Call me today and I will have you out looking Tomorrow !!

                Working for you to find the home you want, Full time Realtor call me at 856-404-5222

                    Buyers Agent Servicing all of Southern New Jersey-Gloucester County and Camden County !!

"Real Estate has a language all its own. Here is some of the terminology you'll be hearing."

Adjustable Mortgage Loans: Mortgage loans under which the interest rate is periodically adjusted to more closely coincide with current rates. The amounts and times of adjustment are agreed to at the inception of the loan. Also called: Adjustable Rate Loans, Adjustable Rate Mortgages (ARMs), Flexible Rate Loans, Variable Rate Loans.

Amortization: Payment of a debt in equal installments of principal and interest, rather than interest-only payments.

Annual Percentage Rate (A.P.R.): The yearly interest percentage of a loan, as expressed by the total finance charge actually paid (interest, loan fees, points).  The A.P.R. is disclosed as a requirement of federal truth in lending statutes.

Buydown: A payment to the lender from the seller, buyer, or third party, or some combination of these, which causes the lender to reduce the interest rate during the early years of the loan.

Cap: In adjustable rate mortgages, the limit on how much the interest rate or monthly payment can change.

Closing: The final procedure in which documents are executed and/or recorded, and the sale (or loan) is completed.  Closing Statement: The statement which lists the financial settlement between buyer and seller, and also the costs each must pay.

CMA:CMA, or Comparative Market Analysis, is a comparison of homes similar to a seller's home in terms of size, style, features, and location that have sold recently or are on the market.  A CMA is prepared by a real estate agent to help set a home's listing price.

Contingency: Commonly, a stated event which must occur before a contract is binding. For example, a home sale may be contingent upon the buyer obtaining financing.

Deposit: A portion of the down payment given by the buyer to the seller or escrow agent with a written offer to purchase to show good faith.

Down payment: Cash portion of the purchase price paid by a buyer from his own funds as opposed to that portion which is financed.

Escrow: A procedure in which a third (neutral) party holds all funds, documents, etc. necessary to the sale, with instructions from both buyer and seller as to their use and disposition.

FHA Loan: A loan insured by the Federal Housing Administration, a part of the Department of Housing and Urban Development. FHA insurance enables lenders to loan a very high percentage of the sale price.

Graduated Payment Mortgage: A mortgage initially offering low monthly payments that increase at fixed intervals and at a predetermined rate.

Hazard Insurance: Otherwise known as homeowners' insurance. This is a usual requirement of a mortgage lender and an advisable safeguard for any homeowner to protect against loss.

Index or Rate Index: A measure of interest rate changes used to adjust the interest rate of an Adjustable Mortgage Loan. Example: the change in U.S. Treasury securities (T-bills) with a 1-year maturity, based upon their weekly average yield.

Lien: A legal claim or charge on property as security for payment of a debt or for the discharge of an obligation.

Loan-to-Value Ratio: The ratio - expressed as a percentage - of the amount of a mortgage loan to the appraised value or selling price of the property.

Lock box:  A key storage system placed on a home entrance that is accessible only by active, licensed real estate agents who must abide by a strict set of guidelines when showing a seller's home.

Margin: In Adjustable Mortgage Loans, the number of percentage points the lender adds to the index rate to determine the new interest rate at each adjustment.

MLS: MLS stands for multiple listing service, by which member brokers cooperate in the sale of each other's listings. Sellers may choose not to allow their property into multiple listing, if they wish.

PITI (Principal, Interest, Taxes, and Insurance): Used to indicate the four major items included in a monthly mortgage payment.

Points:  A fee charged by a lender as a service charge or as an amount needed to make the yield on a mortgage competitive with other types of investments. Each point represents 1% of the loan amount.

Price Trend Analysis:  A tool developed and used exclusively by Weichert, Realtors to help set a home's listing price by projecting local trends, used in conjunction with a CMA, or Comparative Market Analysis. Because home values appreciate over time, a Price Trend Analysis maximizes listing prices.

Principal: Amount of debt, not including interest; the face value of a loan.

Private Mortgage Insurance: Insurance issued by a private company against a loss by a lender in the event of default. Private mortgage insurance is generally required for conventional financing whenever less than 20% is put down.

Second Mortgage: A mortgage which ranks after the first mortgage lien in priority.

Settlement: Same definition as closing.

Title Insurance: Insurance against loss resulting from defects of title of public record.

VA Loans: Loans partially guaranteed by the Veteran's Administration, enabling veterans to buy a home with little or no down payment.

So give me a call at 856-404-5222 and get you started on the road to home ownership !!

Catherine McKendry , Realtor Associate

Cell 856-404-5222

Office 856-227-3428 x214

                                                         Home-Buying Mistakes

There are 8 mistakes some home-buyers make, and some of them are huge! Do your best to avoid:

Let me explain a bit about each of the classic buyer mistakes.

MISTAKE #1: FAILING TO HAVE A PLAN

Deciding to buy a home is probably the biggest financial decision you will ever make. It is an exciting decision, but it is serious business, too, and you deserve serious advice.

Zig Zigler, a famous motivational speaker, once said that people don't plan to fail, they fail to plan. With a game plan, you will eliminate many of the headaches involved in this complicated transaction.

You need a clear plan when deciding to buy a house. Evaluate your current situation. Do you currently own a home? If so, will it be necessary to sell before making another purchase? Are you renting? How much time is left on your lease? Do you and your family plan to use the back yard? What is important about the location of your house? Do you want to live within 10 minutes or one hour from the office?

Make a list of features which are important in your home. Write down desirable locations you would consider, an acceptable price range, number of bedrooms and bathrooms, and any other amenities. Be specific. It is unlikely that you will find a home that offers every feature you desire. However, without a wish list, it will be more difficult to recognize a home which meets your expectations.

Provide your list to your Realtor. Your Realtor will look for homes that match your criteria. This will save you time - you won't need to look at homes that do not fit your needs and desires.

A proper game plan will save you time and reduce the hassle of shopping for a home. Spend a little time in advance and save a lot of time and money in the future!

MISTAKE #2: THINKING, "I CAN'T AFFORD A HOME"

Many people feel that they cannot afford a home, but affording a home has never been easier!

Mortgage rates are more flexible today than ever, and the tax laws favor homeownership like no other tax shelter.

Homeownership is a durable (real) investment. Although no one can say if a specific home will appreciate in value, generally speaking the odds favor the homeowner.

Numerous unique tax advantages are available to homeowners. The thousands of dollars you pay in mortgage interest are deductible. This tax deduction alone can sometimes make owning your own home cheaper than renting with after tax take home dollars. Check with your accountant.

See the dramatic difference that homeownership will make.

MISTAKE #3: FAILING TO PROPERLY "SCREEN" YOUR REALTOR

It is likely that you do not often interview people. Yet, in order to find the Realtor who is right for you, you may need to interview several. The quality of your home buying experience is dependent upon your skill at selecting the best qualified person.

It is interesting that in the real estate business, someone with many successfully closed transactions usually costs the same as someone who is inexperienced! Bringing that experience to bear on your transaction could mean a lower price at the negotiating table, buying in less time, and with a minimum of hassles.

Agents make it their business to provide every service connected with your home search, from expert advice in the early stages through careful monitoring of your settlement. The more closely you work with your agent, the better your needs are known and the more effectively you can be served.

• Your agent should be a skilled win-win negotiator!
• Your agent should have access to the MLS systems: a computerized system that will assist in locating the home that fits your needs and desires.

The purchase of your home could well be the most important financial transaction you have ever made. The person you select can make it a satisfying and profitable activity, or a terrible experience. It's your home. It's your money!

MISTAKE #4: FAILING TO GET PRE-QUALIFIED FOR A MORTGAGE LOAN

Don't waste hours searching for a home that is not in your price range! Save time and money by pre-qualifying for a loan.

Before you go shopping for a home, you need to determine how much you can afford. Once you are pre-qualified for a mortgage, you will know what your buying power is. You will save time by looking only in your price range.

This process is simple. A lender will ask you basic questions concerning your history, run a credit report, and determine your buying power. You can even get pre-approved for a loan! Imagine for a moment, if, when you and your Realtor initially draft your offer for the home you select, you are already approved for the loan - IN ADVANCE... No stress, no worrying about qualifying, no concern about your ability to qualify would stand between you and the home of your dreams.

In today's market, a pre-approval can be a powerful negotiating tool. The old system saw the buyer spending many hours locating the perfect home, carefully drafting an offer, awaiting acceptance of the offer, consulting a loan officer, filing the multitude of forms and applications, and sometimes this was all a waste because, for whatever reason, he was turned down for the loan.

You deserve peace of mind and negotiating power by getting an approved loan before you make an offer.

MISTAKE #5: CHOOSING A LOAN BASED ONLY ON THE INTEREST RATE MYTH

I have been told that a fixed rate mortgage at today's rate is the best mortgage loan. But many different types of loan programs are available. It is a mistake to think that just because Aunt Sue got an 8.5 percent 30-year fixed rate you should get the same loan.

You should get together with an expert who can explain the many different types of loan programs. Each program may have its own series of special benefits for you and your specific needs.

When considering such an important decision, it is best to explore all possibilities. It may well be that a fixed rate is the best type of loan program. It may also be that you can save a significant amount of money by exploring alternative adjustable programs.

A full-service lender with relationships throughout the mortgage industry is a must in today's market. Lenders need the flexibility of the small business owner with the clout of a large company.

Today there are almost as many different loan programs as there are housing options. A few considerations are:

• Anticipated time in the home
• Available asset base
• Current income situation vs. future income situation

It is wise to pick a program that fits YOUR lifestyle. Example: If you pay off a loan in fifteen years versus thirty years you will obviously save a lot of money in interest expense. It is important to note that this savings is due to repaying the loan in half the time. The savings is not due to a significant savings in interest rates. You would expect that there would be a much lower interest rate since the loan has a quicker repayment and, therefore, a loan with less risk. The difference in interest rate is not that significant. Rates on 15 year loans may be 1/4 percent to 3/8 percent better than 30 year rates. Payments on 15 year loans will be approximately 25 percent higher on a monthly basis.

MYTH: I should go to my bank to get the best loan at the cheapest interest rate. Typically a commercial bank will own a separate business entity which shares the bank's name and happens to offer mortgage financing. But this does not mean that you will get a special deal just because you are the bank's client. The bank's mortgage subsidiary has no special access to your financial records as you might expect. The bank's mortgage subsidiary must request your financial records from the bank just as any other mortgage company. Your mortgage loan process will not be simplified or viewed differently from any other applicant making a request.

The perception of most people who go to their bank's mortgage subsidiary is that their loan payments will always be made to their bank; thus, all of the individual's banking needs will be under one roof. However, most mortgage subsidiaries sell their loans on the secondary market and may sell the loan servicing just as any other mortgage company will.

Another important consideration is that a typical bank mortgage subsidiary works with a small number of mortgage products. You may not find a wide variety of loan programs and your loan officer may not have a good comprehension of all the different programs offered. It is doubtful that they can adequately advise you as to the best program for your needs. It is possible that you, or the property you are buying, may need to have special underwriting to approve your loan application.

Just as you should interview your Realtor, you should also interview your lender. Not all lenders look after your needs. Select a lender who is willing to discuss your needs and help you choose the loan program that is best for your situation, not the best for the Lender!

MISTAKE #6: FAILING TO OBTAIN A HOME INSPECTION FROM A QUALIFIED INSPECTOR

A home inspection reports on the structural and mechanical condition of the home. After the inspection, you will have the facts you need to make a decision about buying your home.

A well-qualified building inspector who has adhered to federal licensing standards can spot problems that you might not be able to see. Expect problems to be clearly explained, repair expenses closely calculated, maintenance costs estimated, and a written report delivered within a day or two.

Most home-purchase contracts are written conditional on the outcome of several inspections. These inspections may include several items, including inspection for wood boring insects, excessive amounts of radon gas, structural soundness, and the condition of the heating, wiring and plumbing. When the contract is written, it should identify who will be responsible if there are problems with the results of any of these inspections.

If well written, home inspections can create a safety valve for both the buyer and seller. If poorly written, the result can be heartbreak and lawsuits.

MISTAKE #7: NOT KNOWING YOUR RIGHTS AND OBLIGATIONS

Real estate law is extensive and complex. The contract for sale and purchase is a legally binding document. An improperly written contract can cause the sale to fall through or cost you thousands of dollars for repairs, inspections, and remedies for title defects.

• You must be certain which repairs and closing costs are your responsibility.
• You must know whether the property can legally be sold "as is" and how deed restrictions and local zoning will affect the transaction.
• If there are defects in the title, or if the property is in conflict with local restrictions, you or your Realtor must remedy them.

Otherwise, you could lose thousands!

I will assist you! I will make sure you understand the technical lingo in the sale of your home. A commercial for a local vendor states that "Our best customer is an educated consumer." How true! It is my job to know the laws governing real estate transactions. I am involved in an on-going training program to keep up-to-date with these laws.

You deserve to have an agent who is not only knowledgeable about the transaction but is also willing to educate you throughout the process so you will feel more comfortable.

MISTAKE #8: FAILING TO MAKE YOUR OWN INSPECTION

You probably would not want to rely on the seller to point out defects in a house he is attempting to sell. There may even be hidden problems of which he is unaware.

Be sure your sales contract is worded so that any "earnest money deposit" must be returned in the event the house fails inspection. If a major defect is found, you have the option to cancel the contract and have your deposit returned, bargain for a lower price to compensate for the cost of repairing the problem, or have the owner make needed repairs before the sale.

Even before you get to the point of a contract and having a professional inspector look at the house, there are many items you can check yourself as you are shopping for a home:

• Structure/Basement: Check the foundation for cracks or water marks.
• Floors: Are they level?
• Roof: Does it sag?
• Water damage: Look for unevenly painted ceiling or wall; mildew odor in basement; signs of re-plastering or re-tiling in just one area of a room.
• Water pressure: Flush the toilet and turn on both hot and cold water faucets at the same time to test.
• Plumbing: Ask what type pipes are installed and their age. If applicable, ask when the septic system was last inspected and cleaned. Stand near the tank to detect odor or soggy ground.
• Wiring: A 100-amp system is typical in modern construction and uses a one-inch main line; this can be seen leading to the fuse box. Appliances such as dryer or range require a 220-amp line. Notice if lights flicker or don't work. Check for electrical outlets... usually at least 2 in each room.
• Energy efficiency: Ask to check last year's heating and cooling bills. Determine if proper insulation has been used.
• Pests: Be alert for small accumulations of sawdust in the basement. This might indicate an insect problem. Obtain date and results of the last wood-destroying pest inspection.

A few final tips:

• Ask to see the seller's survey made when the seller bought the house.
• When you are shopping, take a copy of the "Home Buyer Checklist" to keep you alert to possible problem areas. Avoid "surprises" by keeping your eyes open.
• Be certain that you are clear on problem areas which convey with the property and repairs which the seller agrees to make. Have this list with you when you go for your walk-through.

You can be successful in the home-buying process. During the entire process you should remember to buy with "resale" in mind.

In short, be alert! Be curious!

For more information contact me at : ASK YOUR REALTOR Just fill out the form and I will get right back to you !!!

 Cathie McKendry servicing all of Gloucester,Camden and Atlantic Counties in New Jersey

Weichert Realtors Washington Township

Real Estate Blog for Catherine McKendry, Turnersville, NJ

Your Agent Connection Catherine McKendry Weichert Realtors 5070 Route 42 Turnersville, NJ 08012 Office: 856-404-5222 Mobile: 856-404-5222 Email: Catherine McKendry My Website

Have a Real Estate Question for Catherine? E-Mail me at : CMCKSALES@AOL.COM

                Mortgages-HOUSING AND ECONOMIC RECOVERY ACT OF 2008

September 06, 2008 Guidelines for Recovery Act 2008 for First Time Home Buyers
Catherine McKendry
Weichert Realtors
856-404-5222

HOUSING AND ECONOMIC RECOVERY ACT OF 2008

First-time Homebuyer Tax Credit
FEATURE H.R. 3221

Housing and Economic Recovery Act of 2008
Amount of Credit Ten percent of cost of home, not to exceed $7500
Eligible Property Any single-family residence (including condos, co-ops) that will be used as a principal residence.

Refundable Yes. Reduces income tax liability for the year of purchase. Claimed on tax return for that tax year.

Income Limit Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000, respectively).

First-time Homebuyer Only Yes. Purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years previous to purchase.
Recapture Yes. Portion (6.67 % of credit) to be repaid each year for 15 years. If home sold before 15 years, then remainder of credit recaptured on sale.
Impact on District of Columbia Homebuyer Credit DC credit not available if purchaser uses this credit.

Effective Date Purchases on or after April 9, 2008
Termination July 1, 2009
Interaction with Alternative Minimum Tax Can be used against AMT, so credit will not throw individual into AMT.

If you have any questions and are interested in a home purchase please call me at 856-404-5222 to set up an appointment to discuss financing of your new home.

Or E-mail me at CMCKSALES@AOL.com