BAIL PROCESS

NEW JERSEY BAIL BONDS

Priority Bail — Thu, 10 Sep 2009 20:39:22 -0500

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.

INTEREST GUARANTEE

Priority Bail — Sun, 06 Jan 2008 23:17:14 -0600

INTEREST RATE GUARANTEE

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.

WWW.YOURFAMILYHOMELOANS.COM

BLENDED RATE MORTGAGE

Priority Bail — Sun, 06 Jan 2008 23:15:44 -0600

BLENDED RATE MORTGAGE

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.

WWW.YOURFAMILYHOMELOANS.COM

MAKE AN OFFER TO PURCHASE A PROPERTY

Priority Bail — Sun, 06 Jan 2008 23:13:57 -0600

MAKE AN OFFER TO PURCHASE A PROPERTY.

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.

WWW.YOURFAMILYHOMELOANS.COM

APPLY FOR A PRE-APPROVED MORTGAGE

Priority Bail — Sun, 06 Jan 2008 23:10:46 -0600

APPLY FOR A PRE-APPROVED MORTGAGE. WWW.YOURFAMILYHOMELOANS.COM

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.

WWW.YOURFAMILYHOMELOANS.COM

CONVERTIBLE MORTGAGE

Priority Bail — Sun, 06 Jan 2008 23:07:38 -0600

CONVERTIBLE MORTGAGE

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.

WWW.YOURFAMILYHOMELOANS.COM

CLOSED MORTGAGES / FIXED RATE MORTGAGES

Priority Bail — Sun, 06 Jan 2008 23:06:46 -0600

CLOSED MORTGAGES / FIXED RATE MORTGAGES

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.

www.yourfamilyhomeloans.com

ARM Mortgages

Priority Bail — Sun, 06 Jan 2008 23:05:18 -0600

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.

www.yourfamilyhomeloans.com

Open Mortgages

Priority Bail — Sun, 06 Jan 2008 23:03:59 -0600

OPEN MORTGAGES

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.

www.yourfamilyhomeloans.com

CMHC 5% Down Payment Program

Priority Bail — Sun, 06 Jan 2008 23:03:04 -0600

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.

www.yourfamilyhomeloans.com

High-Ratio Mortgage

Priority Bail — Sun, 06 Jan 2008 23:01:23 -0600

HIGH-RATIO MORTGAGE

If you have between 5% and 25% of the purchase price as your downpayment, you can apply for a high-ratio mortgage. Usually these have to be insured through CMHC (Canada Mortgage and Housing Corporation) or GE (GE Capital). These are mortgage insurance companies. Purchasing insurance is a common way of qualifying for a mortgage when you have less than 25% equity. The insurance premium is charged only once (per mortgage), when the mortgage funds are advanced. You can pay the premium yourself, but most people choose to add the funds on top of the mortgage.

Loan to Lending Value Ratio	Single Advance
0 to 65% 65.1 to 75% 75.1 to 80% 80.1 to 85% 85.1 to 90% 90.1 to 95%	0.50% 0.75% 1.25% 2.00% 2.50% 3.75%

Please note: Insurance premiums are higher when there is more than one advance. This usually happens if you are building your house or having it built for you. Check with your mortgage broker to learn what the applicable premiums will be.

The insurance premium is calculated by multiplying the mortgage amount needed by the applicable percentage.

For example:

If the purchase price is $112,000 and the required mortgage is $100,000. You divide 100,000 by 112,000. This equals 89.29%.
Looking at the above chart - the premium is 2.50% when the lending ratio is 89.29%.
The next step is to multiply the mortgage amount by the insurance premium. Using our example this means $100,000 X 2.50% = $2,500. Your actual mortgage loan will therefore be $102,500.
www.yourfamilyhomeloans.com

Conventional Mortgage

Priority Bail — Sun, 06 Jan 2008 22:59:17 -0600

CONVENTIONAL MORTGAGE

If you have at least 25% of the purchase price (or appraised value if this is lower than the purchase price) as a downpayment, you can apply for a conventional mortgage.

Some lenders will require CMHC insurance because of the property's location or type, even though you have 25% or more equity.

www.yourfamilyhomeloans.com

How to make the best offer

Priority Bail — Fri, 04 Jan 2008 13:49:48 -0600

"First Time Home Buyer Down Payment Assistance Programs Available Apply Today For Your Free Mortgage Application and Free Mortgage Consultation""

732-734-4500 Ext 103Info@YourFamilyHomeLoans.Com
Online contact form

Making An Offer

Determining a Home's ValueNo matter how seasoned a buyer may be, no matter how many homes you've purchased or what you know about the market value of homes in your area, it can still be unsettling to make a formal offer. Below are some ideas about what you should or shouldn't do when making an offer on a home.

Some buyers are so worried about overpaying for a home, or missing the seller's low point, that they come in with an extremely low offer, and it alienates the seller. If the house is obviously overpriced or low is all you can offer, go ahead and do it, but keep in mind that the seller might take it as a personal insult and may not want to deal with you. Consider making a more realistic first offer, if it all possible.

If you offer too high, you may never find out if the seller had a lower point, and might pay more than you needed to for a home. Try to obtain a good idea of the market and of that particular home's market value before you make any type of offer.

Be sure when requesting an agents help for making an offer that you are talking to the buyers agent, not the sellers. A seller's agent has a specific duty to get the best deal he can for the seller. Some agents will offer you a list of comparable properties and the prices they've sold for but will not help you decide the offer. Unethical agents might even try to talk you into a higher offer because they know what the seller is hoping to get. A buyer's agent, however, will help you determine what to offer. Not only will the agent run comparables for you, but will also help you plan and write the offer and probable even present it for you. Remember that having a buyer's agent doesn't cost you anything - their commission comes from the sale of the home.

Visit your county courthouse (or equivalent place where property records are kept). Ask the staff to explain how to decipher deeds or other records that indicate sales prices. An example: Possibly each tax dollar represents $500 in sales price, so it's easy to calculate how much the buyer paid for the property. Home buyers around the US will find huge differences in the ease of this type of search. Some record-keeping systems are much simpler to access than others. Some localities have records available on disk or online, but most do not.

This type of search is easiest to accomplish when you know the address of specific properties or the names of the buyers or sellers. If you attend open houses, keep the listing sheets. When the house has sold, go get the details. Attending open houses helps you track the condition of homes. It's hard to make comparisons by looking only at recorded stats. Check your local courthouse as well because some records could include home facts, sketches or even blueprints.

You might consider ordering an appraisal before you make an offer, however, you want to be sure that the results of your appraisal are not publicized because opinions can vary by appraiser. Also check out advertised prices for similar homes because it can give you an idea of average asking prices... keep in mind, however that the sales price is probably different than the asking price. Consider taking a look at your home's tax value, but it probably won't match exactly the market value of the property.

Other factorsBe sure to consider other factors when deciding an offer amount. If the house has only been on the market for a short time, the sellers may not take the first offer, especially if it's lower than they'd desired. If it's been up for awhile or they need to move, they may be more motivated. Compare with other houses for sale in the same neighborhood or area. Look for repairs or updates needed, especially those that could be costly like roofs, plumbing, electrical, windows, baths or kitchens. If the repairs could be costly and immediate, the offer price could be lower if the seller understands why it is. Remember that your final decision on what to offer will come as a combination of your instinct and research.

For more information about preparing a contract Click Here.
Before you offer, be sure to consider the Resale Potential of Your New Home.
Click Here to contact your realtor!

Home Buying Mistakes

Priority Bail — Fri, 04 Jan 2008 13:48:56 -0600

"First Time Home Buyer Down Payment Assistance Programs Available Apply Today For Your Free Mortgage Application and Free Mortgage Consultation""

732-734-4500 Ext 103Info@YourFamilyHomeLoans.Com
Online contact form

10 Things Not To Do When Home Buying It's Not Yours Until the Paperwork is Complete

You're counting down the days until closing, the sellers have accepted your offer, the lender has you pre-approved and the house is officially under contract. Does this make the home yours? Nope - nothing is certain until all the paperwork has been signed, and the keys are in your hand. There are still some things that can happen before you close, and if you're not careful about your actions between now and closing, you might accidentally slow things down, cause yourself stress, or worse, break the deal. Here is some advice on what NOT to do until the ink is dry:

1. Don't Change Jobs

Banks are always nervous about lending money, and usually a mortgage is the most a person may ever borrow. Banks like to see consistency in your job history. They are less nervous if you change jobs within the same field, but they prefer if you stay put, especially when waiting for mortgage approval. Until the keys are in your hands, don't change jobs unless it's absolutely necessary.2. Don't Make a Large Purchase

It is wonderful news if you've just found out your credit is great. However, making a major purchase can quickly change your credit rating, because it changes your debt-to-income ratio. Although a new car would look great in the driveway of your new home, the car payment will not look great to those lending you money. They may decide not to lend you money after all. It's better to wait until after closing to make any major purchases, including furniture, cars, etc. If you absolutely must make a large purchase, it's a good idea to talk to your loan officer before you do it.3. Don't Give Earnest Money Directly to a For Sale By Owner

Sad as it is, sometimes a seller spends a buyer's deposit money prior to closing. If the transaction doesn't take place, even for valid reasons, like financing problems, repairs, etc., the buyer ends up fighting to retrieve their funds. Your deposit is probably safer if placed in a trust account. Some sellers don't realize or understand that deposit funds are to be applied to your closing expenses. Find a neutral party, preferably an attorney, someone who can hold your deposit until you close. It's also a good idea that your contract defines what happens to these funds if closing never takes place.4. Don't Forget to Switch Utilities

It may seem simple to arrange for utilities to be started or stopped, however many people forget to cancel or apply for utility service. As soon as you have a contract, it's a good idea to call the utility company. Find out how many days lead time they need in order to switch the service, and be sure they'll be discontinuing services at your old home. Depending on how far the move between your old home and your new one, you may have to contact a different utility company for the same service.5. Don't Forget Hazard Insurance

Hazard Insurance is another often forgotten task that some buyers scramble to take care of right before closing. Before you can close, a lender will want ensure that you have some type of coverage for the new home. Obtain this coverage as early as possible in order to avoid delaying the closing. In some areas, other types of insurance coverage may be required. Your lender can indicate what insurance requirements there are in your area.6. Don't Allow Emotions to Take Over

While searching for a home to buy, it's important to be realistic. There is no perfect home, although there is a home perfect for you. If there are repairs needed, don't allow the seller's refusal to do a small repair ruin the deal or your dreams. Often, it isn't a big deal for the buyer to make small repairs. However also keep in mind that some repairs are too big, so don't allow yourself to fall in love with a house that you may not be able to handle, financially or emotionally. Decide beforehand what kind of repairs you can realistically handle and then stick with that decision when looking for homes. Remember to maintain a good attitude and keep a cool head throughout the entire process, including during and after an inspection, as well as at closing. 7. Don't Make Friends with the Seller

Although it's important to be cordial, it isn't a great idea to get into a lot of discussion with the seller. No matter how nice you are, the home you are buying used to be theirs and you may just hurt their feelings by making a comment you think is fine. Everyone makes changes to their new home, but some sellers don't like change and a casual statement could end up costing you when issues about repairs or other things come about. Be friendly, but don't make friends with the sellers. Remember, it's not always a good idea to mix business with pleasure. 8. Don't Panic if the Appraisal Comes in Low

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9. Don't Ignore Lender Requirements

Every lender will have certain requirements or documentation. Listen carefully and provide everything they need in a a timely manner if you want things to go as quickly as possible. Your closing may depend on it. 10. Don't Do Things Alone

If you decided to work with an agent, part of your agent's job is making sure things go smoothly and that closing is completed. A good agent should be tracking most of the day to day details that involve the buyer, the seller, the lender or the seller's agent. Don't let your agents off the hook by neglecting to ask for their help. Remember, they're getting paid to help you.
To contact your agent today, click here.
Also, check out Tips for New Home Buyers!

More Tips on Home Buying

Priority Bail — Fri, 04 Jan 2008 13:48:14 -0600

"First Time Home Buyer Down Payment Assistance Programs Available Apply Today For Your Free Mortgage Application and Free Mortgage Consultation""

732-734-4500 Ext 103Info@YourFamilyHomeLoans.Com
Online contact form

11 Steps to Home Buying Success

Despite the fact that real estate transactions can vary based on laws and customs were you live, some home buying steps are standard, although the order in which they are accomplished may change depending on your location.

Once you begin to understand all parts of your home buying journey, you'll feel confident with all the requirements of those involved in your transaction, as well as yourself.

Put your finances in orderBefore you apply for a home loan, it's a good idea to find out what your credit reports say about your financial history. Your credit report gives lenders an ongoing look on how you manage finances. Your lender will use this to determine your interest rate and other loan terms. If it's been awhile since you last looked, you might be surprised at the content of each report because errors are sometimes reported. There are ways you can clear up any mistakes.

Decide on your needs and wantsEven if you find yourself short on funds, buying a house isn't all that difficult if you are already familiar with your real estate market and have determined what your needs and wants are before you start looking at homes.

Familiarize yourself with the mortgage industryIn order to have home buying success, it is crucial to find both right lender and the right loan. Only you can determine which lender can best meet your needs, so it's a good idea to have a bit of background about the loan process before you start talking to a lender.

Get Pre-Approved for a mortgageBefore house hunting seriously, before approaching a seller, before any decisions about your home, you need to find out how much house you can afford. To do so, talk to a lender. When a seller is presented with two similar offers, and one has no paperwork, and the other has a letter from the bank stating he has been approved for a mortgage in the amount being offered, the seller will probably chose the buyer that has been pre-approved. Wouldn't you?

Working with Real Estate Agents It's important to understand agent duties and loyalties before you make the first phone call to find an agent. Real estate agents represent buyers, sellers and in some states they work as a facilitator for either party - or both. Find a Real estate agent who will work for your best interests and not someone else's.

The fun part - Finding A HomeSome ideas of excellent ways to see what is available: from your agent obtain a sheet of multiple listings to study, read classified ads in newspapers, and pick up magazines (usually free) with Houses for Sale, you might even spend free afternoons driving through neighborhoods to preview the area and homes available. You can even search the internet for thousands of listings.

Tasks to accomplish before you offerDeciding what you want your house to look like, including structure and features, isn't the only important part of your purchase. Also review things such as it's resale potential, heating system efficiency, if the square footage reported is accurate or if there are any other rights to the property.

Making an offerThere are different real estate laws and customs throughout the United States, so there isn't a specific set of instructions that can cover how to make an offer, but there are a few tips that can help, no matter where you live. These include: what comes with the house, (appliances, any furnishings, outside play set, etc.) date of possession, decide how much to offer, any info seller needs to disclose, and if lead paint disclosures are required.

Home Inspections and other testsIt's critical for you to decide which inspections and tests you want to perform... some state require them before the final offer to purchase, while others take place after an offer is final. You can talk to either your agent or an advisor to find out when they should be done and how to handle them. They can also inform you of additional types of testing for your specific area.

Correcting or avoiding problems at the last minuteAs your closing date nears, everyone involved in your real estate transaction should check its progress on a daily basis, because staying on top of things means you'll know immediately if there's a problem that must be dealt with. Here's a bit of information that focuses on a few common problems that home buyers must deal with before they close on a house. If you stay on top of things, especially as your closing date nears, you'll know immediately if a problem arises or needs to be dealt with. Everyone involved in your transaction should check its progress on a daily basis. A few problems that you might encounter before closing could include: dealing with a low appraisal, changes in your credit (don't make a major purchase or change jobs until after you've closed), switch utilities, be sure insurance is lined up and don't let your emotions take over.

ClosingMost of the problems are behind you now and you're on your way to closing, also called settlement, the event that transfers ownership of the property to you. Just a few more things to learn, a few more things to do, and you're there! Closing or settlement, as it's also called, refers to the event of transferring ownership of the property to you! Problems should be behind you and once you do a final walk through of the home, you should be ready to sign.

Congratulations!!
Don't ever hesitate to ask questions... whether this is your first home buying experience, or your 21st, it's important to be sure you understand the entire process. You are spending a lot of money, more than you may ever spend again, and you are making a long term commitment. You'll feel better as will those involved if you know what is happening. The steps outlined are a general guide. Every issue you encounter will be specific to your transaction. These issues can best be handled or explained by those helping you complete the deal. Enjoy the journey!

Also check out Tips for New Home Buyers
If you're also selling your home, click here
Don't forget to look for Home Warranties for Buyers and Sellers

Great Tips for First Time Buyers

Priority Bail — Fri, 04 Jan 2008 13:47:30 -0600

"First Time Home Buyer Down Payment Assistance Programs Available Apply Today For Your Free Mortgage Application and Free Mortgage Consultation""

732-734-4500 Ext 103Info@YourFamilyHomeLoans.Com
Online contact form

Terrific Tips for First Time Home Buyers

It might surprise a first time home buyer that they aren't the only ones who feel confused about the whole home buying process. Almost all home buyers feel the same way, even those who have purchased a home before. It's easy to forget some or all of the home buying steps you've followed in the past. Here are some tips on how to begin:

Educate YourselfYou may have relatives or friends who live in another state or area. They might have some good advice for you, but chances are that the home buying process varies greatly in different areas, so do not make the mistake of relying solely on their advice. Educate yourself about the home buying customs where you want to live. You can talk to realtors, mortgage brokers, loan officers, or even friends who've recently moved into your area. Also the public library might be a good resource.

How to Get Educated Approach a real estate agent by explaining that you do not want to enter into an agreement for representation at the current time. However, find out if they will talk to you about a typical home buying scenario. Any agent that won't take a few moments of time to help you understand home buying, probably, isn't an agent that you want to work with. If you have to make several calls to find someone willing to help you, it will be worth the effort. If you aren't comfortable talking to a real estate agent, you can always try a mortgage broker or a loan officer. Everyone will have a different perspective of the process but all should be able to give you a basic overview or understanding of the home buying process.

Questions to Ask An AgentOnce you find answers to these questions, you'll have a much better idea of the basic home buying customs in your area.

If I decide to work with an agent, once I've decided to purchase a home, will the agent help me compose my offer? If not, who would be willing to help? (Lawyer, Broker, etc.) Some agents use fill-in-the-blank forms and if so, ask for a sample to take home and study and possibly use for ideas to create your own.
Will an agent give me a sample copy of typical disclosures? What kind of disclosures are sellers required to give to their buyers? Does it differ by city or area?
Is a home inspection standard in the area? Are there other types of inspections recommended? How much does an inspection usually cost, and who pays the cost, buyer or seller? When is the inspection usually done, before or after an offer or closing?
Is a survey of the property required, and if so, who pays for it, the buyer or the seller?
If I want to be sure the deed to the title is problem free, do I need to contact a title company? Does someone else do this for me? What is the average cost for this service?
Who acts as settlement agent, the person who puts together final paperwork for you to sign? (attorney, title company personnel, real estate broker, other)? Who will put together final paperwork for signing (otherwise known as settlement agent)? Several options could include title company, real estate broker, attorney, etc.
Other than loan costs, what's the average total cost for other closing fees? What is the average total cost of closing fees, other than the cost of the loan? What is included in these fees, such as taxes, agency fees, etc.?
Once my offer has been accepted, how long does it normally take to close on a home? What might hold closing up or make it difficult?
What can I, as the buyer, do to ensure things go smoothly?

Stay CalmIt is very likely that you will hit a few snags on the way to closing - most people do. However, if you keep your head clear, you will be able to work with the right people to resolve any issues that pop up and the transaction will end up smoothly. There are many details to keep track of, so remember not to over react if something goes wrong, and every problem has a solution.

Now BeginNow that you've reviewed this section, your next steps are the same as they would be for every home buyer. Relax, take a few deep breaths and then begin! Dig into the details and simply start the home buying process. If you allow yourself to enjoy it, the whole experience can be fun!

Helpful links for first time home sellers: What is Home Staging and Advice on Staging Your Home
Also beware of 10 Things NOT to do when Home Buying

Very Good Resources

Priority Bail — Fri, 04 Jan 2008 13:46:45 -0600

"First Time Home Buyer Down Payment Assistance Programs Available Apply Today For Your Free Mortgage Application and Free Mortgage Consultation""

732-734-4500 Ext 103Info@YourFamilyHomeLoans.Com
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Resources

For Sale By Owner

2 Bedrooms 2 Baths Single Family Jackson NJ
3 Bedrooms 2 Baths Jackson NJ
5 Bedrooms 4 Baths Single Family Westfield NJ
7 bedroom Mother/Daughter New Jersey
Keansburg NJ GREAT BUY!

Rate A Home Services

http://www.yourfamilyhomeloans.com/frame.i?http://www.rateahome.com

Realtors

Tammy Shaw * 45 City Square Hoschton, GA 30548 * 706-654-4100 X720 * Cell: 404-717-7945 Fax: 706-658-0121 www.TammySellsGeorgia.com

Ravenna "Ray" Taylor Realtor®/Associate Abundant Real Estate Direct line: (609)267-9117 http://www.raytaylorhomes.com/

Ravenna "Ray" Taylor

· CENTURY 21 Abundant Real Estate • 1862 Burlington/Mount Holly Rd, Mount Holly, NJ 08060

phone 609-267-7653 • fax 609-261-8547 • RayTaylorC21@aol.com

Gina M. Washington * Century 21 Town & Country * 350 Cranbury road East Brunswick, NJ 08816
Direct: 732-208-4766 Office: 732-257-3000 ext. 30 Fax: 732-238-7188 E-mail: Encore1103@comcast.net www.GinaWashingtonRealtor.com

Local Information

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Watch the latest videos on YouTube.com Ron Paul 2008 http://www.ronpaul2008.com/

Other Helpful Resources for Buyers

Terrific Tips for 1st Time Buyers
The first place to look when thinking of buying a home.

Steps to Home Buying Success
Home buying is a complicated process, especially if this is your first time. Where do you start? These steps will help you through the process to make your home buying experience a success.

Home Buying Mistakes
Whether you are just thinking about buying or already mid-way through the process, every buyer can benefit from these tips - and avoid these mistakes!

Making an Offer
A guide for making an offer on a home.

Handling Home Buyers Remorse
How to handle commmon worries.

Resale Potential of New Home
It may seem strange, but before buying a home, consider its resale potential.

Other Helpful Resources for Sellers

Steps to Take Before You Sell
Selling a home can be difficult. Unsure about whether or not to use an agent? Want to get the best price for your house in the least amount of time? We've compiled several tips to guide you on your journey.

Home Preparation Tips
Ideas for tips on how to prepare your home for sale.

Preparing Your Home to Show
More ideas on how to prepare your home for showing.

What Is Home Staging?
Heard the term, but not sure what it means? We've got the explanation and ideas for you!

The Importance of Curb Appeal
The outside of your house is as important as the inside. Find tips to improve your curb appeal.

The Realities of Home Showings
Once you're ready to show, be prepared for the realities of showing - save yourself frustration!

Passing Home Inspection
A few ideas on how you can better help yourself pass your home inspection.

Resources for both Buyers and Sellers

Why Good Houses Don't Sell
Buyers take advantage of it, Sellers beware!

Before Signing an Agreement
Using an agent can be a great idea, but before you sign an agreement be sure you know which one you want.

Preparing Contract Contingencies
Suggestions of things to put in the contract.

Dealing with a low appraisal
Appraisal came in low? Don't panic - there are options.

Is an Adjustable Mortgage Good for me?

Priority Bail — Fri, 04 Jan 2008 13:43:33 -0600

An adjustable rate mortgage has a variable interest rate. This means that your monthly payment will fluctuate with the current interest rate levels.

Half the problem when you're looking for a good mortgage deal is knowing the right questions to ask. Even if you find the most crooked, self-interested lender out there, he or she will be under a strict legal obligation to tell you the truth about financial matters, and about the costs and benefits of a mortgage or other financial deal that you enter into. Know the right questions to ask, and you can pin them down into giving you the information they might not want to volunteer.

I educate my clients, that way they do not make mistakes when they choose a mortgage loan program.

www.yourfamilyhomeloans.com

People always ask what is FHA

Priority Bail — Fri, 04 Jan 2008 13:39:52 -0600

Part of the US Department of Housing and Urban Development (HUD). It was established in 1934 to encourage improvement in housing standards and communities. The FHA insures mortgage loans.

Federal Housing Administration, an agency of the federal government which insures private loans for financing of new and existing housing and for home repairs under government approved programs.

A federal agency within the Department of Housing and Urban Development (HUD) that provides mortgage insurance for residential mortgages and sets standards for construction and underwriting. The FHA does not lend money, nor doesit plan or construct housing.

An insurance contract in which HUD through FHA insures that the named lender will recover a specific percentage of the loan amount from the insurer (FHA) in the event that the loan goes bad.

All great answers

www.yourfamilyhomeloans.com

People always ask me What is Reverse Mortgage

Priority Bail — Fri, 04 Jan 2008 13:36:39 -0600

Reverse Mortgage: A loan on home equity. The lender makes regular tax-free payments to the homeowner for life.

A special type of loan available to equity-rich, older owners. Repayment is not necessary until the borrower sells the property or moves into a retirement community.

A special type of loan used to convert the equity in a home into cash. The money obtained through a reverse mortgage is usually used to provide seniors with financial security in their retirement years

this mortgage lets an owner convert home equity into cash; unlike a traditional home equity loan or second mortgage, however, no repayment is required with a reverse mortgage until the borrower no longer uses the home as a primary residence. ...

essentially a home owner signs over the ownership of the real estate to the lender in return for a stream of payments

Money borrowed by senior citizens using their home as collateral. This loan has to be repaid from the proceeds of the estate when the owner dies.

A facility aimed predominantly at retired people to provide either an ongoing income or a lump sum. The loan is taken against equity in the home, and no repayments are required, but interest will capitalize on the loan.

A loan giving a senior homeowner the ability to change home equity into cash. Usually no payments are due until the senior moves, passes away, or the home is sold. The loan is due when the senior dies, moves, or sells. The final payment is calculated to not exceed the home's selling price.

A loan to home owners age 62 or older that allows them to borrow against the equity in their home, assuming they occupy the home as their principal residence for the majority of the year. ...

Rather than paying into a mortgage, certain qualified homeowners can tap into their equity for retirement support using a reverse mortgage.

All of these are great answers!

Ron Paul 2008

Priority Bail — Fri, 04 Jan 2008 13:30:55 -0600

Ron Paul rips Fox News as ‘propangadists for war.'

Fox News will reportedly exclude Ron Paul from an upcoming forum of Republican candidates to be broadcast on January 6, 2008. The Boston Globe's James Pindell reports Paul's response:

Ron Paul said the decision to exclude him from a debate on Fox News Sunday the weekend before the New Hampshire Primary is proof that the network "is scared" of him.
"They are scared of me and don't want my message to get out, but it will," Paul said in an interview at a diner here. "They are propagandists for this war and I challenge them on the notion that they are conservative."

Cool video
Ron Paul 2008 http://www.ronpaul2008.com

Other Helpful Resources for Buyers

Terrific Tips for 1st Time Buyers
The first place to look when thinking of buying a home.

Steps to Home Buying Success
Home buying is a complicated process, especially if this is your first time. Where do you start? These steps will help you through the process to make your home buying experience a success.

Home Buying Mistakes
Whether you are just thinking about buying or already mid-way through the process, every buyer can benefit from these tips - and avoid these mistakes!

Making an Offer
A guide for making an offer on a home.

Handling Home Buyers Remorse
How to handle commmon worries.

Resale Potential of New Home
It may seem strange, but before buying a home, consider its resale potential.

Other Helpful Resources for Sellers

Steps to Take Before You Sell
Selling a home can be difficult. Unsure about whether or not to use an agent? Want to get the best price for your house in the least amount of time? We've compiled several tips to guide you on your journey.

Home Preparation Tips
Ideas for tips on how to prepare your home for sale.

Preparing Your Home to Show
More ideas on how to prepare your home for showing.

What Is Home Staging?
Heard the term, but not sure what it means? We've got the explanation and ideas for you!

The Importance of Curb Appeal
The outside of your house is as important as the inside. Find tips to improve your curb appeal.

The Realities of Home Showings
Once you're ready to show, be prepared for the realities of showing - save yourself frustration!

Passing Home Inspection
A few ideas on how you can better help yourself pass your home inspection.

Resources for both Buyers and Sellers

Why Good Houses Don't Sell
Buyers take advantage of it, Sellers beware!

Before Signing an Agreement
Using an agent can be a great idea, but before you sign an agreement be sure you know which one you want.

Preparing Contract Contingencies
Suggestions of things to put in the contract.

Dealing with a low appraisal
Appraisal came in low? Don't panic - there are options.

The Home Buying Process

Priority Bail — Sun, 30 Dec 2007 22:57:26 -0600

The Home Buying Process

The first step to thinking like a mortgage professional is to understand the home buying process. That is, the series of events that take place from start to finish. Once you gain an understanding of this process, you'll start thinking like someone in the industry. It's really not as hard as you think, especially when you've got people working hard for you on each front. Just make sure you choose the right people, and always shop around. And remember, if you put yourself in a time crunch, you'll come out on the losing end.

All that said, the home buying process begins when a potential homeowner starts thinking about purchasing a piece of property. At this time, the potential homeowner would search available listings or hire an agent, and also figure out what is in their price range. Knowing what you can afford is a critical step in the process, and should be addressed long before the entire process begins. Otherwise you could just be wasting your time and money.
As soon as the potential homeowner has sought out the desired piece of property, they would need to make an offer to the seller. If the seller accepted the offer, a legally binding purchase contract would be written up, and the potential homeowner would need to put down a deposit. This offer would include a sales price, a down payment amount, a proposed closing date, and any contingencies agreed upon.
Adding contingencies to the purchase contract is essential. First, you'll want to add a contingency that states if you aren't able to obtain a mortgage in a certain time frame, you aren't liable to purchase the home. Another related contingency would require you, the buyer to secure a certain interest rate and term on that mortgage. It's a good idea to add this type of contingency to protect yourself against rising interest rates and unstable market conditions. After all, rates could jump and push the deal out of your price range.
An inspection contingency is another essential, as it allows the potential buyer to cancel the deal if the inspector finds anything wrong with the home. Required contingencies will also usually include termite and pest inspections, which nearly all lenders require.
www.yourfamilyhomeloans.com

Buying Down Your Interest Rate

Priority Bail — Sun, 30 Dec 2007 22:55:51 -0600

Buying Down Your Interest Rate

Many borrowers and potential homeowners look for the lowest possible interest rate, even if it means pulling money out of their pocket at the time of financing.

Though most borrowers take a higher interest rate to avoid any closing costs, some savvy homeowners will take the lowest possible interest rate and pay the one-time fees to save money in the long run.
If you're working with a bank or broker, you can easily buy down your interest rate by expressing what rate you'd like to pay, and inquiring about the cost to acquire such a rate. This is called buying down the rate, and is quite common in the mortgage industry.
Many potential borrowers see mortgage advertisements for "no point mortgages" or "zero point mortgages" and are quick to jump on them. While these no cost loans may serve well to leverage your money, for most borrowers who have decent asset reserves, buying down the interest rate may be a better idea.
Deciding whether to buy down your interest rate or not is fairly easy, and if you get your hands on a rate sheet, you can make the decision quite easily usually. Most mortgage programs have a system where you'll pay about .25 in fee for .125% in rate change.
For example, if your interest rate at the par rate is 6.25%, but you'd like a rate of 6%, you'll need to buy down that rate.
A rate sheet would look something like this:
Rate - Price
6.375% - -0.375
6.25% - 0.00
6.125% - 0.25
6.00% - 0.50
5.875% - 1.00
5.75% - 1.75
Each rate has a corresponding price, which is simply displayed as a percentage of the loan amount. A loan at the par rate would be 6.25% in the above example, as it has an associated price of zero.
If you look at the buy-down ratio for each rate, it isn't exactly a perfect science. Usually as the interest rate goes lower, the price goes higher, often disproportionately. That's why it's important to decide on a pricing threshold where it makes sense to buy it down.
Many homeowners may have a certain interest rate in mind that they must have. It's foolish to go after a certain rate, especially when the cost associated may eclipse the actual savings you'd accrue over time with the lower rate.
That's why it is important to compare your mortgage payment at different rates and the associated costs for buying down those rates.
Look at a comparison of interest-only mortgage payments:
$500,000 loan amount
Rate of 6.25% with a price of 0.00 Monthly payment: $2604.17
Rate of 5.875% with a price of 1.00 Monthly payment: $2447.92
Total savings monthly: $156.25
Total cost to buy down rate to 5.875%: $5000.00
It would take roughly 32 months to realize the savings associated with a rate of 5.875%. It may be worth it if you plan on staying in your home over a long period of time, but if not, it might be wise to stick with an interest rate with no cost.
Do the math to figure out which rate makes the best sense to buy down to based on your long term plan with the associated property. Buying down your interest rate can be a great decision, but also a foolish one if you pick up and go after a year or less. And don't fixate yourself on an exact interest rate. It simply isn't worth it sometimes, especially when the price doubles to drop the interest rate a mere eighth or quarter.
www.yourfamilyhomeloans.com

FHA Mortgage Loans

Priority Bail — Sun, 30 Dec 2007 22:48:12 -0600

FHA Mortgage Loans

An "FHA loan" is a mortgage insured by the Federal Housing Administration that can be issued by any federally qualified lender. The FHA established the mortgage program in 1934 to help lower income borrowers obtain a mortgage who would otherwise have trouble qualifying. Before then, it was common for potential homeowners to put down 50% of the value of the home as a down payment.

The FHA has a variety of programs for first-time homebuyers and reverse mortgages for senior citizens, and has insured more than 34 million mortgages since 1934.
FHA loans are government-backed, which protect lenders against defaults, making it possible to offer potential borrowers lower interest rates. Keep in mind that the FHA doesn't actually lend money to borrowers, nor does the agency set the interest rates on FHA loans.
FHA loans are available for both purchases and refinances, including cash out refinances. FHA loans can be used to finance residential 1-4 unit properties, including condominiums, manufactured homes and mobile homes (provided it is on a permanent foundation), but you may only hold one FHA loan at any given time.
Because FHA loans are government-insured, they have easier credit qualifying guidelines than most lenders, as well as relatively low closing costs and down payment requirements. With an FHA loan, your down payment can be as low as 3% of the purchase price, and closing costs can be bundled with the loan amount.
Another advantage of an FHA loan is that they start at lower-than-market interest rates, and carry fewer costs than conventional mortgages. FHA loans can be either adjustable-rate mortgages or fixed-rate mortgages. If the interest rate is adjustable, it will be based on the 1-Year Constant Maturity Treasury Index, which is the most widely used mortgage index.
If the loan-to-value is greater than 80%, mortgage insurance is required. FHA loans have an up front mortgage insurance premium equal to 1.5% of the loan amount. This is typically bundled into the loan amount and paid throughout the life of the loan. If the loan-to-value exceeds 90%, you will have to pay an annual mortgage insurance premium of 0.5% of the loan amount until the loan balance falls back below the limit.
The FHA does have guidelines that need to be met, but generally makes it easy for potential homeowners to qualify for a loan.
Make sure you compare FHA loans with conventional loans as well. There will be cases when the benefit of one outweighs the other. FHA loans are not guaranteed to be a better deal than other mortgages, so take the time to shop around. And watch out for unscrupulous FHA-qualified lenders who may try to misinform you.

www.yourfamilyhomeloans.com

Loan Officer Jobs

Priority Bail — Sun, 30 Dec 2007 22:46:11 -0600

Loan Officer Jobs

So you need a job and now you're thinking about becoming a loan officer?

It's true, loan officer jobs pay more than most any other job out there, assuming you haven't passed the bar or made your way through medical school.
But it can't be that easy could it? To make six figures without a high school diploma, you'd think you would need to invent something or start your own business, or be a trust fund baby. But the prospect of being a loan officer has changed conventional thought, especially as the housing market shot off in recent years like a bottle rocket.
So now as we lay in the wake of the housing bubble burst, are loan officers still making money? The answer is a resounding yes, but the numbers of loan officers have probably been cut in half, if not more in the last year or so.
And the quality of mortgage loans at the moment isn't what is once was a few years ago. It seems most of the smart money already refinanced, or made purchases before values went up. And the only deals around at the moment are tricky and riddled with hurdles.
But if a loan officer gets just one of those deals to go through, it often equates to a huge payday, sometimes as much as a year's salary working a minimum wage job or a lower paying occupation.
So that's the incentive, big money. But there are a number of questions you need to ask yourself before setting out in the mortgage industry as a loan officer.
First and foremost, it is not an easy job. Sure a mortgage broker or bank may say it's simple. And sure, you may not have to work very hard, or take part in any back-breaking work. But factor in the stress, the near misses, lost deals, and the wheel-spinning and it isn't as favorable as they may make it out to be.
You will lose deals, and you will waste a lot of time. You will have mental breakdowns as deals fall through your fingers, and brokers and agents scream at you as deadlines close in.
But if you can handle it, being a loan officer can be quite lucrative, and quite easy if you organize yourself.
It's not for everyone, and there is definitely a lot you need to learn before starting a career in mortgage. And once you get a taste of the money you may have trouble walking away, no matter how high the stress and quality of your life.
All that aside let's look at the reality of a loan officers' duties on a daily basis.
www.yourfamilyhomeloans.com