Colonial is a popular style for residential properties, especially here in Marlboro, NJ. This design originated in the 1800s and is therefore often found in older properties. Colonials have specific characteristics that distinguish it from other home designs. Below are details of Marlboro NJ colonial style homes.
Marlboro NJ Colonial Style Homes
Colonial style homes are most often free-standing structures with at least two complete floors and a square footprint. Both floors typically have an identical or near-identical footprint. The layout is commonly symmetrical with the main entrance in the center and windows on both sides of the front door, although modern variations of the Colonial home design will sometimes have the entrance off to one side. The top floor of a Colonial home contains the bedrooms and the bottom level houses the living room, dining room, kitchen, and perhaps a family room. The front door opens to a foyer with stairs to the second floor. A garage or exterior deck are also popular features of Colonial houses. Roof design vary but will ordinarily allow for some attic space. Additions offer unique twists to the typical shape of traditional Colonial style homes.
Marlboro NJ Colonial Style Properties For Sale
If you are a big fan of this home style and are looking in the Marlboro, NJ area, please take an opportunity to Search Marlboro NJ Colonial Style Homes on my website.
Popularity of Colonial Style
Colonial homes are desirable for several reasons. Many consider it ideal to have the bedrooms on a higher floor from common living areas. There are also a variety of exterior designs and variations of Colonial style houses that are visually appealing. Farmers porches, columns, elaborate front doors, and grand foyers are just a few enhancements. You will find many Colonial properties on the market in Marlboro, NJ, specifically for modern houses. This completes our overview of details of Marlboro NJ colonial style homes.
For additional information on Marlboro NJ Colonial Style Homes, please contact Sujatha Bhaskara of Keller Williams Realty by calling 732-319-1340 or by emailing firstname.lastname@example.org. For more information on what’s happening in the Marlboro, NJ real estate market, sign up to become a Marlboro Market Insider today!
FHA Home Loan Program Overview for Marlboro, NJ Buyers… FHA is a home loan program where private mortgage insurance is provided by the Federal government. Most major mortgage companies offer it. Although the program is often used by first time home buyers, it is not restricted to them. This blog provides FHA Home Loan Program Overview for Marlboro, NJ Buyers and pre-approval guidance to help you decide whether it is a home loan program that you should consider.
Benefits Of FHA Loans
There are a few important benefits of FHA loans. The lowest down payment for FHA mortgages is 3%, which satisfies home buyers who do not have a 20% down payment. They also allow home buyers to receive funds for down payment and closing costs as a gift from a family member. Another benefit is the streamlined refinancing option. It allows a refinance to a lower rate without needing a new appraisal, which is useful if mortgage rates and home values both drop. The mortgages are also assumable, meaning that a buyer may take over the loan at the existing interest rate. This can help when interest rates rise. Lastly, FHA does not penalize buyers for credit rankings. Although buyers must still maintain satisfactory credit, below average scores will not lead to higher interest rates.
Downsides Of FHA Financing
There are downsides of FHA financing to keep in mind. The mortgage insurance (MI) is typically more than a conventional loan. There is an up-front large fee and a recurring fee due with each payment until the balance is paid down below 80% of the purchase price (or updated appraised value). For condominium units, the condo complex must meet certain requirements such as minimum reserves and minimum owner occupancy rates. Converted multi-family buildings and duplexes are therefore difficult to get approved. Single family homes must also meet certain criteria geared towards safety concerns.
FHA Pre-approval Guidance
Prior to applying for a pre-approval, pull your credit report and address any mistakes. Also obtain important financial paperwork such as bank statements, tax returns from past years, recent pay stubs, and investment account statements. Underwriters will typically ask for these items. Ask a loan officer to obtain potential monthly payments (based on a particular home price and your financial qualifications) and closing costs before getting too far in the process.
FHA Home Loan Program Overview for Marlboro, NJ Buyers
FHA makes purchasing a home easier for some home buyers who may otherwise not be able to get a loan. It may also make refinancing or selling a property easier in the future. However, it does have higher fees and property-specific requirements, so not everyone is able to or may want to use an FHA home loan program. Speak with an FHA loan professional to better evaluate this option. Contact me at 732-319-1340 or by email at email@example.com if you would like more information. I would be happy to help! To begin your home search in Marlboro, NJ, please visit Best in NJ Real Estate – Marlboro, NJ Homes for Sale.
There are many distinct steps in the real estate buying process, and many relate to the mortgage. It can be confusing for both new and experienced buyers. This blog provides important details about steps in the mortgage process for purchasing Marlboro NJ homes and covers what you may want to know prior to beginning the process.
Steps In The Mortgage Process For Purchasing Marlboro NJ Homes
A pre-approval is an introductory review of your finances and credit history to estimate what you may be able to receive as a loan amount. It verifies that you meet the preliminary criteria for financing. Pre-approvals are not a guarantee that you will be able to obtain financing, but is a typical first step in the mortgage process.
An application occurs usually after you have an accepted offer on a home. You may be asked for additional financial paperwork and information. The details on the home are also submitted to the mortgage company for review. They will request a copy of the Purchase and Sales agreement in order to proceed. Your contract will typically specify that you submit an application before a specific date.
An appraisal is ordered by a lender (although buyers are in most cases charged the fee for it) to identify the current market value of the property. Appraisers will compare your property to others that recently sold in the area within the last several months. An exact dollar amount is generated. Ultimately, the value of the real estate must satisfy the loan amount.
After your financial information and the details on the property are analyzed, the mortgage company issues a commitment letter. This assures the parties that no major problems have been identified and that the mortgage company is somewhat certain that the mortgage will obtain approval. There can be a few conditions included in the letter such as an employment verification and additional credit check. Therefore, it is essential not to complete costly purchases or alter your financial situation even after a commitment is issued as it may lead to last minute issues.
Clear to Close
A clear to close is basically the final approval of a loan. It verifies that all requirements have been satisfied and that the mortgage company can release the information to the closing agent. This sometimes takes place within days or hours before the anticipated closing date.
The settlement includes signing of documentation and filing of paperwork into public record. Be sure to bring acceptable identification and a money order or bank check for any monies you are paying. Personal checks or cash are traditionally not acceptable. The transfer of funds takes place at or shortly after and the real estate will be officially yours!
A Few More Tips
Deadlines are an important factor of any real estate transfer, so make sure that you know the deadlines and what you must perform to satisfy each one. Getting representation from a experienced mortgage consultant and real estate broker is very important. They can offer advice and assistance, monitor deadlines, and ensure a more positive experience. As a local real estate consultant, I will offer representation during the mortgage and overall home purchase process. You may reach me, Sujatha Bhaskara, at Keller Williams Realty via phone at 732-536-9010 or email at firstname.lastname@example.org. To begin your home search in Marlboro, NJ, please visit Best in NJ Real Estate – Marlboro, NJ Homes for Sale.
Marlboro, NJ First Time Buyer Advice
The home buying process can be a bit intimidating for first time buyers. The Marlboro, NJ first time buyer advice below can help. Real estate is a big investment and buyers should become educated on the process.
Before Beginning a Home Search
Select a Local Lender & Request a Pre-approval
Speak with a local mortgage provider and request a pre-approval. The programs and offers may vary from one company to another. Review the options and closing costs to decide the best option. This will help you understand the estimated up-front and monthly costs of home ownership. This will offer a good estimation of what you can afford.
Find a Real Estate Expert
Find a real estate expert to guide you through the home buying process. Evaluate several agents and pick one that best fits your needs. Experienced brokers can help you identify appropriate properties, prepare offers, and ensure a smooth transaction. This guidance can be essential first time buyers.
Buying Process Information
Only visit listings within your budget. This avoids the disappointment of wanting a home that you cannot afford. Visiting properties can take extensive time and energy, so sticking to your price will also save valuable time.
Real estate brokers can offer advice on contracts and negotiating them, but they may not practice law. Look into using a local real estate attorney to navigate legal jargon and add any necessary language. Make sure that you sufficiently understand the terms and obligations of contracts before signing them.
Inspections are not intended for price re-negotiations. Such strategies are not typically successful and lead you to lose the money spent on the inspection. Sellers have the option to make repairs, give monetary concessions, or be unwilling to do anything. Maintaining a good relationship with the seller will make negotiations easier.
Walk-Thru Prior to Closing
Before the closing, you will have an opportunity to view the home. Try and schedule this for after the seller has removed their belongings. If any issues are found at the walk-thru, you should resolve them before signing closing paperwork as there is little you can do afterwards.
Be sure to bring legal identification to the closing. Closing costs and down payment funds must be certified. Also bring your checkbook for any last minute changes. Once the settlement paperwork is filed, the property is yours!
Additional Marlboro, NJ First Time Buyer Advice
The home purchase process will be much less stressful with some advanced preparation and knowledge. For details beyond what is provided in this Marlboro, NJ first time buyer advice, contact Sujatha Bhaskara at Keller Williams Realty by calling 732-536-9010 or by emailing email@example.com. I invite you to begin your Marlboro, NJ home search at www.bestinnjrealestate.com, a great buyer resource where you can save properties, set up custom listing alerts for homes that meet your needs, get local Marlboro, NJ school and community information, and more!