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!