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 

What Should You Know About Mortgages in New Jersey?

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Thanks for joining us again today, everyone. Today we are here with our preferred lender, Sandy Davis from New Jersey Home Lenders, and she is here to go over some basics of the mortgage process with us. Let's start by asking Sandy some questions we have been getting from our clients:

How does a buyer know how much they qualify for?
What lenders do is take your gross monthly income and subtract out debt as it appears on your credit report. Different products have different guidelines for debt-to-income ratio, depending if you choose FHA or conventional financing.

What is the difference between a fixed-rate and an adjustable-rate mortgage?
A fixed-rate mortgage means that whatever rate you choose, your principal and interest will always remain constant throughout the life of the loan. An adjustable-rate mortgage is a mortgage where the rate can be changed over time, and is usually a good idea for people who know they won't be in their home for a long time. Unless you are absolutely certain of this, however, you should probably go with a fixed-rate mortgage, simply because rates are so low right now.

What's the difference between a 30-year fixed and a 15-year fixed mortgage?
A 30-year fixed has a much lower payment than a 15-year fixed, because you are paying for the loan over a much longer period of time. With a 15-year fixed, you are paying more per month, but you are also paying less in interest throughout the life of the loan, with a lower rate.

If you have any questions for Sandy, please give her a call or send her an email at,

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 

 If you have any questions for us, you know what to do. We look forward to hearing from you soon!

You're Invited to a Real Estate Seminar

There are a variety of opportunities in the New Jersey Real Estate Market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.
 

I'd like to take this opportunity to invite everyone to a real estate seminar that we will be holding on February 18th at 7pm. There will be some appetizers available, as well as a cash bar. The seminar itself will start at 7:30, and will begin with a review of the local real estate market in New Jersey.

After this brief introduction I'll be chiming in on buyer and seller topics such as move-up buyers, empty-nesters, downsizing, and more. 

The final 20 minutes will be spent on mortgage and tax-related topics. There have been some important changes in the area this year, so it'd be a good idea to stay updated. We will have local mortgage and tax experts speaking about these things. 

If you're interested in attending, please RSVP by calling or emailing me. We would love to see you there. It's going to be very beneficial to you!

What's Changing in the Mortgage World?

There are a variety of opportunities in the New Jersey Real Estate Market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

Today I wanted to share with you some changes going on within the mortgage market and how they will benefit both buyers and sellers in 2015.

The first thing I want to share with you has to do with FHA loans. Recently, the FHA significantly decreased their insurance premium on low-down payment loans, which is going to save a lot of buyers a lot of money.

Another change has to do with conventional loans. There has been a substantial reduction to the required minimum down payment, from 5% to 3%. So instead of an average of $20,000 for a down payment, it's more like $12,000 now.

The last change I wanted to mention to you has to do with appraisal reform. Over the last year we have had a difficult time with appraisals, but this new process should lead to fewer appraisal problems, as well as more home closings and sales.

On top of this, we have historically low interest rates. Right now, you can get a 30-year fixed-rate mortgage at 3.75% and a 2.99% rate for a 15-year fixed. This will bring more buyers to the market and give your home a better chance at selling quickly.

If you have any questions about mortgages or about real estate, be sure to give us a call. We would be glad to answer any questions you have, and look forward to talking with you soon!