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Scott Singer's Answers

Is it always a good idea to pay your mortgage off early?
I would say yes it is Minman. While you still get the tax deduction for the interest you are paying, you are still paying interest! With rates as low as they are however it might be wiser to have your money working for you somewhere else but if you have plenty of cash no mortgage is where I want to be!
New home purchase in Northern NJ: mortgage options?
Hi Mgeorge. You do have options, some of which avoid monthly mortgage insurance. You will have a very tough time today finding an 80-10-10 product. My firm is a direct lender headquartered in Parsippany, I am located in Westfield. Feel free to reach out anytime, 908-233-3383 X5018. I would be happy to help....
Are there any programs for people that are in an upside down mortgage, but don't have a Fannie Mae or Freddie Mac Mortgage?
Do you currently have an FHA loan? If not you will need to wait for HARP 3.0 when and if it arrives. This is supposed to allow non fannie mae and freddie mac held loans, we shall see. Outside of that really nothing right now. Feel free to reach out anytime, I am a direct lender here is Westfield, 908 233 3383 X5018
my home loan loan was in my husbands name who passed away, how do i get a mortgage company to help me?
Hi Sissy. I would be more than happy to try and help you. If you have 5-10 minutes you can give me a call at 908-233-3383 X5018. I represent Millenium Home Mortgage, a direct lender here in Westfield NJ. Thanks for reaching out.
I have been quoted 3.875% for 30-year fixed.
Hi Tom. Yes I would have to agree with my felllow bankers. With zero points rates are in the low to mid 4's at this time. Very good question and yes you should be careful. I represent Millenium Home Mortgage a direct lender in Westfield, NJ since 1998. I would be happy to answer any questions you have. I can be...
shoudl i pay cash or get a home equity loan for a remodel?
Really up to you. Do you have a mortgage on the property? If so what is the amount and the int rate you are paying? Might you need the cash for something else? Rates are low but paying no interest is better than paying low interest. I am right here in Westfield if you need any lending help. Scott Singer with...
I was unemployed for the past 2 years and just started my new job in december. How long do i have to wait before i can refinance?
Hello and thank you for your question. In most instances you will need to be employed for six months before you can refinance. You can always try a local savings bank and see if they have different guidelines. Oh and congratulations!
is there a way to get a cosigner for a loan since my credit history is short?
Hi Franco. As others have stated, FHA will let you have a non occupied co signer. You really need to check out the entire situation to see if you can qualify. I am a banker here in Westfield, NJ at Millenium Home Mortgage. My name is Scott Singer and I'm always available. 908-303-1367. reach out anytime....
Does home rented v. owner occupied affect mortgage rate?
Yes as my peers have stated, investment properties do demand slightly higher interest rates as the risks are greater in accordance with the banks perspective. I am a direct lender in NJ, call anytime, 908-303-1367-Scott Singer, Millenium Home Mortgage
what if my credit score is 590
Yes with a score of 590 you can qualify for an FHA loan as long as you meet all of the other guidelines. I am just up the road from you in Westfield and would be happy to check things out for you. Zero cost or obligation for me to run some numbers for you. We are direct lenders here for over 16 years. Call anytime....
What are the possible disadvantages of the HARP program?
Hi Joe. You can only use this program one time so if rates drop, you won't be able to use the HARP program again. The only option of cash out is limited to some of the closing costs. Outside of that there are a ton of benefits if you and your mortgage qualify. I would gladly provide you with a zero cost, no...
In general how long do you have to wait to refinance on a 203k loan?
Into another FHA loan or to a conventional loan? Some more info is needed here to accurately answer your question. I am a direct lender nearby in Westfield. Millenium Home Mortgage, here for 16 years. Call anytime, 908-303-1367-Scott Singer.
Mortgage refinance/Chargeoffs
Hello. Yes if the settlements are satisfied you should be able to refinance. As long as you qualify, ie: credit and income are sufficient and your LTV is what you think it is, rates and fantastic for loans that size. Roughly down to 4%, APR 4.11%. I work for a direct lender in NJ, we are licensed in NY as well, I do...
Can i refi to remove PMI before ive hit the 20% equity mark?
Hi James. How do you know what your LTV is? Was an appraisal done? If at an 85 LTV you need to wait until you are at 80 or below. Values are up the past few years so your LTV might be lower than you think. Reach out anytime with questions.Scott Singer-Millenium Home Mortgage 908-303-1367
does my 670 credit score make me subprime?
Not at all. If your income supports the home price and the mortgage a 670 credit score can get you a mortgage. Reach out anytime. Scott Singer-Millenium Home Mortgage-908-303-1367
do i need to have a mortgage approved before i put offer on a house?
No you do not but as a few have mentioned already most realtors will not present an offer unless you have been preapproved or prequalified by a lender. I am a local mortgage banker here in NJ for Millenium Home Mortgage. Please reach out if I can be of any assistance. I can be reached at 908-303-1367. Thanks,...

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