Franklin Township, NJ

What's happening in the marketplace, now - August 6, 2009

According to the Garden State MLS, currently there are two (3) homes actively listed for sale in this Franklin Township Townhouse development, at the time of posting. The three available are one 2-story townhouses with 3 bedrooms-2.5 baths and two single level ranches with 3-bedrooms-2 baths. View these active listings.

There is one new listing since my last report to you on July 6, 2009. The three actively listed home prices range between $249,000 and $309,000.

There have been no Carriage Homes at Quailbrook sales since the last report. One property is currently under contract for sale.

That's what is happening in the marketplace now, August 6, 2009.

If you have specific questions about a Carriage Home proprerty or any local property, email me at: mjadams@century21.com or call (908) 583-0409.

Source: Garden State MLS, L.L.C. **Info. deemed RELIABLE but not GUARANTEED - ALL Room Sizes are Approx.** The links will expire 60 days from 08/06/2009.

Consumer disclosures and the Truth in Lending Act (TILA)

Regulation Z" is a federal regulation requiring creditors to provide full disclosure of the terms of a loan including the terms or the loan and the annual percentage rate (APR). Changes that became effective July 30, 2009 requires that lenders must comply with new rules under the Truth in Lending Act (TILA) as required under the Mortgage Disclosure Improvement Act (MDIA) which was part of The Housing and Economic Recovery Act of 2008.

These changes are expected to slow the timeline for obtaining a new mortgage or refinacing to a minimum of two months - at best. There are some predictions the new reality might be a timeline of up to four months. This is because it is anticipated that many lenders may add their own time restrictions as a safety precaution against violating the new waiting periods and thereby cause additional delay to the mortgage process. Failure of lenders to adhere to the proper waiting periods for certain disclosure items resets the waiting period requirements. In addidtion, new changes in Reg Z may result in higher lender costs which are likely to be passed on to borrowers.

Here is a summary of the changes*:

The new requirements apply to all mortgages secured by a borrower's home, including primary and second homes and refinancings. Investor loans continue to be exempt.

• Lenders must give good faith estimates of mortgage loan costs within 3 business days after the consumer applies for a loan (early disclosure). The lender may not collect any fees before the disclosure is provided, except for a reasonable fee for obtaining a credit report.

• The closing may not take place until expiration of a 7 day waiting period after the consumer receives the early disclosure.

• Consumers may shorten or waive the 3 day and/or 7 day waiting periods for a "bona fide personal financial emergency," but only after receiving an accurate TILA disclosure. In the final rule's preamble, the Fed stated that it "believes waivers should not be used routinely to expedite consummation for reasons of convenience." The Fed decided not to insulate lenders from liability even where a consumer modifies or waives the waiting periods.

• If the annual percentage rate (APR) changes by more than 0.125 percent, the lender must provide a corrected disclosure to the borrower and wait an additional 3 business days before closing the loan. The APR includes not only the interest rate on the loan but certain other costs related to settlement, so it will be important for any fees that affect the APR to be as accurate as possible, as early as possible, to minimize the need for a corrected TILA.

Source: National Association of Reators (NAR)

Events near Somerset

What's Cooking? A Display of Kitchen Tools & Accessories Through 01/15/2010

16 Maple St., East Brunswick, NJ 08816

www.eastbrunswickmuseum.org

(732) 257-1508

Estate Park and Nature Tour 07/24/2009 - 07/26/2009

80 Route 206 South, Hillsborough, NJ 08844

www.dukefarms.org

(908) 722-3700

An Introduction to Native Plants for the Home Gardener 07/25/2009

80 Route 206 South, Hillsborough, NJ 08844

www.dukefarms.org

(908) 722-3700

Rutgers Gardens Open House and Wine Tasting Festival 07/25/2009

112 Ryders Ln., New Brunswick, NJ 08901

www.rutgersgardens.rutgers.edu

(732) 932-8451

Wonder Walk for Families: Mysteries of the Meadow 07/25/2009

80 Route 206 South, Hillsborough, NJ 08844

www.dukefarms.org

(908) 722-3700

Scenic Bike Tour of Duke Farms 07/25/2009

80 Route 206 South, Hillsborough, NJ 08844

www.dukefarms.org

(908) 722-3700

Jersey Summer Beatles Bash III 07/25/2009

15 Livingston Ave., New Brunswick, NJ 08879

www.statetheatrenj.org/beatles_bash_3

(732) 246-7469

Coping With Deer - 07/26/2009 2:00p

Franklin Township Library

485 DeMott Lane, Somerset, NJ 08873

(732) 873-8700 Registration Required

The communities of Somerset and Middlesex counties will get a taste of Caribbean culture on June 27 when New Jersey Caribbean Festival 2009 will offer the spice-infused cuisine, diverse music rhythms and vibrant art of the islands, commonly called the West Indies.

Organized by the Jamaica Organization of New Jersey, the Somerset County Cultural Diversity Coalition and the Hamilton Street Business and Community Corporation, the street festival will be held from 11 a.m. to 6 p.m. at 720 Hamilton St., in the business district section of Franklin Township in Somerset County, N.J.

The Caribbean festival will be rich with familiar cultural expressions, such as foods embellished with curry and jerk seasonings, steel bands, cultural dances and performances by Caribbean artists. The event will also include vendors of all cultures, illustrating the multicultural tapestry of the United States, organizers said.