NJ Bail Bond Process & The Court System Bail is used to guarantee the appearance of a criminal defendant in court. Our licensed bail agents (also known as a bail bondsman) can answer all your specific questions or give you more bail bond information 24 hours a day, 7 days a week. Please call at 732-277-9040.
After The Arrest
When an individual is arrested, generally, they will be taken to a local law enforcement station for booking. During the arrest and booking process, bail will be set, if applicable. After they have been booked, the defendant has several options for release.
They may be released on a citation, they may be released on their Own Recognizance (meaning their own promise to appear in court), they may post the total amount of bail in cash directly with the jail, in some situations you can post real property directly with the court or a person may be released on a bail bond.
Release Process The detainee is brought from the cell, personal belongings are collected and accounted for and the individual receives paperwork explaining the charges and where and when to appear in court.
If you are looking for a mortgage to buy a house, or if your mortgage is coming up for renewal, this is a good time to talk to your mortgage broker!
Many lending institutions will guarantee you an interest rate as soon as they receive your application. Generally speaking, the guarantee means that if mortgage rates go up, you will get the old, lower rate.
The length of time of the rate guarantee varies by the lending institution and has nothing to do with the amount you are borrowing or how good your application is, it just depends on the policy of each lending institution. A mortgage broker will be able to give you this information.
If you are buying a house, or switching your mortgage (also called transferring), the guarantee can last from 60 to 120 days (2 to 4 months). The actual completion date of your house purchase (or renewal date) must fall within this time period for the rate guarantee to take effect. If your completion date (or renewal date falls after the rate guarantee runs out, a different rate may apply, depending on whether rates have gone up or down.
Your interest rate is fixed on the day the money is advanced to either your lawyer, or you previous lender if switching.
If your mortgage is coming up for renewal, you should seriously consider switching your mortgage. Your current lender will probably give you a maximum of 30 days for a rate guarantee, and often at posted rates (no discount!). If your renewal date is Dec 1st, your rate can be guaranteed as early as Aug 1st.
A blended rate mortgage may be used if you want (or need) to increase the amount of your present mortgage. This could happen if you want to use up some of the equity in your house, maybe for renovations, or to buy a weekend cottage. Perhaps you are moving and need a larger mortgage to be able to purchase the new house.
This option is worth considering if your present mortgage has a low interest rate, or if you wish to avoid the penalty.
With this option you get to keep the balance of your present mortgage interest rate, with only the new amount at today's mortgage rates. Because you are keeping the terms of your current mortgage contract, there is no penalty involved.
If your present mortgage rate is higher than those being offered at the present time, it could be worth paying off your present mortgage and obtaining a new, bigger mortgage at today's rates.
Please discuss the current policies of the different lending institutions with your mortgage broker, to help you decide whether or not this strategy will benefit you.
When you know your price range, put together a list of your other needs and wants.
For example:
Do you have to be close to schools, public transportation, or shops?
How many bedrooms and bathrooms do you need?
What style of property do you want (e.g. 1950's, or new)?
Do you enjoy or hate gardening?
Do you need a yard for pets?
Do you need medical facilities in the immediate area?
Do you want a workshop area?
Do you want a garage?
Make your wish list as long as you like and a Realtor can assist you in finding that 'special property' that is right for you.
Realtors have access to a wide range of available properties and can advise you of the current sale prices of comparable houses. They hear about new listings and price reductions before they get listed or advertised. Realtors will arrange appointments for you to view homes and find out for you what items are included in the sale price.
Once you have selected that 'special property' you wish to purchase, the Realtor will help you negotiate with the vendor.
Your offer (purchase agreement) should include:
a description of the property - civic address and legal description
the price you are offering to pay
the amount of your initial deposit, and when it is to be paid. The deposit is part of your downpayment and is to indicate your 'good faith' when signing the contract.
the date you wish to pay for the property (the 'completion date' or 'closing date')
the date you wish to move into it (the 'possession date')
the date the buyer assumes responsibility for property taxes, rates, utilities etc... (the 'adjustment date')
what your offer includes in the price (e.g. appliances)
various 'subjects' or conditions to your offer, and the dates by which they are to be removed - for example:
'subject to the purchaser obtaining a mortgage in the amount of $..... by...(date)'
'subject to the purchaser obtaining a building inspection by...(date)'
'subject to the sale of your present residence by...(date)'
'subject to your lawyer's approval by...(date)'
the time limit your offer is open to acceptance
Your Realtor will then present it to the vendor's Realtor for their consideration.
The vendor might choose to accept your offer as is, or the vendor might make a counter offer on one or more points. It is also possible that the vendor may decline your offer completely.
If the vendor counters your offer (e.g. the vendor wants a higher price for the property), a time limit will be imposed on you. At this point you can accept the changes to the contract or walk away from negotiations. An experienced and 'cool-headed' Realtor is invaluable at this stage as emotions are often running high.
Sometimes vendors may add their conditions to a sale - such as 'subject to confirmation the purchaser can complete the purchase of...(property) by...(date)'.
Once both purchaser and vendor agree to all terms and conditions and the Contract of Purchase and Sale has been signed, dated, and witnessed, you have an accepted offer and are in a binding contract, subject only to the conditions being satisfied.
It is a good idea to meet with your mortgage broker, or a loans officer before going house-hunting. The mortgage broker will calculate the price range of properties you can consider. The application will also give you an interest rate guarantee to protect you against increases in mortgage rates for 60 to 120 days.
At the end of this meeting you are then able to tell your Realtor that you are 'pre-approved' for (or have a 'pre-arranged' mortgage for; or you are 'pre-qualified' for) a mortgage for 'X dollars'. Most realtors are then willing to spend more time with you as they then know that you are a serious, qualified purchaser.
The mortgage broker will need to know, fairly accurately, the following information:
Your gross annual income (net income in the case of a self-employed individual)
How much money you have for your downpayment
Your assets and liabilities
All monthly payments that you are required to make
It is best to provide your mortgage broker with all necessary documents at the pre-approval stage, particularly proof of income and downpayment.
The mortgage broker will usually ask your permission to perform a credit bureau enquiry at this time. If you have had prior credit problems, this may effect the rate that the broker can obtain for you. Inform the broker of any possible problems.
Your mortgage broker will calculate the amount of the mortgage for which you qualify. Together with your downpayment, you will then have an accurate idea as to the maximum amount that you can spend on a house.
Even though YOU have been pre-approved for a mortgage you should still have a 'subject to financing' clause in your Contract of Purchase and Sale. The value of the property you wish to buy is part of the final approval process, and an appraisal may be necessary. Mortgage applications may be declined because lending institutions are not willing to mortgage properties, even though the applicants are well-qualified.
These are fixed rate mortgages for terms of 6 months or 1 year. Not all lending institutions offer convertible mortgages. With a convertible rate mortgage you can lock into a longer term during the current term of your mortgage without penalty - but only with the same lender. For example, if after a couple of months you hear that interest rates are going to increase, you may change to a longer term mortgage such as the 5 year term.
The expression 'closed mortgage' originates from the 1980's when this type of mortgage was literally 'closed'. You contracted to the lender to make your payments for the term chosen, you could not pay anything additional, nor could you pay off the entire amount for any reason except the sale of your property.
These days, there are many ways to pay down your mortgage principal quicker, though the name 'closed' mortgage still remains. See pre-payment options for ways to pay off your mortgage quicker.
Fixed rate mortgages are the most popular type of mortgage. You benefit from the security of locking in your mortgage interest rate, for lengths of time ranging from 3 months up to 25 years. The rates are slightly lower than for an open mortgage for the same term.
If you think interest rates could rise, you may want to choose a longer term, such as a 5 or 10 year term. If you think that rates are going lower, you may want to gamble on a shorter length of time. Discuss this with your mortgage broker.
The major lending institutions have different pre-payment options allowed under their contracts. These options allow you to pay off your mortgage faster. It is also possible to pay off most closed mortgages prior to the end of the term or pay down a portion of the balance owing. However, lenders charge penalties for doing so.
Please note that some lending institutions will not give any pre-payment options. It is wise to find out what options are available before entering into any mortgage contract.
VARIABLE RATE MORTGAGES / ARM (ADJUSTABLE RATE MORTGAGES)
At the start of a variable rate mortgage, the lender will calculate a mortgage payment that includes principal & interest. For the term of the mortgage your payments usually do not change. However, as the prime rate changes so will your mortgage rate.
If interest rates are dropping, less of each payment will go toward interest and more will go toward principal. If interest rates rise, more of your payment will be interest and less money will be reducing your principal.
Some of these mortgages are completely open (you can pay off all or part of your mortgage at any time without penalties). Others that offer a 'prime minus' interest rate (e.g. prime - 0.375%) may charge a penalty.
The interest rate on most variable rate mortgages is compounded monthly.
CAPPED RATE MORTGAGES
These are variable rate mortgages that the lending institution has rate 'capped'. In other words, the rate will fluctuate with prime, but the institution guarantees that you will not pay more than a certain interest rate, set by them.
These mortgages often have a penalty for early 'payment in full' and are often not portable.
An open mortgage allows you to pay off part or the entire mortgage at any time without penalties. Open mortgages usually have short terms of six months or one year. The interest rates are higher than those for closed mortgages with similar terms.
CMHC's 5% DOWNPAYMENT PROGRAM was originally for first-time homeowners, but was expanded in May 1998 and is now available to all purchasers (principal residence only) who meet the normal requirements.
Under this program, CMHC sets maximum purchase prices depending on location. In Toronto, Calgary, Vancouver and Victoria the purchase limit is $250,000. In other areas where average house prices tend to be high, and in northern areas, the maximum is $175,000. Everywhere else the maximum is $125,000. Check with your mortgage broker to learn what the price limits are in your area.
If the property is a duplex (and you are buying both sides), with one side being owner occupied, the minimum downpayment is 7.5%.
Mortgage brokers and lenders must verify that the borrower has the 5% downpayment and 1.5% of the purchase price to cover closing costs. The only exception to the 1.5% is when the purchaser qualifies for an exemption of the Land Transfer Tax (Ont.) or Property Transfer Tax (B.C.), or similar provincial tax exemption. In these cases the mortgage broker or lender must ensure that there are sufficient funds available to cover all remaining closing costs. It is also possible to finance the closing costs over 12 months as long as the payments fit inside the 40% TDS ratio.
Our licensed bail agents can answer all your specific questions or give you more bail bond information 24 hours a day, 7 days a week. Please call at 732-277-9040
After The Arrest
When an individual is arrested, generally, they will be taken to a local law enforcement station for booking. During the arrest and booking process, bail will be set, if applicable. After they have been booked, the defendant has several options for release.
They may be released on a citation, they may be released on their Own Recognizance (meaning their own promise to appear in court), they may post the total amount of bail in cash directly with the jail, in some situations you can post real property directly with the court or a person may be released on a bail bond.
Release Process
The detainee is brought from the cell, personal belongings are collected and accounted for and the individual receives paperwork explaining the charges and where and when to appear in court.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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