Summit, NJ

Earlier this week, I posted a brief overview of homes in Summit, currently for sale that are priced under $1 million. Today, I wanted to show you guys the landscape over the "1".

As we step up in price, each home adds quality and luxury, space, number of rooms, positioning on, and overall appearance of, the lot.

We're not at the "really grand" homes yet in the $1 - 1.5 million range, but we are at "substantial". You can expect a newer kitchen and bathrooms or more space - one or the other.

Now you start to see bigger home, on larger lots with more upgrades. A large house in this price range will tend to extra spaces beyond the 4-5 bedroom Center Hall Colonial traditional layout.

In the $2 -3 million range, you can expect a grand home, with new or state of the art kitchen, renovated (up to date) bathrooms, lots of space and a lovely, sizable piece of property. When trying to describe the texture of luxury in these homes, we'll use words like "estate", "old world grandeur with all modern convenience"... they're big, beautiful and all about abundance.

At $3 Million plus,you get the best we have to offer.

When you're ready to make a move, I'm ready to show you your options.

Summit, NJ has a reputation for grand homes in the upper price bracket. Yet, of the 125 Summit NJ homes for sale right now, only 36% are over $1million! The mid-point of the list of available homes is $749,000. There are even TWO homes listed for sale at less than $200,000; though it should be pointed out that those are 1 BR co-ops, in a lovely pre-war building on Summit Avenue, within walking distance to everything!

Here's a quick overview of what you can get for under $1 million today!

Usually less than $200,000 gets you an apartment in Summit. there are some small homes available in the mid-$300s, but rarely under that number.

By the time you get into the $300,000 range, there are some 2, 3 and even 4 bedroom homes for sale. Whether you prefer a ranch, or a Dutch colonial or an expanded cape, these homes are good starter homes – compact, efficient and easy to run.

At the $400’s you begin to see a number of Summit’s expanded Capes. These are quite charming with lots of character.

Homes in the $500s tend to be larger, with larger rooms on a slightly bigger piece of property. You also start to see a family room or den, in this price point.

It is remarkable given Summit’s high end reputation that you can still find a brand new townhouse in the $600s. Some classic smaller CHC homes also start to become available now, though they are unlikely to be renovated or in pristine condition, unless somewhat smaller compared to their competition.

By $700,000 you're starting to see some lovely homes on a nice piece of property. Not huge, or high-end, but often nicely appointed and attractive.

$800,000 in Summit buys you even more space, closer into town, or even a small new construction. Also, you'll find Center Hall Colonials depending upon the usual variables of Location and Condition.

We're just shy of $1 million here in the price range and you can expect to see the beginnings of luxury, whether in terms of renovation, or extra space, or a slightly bigger plot. Also a more convenient location to the thriving hub of downtown Summit.

See what I mean? Lots of variety, and we haven't even crossed the "1"!! Stay tuned. In my next blog, I give you a tour of the rest of our market.

Jumbo Mortgage Rates in NJ have eased a bit as of late. Despite the news of tightening of the credit markets, it appears that after long last that there is a bit of easing in the Jumbo Mortgage Market. We have established investor relationships in order to offer many different jumbo loan programs. It seems that many portfolio lenders still have an appetite for jumbo loans in New Jersey.

Current highlights for Jumbo Mortgage Rates in NJ include great jumbo rates even where the Conforming High Balance loan limit was not raised significantly in areas such as Mercer County, Atlantic County, and Burlington Counties. In other areas such as Essex County and Union County, we can offer financing on jumbo loans to 1,500,000 and above.

Fully documented loans for Jumbo Mortgage Rates in NJ are available with a 20% down payment or 20% equity in refinances on loan amounts up to 1 Million. Excellent rates are available on 5/1, 7/1, and 10/1 ARM Programs, as well as the standard fixed rates. Call or email me for customized quotes and details on a loan program for you.

A recent client of mine has taken a relatively novel approach: he is using an interest-only ARM as a means of accerelating his mortgage, rather than making just the minimum interest payment. While I do not recommend interest-only Jumbo Mortgage Rates for everyone, there is a benefit to many who are familiar with a how an interest-only loan works.

Stated Income programs for the self-employed and No-doc loans are slowly coming around as well. Call for specific details on these Jumbo Mortgage Rates in NJ, and for all programs as a specific program can be tailored to your needs.

All in all, it appears that slowly but surely credit is beginning to loosen for qualified borrowers!

Union County Mortgage Loan Programs abound, as there are a variety of available loan options for first-time buyers, those "upsizing" or "downsizing", or those who simply wish to refinance their existing mortgage. Union County Mortgage Loan Programs include and are not limited to: FHA Mortgages, VA Loans, Fannie Mae Loans, Adjustable Rate Mortgages , Jumbo Mortgage Loans, and Stated Income Loans. We will review briefly each type of loan listed above to go over the programs we offer as a New Jersey Mortgage Banker. We offer additional mortgage programs as a broker as well, giving us the ability to offer the best of both worlds. As a former resident of Westfield, I am quite familiar with the Union County area. For a direct quote on any particular program, please contact me or feel free to call me directly at 908 531 6170. Here is a synopsis of several of our different loan programs:

FHA Mortgages are very popular among our Union County Mortgage Loan Programs, as a large portion of our loans is through FHA and we have FHA Approved underwriters on staff. We offer the traditional 203B, 3.5% down FHA Purchase Money loan as well as refinancing options. Here is a recent blog I wrote about the FHA Adjustable Rate Mortgage Program. The fixed rate program is super as well.

VA Mortgages: 100% financing for qualified veterans is a great loan program for veteran first-time homebuyers and seasoned homebuyers alike. With VA approved underwriters on staff, we offer in-house underwriting for VA Loans. Here is a recent blog I wrote with some basic information regarding the VA Mortgage Program.

USDA RD Loans: unfortunately, Union County, New Jersey, there are NO areas qualified for the moderate income rural development 100% financing program. As a New Jersey Mortgage Banker, we underwrite and fund these loans ourselves., and there are other areas where the program is available in New jersey. Here is some info on the USDA program and eligible areas in NJ. The most important part to remember about the USDA program is you must qualify income-wise and the property location must fall within an approved area.

Jumbo Mortgage Loans: We have Union County Mortgage Loan Programs with true Jumbo Mortgage programs on a brokered basis. Although many parts of NJ have benefitted from the "super-conforming" loan limits, some areas still have relatively low loan limits. Union County is not one of them, with a 729k loan limit. Still there are plenty of beautiful properties; from Summit to Westfield to Scotch Plains that could benefit from a true jumbo mortgage loan. Here is a recent blog about our true jumbo programs in NJ.

Stated Income Mortgage Loans: We do not offer the traditional "liar's loan", but rather have on a brokered basis access to Stated Income Mortgage Loans for the self-employed borrowers for which this program was originally intended. This blog has more information about our stated income brokered product.

For more information on the Union County Mortgage Loan Programs we offer, use my contact form or call me at 908 531 6170.