Photos from Sue Adler- www.SueAdlerTeam.com
Short Hills Train Station... 1/2 hr hour from Midtown ManhattanLocated in: Millburn-short Hills (Short Hills, NJ)
Thursday, December 04, 2008 Trying To Make Sense of Today's Mortgage Guidelines for NJ Home Purchases and Refinances · Several banks now realize that they were overly enthusiastic about approving credit lines. As these banks try to reduce their risk exposure, some homeowners are getting notifications that their line of credit has been reduced or even cancelled. Banks are concerned about what your home is worth and about your ability to verify your income, credit and assets. · Investors are very concerned about the future of certain industries and the future of the continuance of Bonus and Commission income. In the past, such income was averaged for 2 years for qualifications; don't assume the same is true today. Best to get this checked out BEFORE starting your home search. · Buyers no longer have the option to have two mortgages at closing (i.e. 80/10/10 loan) to avoid paying Private Mortgage Insurance (PMI) or avoiding a certain loan amount for lower rates. For mortgages of $500,000 or less (depending on the investor) and less than 20% down payment, guidelines now require PMI. Your mortgage application now needs approval by the Lender and the PMI provider. · Mortgages greater than $500,000, with most Lenders, now require at least a 20% down payment. · Bridge loans are extinct today. Investors are not allowing most borrowers to close on their new purchase without closing on the sale of their current home. This means either you get a larger mortgage if you have the down payment in the bank, or plan to close on the sale of your current home the same day as the purchase of your new property. Either way, you should sell your current home before purchasing another one. It makes you a stronger buyer in the seller's eyes too. Renting your current home without selling it and buying another primary property is scrutinized unless you have at least 30% equity in the home you will lease. · For refinancing, you need to have at least 20% equity today based on today's bank appraisal. There are now 40 year mortgages and Interest-Only payment loans, which could assist with lowering your monthly payments. Your lender can help you with your options. Keep in mind, the presence of a second mortgage or line of credit (and today's bank appraisal of your home) could impact or limit your options.
Take the Fear Out of Mortgage Financing
by Drew McKenzie
Trying to make sense out of mortgage guidelines today can make your head hurt.
My advice is to avoid the aspirin, do not make assumptions, do NOT read the dramatic press. Interest rates are the lowest they've been in 3 years and its truly a buyer's market, so communicate your specific circumstances for a home purchase or refinance to your mortgage professional early in the process. There has never been a better opportunity!
A few recent changes with you to manage your expectations:
NOW FOR THE GOOD NEWS & WORDS OF ENCOURAGEMENT....
There are many worthy borrowers and there are mortgage funds available today at very low interest rates (30 year fixed today at 5.5%)! There are guideline changes but they may or may not impact you directly! Don't assume or let the press intimidate you --- you could be a very worthy borrower and are in position to take advantage of this (housing) market and interest rates! Sue and her team sold 7 houses in November, and financing was not an issue.
Drew McKenzie is a Senior Mortgage Consultant with Real Estate Mortgage Network with 16 years of lending experience. Please contact Drew with your questions or comments. He is licensed everywhere in the country to provide mortgage financing.
Phone: 973.271.8025
E-mail: dmckenzie@remn.com
http://www.drewmckenzie.remn.com/
Wow! Not only do we have SOPAC in South Orange, Maplewood stock and an ongoing music series in Maplewood, but we also have Poetry readings and an original art gallery in Millburn! Not to mention the long-standing Papermill Playhouse, and NJPAC in Newark.
Things are definitely happening right here, in our back yard. Just off the center of town in Millburn exists a gem of creativity, art and unique home furnishings at the Stewart Leshe Collection . It opened just a year ago is creating a local beat unto it's own for us all to share.
Stewart Leshé Collections is hosting a book party and poetry reading for The
Notebook Poets in celebration of their new book, "OPEN DOORS". on Saturday, October 25th, from 5pm - 7pm.
StewartLeshé Collections, LLC
105 Main Street
Millburn, NJ 07041
This post is contributed by:
Deirdre Silberman
Buyer Specialist , The Sue Adler Team
#1 Keller Williams Team in NJ 2005-2007
Cell: (973) 985-0500
Office: (973) 376-0033 X 288
Email: deirdre@sueadler.com
Website: http://www.sueadlerteam.com/ ...... the ONLY website you need for NJ Real Estate 20 minutes to 1 hour from NYC!
Labels: art galleries, art scene, Maplewood, Millburn, Paper Mill Play house, poetry readings, SOPAC, South Orange, theatre
We're all in this together.
In these uncertain times, I'd like to share my thoughts and address concerns you may have about our local real estate market in Short Hills, Summit, Maplewood, Livingston, Chatham and surrounding NJ towns. I've included links to interesting articles that you may find helpful and of course I'm available if you'd like to discuss your own personal needs confidentially.
1. Foreclosures, and Pre-Foreclosures: There have been laws put in place to help people who need to sell with upside down mortgages. Three recent Real Estate laws that every homeowner, buyer or seller should be aware of
2. Life Goes On..... Our towns are the first really beautiful towns with excellent public schools off of the midtown direct train line into NYC, and Manhattanites who don't want to pay for private school, want a yard and some more space will still move out to the suburbs. We don't have an endless supply of inventory like other parts of the country, so even in tough times, there is still a demand for great houses in great locations (as long as they are priced competitively). Buying a home is a long term investment.
3. If you're currently renting, can put 20% or more down, have stellar credit, and a steady job, you're golden.
4. Move-Up Buyers are in a great position because if the market has dropped 10% in a given town, then the loss you're taking on the sell side will be less than what you're saving on the buy side.
5. Sell First. This way, if you're counting on a certain amount of equity from your current home, you won't have any surprises. For a long term investment, it may even make sense to rent out your current house and hold onto it as an investment. We can discuss your options.
6. Current Home Owners with ARM mortgages: You may want to call your mortgage company to discuss fixed rate options.
7. I'm happy to send the pdfs for the following articles: "Taking The Mystery Out Of Credit", Top 10 Do's and "Don'ts During The Loan Process", and "How Good Credit Transfers Into Lower Scores" Yours to count on, Sue
Sue Adler
#1 Keller Williams Agent in New Jersey 2005, 2006, 2007
#5 Keller Williams "Individual" Agent Nationwide 2007 (out of 75,000)
Over 900 Homes Sold!
Cell: (973)464-9129 (call first)
Office: (973)376-0033 ext 101
E-fax: (480)247-4891
Email: Sue@SueAdler.com
Website: www.SueAdler.com...... the ONLY real estate website you need for NJ real estate 20 minutes to an hour from NYC!
Announcing My Newest Listing...
Open Sunday March 16 1-4
1 Tulip Lane Short Hills $1,095,000
Classic 5 Bedroom 3 full, 2 half Bath Colonial on Cul de Sac Street in walk-to-Short Hills train location. Boasting incredible space, character details, lots of light, a family room addition with vaulted ceiling, finished basement and enchanting yard with specimen plantings and English gardens. Glenwood Elementary.
Visit www.sueadler.com/1Tulip for property brochure, interactive floorplan, photo gallery, map of property and virtual walk through.
Sue Adler
#1 Keller Williams Agent in NJ 2005,2006,2007
#5 Keller Williams Agent Internationally 2007
Short Hills, Summit, Maplewood, South Orange, Livingston, Chatham NJ Real Estate Market Update:
Just this week I've noticed that inventory is starting to grow, finally! With the combination of low interest rates and prices down from where they were a year ago in many areas (notice I didn't say "all" areas), I believe this market is a real opportunity for buyers. Visit www.Garden-State-Listings.com to see for yourself.
JUST LISTED & OPEN THIS SUPERBOWL SUNDAY 1:00-4:00: (Don't worry, you'll have plenty of time to get home to the game!)
54 Old Short Hills Rd, Short Hills. $750,000....This victorian gem has been lovingly cared for and its original details preserved. Please park on Hillside Ave for open house.
41 Oak Crest Rd, West Orange. $399,000....This 3 Bedroom sunny, updated ranch is in move in condition in the Livingston Border section of West Orange.
Sue Adler
#1 Keller Williams Agent in New Jersey 2005, 2006, 2007
Over 900 Homes Sold!
Cell: (973)464-9129 (call first)
Office: (973)376-0033 ext 101
E-fax: (480)247-4891
Email: Sue@SueAdler.com
Website: http://www.sueadler.com/...... the ONLY real estate website you need for real estate 20 minutes to an hour from NYC!
Keller Williams Realty Of Essex, Union, Morris & Somerset Counties
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With 78,000+ agents, Keller Williams is now the Fourth Largest Real Estate Company in America, growing at an amazing rate of over 2,000 agents a month!
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#1 KW Agent in NJ, 2005-2008 & #5 out of 75,000 KW "individual"agents nationwide- 2007. Serving Short Hills, Millburn, Summit, Chatham, Maplewood, South Orange, Livingston, Madison. www.SueAdler.com
Visit www.SueAdler.com.... the ONLY real estate website you need for real estate in NJ 1/2 hour to an hour from NYC.
Top school systems, beautiful homes on treelined streets, small town feel yet easy access to NYC, and a friendly atmosphere is what makes Essex, Union and Morris Counties a great place to live. The area schools are consistantly top in the nation.
View our New Jersey towns, neighborhoods within the towns, schools, commuting options, current market trends, & all of your options in the home buying/selling process so that you can make informed decisions.
10 Reasons Why to Move to Short Hills, Millburn, Summit, Livingston, Chatham, Madison, Maplewood, South Orange & Surrounding New Jersey towns: http://activerain.com/blogsview/183959/1-Reasons-Why-New .
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