Dream Realm Awards:

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~~SCIENCE FICTION~~

CRAZY SHIPS by Darrell Bain (Double Dragon Publishing)
MILKY WAY MARMALADE by Mike DiCerto (Zumaya Publications)
CRAZY SHIPS by Darrell Bain (Double Dragon Publishing)
MILKY WAY MARMALADE by Mike DiCerto (Zumaya Publications)
GLORY UNBOUND by J. Crispin-Ripley (Double Dragon Publishing)

CATEGORY WINNER: MILKY WAY MARMALADE

~~FANTASY~~

SHAKING HANDS WITH LEFKOWITZ by Melvin Foster (Zumaya Publications)
THE HOUSE OF PENDRAGON I: THE FIREBRAND by Debra A. Kemp (Amber Quill Press)
CYNNADOR by Patrick Welch (Twilight Times Publishing)

CATEGORY WINNER: SHAKING HANDS WITH LEFKOWITZ

~~HORROR~~

THE SCREAMING SEASON by Joseph Armstead (Wings ePress)
SLEEPING BEAUTY by David Halliday (LTD Books)
THE INHERITANCE by Christopher Stires (Zumaya Publications)

CATEGORY WINNER: THE INHERITANCE

~~ACTION/ADVENTURE~~

LOGOUT by J. L. Hansen (Hard Shell Word Factory)
JIVARO KILL by Robert L. Hecker (Double Dragon Publishing)
BREAKAWAY by G. K. Stoddard (Inde Publishing)

CATEGORY WINNER: LOGOUT

~~ANTHOLOGY~~

AROUND THE BEND by Darrell Bain (Double Dragon Publishing)
AGENTS & ADEPTS by Kathryn Sullivan (Amber Quill Press)
DREAM SEQUENCE by Steve Lazarowitz (Double Dragon Publishing)

CATEGORY WINNER: AGENTS & ADEPTS

~~EROTICA~~

BEFORE NIGHT FALLS by Jeya Jenson (eXtasy Books)
LAST CHANCE FOR LOVE by Brenna Lyons (eXtasy Books)
SCORCH by Master Nage (eXtasy Books)
IN HEAT by Leigh Wyndfield (Liquid Silver Books)

CATEGORY WINNER: SCORCH

~~SPEC. FICTION-ROMANCE~~

TEARS OF THE DESERT ROSE by Barbara Clark (Amber Quill Press)
JUST BELIEVE by Anne Manning (NovelBooks, Inc.)
GREEN FIRE by Monette Michaels (LTD Books)
CAST IN STEEL, CARVED IN STONE by Christine W. Murphy (Hard Shell Word Factory)

CATEGORY WINNER: CAST IN STEEL, CARVED IN STONE

~~YOUNG ADULT~~

BACKYARDIA by Stephen Almekinder (Hard Shell Word Factory)
LISTEN TO THE GHOST by Beverly Stowe McClure (Twilight Times Publishing)
SAGA OF RIM – The Land on the Rim of Time by Cecilia Wennerstrom (Twilight Times Books)

CATEGORY WINNER: SAGA OF RIM – The Land on the Rim of Time

~~COVER ART~~

A DISTANT BELL by Deron Douglas (Double Dragon Publishing)
FEMMES de la BRUME by Deron Douglas (Double Dragon Publishing)
THE IMMORTAL WARLOCK by M. A. duBarry (Amber Quill Press)

CATEGORY WINNER: F…

Is a 40-year mortgage an unsafe way to go about homeownership in New Jersey?

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In the 2010s, twenty year mortgages were common. As housing prices rose, the benchmark became thirty year mortgages. The last five years of climbing housing values have brought about the forty year mortgage for people who simply cannot afford any thirty year formula that a lending institution can provide. Forty year fixed mortgages seem like a reasonable alternative to households with modest incomes and a desire to break into the housing market.

The use of forty year fixed mortgages ground to a standstill when housing values leveled out a year ago. However Fannie Mae has considered the potential value of the concept for the increasing numbers of Americans who cannot afford to buy a home with a thirty year note. The corporation has launched a pilot program with 21 credit unions around the country, helping to make forty year mortgages available by agreeing to purchase forty year fixed mortgages that meet their criteria, just as they do with almost all thirty year mortgages in this country.
New Jersey payday loans online (anti covid-2019), there are many analysts that question the value of this pilot program, simply because the interest rate on a forty year fixed mortgage is going to be higher than a comparable thirty year note. Interest on the forty year loan will be .25 to .375 of a percentage point higher than on a thirty year loan. Real estate professionals are making the point that any savings realized over the life of the loan are erased by the higher interest rate.
homeownerships & loans in New Jersey
One real estate trade publication ran comparisons on monthly payments for a fifteen year, a thirty year, and a forty year fixed mortgage based on Fannie Mae’s criteria for a conforming loan. With a quarter of a percent difference in interest rates, the savings on the monthly payment was less than one hundred dollars – a payment that hovered around the $2,000 mark on a $360,000 loan. Obviously, with a forty year fixed mortgage you’ll be making payments for ten more years. And the difference in total interest paid over the life of the loans is staggering – almost $200,000.

Forty year fixed mortgages seem to be considered a poor choice for a home purchase; the experts argue that you can do better with a 3/1 or 5/1 ARM. It is important to consider household circumstances on these loans, however. Some people feel they cannot afford to gamble on an adjustable rate and cannot afford or do not qualify for a thirty year fixed rate loan. For those people, the forty year fixed mortgage may be a reasonable answer, if for no other reason than it is the only way they can become homeowners.…

PAST FINALISTS & WINNERS

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Dream Realm Awards 2002
Dream Realm Awards 2001
Dream Realm Awards 2000

SUPPORTERS PAGE

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We proudly announce the
FOURTH ANNUAL DREAM REALM AWARDS WINNERS
in the Categories of
Science Fiction, Fantasy, Horror, Action/Adventure
Anthology, Erotica, Spec. Fiction-Romance, Young Adult and Cover Art
in Electronically Published Books

Winners of the 2003 Dream Realm Awards were announced at
ArmadilloCon 26
A Literary Science Fiction Convention
in Austin, TX on August 14, 2004…

What is No Points, No Fees?

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There is no free lunch, and there is no true no fee no point program for mortgages. Mortgage brokers and banks expect certain fees and profits: those functions of doing business have been in place for decades. No point no fee programs provide the borrower/home buyer with the option of incorporating fees and points and, in some cases, other closing costs into the mortgage payments and amortizing them over the length of the loan. But whether they are paid up front or part of your monthly check, the points and the fees are generally going to be paid.

Some banks have chosen to eliminate such things as “title search fees” in the interest of competition. When the banker or broker presents you with an itemized list of closing costs, the absence of loan initiation fees may stand out as compared to other potential loans. But the big ticket closing cost items are still present, whether they are flat listed for immediate payment or folded into a thirty year amortization process. A ‘no closing costs’ mortgage can add half a percent or more to your interest rate.

The No Point No Fee Program deserves scrutiny, no matter what bank or credit union is offering it. Bank of America has just introduced a no fee program with a nationwide advertising campaign – and little room for the small print. There will be no fees for escrow, appraisal, title search, etc. However the offer also states that borrowers still are responsible for transfer taxes, recording fees, their own title insurance and legal fees, among other charges. Moreover, the paragraphs at the bottom go on to say that the rates will be “competitive, but not necessarily the lowest.”

What is not mentioned in this offer is what caliber credit rating you must have in order to qualify. The Bank of America is to be commended for attempting to compete with other consumer banks that have had no fee programs for years – but theirs appears to vary little in substance. Interest rates are going to cover the fee structures that have been abandoned as up front costs to the borrower.

What should really be required with no point no fee programs is a transparent presentation of what the loan looks like, with and without payment of traditional fees. Then and only then can the borrower see in what fashion those fees are being paid, or if in fact they have been abandoned.…

Option ARMs can adapt to fit your lifestyle

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An Option ARM mortgage is an adjustable rate mortgage that is packaged with four possible monthly payment options. Those options include an accelerated payment of principal and interest that will pay off the mortgage early; a standard principal-and-interest payment meant to pay off the loan over its thirty year life; an interest only payment; and a minimum payment that is even less than the monthly interest owed.

Like all ARMs, option ARM mortgages have attractive introductory rates well below the prevailing interest rate for fixed-rate loans. A low interest rate combined with an even lower minimum payment allows the borrower that chooses an option ARM the opportunity to maximize the size of the loan and buy a home that would otherwise be out of reach. It also presents the borrower with substantial risk.

A minimum payment schedule that allows for payment below the ARM interest rate will lead to negative amortization. What this means is that even though the borrower is making monthly payments, the mortgage debt is building because the payments do not match even the monthly interest due. While most option ARM mortgages have a cap on the annual rise allowed in the monthly payments due – often 7.5% – this cap does not protect the borrower from eventual loan adjustment that can lead to an enormous increase in the mortgage payment. These loans are “recast” every five or ten years so that the remaining payments are fully amortizing. That means a standard loan payment – principal plus interest – and the upward jump can be substantial.

The other prospect for an enormous increase in the monthly obligation emanates from the fact that most banks will only allow negative amortization to the point where the borrower owes 125% of the home’s value. At that point the loan is adjusted to account for the increased debt, also at a fully amortizing rate. This readjustment is also made regardless of the size of the monthly payment increase, and it can be an increase of overwhelming proportions.

Option ARMS are packaged in similar fashion as a standard ARM: when the interest rate is adjusted it is done by adding the index figure to the margin. An index is usually a money market figure drawn from some well known source such as a ten year Treasury note interest rate. The margin is the additional percentage points that are written into the mortgage contract as the final determinant of the loan’s interest rate for the adjustment period.

If you are choosing to take the risk of an option ARM, shop for the lowest margin as that is the factor that will impact the monthly payments most severely. The other obvious option is to maximize your monthly payment so that when adjustment does occur the sticker shock is minimized.…

Did you Find the home of your dreams?

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The generic definition of a purchase loan is “a loan taken out by a consumer to make a purchase.” In the real estate world, a purchase loan is a mortgage taken out to buy a house. The term is used to differentiate from home equity loans (also known as second mortgages); refinance loans, which are new mortgages on a home that replace the original; and home equity lines of credit – or HELOCs.

Purchase loans, or new mortgages, are available in a frightening array of options, payment methods and interest schemes. They come with an assortment of fees, charges and cash layouts with other names that taken together are known as closing costs. Before you are through, the closing costs on your mortgage will run in the thousands of dollars. For that reason, some purchase loans are available that include money to cover the closing costs.

The two basic types of purchase loans are the fixed rate mortgage and the adjustable rate mortgage. Each has its own set of advantages and disadvantages. A thirty year, fixed rate mortgage was the traditional purchase loan for much of the last century. Loans of this type (and simplicity) usually require a 20% down payment on the house, although not all lenders require that anymore. However, a purchase loan that is taken out with a 20% down payment will allow the borrower to avoid personal mortgage insurance (PMI) which can add one hundred dollars or more to your monthly mortgage payment. That insurance is required until such time as the borrower owns a 20% interest in the home.

Adjustable rate purchase loans are designed to make it a little easier for homeowners to crack the housing market. They carry a low interest rate for the first period of the mortgage, typically 3; 5; 7 or 10 years. After the initial period, the interest rate rises based on a formula that involves an index – a figure taken from a money market such as the interest on a one year Treasury bill – and a margin, which are percentage points added on to the index in order to establish the new interest rate on the loan. Adjustable rates on purchase loans are reset annually.

Purchase loans are available that finance 100% of the property, with no down payment involved. The corresponding interest rates are extremely high, however. More often, people will combine a purchase loan with a 5% or 10% down payment. There is also the option of taking out an additional loan (called a piggyback loan) that will allow the borrower to plunk down a 20% down payment. This practice eliminates mortgage insurance requirements and, in theory, results in a better interest rate on the principal purchase loan.…

Stated Income Programs

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When you go shopping for a mortgage, it has been traditional that the lender request documentation of your assets, your employment and your annual earnings. Lenders would seek verification on these three issues through communicating with your employer, requesting proof of your assets and perhaps reviewing the last few years of your tax returns to establish your annual income.

One of the ways that lenders have sought to make loan packages more attractive is to lower their expectations on documentation. A “stated income loan” is one in which you provide your household income figure to the loan officer and no verification is required. Other information requirements may still require verification. At the very extreme of the range of loan verification types is the “no doc” loan, which requires no documentation of income, of assets or of employment.

Lenders offer loans such as “stated income mortgages” in order to draw subprime borrowers whose income may be due to a recent hire or whose income is erratic – such as the salesman who makes two or three big commissions each year. Naturally, lenders view loans with weaker documentation as riskier. To offset the perceived risk they will counterbalance the lack of documentation with other features such as credit score, the loan type or the down payment.

A stated loan program may be available only for ARMs of a certain type or may require a higher down payment than a loan to a similar borrower who is providing full documentation. The interest rate will be higher than that provided for a fully documented loan to a similar borrower; usually in the neighborhood of .15 to .20 of one percent.

Stated income mortgages are the most common of the loans issued with less than full documentation. The rule for this disclosure component is that income is disclosed and the source of the income is verified, but the amount is not verified. Self-employed borrowers will often choose the stated income program because their tax returns don’t reflect the actual cash flow they have available to pay their mortgage. It has been a traditional requirement for a mortgage seeker to have held the same job for two years. People who have recently changed jobs or been promoted are also good candidates for a stated income loan.

Under stated income documentation, assets must be verified. The borrower must have sufficient assets on hand (cash available) that meets a certain standard such as six months’ stated income and 2 months of expected monthly housing expenses. Under a stated income program, the lender is establishing the borrower’s qualifications for every loan benchmark but income as claimed. It is the least risky of the less-than-full documentation loan options out there and the choice that often makes sense for self employed or commissioned employees, or for newly promoted workers on their way up the career ladder.…