Oct
7
2014

Primary Residential Mortgage Hosts Grand Opening for Newport, RI Office

 

Primary Residential Mortgage, Inc., one of the premier mortgage lenders in the country, announces the grand opening of a new branch in Newport, Rhode Island. The Grand Opening and ribbon cutting ceremony will be held in partnership with the Newport Chamber of Commerce, on Wednesday, October 22, from 4-6pm. Business professionals and the public are welcome to attend (RSVP required).

 

Branch Manager Richard Brandariz is a born and raised native of Aquidneck Island, and is actively involved in the community of Portsmouth. Brandariz currently sits on the Portsmouth Pop Warner Football Board, as well as the Portsmouth Youth Basketball Board. He has also coached Pop Warner football, and Portsmouth basketball and baseball for the last five years. Rich also finds time to volunteer and be a part of the Portsmouth Rotary Club and Newport’s “Rebuilding Together” project which annually rehabilitates a home for community members who do not have the funds to upkeep their residence. Finally, Rich is a member of the United Congregational Church in Middletown, RI.

 

Utilizing in-house processing and underwriting, Brandariz and his team with Primary Residential Mortgage will assist home buyers with the purchase or refinance of a home using programs such as the new first time buyer tax credit, FHA, VA, USDA, 203k or conventional mortgages.

 

Anyone interested in attending Grand Opening for the new office of Primary Residential Mortgage on October 22nd should RSVP to Sara Bagwell at sbagwell@primeres.com or call 401-490-7112 for more information.

 

About Primary Residential Mortgage, Inc.:  Founded in 2001, Primary Residential Mortgage, Inc. is the premier lender in the mortgage industry.  With over 275 branches across the US and with unsurpassed service and dedication to their borrowers, the company has been able to steadily elevate as a leader in residential mortgage lending. Rhode Island Licensed Lender, Department of Business Regulation Division of Banking, Licensed as PRMI, INC. Lender 20041715LL. Equal Opportunity Lender. Branch NMLS#1234030. PRMI NMLS# 3094.

Aug
13
2014

Ken Cesaro Tries to Outsmart the #IceBucketChallenge

 

 

I challenge YOU to take the ALS Ice Bucket Challenge with me!

Post videos on Facebook to join me in raising awareness and money for ALS.

 

#IceBucketChallenge
#PRMI

 

--Ken Cesaro

 

For more info on the Ice Bucket Challenge, visit the ALS website

Jul
7
2014

4 Things to Avoid While Applying for a Mortgage


Don’t Apply for New Credit/ Make Big Purchases

We know you’re excited about getting into your new home. But don’t jump the gun by going out to buy all new furniture or appliances. Applying for new credit, co-signing for credit, or opening up new credit cards could potentially adversely affect your rate or get your loan denied.  Making this type of change could dramatically impact your debt to income ratio if you apply and/or use new credit. Your Loan Originator will be notified of any new credit or applications, which will have to be explained and documented and may delay the process of your loan application.

 

Don’t Close Out Credit

Closing credit or banking accounts will ­­­­­­­­­­­negatively impact credit scores and should be avoided during the mortgage application process.

 

Don’t Move Your Money Around/ Make Large Deposits

Though you are not technically opening or closing accounts, moving large sums of money around within banking accounts or making cash deposits, large deposits or withdrawals can raise a red flag in the process. You must work with your Loan Originator to document any and all movement or large deposits.

 

Don’t Quit or Switch Your Job

This can seem like a simple “don’t” on the list, but in addition to credit, your savings, investments and income are also very important factors for a mortgage approval.  Your lender will verify employment up until the day of the closing.

As always, your Licensed Loan Originator is there to help you have a successful and seamless close on your mortgage. Be sure to discuss your unique situation with your lender.

 

 

 

Mar
11
2014

Waiting to Buy a Home Could Cost You Cold, Hard Cash

“I’m going to wait until the interest rates and housing prices go down before I buy a house”

“It’s just not the right time”

“I don’t think I can afford it”

We’ve heard it all before. Excuse after excuse as to why people wait to achieve the dream of home ownership. We know the idea of buying a home can be intimidating, but the fact is the cost of waiting to buy could potentially be costing you thousands of dollars. To demonstrate our point, the chart below shows a 10% increase in Rhode Island housing prices, with the interest rate rising about 1% over the past year.

  

As you can see, the cost of waiting only one year will increase your monthly payment by $205.35. That’s $73,926 over 30 years! With this trend continuing (and economists and industry experts believe it will), interest rates and housing prices will rise through 2015.What does this mean to the potential home buyer? Waiting to buy doesn’t just cost you dollars and cents. It costs you the opportunity for a better home and may even prevent you from qualifying for a loan for suitable housing. It’s not all bad, though. The real estate market is forecasted to retain healthy gains in 2014, despite steady increases of home prices and interest rates. So, whether you’re a first time home buyer or just looking for a new place to call home, the time to buy is now.

 

 

Feb
26
2014

5 Factors that Determine Your Credit Score

I’ve been a licensed Loan Originator for 13 years and the most common misconception I’ve found among my clients is how credit scores work. To keep you on top of your credit while you prepare to refinance or purchase a home, you should be aware of thefive factors that determine credit score.

1.Payment history is a large factor and the one that first comes to mind when thinking about credit scores. Your payment history is the number one thing that will be evaluated for a credit score which determines whether or not you are capable of repaying debt.

2.Outstanding debt is almost as heavily weighted in the credit score calculation as payment history. Outstanding debt is not only based on how many credit cards and how much debt you have, but also whether or not you’ve reached your credit limits. For example, person “A” has maxed out a $500 limit credit card. Person “B” has a $20,000 balance with a $50,000 limit. Though person “B” physically has more financial debt, person “A” will have a lower credit score based on his/her ability to manage available credit.

3.Duration of credit, or the amount of time you’ve had a credit card or loan, is also an element in determining your credit score. Keeping your accounts open and active is important in building credit. Most importantly, closing credit card accounts can adversely affect your credit score because it shortens the length of your credit history.

4.Frequent inquiries for new credit card accounts in a short period of time can also have a negative impact on your credit score.

5.Type of credit is the final main factor in determining a credit score. While all credit may seem the same, a the use of a store credit card (i.e. Macy’s) is weighted differently than installment debt (student loan, vehicle loan or mortgage) because an installment loan has a defined end date, unlike a credit card.

 

Jan
14
2014
FHA

FHA Back to Work Program Can Put Borrowers In A Home Just 12 Months Following Short Sale, Foreclosure

Under the new federal program called "Back to Work - Extenuating Circumstances", if you have had a foreclosure, short sale, deed-in-lieu of foreclosure, or have declared bankruptcy you may qualify for a new home loan if you are back to work and can document the extenuating circumstances.

Do you or your past clients qualify?

Can you explain and provide documentation of mortgage/credit problems resulting from financial hardship?

Have you re-established a responsible credit history?

Are you willing to complete HUD approved housing counseling prior to applying for a new FHA mortgage?

You may qualify!

 

Call Ken at (401) 641-0019 for more information!

 

 

Oct
23
2013

Win $200 for Your Best Halloween Costume from Primary Residential Mortgage!

So you think you, your child or your furry friend has the best Halloween costume out there?
Show it off and earn votes for your chance to win $200!

 

YOUR ASSIGNMENT
Whether you'll be rocking the town with a little Elvis impersonator or picking up treats with a ghoulish zombie this Halloween, we want to see pictures of your best dressed trick-or-treater! Just snap a photo on or before Halloween and submit it for your chance to win! You can submit as many photos as you like by Saturday, November 2. Then you and everyone else can vote for your favorite entries! Voting begins on October 8th and concludes on November 8th, so get your photos in early to help you get more votes by the deadline!

 

HOW TO SUBMIT PHOTOS

Entries can be submitted via Facebook, Twitter or Instagram.

To submit through Facebook, visit Facebook.com/PrimaryLocal or click here.

To submit through Twitter, please tweet photos with #HalloweenCostumeContest

To submit through Instagram, please use #CostumeContest2013

 

THE PRIZE
The photograph with the most votes by Friday, November 8th will take home the top prize- a $200 Visa Gift Card. The shot with the second highest number of votes will be awarded a $50 Visa Gift Card!

Aug
12
2013

Back to School: Cashing Out to Help Pay for College

 

If you have kids in their mid teens or even younger, you’ve probably thought more than you wanted about their plans after high school.  If you fall into this category you may also know the hot topic is that federal student loan rates have doubled in the past few months making it even more expensive for your children to get a college education.  Private student loan rates are even higher. 

 

Double rates mean that most loans will actually cost more than 4 times more to pay them back.  Unless your child is of the lucky few to receive a full boat to college, there’s a pretty good chance they’ll be acquiring some type of student loan debt to get their diploma.  And now it costs considerably more. Yikes.

 

If you are a homeowner, one alternative you can look into is utilizing the equity in your home to provide funding for your children’s college education.  Using your home as an asset to execute a cash-out refinance is a forward thinking way of negotiating your present family housing obligations with your children’s future education obligations.

 

A cash-out refinance is when you borrow money above and beyond what your mortgage balance is now, and that money is yours to do anything you’d like with.  In general terms, you can borrow up to 80% of the value of your home less your first mortgage balance.  If your house appraises at $250,000, 80% of that is $200,000.  If the balance of your existing mortgage is $150,000, you get $50,000 back in cash from your closing and you can earmark this for your children’s education.

 

      There are several benefits for taking cash out of the equity in your house:

 

Current mortgage rates are several percent lower than current student loan rates

 

Primary mortgage interest is tax deductible to you as a homeowner

 

Repayment terms go up to 30 years for a traditional mortgage

Many people don’t want to extend their mortgage term but the truth is your monthly cash flow is really the most important part of the equation.  If your existing mortgage and housing obligation is tight to begin with and you have some equity in your property, taking cash out on a refinance could put the least amount of strain on your personal budget.

May
23
2013

Primary Residential Mortgage Raises $1,207 for Charity with Networking Event

On Wednesday, May 22nd, the Cranston office of Primary Residential Mortgage, Inc. held a fundraiser at Nara Restaurant and Lounge in Providence. Realtors, attorneys, appraisers and other business professionals attended the event to mingle and build their business network while aiding the victims of two recent tragic events.

Donations were collected at the door and raffle tickets were sold for various donated prizes including Red Sox tickets, fishing charters and local restaurant gift certificates. In just a couple of hours of networking, the crowd had managed to pool together a total of $1,207 to be handed over to the One Fund Boston and the famillies impacted by the Moore, Oklahoma tornado.

Thomas DiPrete, Attorney with DiPrete Law, said "[Ken Cesaro] and the entire Primary Residential Mortgage crew earned a lot of praise. Thanks for organizing such a successful and truly fun fundraiser for 'One Boston.'"

 

     

    

 

 

 

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