period
Sunday, September 17, 2006
Great Investment Rates
Great Rates Call 1-800-363-8115 x 8369
Loan Amounts up to $2 Million
No income/No Asset
Low/Moderate Programs
1-4 Family Residential Investment Loans
High Loan to Value
Investment Property Rates
75 Day Lock in Period
Tuesday, June 20, 2006
JUNE IS NATIONAL HOMEOWNERSHIP MONTH
Know How To Make Your Home Purchase A Success
ELMWOOD PARK, NJ (June 15, 2006) - New Jersey is abundant with a variety of homes that are for sale. The whole process of finding the right home and applying for the right mortgage can be overwhelming if you are not prepared. June is National Homeownership Month, and the perfect time for would-be homeowners to know how to make their quest for property ownership a success.
"The market is predictable in that it is cyclical, and despite the fact that interest rates are rising, there are products and strategies available to allow people to purchase a home, and build equity," says Mercedes Pedrick, Vice President of Mortgage Originations at Spencer Savings Bank. "The first consideration must be long-term goals and the duration of settling in one place, as this may affect the type of mortgage the bank will provide."
The first step is pre-approval. Pre-approval will give the potential homeowner clarified parameters of affordability. During this process, credit, income and debt ratios are all factors that will determine the type of mortgage that is best for you, whether it be a fixed rate, adjustable rate (ARM), interest-only rates, etc.
For first-time homebuyers in Bergen County and modest income buyers, Mercedes Pedrick points out programs that are available, such as the Bergen County American Dream. This program assists qualified buyers through home ownership education, by helping the buyer to secure a manageable mortgage, and with government grants that may be available. Spencer also offers two mortgage products, a First-Time Homebuyer Mortgage and a HomeHelper Mortgage, that assist low to moderate and median income families as well.
Once the homebuyer finds the property of interest, it is recommended that an independent home inspector be secured to reveal any potential hidden costs of prior negligence or unattended wear and tear, bringing the home to sustainable livable conditions.
Prior to closing, there is a document review process overseen by real estate attorneys, who will then prepare the closing statement that lists all the financial factors pertaining to the deal.At the closing, the buyer will need to sign a handful of documents: a promissory note, mortgage document, truth-in-lending form, loan application, affidavit of buyer's various names, private mortgage insurance application (if down payment is less than 20 percent), and provide termite or other inspection forms. The buyer and seller also sign an affidavit of title, RESPA form, and sometimes a separate closing statement detailing all costs of the transaction.
The cost of the typical closing includes an appraisal fee, attorney's fee, survey fee, inspection fees, title fees, loan discount fee (points), title insurance and recording fees. Depending upon the particular situation and desire of the new homeowner, the hazard insurance, and even the property taxes may all be included in the monthly mortgage payment.
"Many people turn to their community bank when looking for a mortgage," says Pedrick. "Community banks have a vested interest in their communities. Therefore, they offer competitive mortgages in order to make sure they do more business in their communities. You'll also receive better service from a bank with established roots in your community."
Spencer Savings Bank, headquartered in Elmwood Park, NJ, is a community bank serving its local communities with integrity and pride for more than 65 years.The Bank serves local consumers and businesses by offering a full line of personal and business banking accounts, operating 17 branches throughout Northern New Jersey and providing electronic banking convenience via call center, Internet and a network of ATMs. Spencer Savings Bank has over $1.8 billion in total assets. For more information, visit see our mortgage rates page site at www.spencersavings.com/54443.html or call 800-363-8115.
ELMWOOD PARK, NJ (June 15, 2006) - New Jersey is abundant with a variety of homes that are for sale. The whole process of finding the right home and applying for the right mortgage can be overwhelming if you are not prepared. June is National Homeownership Month, and the perfect time for would-be homeowners to know how to make their quest for property ownership a success.
"The market is predictable in that it is cyclical, and despite the fact that interest rates are rising, there are products and strategies available to allow people to purchase a home, and build equity," says Mercedes Pedrick, Vice President of Mortgage Originations at Spencer Savings Bank. "The first consideration must be long-term goals and the duration of settling in one place, as this may affect the type of mortgage the bank will provide."
The first step is pre-approval. Pre-approval will give the potential homeowner clarified parameters of affordability. During this process, credit, income and debt ratios are all factors that will determine the type of mortgage that is best for you, whether it be a fixed rate, adjustable rate (ARM), interest-only rates, etc.
For first-time homebuyers in Bergen County and modest income buyers, Mercedes Pedrick points out programs that are available, such as the Bergen County American Dream. This program assists qualified buyers through home ownership education, by helping the buyer to secure a manageable mortgage, and with government grants that may be available. Spencer also offers two mortgage products, a First-Time Homebuyer Mortgage and a HomeHelper Mortgage, that assist low to moderate and median income families as well.
Once the homebuyer finds the property of interest, it is recommended that an independent home inspector be secured to reveal any potential hidden costs of prior negligence or unattended wear and tear, bringing the home to sustainable livable conditions.
Prior to closing, there is a document review process overseen by real estate attorneys, who will then prepare the closing statement that lists all the financial factors pertaining to the deal.At the closing, the buyer will need to sign a handful of documents: a promissory note, mortgage document, truth-in-lending form, loan application, affidavit of buyer's various names, private mortgage insurance application (if down payment is less than 20 percent), and provide termite or other inspection forms. The buyer and seller also sign an affidavit of title, RESPA form, and sometimes a separate closing statement detailing all costs of the transaction.
The cost of the typical closing includes an appraisal fee, attorney's fee, survey fee, inspection fees, title fees, loan discount fee (points), title insurance and recording fees. Depending upon the particular situation and desire of the new homeowner, the hazard insurance, and even the property taxes may all be included in the monthly mortgage payment.
"Many people turn to their community bank when looking for a mortgage," says Pedrick. "Community banks have a vested interest in their communities. Therefore, they offer competitive mortgages in order to make sure they do more business in their communities. You'll also receive better service from a bank with established roots in your community."
Spencer Savings Bank, headquartered in Elmwood Park, NJ, is a community bank serving its local communities with integrity and pride for more than 65 years.The Bank serves local consumers and businesses by offering a full line of personal and business banking accounts, operating 17 branches throughout Northern New Jersey and providing electronic banking convenience via call center, Internet and a network of ATMs. Spencer Savings Bank has over $1.8 billion in total assets. For more information, visit see our mortgage rates page site at www.spencersavings.com/54443.html or call 800-363-8115.
Saturday, June 03, 2006
It's a great time to head down to the shore!
One-Four family dwellings
Loans up to $750,000
Financing available throughout all of New Jersey
Stated income verified/full asset verified programs available.
No income/no asset (NINA) available
Special programs to assist low to moderate income borrowers.
75 day rate lock period avaialble
Call 800-363-8115 x 8369 for more infomration. See our rates page at http://www.spencersavings.com/mortgage_promo.html
Investment Property Loans at Spencer
It's a great time to head down to the shore!
One-Four family dwellings
Loans up to $750,000
Financing available throughout all of New Jersey
Stated income verified/full asset verified programs available.
No income/no asset (NINA) available
Special programs to assist low to moderate income borrowers.
75 day rate lock period avaialble
Call 800-363-8115 x 8369 for more infomration. See our rates page at http://www.spencersavings.com/mortgage_promo.html
One-Four family dwellings
Loans up to $750,000
Financing available throughout all of New Jersey
Stated income verified/full asset verified programs available.
No income/no asset (NINA) available
Special programs to assist low to moderate income borrowers.
75 day rate lock period avaialble
Call 800-363-8115 x 8369 for more infomration. See our rates page at http://www.spencersavings.com/mortgage_promo.html
Investment Property Loans at Spencer
It's a great time to head down to the shore!
One-Four family dwellings
Loans up to $750,000
Financing available throughout all of New Jersey
Stated income verified/full asset verified programs available.
No income/no asset (NINA) available
Special programs to assist low to moderate income borrowers.
75 day rate lock period avaialble
Call 800-363-8115 x 8369 for more infomration. See our rates page at http://www.spencersavings.com/mortgage_promo.html
One-Four family dwellings
Loans up to $750,000
Financing available throughout all of New Jersey
Stated income verified/full asset verified programs available.
No income/no asset (NINA) available
Special programs to assist low to moderate income borrowers.
75 day rate lock period avaialble
Call 800-363-8115 x 8369 for more infomration. See our rates page at http://www.spencersavings.com/mortgage_promo.html
Sunday, April 30, 2006
Loan Sale Going On Now at Spencer Savings Bank
Loan Sale Going on Now until May 31!
http://www.spencersavings.com/54443.html
Loan Amounts up to $2 million without increased rates or fees.
Stated income verified/full asset verified programs available.
No income/No asset (NINA) available.
Refunded application Fee at closing.
Special programs to assist low to moderate income borrowers.
75 day lock period available.
Investment rates available.
http://www.spencersavings.com/54443.html
Loan Amounts up to $2 million without increased rates or fees.
Stated income verified/full asset verified programs available.
No income/No asset (NINA) available.
Refunded application Fee at closing.
Special programs to assist low to moderate income borrowers.
75 day lock period available.
Investment rates available.
Spencer Closing Assistance for a Mortgage
Spencer makes it easy to close on your home
This unique mortgage program helps to assist you with the added costs associated with the mortgage closing process. Spencer makes this program available for those taking advantage of the following Spencer mortgages: HomeEnhancer, First-Time Homebuyer, HomeHelper, 10 Yr. and 15 Yr. Fixed, as well as all ARM mortgage products.
Features include:
• No application fee
• $500 minimum - $10,000 maximum
• 1 Yr. minimum - 10 Yrs. maximum
• Household income limitations apply
• This program is only available in Bergen, Essex, Morris, Passaic and Union counties
Services and products offered, as reflected on this Web site, may be changed from time to time without notice.
This unique mortgage program helps to assist you with the added costs associated with the mortgage closing process. Spencer makes this program available for those taking advantage of the following Spencer mortgages: HomeEnhancer, First-Time Homebuyer, HomeHelper, 10 Yr. and 15 Yr. Fixed, as well as all ARM mortgage products.
Features include:
• No application fee
• $500 minimum - $10,000 maximum
• 1 Yr. minimum - 10 Yrs. maximum
• Household income limitations apply
• This program is only available in Bergen, Essex, Morris, Passaic and Union counties
Services and products offered, as reflected on this Web site, may be changed from time to time without notice.
Spencer Home Enhancer Mortgage
Turn your home into a dream home
If the home you want to buy needs repairs or remodeling, this special loan program can turn your dreams into reality. It is ideal for people who are seeking a first mortgage that combines purchase and rehabilitation, or if you want to improve your existing home.
Features include:
- Borrow up to 30% of "improved" value
- No income limitations
- Applies to 1-4 family, owner-occupied (includes second homes) and investment properties only; no condominiums
If the home you want to buy needs repairs or remodeling, this special loan program can turn your dreams into reality. It is ideal for people who are seeking a first mortgage that combines purchase and rehabilitation, or if you want to improve your existing home.
Features include:
- Borrow up to 30% of "improved" value
- No income limitations
- Applies to 1-4 family, owner-occupied (includes second homes) and investment properties only; no condominiums
Spencer Home Helper Mortgage
Renting was never part of the American dream
More families than ever before can afford to purchase their own home, thanks to our HomeHelper loan program. Aimed at helping modest income buyers obtain a mortgage, our terms are comfortable enough to achieve the dream of home ownership. This program is also available for refinance mortgages in Bergen, Essex, Morris, Passaic and Union Counties.
Features include:
• Lower down payments (as little as 5%)
• Discounted interest rates
• Discounted application fee
• Relaxed qualifying standards
• Zero points
• Limited Private Mortgage Insurance (PMI) requirements
• Household income limitations apply
More families than ever before can afford to purchase their own home, thanks to our HomeHelper loan program. Aimed at helping modest income buyers obtain a mortgage, our terms are comfortable enough to achieve the dream of home ownership. This program is also available for refinance mortgages in Bergen, Essex, Morris, Passaic and Union Counties.
Features include:
• Lower down payments (as little as 5%)
• Discounted interest rates
• Discounted application fee
• Relaxed qualifying standards
• Zero points
• Limited Private Mortgage Insurance (PMI) requirements
• Household income limitations apply
Spencer Home Helper Mortgage
Renting was never part of the American dream
More families than ever before can afford to purchase their own home, thanks to our HomeHelper loan program. Aimed at helping modest income buyers obtain a mortgage, our terms are comfortable enough to achieve the dream of home ownership. This program is also available for refinance mortgages in Bergen, Essex, Morris, Passaic and Union Counties.
Features include:
• Lower down payments (as little as 5%)
• Discounted interest rates
• Discounted application fee
• Relaxed qualifying standards
• Zero points
• Limited Private Mortgage Insurance (PMI) requirements
• Household income limitations apply
More families than ever before can afford to purchase their own home, thanks to our HomeHelper loan program. Aimed at helping modest income buyers obtain a mortgage, our terms are comfortable enough to achieve the dream of home ownership. This program is also available for refinance mortgages in Bergen, Essex, Morris, Passaic and Union Counties.
Features include:
• Lower down payments (as little as 5%)
• Discounted interest rates
• Discounted application fee
• Relaxed qualifying standards
• Zero points
• Limited Private Mortgage Insurance (PMI) requirements
• Household income limitations apply
First Time Home Buyer Mortgage
Get a great rate, not a lease !!
Get a Spencer "First-time Homebuyer Mortgage" with low monthly payments and see how much better it is to own than to rent.
This loan makes it possible for first-time homebuyers to own a home with affordable monthly mortgage payments.
Features include:
- Lower down payments (as little as 5%)
- Discounted application fee
- Relaxed qualifying standards
- Zero points
- Limited Private Mortgage Insurance (PMI) requirements
- Household income limitations apply
- Only available to first-time homebuyers in Bergen, Essex, Morris, Passaic and Union Counties
Get a Spencer "First-time Homebuyer Mortgage" with low monthly payments and see how much better it is to own than to rent.
This loan makes it possible for first-time homebuyers to own a home with affordable monthly mortgage payments.
Features include:
- Lower down payments (as little as 5%)
- Discounted application fee
- Relaxed qualifying standards
- Zero points
- Limited Private Mortgage Insurance (PMI) requirements
- Household income limitations apply
- Only available to first-time homebuyers in Bergen, Essex, Morris, Passaic and Union Counties
Stated Income/Asset Mortgage
Spencer understands your needs if you are self-employed or have a complicated income structure
This loan is for borrowers with complicated income structures, which allows them to borrow up to 75% of the purchase price without submitting income documentation. A variety of fixed and adjustable rate programs are available to borrowers that meet asset, credit, and down payment requirements. This program is also available for investment properties.
This loan is for borrowers with complicated income structures, which allows them to borrow up to 75% of the purchase price without submitting income documentation. A variety of fixed and adjustable rate programs are available to borrowers that meet asset, credit, and down payment requirements. This program is also available for investment properties.
Spencer’s Jumbo Preferred Mortgages
A Mortgage for borrowers with more debt
If you are purchasing a home and are carrying a bit of debt, Spencer's Jumbo Preferred Mortgage program might be able to get you your dream home.
A Jumbo Preferred Mortgage is a great choice for customers borrowing more than $300,000 to purchase or refinance their home. A variety of fixed and adjustable loan programs are available to borrowers who meet eligibility requirements.
If you are purchasing a home and are carrying a bit of debt, Spencer's Jumbo Preferred Mortgage program might be able to get you your dream home.
A Jumbo Preferred Mortgage is a great choice for customers borrowing more than $300,000 to purchase or refinance their home. A variety of fixed and adjustable loan programs are available to borrowers who meet eligibility requirements.
Balloon Mortgage
Low monthly payments, short terms and big savings
If you plan on selling your home in less than 5 years, then a Spencer balloon mortgage will give you the financing you need and very low monthly payments.
Borrowers only pay part of the loan over a specified period of time, with the balance due in a lump sum at the end of the balloon term.
If you plan on selling your home in less than 5 years, then a Spencer balloon mortgage will give you the financing you need and very low monthly payments.
Borrowers only pay part of the loan over a specified period of time, with the balance due in a lump sum at the end of the balloon term.
Adjustable Rate Mortgages
Enjoy low monthly payments with a Spencer adjustable rate mortgage (ARM)
A Spencer ARM is ideal when you only plan on keeping your home for 3 to 10 years or when you'd rather pay less now but expect your income to increase in future years.
ARMs usually start out with a lower interest rate than fixed rate mortgages and remain constant for a specified amount of time. After the initial period, the rate is adjusted for a specific period of time, and can go up or down according to the index, margin and adjustment period/lifetime caps stated. ARMs are usually a good choice when you only expect to keep the home for a short time (three to ten years) or when you would rather
A Spencer ARM is ideal when you only plan on keeping your home for 3 to 10 years or when you'd rather pay less now but expect your income to increase in future years.
ARMs usually start out with a lower interest rate than fixed rate mortgages and remain constant for a specified amount of time. After the initial period, the rate is adjusted for a specific period of time, and can go up or down according to the index, margin and adjustment period/lifetime caps stated. ARMs are usually a good choice when you only expect to keep the home for a short time (three to ten years) or when you would rather
Fixed Rate Mortgages
Lock into a great fixed rate with Spencer
If you plan on owning your home for a while, then you should lock into a great rate with Spencer. Our fixed rate mortgages are structured so interest rates and monthly payments are fixed for the life of the loan. You'll have the security of knowing that your interest and monthly payments will always be the same.
With a Spencer fixed-rate mortgage, you have two options for saving. You can lock into a long term and have lower monthly payments, or you could lock into a shorter term and save thousands of dollars in interest because your loan will be paid off faster. The choice is yours, but either way, you'll save money with Spencer.
If you plan on owning your home for a while, then you should lock into a great rate with Spencer. Our fixed rate mortgages are structured so interest rates and monthly payments are fixed for the life of the loan. You'll have the security of knowing that your interest and monthly payments will always be the same.
With a Spencer fixed-rate mortgage, you have two options for saving. You can lock into a long term and have lower monthly payments, or you could lock into a shorter term and save thousands of dollars in interest because your loan will be paid off faster. The choice is yours, but either way, you'll save money with Spencer.
Saturday, April 15, 2006
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