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Do you know someone who can afford this type of lifestyle? If you do now is the time to tell them to take a look. http://107lyndhurst.blogspot.com/ This Beachfront Haven is Located on a wonderful private lane in Brick's South Mantoloking area. The builders must sacrifice this beautiful Oceanfront home and want all reasonable offers known. Call Dawn Marie White for additional details or stop by the open house on Sunday and experience living on the Jersey Shore..
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Now more than ever, rates are not "one size fits all". FICO score, debt to income ratio, & Loan to Value % - as well as property type ( SFR vs CONDO / 2- Unit / INVESTMENT )are crucial in determining what a borrower will qualify for.
Did you know that in 2008, Fannie & Freddie imposed extra fees (Risk based pricing)to a large percentage of new mortgage loans? These fees are called " loan level price adjustments" They are based on layers of risk added to a loan, due to lower credit scores, & higher loan to values, as well as loan purpose, & property type. These fees have been increased a couple of times, causing more borrowers to fall into the surcharge zone. These fees are mandated by Fannie & Freddie, and are required of ALL lenders originating a loan to be sold to these agencies.
visit efanniemae.com for a copy of these fees here: https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0838.pdf
Previously, a 30 year fixed rate loan was basically the same price for any borrower with a credit score of 660 or higher and a loan amount up to 95% of the home value. Now, the pricing can vary by a wide margin.
Sometimes the interest rate can be increased to cover these add-on's without having to pay them out of pocket, but that is becoming increasingly difficult in today's market. Investors have changed the way they create rate sheet options, and they offer very little in the way of "premium pricing" that used to allow for closing costs or points to be paid through a higher interest rate. In today's environment, sometimes the add-on's must be paid in the form of points--to either keep the rate and resulting payment as low as possible--or sometimes because there simply is no other way they can be covered.
The bottom line is: smart consumers (& their agents)cannot just call a lender and say, "what's your rate and closing costs?" There are simply so many unknowns with the combination of credit score, loan to value percentages, property type, etc... that any reputable lender should be upfront, and be clear that any quote given is based on an assumption of certain parameters.
Using FHA financing is one way to avoid these higher fees, as FHA loans are not required (yet) to apply these add-ons. Many lenders have instituted or increased the minimum qualifying FICO score to obtain an FHA loan approval. The FHA does not lend money, & functions as a government insurer of loans made by qualifying approved lenders. The FHA insurance program does not have a minimum credit score criteria, but lenders have learned that loans with lower FICO scores are very difficult to sell in the secondary market, hence the restrictions.
I urge all consumers that may be looking for a new home loan to spend some time working with a qualified loan officer to determine what the parameters for their individual situation might be, before shopping for a home, or making assumptions about what type of rate they may get. No two loans are alike!
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SUMMER IS ALMOST HERE: Time to be sure you have your Beach Badge!
Summer is almost here, and Hopefully the rain will stop and the Sun will come out. For a brief moment today I actually saw the sun while looking out my office window, but it was still raining!
Once the sun does come out you will want to be ready to go to the beach!
Brick Township Recreation Department has announced that Beach Badges and parking permits are on sale:
The parks department is in Civic Plaza, 270 Chambers Bridge Road, Brick, NJ
For Information you can call: (732) 262-1044
Have a great week
Rob
Mortgage Banker
www.RobertRaufHomeLoans.com or my blog: http://activerain.com/blogs/rrauf
(732)223-1630 x102
Since 1987 I have been helping my clients fulfill their dream of home ownership!
Real Estate Mortgage Network
NJ Mortgages, New Jersey Mortgages, Mortgages in NJ, mortgage in New Jersey, Mortgages in New Jersey
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Homes For Sale in Brick Town, NJ, 08723
Display Active Brick Town Homes for Sale
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After leaving work toninght about 6:30 my family and I decided to go out for a quick bite. As the sun was setting the sky was a beautiful orange and glistened through the the gorgeous trees that line Princeton Ave. As we passed through the Rt 88 & 70 intersection we looked to the east, this is what we saw. What a beautiful site tonight in Brick Township.
Here is story I told my son for the first time when he was about 4 years old. Now 11 going on twelve he still remembers it. I tought I would share it will you.
Long ago, at the beginning of time, the colors of the world quarreled. Each claimed that it was the best, the most beautiful, the most important, the most useful, and the favorite color.
Green said, "Look at the grass and the leaves and the trees. Clearly, you can see that I am the most important color. I am the color of life and of hope. Look around and you see that I am everywhere."
Then Blue interrupted and exclaimed, "Consider the sky and the sea. Water is the basis of all life and without me there would be no blue skies. Without me, there would be nothing."
Yellow laughed! "I am bright and warm and you are all so serious. Every time you look at a yellow daffodil or a big sunflower, you smile. The sun, the moon, and the stars are all yellow. The day starts and ends with me and without me you would have no fun."
Orange started to boast. "I am the color of good food that brings health and strength. Carrots, oranges, and pumpkins have valuable vitamins. An when orange fills the sky at sunrise or sunset, my beauty is so striking that all who see me gasp in awe."
Well, Red started shouting. "I am the ruler of all life. Blood is red and blood is life. I am the color of passion and of love as you see in the red rose, the poinsettia, and the beautiful poppies."
Purple stood up and was very tall. He spoke with great importance in his voice. "I am the color of royalty and kings. Powerful people have always chosen me for I am the color of authority and wisdom."
At last, in a very quiet voice, Indigo spoke. "You hardly notice me, but although I am quiet, without me you are all nothing. You need me for balance and contrast, and for inner peace."
The arguing continued, each color boasting and bragging and quarreling and squabbling. Each was certain that his or her color was the absolute best. As their fighting became louder, a flash of lightning flew through the sky. Thunder cracked and boomed and rain started to pour down in buckets. The colors shook with fear and started to huddle together for comfort.
Then the rain began to speak: "You colors are so foolish. You are fighting about who is best, each trying to outdo the rest. Don't you understand that you were each made for a special purpose? Each is unique and different? Join hands and follow me."
Doing as the rain told them, the colors came together and joined hands. "From now on," the rain said, "when it rains, each of you will stretch out across the sky in a great arch of color. The rainbow will be a sign of peace and hope for tomorrow."
So, boys and girls, whenever rain washes the world, look for a rainbow to appear in the sky. When it appears, remember that every one of you is special. Let the colors of the rainbow remind you to appreciate yourself and one another. Hold hands with a friend and remember that together we make a rainbow of peace and hope that stretches across the world.
Dawn Marie White
Broker-Manager Sale Professional
Crossroads Realty Inc
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