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Thursday, 26 February 2015

Testimonial from Danielle


Danielle S.

Saturday, 17 January 2015

Time is of the essence.


“For the sake of perspective, it’s important to remember that, apart from the past 2 days, today’s rates are still the best  in over 20 months.”  

Wednesday, 31 December 2014

Abrupt increases, decreases.

Amidst political instability, the strongest financial countries continue out ahead, especially when little else inspires market movement. In relevance to the American economy, European bond markets in Germany hit another record low. “Strength in the German bond market usually translates to strength in the US bond market, and this includes the mortgage-backed-securities that dictate mortgage rates.”

Wednesday, 26 November 2014

Why refinance?

With the upcoming end of this 2014 year, most people are getting ready for the holidays and the new year. The new year is more commonly associated with new beginnings and new resolutions. has listed a number of the most popular resolutions taken from polls of Americans surveyed every year. The #1 never failing resolution that most people make is losing weight. Shedding that excess weight from the holiday festivities is tough (we’ve all been there), but shedding the excess amount on your monthly mortgage payments does not have to be! (Did you see what I just did there?!)

When individuals refinance, they do so for the purpose of obtaining and lowering their interest rates – thus, reducing monthly payments. As people are able to pay their bills on time and increase their credit score, this increase comes with the flexibility and ability to procure loans at lower rates and save hundreds of dollars a year. Many people obtain money from refinancing for larger purchases, such as cars. “The average homeowner could save $3,000 a year by refinancing at today’s low rates…” Being that I didn’t just make this up, check it out!

If you’re completely convinced by my spiel and you’re considering refinancing, this article provides some tips you should take into consideration before shopping around for the lowest rates and qualifying for them.

As always, if you have any questions/confusion/inquiries, please contact one of our qualified professionals at (800) 890-6875. 


Saturday, 15 November 2014

“After losing your home in the midst of the mortgage meltdown, would you ever want to buy again?”

Jeff Lazerson, of Mortgage Grader, provides insight into that burning question on some homeowners’ minds. He also provides some tips for prospective buyers in how to start bouncing back. Check it out:

Wednesday, 18 May 2011

The New York Times: Mortgages: Financing Foreclosed Homes

FORECLOSED homes don’t show very well — financially strained borrowers may ignore maintenance; lenders turn off the water and power to cut the cost of letting the place sit. A poor appearance can complicate financing, but it doesn’t prevent sales.

To read the full article, please click here.

Thursday, 24 February 2011

FORBES.COM: The FHA 203(k) Loan: A Home Repair Loan And Mortgage All In One

From, Amy Fontinelle dives into some great information on the FHA 203k Home Repair Loan Mortgage. She goes over the specific types of 203(k) mortgages and a few of the details of the process. You’ll find out how much cash you’ll need specifically on hand to get started on this gift from the government.

Read more here:

Friday, 8 October 2010

Make your house your home! FHA 203k

FHA does it again.  In today’s tough economic environment the 203k program helps homeowners rehab and repair their properties.  They allow for improvements above and beyond the value of the house today.  For example, on a refinance transaction, the maximum mortgage calculation is based on the lesser of:

  1. The existing debt on the property before rehab, plus the estimated cost of rehab and allowable closing costs, or
  2. The lesser of the “As-Is” value plus rehab costs or 110 percent of the “After-Improved” value multiplied by the appropriate LTV factor.

So, simply stated, the cost of rehab plus closing costs can exceed the current value of the property – and in the case of example number two above, lend more than the property will be worth at completion.  This opportunity doesn’t currently exist anywhere else in the spectrum of mortgage products.  In times past, homeowners used HELOC’s or second mortgages to rehab or remodel their homes.  However, these programs never allowed for the amount financed to exceed the value of the property.

If you have been staring at the “To Do” list of home repairs now is the time to take a look at the FHA 203k loan program.  This is your chance to truly make your house your home.  Here is a short list of allowable repairs:

  • Foundation Issues
  • Termite/Pest Issues
  • Completion of unpermitted structures
  • Roofs, gutters and downspouts
  • HVAC systems
  • Minor kitchen and bath remodels
  • Flooring
  • Interior and exterior painting
  • New windows and doors
  • Weather insulation
  • Decks, patios, porches, etc.
  • Basement completion

In addition, there are further incentives for those folks who are interested in helping our environment by doing improvements that are Energy Efficient.  Under the Energy Efficient Mortgage Program a homeowner can finance into the mortgage 100 percent of the cost of eligible energy efficient improvements, subject to certain dollar limitations, without an appraisal of the energy improvements and without further credit qualification of the homeowner.

Whether you are looking to make that kitchen new again or add an energy efficient improvement to your property please let American Heritage Lending help you investigate the FHA 203k loan program.  This article hasn’t even addressed the basic benefits that are enormous in value.  The loan is a brand new 1st mortgage with current market rates, the mortgage interest is still tax deductible, the lender will handle of the paperwork required to do the loan and administer the draws between the contractor and the lender.

Please take the time to contact us today.   We can send you more information regarding this program and help guide you through the process of obtaining funds for your improvements!

Wednesday, 1 September 2010

Mortgage Rates Lowest On Record!

American Heritage Lending makes a promise to all clients that we will keep them informed of interest rate drops. Well, over the last several months, we’ve been communicating with our clients every couple of weeks that new lows are being set in the bond market – making mortgage interest rates the lowest on record. There is a direct correlation between the bond market, stock market, and mortgage interest rates. It is quite easy to understand. As investors flee risk in the stock market they buy bonds. This makes the price of the bonds go higher and causes the yields to drop. When those yields drop, so do the interest rates on mortgage loans. The current yield on the 10 year Treasury note is roughly 2.68%. While this might not be a great investment return it is good news for homeowners.

With every piece of good news there is sure to be some not so good news. In this case the not so good news is that our economy is still not back on track and many homeowners are still watching as their precious equity slips away. However, this is not the time to ignore the good news.

It really makes me scratch my head when I hear clients say, “we’re going to wait to refinance…the rates are going to go lower.” THIS IS GAMBLING. Please consider that this is the lowest that interest rates have ever been. American Heritage Lending specializes in FHA Streamline Refinances and helps clients with future refinancing needs for no cost. So, if the rates DO go lower, American Heritage Lending will help you take advantage of the rates available in the market and no additional cost – meaning, please take advantage of the rates being offered today, don’t wait!

The headline news on Yahoo! Finance last week was “Mortgage rates hit low of 4.36 percent.” American Heritage Lending has seen rates lower than this for FHA Streamline Refinances. Rates for five year fixed loans are below 4 percent. This is certainly the time to secure financing on your home. If you are current on your loan you should be able to refinance and lower your monthly payment.

In conclusion, ACT NOW! These rates will not last forever. No matter what you might read in the news.

Friday, 14 May 2010

Where is the housing market headed?

Where is the housing market headed?

During the last several quarters I have been asked many times whether I think we are at the bottom of the market.  As any realist would admit, if I knew the answer to that question, I wouldn’t be writing this blog.  I’d be out taking advantage of the market to position myself for the eventual direction.  So, before we get started, I want to make it perfectly clear that I don’t have any better visibility to what the price of real estate will be in my neighborhood in 12 months than you do – or maybe anyone does.  BUT I think it’s important that I publicly share some of the data points that might make you and everyone else who is interested in the value of real estate form an opinion.

Here goes:

Positives – We are in the lowest interest rate environment EVER!  In fact, when you consider that the mortgage interest on a home loan is deductible from your income tax, the net interest rate is as low as it has ever been.  In many areas of the country it is less expensive to own a home than rent.  We haven’t been in this position since the last real estate crash back in the ‘80’s.  Another positive is that new home construction has been pretty much non-existent for the last several years.  During this time more people are entering the “home ownership” phase of their life and will be buying.  This bodes well for the demand side of the equation.  The best positive is the rebirth of the FHA.  American Heritage Lending specializes in FHA Streamline Refinances as you may already know.  We also monitor this market for changes and are happy to report that this segment of the lending business is becoming more and more popular for first time home buyers and repeat buyers.  The reasons are simple…the down payment is small (3.5%), the rates are the same or lower as conventional rates, and the guidelines are favorable.  In fact, if you have a loan that is FHA insured, even if you are under water on the equity you can refinance to take advantage of the lower rates.  This is not yet entirely possible with conventional programs.

Negatives – Foreclosures and “shadow inventory” still loom in great quantity.  The job market seems to be stabilizing but unemployment is still high.  The number of borrowers who are more than 60 days behind on their payments is still increasing.  And, compared to historical data, this number is higher than it’s been since the Great Depression.  Many experts say that nationally we are back to prices from 2003.  In many areas this might even be conservative.  Additionally, the loan programs of yesteryear are continuing to come due.  These adjustable rates don’t cause too much harm as the index that they are based on is at all time lows.  However, the homeowner who wants to refinance into a fixed rate is not able to for reasons of equity, income, or credit.  As we all know, the lending industry has made it very difficult for borrowers to qualify.  The other factor that is weighing on the downside of the market is the participation from our government.  This is not a political statement of any kind, rather, just an obvious statement that never before has the government of our country put so much capital to work shoring up the efforts of every bank, lender, servicer, etc.  At some point this money will need to come out of the market and be paid back.

Conclusion – I leave it to you to decide which way you think this market will go.  In fact, I would love to hear from you which way you think we’re headed and why.  You can reach me at  The good news in all of this is that your primary residence is a place to raise your family and provide shelter.  Not a stock that you have to monitor and trade with the familiar “buy low – sell high” philosophy.  American Heritage Lending has been positioned well to provide opportunity to families in many neighborhoods.  As an expert in FHA Streamline Refinances we believe that the best advice we can give our clients and their friends and families is to make sure that you take advantage of the positives (low rates, buy vs. rent, etc.) AND take advantage of the negatives (government support of mortgage bonds, better loan programs through the FHA, etc.) while they last.  At some point we’ll look back at these times and say, “I should have…”