We Specialize In These New Jersey Communities

Randolph - Morris County - Morristown - Morris Township - Morris Plains
Chester Boro - Chester Township - Denville - Mendhan Boro
Mendhan Township

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What Do Dawson Brook Townhomes Have to Offer?


        

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Today I wanted to take a moment to introduce you to a new townhome development in Randolph, New Jersey called Dawson Brook. It is the only 55+ age restricted townhome community in New Jersey at this time.

There are 30 luxury units being built right now by local builder Bill Reed, someone who I have worked with a lot over the years. Many of his standard features are what other builders consider upgrades, including cultured stone pathways, carriage style garage doors, and other things you won't find in competing complexes.

On the inside, all the units have first-floor master bedroom and bathroom suites, and the entire place has an open floor plan. In the kitchen, you'll find granite countertops and islands, along with stainless steel appliances. 

All models also have a 2-car garage, and a large second bedroom upstairs. A study upstairs can either be left open or a wall can be put in to create a 2nd enclosed room. There is also some great storage space in the attics. Many of the units have basements, and some even have walkouts. 

These properties haven't been open to the public yet, but 10 of the 30 units are already reserved. They will go fast once they are, so if you or somebody you know is interested, reach out to me on the phone or through email. I can send you the floor plans and specs, and even meet with you by appointment before the town homes go on sale. 

So give me a call today, I look forward to hearing from you!

What Is the New Jersey Mortgage Process Like?


          

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We are delighted today to be joined once again by Sandy Davis of New Jersey Lenders. We are going to focus on the closing steps of the mortgage process today, and Sandy will be answering some of the most common questions we get from our clients. Here they are:

What are closing costs?
 

When you buy a home, there are two large expenses associated with that. The first is your down payment, which can range anywhere from 3% to 20%+ of the purchase price. The other is closing costs. They include a number of fees relating to attorneys, home inspections, appraisals, and the like. Typically all of your closing costs will run you about 3-3.5% of your purchase price. 

Do I have to pay for closing costs out-of-pocket?


You have 2 options when it comes to paying your closing costs. The first is paying out of pocket, which is your best long-term option. The other thing you can do is roll those closing costs into your mortgage through a seller's concession, so you only have to worry about your down payment.

A quick update for you on interest rates: There has been yet another drop in rates recently, and it's a great time to lock one in before they are expected to rise later this year. We are looking at some amazing rates, whether you are looking to buy a new home or refinance your current one. 

If you have any questions for us, feel free to give us a call or send us an email. We are your best source for all the latest real estate information here in New Jersey.

Important Mortgage Information for Spring Home Buyers



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Today I'm back with Sandy Davis, and she's here to answer some more questions about the mortgage process. She's going to help keep everyone informed on what is going on in the mortgage market, and I have a few specific questions that I'll be asking her.

How long does the mortgage process take?

From start to finish, 45 days is a realistic timeline from the time you sign your purchase contract until you close the loan. I've closed loans in 29 days, but 45 days is the standard if the borrower has the correct paperwork and is eager to complete the process.

Pre-Approval vs. Pre-qualification, what's the difference?

These are two very different designations, and a pre-approval is much more desirable. A pre-approval scrutinizes your credit and other factors much more than a pre-qualification does, and home sellers would always prefer an approval over a letter of qualification. The pre-approval is highly recommended by lenders and real estate agents alike, and it can also help to streamline the mortgage process.

What's the difference between an interest rate and an APR?

Your interest rate is your note rate, and it's what your monthly payments are calculated from. The APR is the cost of your credit as a yearly rate, it's essentially taking into account the closing costs that you had to pay. Your mortgage payment is not based on your APR, it's based on the note rate, which is the interest rate of the mortgage.

Hopefully this information has been useful to you. If you have any further questions, please don't hesitate to contact Sandy or anyone on my team. We look forward to helping you!

Sandy Davis
Senior Loan Officer
NJ Lenders Corp.
102 Chestnut Ridge Road | Suite 200 | Montvale, NJ 07645
E-mail: sdavis@formanteam.com
Phone: 201.505.8295 | Fax: 201.591.7965
Direct/Cell: 973-670-9702
NMLS 172843