Mortgage Recasting Can Lower Your Monthly Payments

Mortgage Recasting is an option for homeowners to lower their monthly mortgage castingpayments after the loan has closed. Mortgage Recasting applies only to Conventional  Loans.
Borrowers may make a large lump sum payment toward the principal of their conventional loan to secure lower monthly payments for the duration of the loan. All other loan terms including the interest rate of the original loan will remain the same.

You Might Want To Apply If …
♦  You received a large lump sum from the equity of the delayed sale of your prior home that occurs after the closing on the mortgage you are paying down.
♦  You receive a large inheritance and would like to apply those monies to lower your monthly payments.
♦  You would like lower monthly payments without the risk of refinancing which requires re-applying for a mortgage and incurring all the associated closing costs.

Benefits of Mortgage Recasting …
♦  Re-amortize your current loan after paying a lump sum toward the principle for a lower cost than refinancing.
♦  Lower your monthly payments while increasing the equity in your home.
♦  Retain the low interest rate of your current loan.
♦  Avoid closing costs and appraisal fees of a new loan.
♦  Avoid having to re-qualify for a new loan.

Reach out to Rick Cignoli @ 860.945.9284 to see if Mortgage Recasting is the right mortgage  option for your family.


FNMA Enables Norcom Mortgage To Close More Conventional Loans

Changes in FNMA Guidelines Enables Norcom Mortgage to Close More Conventional Loans 

News Flash
Here’s What’s New …

1.   Unreimbursed Business Expenses. Buyers earning <25% of their income from commission, bonus or overtime no longer have to account for a reduction in income due to unreimbursed employee expenses. That means tradesmen in particular may use their total gross income to qualify for a mortgage and not be penalized for taking advantage of legitimate business deductions.

2.   Move Up Buyers. Buyers moving up to a bigger home and converting their current residence to investment property no longer need a minimum 30% equity position in the vacated property in order to use the rental income from the vacated property for debt service on the new home. All rental income from the former residence can now be used immediately.

3.   Cash Reserves.   Buyers using stocks, bonds, mutual funds and retirement accounts now can use 100% of their vested balances toward the asset reserve requirement. If those balances are >20% of the funds needed for the down payment and closing costs, buyers no longer need to show proof of liquidation for those funds. Less paperwork means faster closings.

Contact Me Today to Learn More! At Norcom, We Make Homes Happen!

3 Tips for Nervous First Home Buyers

ConfusedFirst Home Buyers are rightfully nervous about buying a new home. It’s a big decision, a big change and a big investment. But with rising rents, low mortgage rates, new loan programs targeted to First Home Buyers and an increase in the supply of quality homes, many wanna-be home buyers feel they can’t pass up the opportunity to take the big step in 2015.

Here are 3 Tips for Nervous First Home Buyers to quell your nightmares and help make your dream a reality.Get Pre-Approved
1.  Get Mortgage Pre-Approval – Talk to a professional mortgage officer. The time you spend documenting your financial fitness to buy a home is well spent if the lender gives you a “Pre-Approval” letter, an important tool as you negotiate for a property.

2.  Be Objective – Instead of thinking with your heart, think with your head when mulling over the decision to buy, Don’t be afraid to ask thoseyourself tough, practical questions that will help you make the best choice about buying your first home.

3. Take a Cautious Approach to Home Selection – Hire your own Real Estate Agent. Inventories are expected to rise this spring as snow-bound home sellers begin to put their homes on the market. Choose a Realtor who is working for you, not the seller. Get one that’s honest; one who understands your concerns and has the patience to guide you through the whole home buying process.

If your dream is to own your own home … you might kick yourself later if you let your fears get the better of you. Now is The Time to Buy!

About Rick Cignoli

“When You Work With a Professional, You Get Professional Results”

Rick Cignoli is a seasoned Mortgage Professional who brings 40 years of banking, credit union and financial planning expertise to the home buying experience. He is committed to helping his clients live comfortably and financially secure in their home with the Right Mortgage at the Best Rate.

Understanding his clients’ needs with a focus on providing honest answers to their concerns has earned Rick a reputation as a Mortgage Officer you can trust.

Rick particularly likes drawing on his teaching background to educate First Home Buyers on the complicated mortgage process. He can solve your puzzle with his expertise in:

♦  Conventional Mortgages
♦  FHA and the FHA 203K “Fixer Upper Rehab Loan
♦  USDA Guaranteed Rural Housing Development Loan
♦  Hone Possible Loans for Millennial Buyers
♦  FNMA Home Style Rehabilitation Loan
♦  Jumbo Mortgages
♦  And Much More!

Rick is a licensed Connecticut Mortgage Loan Officer and registered with the National Mortgage Licensing Service #76681.
He attended the University of Connecticut and is an alumnus of the Stonier Graduate School of Banking at the University of Delaware.

Rick’s experience and broad knowledge of the financial markets enables him to  help his clients with Courtesy, Competency and Concern with the right mortgage at the right rate.

To be sure you have all the right information to make the right financial decision for your family contact Rick at:

Rick Cignoli
Sr. Mortgage Loan Officer
NMLS# 76681
Norcom Mortgage NMLS# 71655
Direct:  860.945.9284
Cell:  203.525.0259

Equal Housing Lender

Dodd-Frank and CFPB Regulations Will Make Mortgages More Expensive.

When I first meet with a client, I always ask, “How comfortable do you feel paying a monthly housing obligation … including a mortgage payment, home insurance and mortgage insurance?” This is a different approach to the mortgage process and gets them talking in real numbers about their family finances. Typically, we wind up “backing” into the size of a house they can buy and the amount of a mortgage they can afford. I can’t remember when I’ve ever had an issue with a buyer’s “Ability to Pay.”

FHA MIFor everyone else, the Dodd-Frank Act created the Consumer Finance Protection Bureau which in turn created the proposed Qualified Mortgage. The CFPB’s QM regulations are meant to assure residential borrowers that their mortgage loan is right for them. Included in the regulations is the provision that the highest debt to income ratio on all mortgages is 43%. The 43% would be the total of the proposed housing expense, plus any, installment, credit card debts, alimony and/or child obligations as a percentage of the borrowers’ gross monthly income. Sounds like a good idea? … Right!

Now I am giving you a very simplistic overview here as there are many factors that affect a impact a Ability To Payfamilies ability to pay. But, presently I am getting Conventional mortgages approved up to 45%: FHA and the USDA are insuring some loans with 49% to 55% ratios. These are very rough numbers, but you get the idea. What all this means is that many families will not be able to become homeowners or refinance when these regulations go into effect on January 14, 2014.

From everything I keep reading, there will be new players Interest Rates Will Risecoming into the market to fill in the gap. This will be the new “Subprime Mortgage Market.” I can assure you, when private investors enter the market and cannot sell their loans through normal channels; it will cost the consumer much more money.

The Dodd-Frank Bill has created more jobs in Washington than any other government body to put these regulations together. I’m just not sure that it should be called the Consumer Financial Protection Bureau.

Get Pre-Approved