Tagged: Marlboro

An Overview Of Income Vs. Debt Ratio (Marlboro Buyers or others getting Pre-approvals)

Financial information plays a big role in mortgage pre-approvals. All finance companies evaluate your assets, income, credit and debts. These determine whether you qualify for a mortgage and for what amount. This article includes an overview of income vs. debt ratio for Marlboro Home Buyers and others looking to get a pre-approval.

Earnings Analysis

Lenders will look at your total monthly earnings. This includes only items that can be verified. Salaries are the most common source of income. Mortgage companies will require paperwork (such as W-2 forms) for the previous 2 years, giving them a picture of pattern. They may inquire about any unusual items, such as fluctuations in wages or inconsistent amounts. Alternate sources of income may include alimony, investment properties, and stocks. Anything that you would like counted must have valid documentation. A history of earnings and possibility of future earnings can be important. The documentation standard may vary among lenders and certain exceptions may also be allowed. It is important to tell your mortgage consultant about all possible income sources to figure out what can or cannot be used.

What Is Considered Debt

Debt describes all current obligations such as charge cards and installment loans. The exact payment amount on loans and other structured debt are used. For adjustable debt like credit cards, minimum monthly payments are used in the calculations. These amounts are usually listed in your credit report. Some companies may be willing to exclude debts with under one year left or that you can verify someone else is responsible for. The figures are combined to calculate total monthly debt.

An Overview Of Income Vs. Debt Ratio For Marlboro Buyers and others looking for financing or getting a  Pre-approval

Lenders compare the monthly income to debt to come up with the income vs. debt ratio, which must remain under set limits. Additionally, mortgage payments plus your monthly debt must also remain under a certain percentage in order to secure approval. The exact percentage varies among financing companies and for each program.

For example, some lenders may require your monthly mortgage payment (principal, interest, taxes, and hazard insurance) not to exceed 28 percent of your gross monthly income. They may also not allow total debt to exceed 40 percent of monthly income. Based on this example, a borrower making 60,000 annually (5,000 monthly) may be allowed up to a 1,400 per month mortgage payment and 2,000 per month in total debt. Bear in mind that this is strictly an example and includes only one part of the financial analysis that may be performed. There are many other factors, such as credit rating and loan program requirements. It is important for Marlboro Buyers and others to consult with a local mortgage company for advice on income vs. debt ratio when  financing or getting a  pre-approval to get specific details relevant to your personal situation.

If you need help getting a pre-approval or for any other real estate related information, please contact Sujatha Bhaskara at Keller Williams Realty by calling 732-319-1340 or by emailing at sbhaskara@optonline.net.  For more information on what’s happening in the Marlboro, NJ real estate market, sign up to become a Marlboro Market Insider today!


Marlboro Buyer Looking at Homes Advice

Scheduling and viewing properties may be somewhat cumbersome. There are different things to consider when selecting properties, prior to visiting, and during property tours. The Marlboro buyer looking at homes advice below can help make the process less cumbersome.

Choosing Options

Keep In Mind Your Price Range

It can be heart breaking to see homes that are out of your price range. This will also waste considerable time and energy. Get a loan pre-approval and know what you can purchase before scheduling showings. This is probably the most important thing to keep in mind for Marlboro buyers looking at homes.

Consider the Features

Create a wish list with things that are necessary versus those that are desired but not critical. Keep in mind that no property may contain everything on your list and that you may need to identify amenities that you can live without. Ask your real estate professional for advice on what different amenities may cost or are usually offered in homes within your price range. Things like carpet, paint colors, appliances etc can be easily changed. So, if a house has pretty much everything you are looking for but just not the hardwood floors you would have liked, or has paint that is not up to your liking – you may still want to consider making an offer on it. Ask your agent on what you can expect in homes in your price range.  Knowing this information prior to showings will help make the process more efficient.

Research and Planning


Glance through virtual tours of homes on the Internet ahead of time and eliminate ones that off the bat do not match your criteria. Think about driving by the homes ahead of time. Understand different areas. In markets with many available options, narrowing down options will make the time spent seeing homes in-person more efficient. To make sure you don’t miss out on your perfect home, focusing on the homes and neighborhoods that are a good match for you is critical especially in this market when nice homes, which are priced right are getting offers on the very first day of being listed.

Seeing Homes Back-to-Back

Make good use of your time by combining visits to multiple properties back to back. Your real estate representative will decide the right order for viewing them based on the seller’s availability. Try not to be too ambitious as you can get information overload. Try to limit the number of homes to 3-5 per showing.

What to Do During Visits

Marlboro buyer looking at homes advice would not be complete without guidance for during and after showings. If you immediately realize that you do not like a property, do not waste any additional time seeing it. This allows you to spend additional time in homes that you do like. Write down your thoughts during or shortly after viewing a listing. List items that you liked and did not like. These personal notes may help may help refresh your memory later. It is not necessary to see and remember every aspect of a property in one visit. Use first showings to narrow down your list and return for second visits for top choices. You may catch different things upon seeing a listing a second time or at a different time of day.

More Marlboro Buyer Looking at Homes Advice

Real estate professionals know the area and understand how to best arrange property visits. Choose a broker that fits your needs and rely on that agent to guide you through the process. For additional information, please contact Sujatha Bhaskara at Keller Williams Realty by calling 732-319-1340 or by emailing at sbhaskara@optonline.net.  For more information on what’s happening in the Marlboro, NJ real estate market, sign up to become a Marlboro Market Insider today!

For Sale By Owner Pricing Mistakes For Marlboro Homeowners

Sellers normally think about listing a home on their own with the primary objective of making more money. Experience has shown that it can actually cost more than it saves in terms of time, effort and money. Here are a few for sale by owner pricing mistakes that homeowners need to consider before deciding sell on their own.

Correct Pricing

The real estate market constantly fluctuates. This past year has been a great witness to that. The market went from a buyer’s market in Marlboro to almost a seller’s market in less than 6 months, and back to a balanced market within the year. Pricing changed almost every three months as new comparable sales became available. Pricing is critical as it can affect market time, what price it eventually sells for, and whether it gets sold at all. By the time Sellers read reports about where the market is – that market is usually past and market conditions would have changed significantly. Real estate agents have the knowledge and expertise to assist sellers with pricing the home based on the particular home, location, desired time frame, and most importantly current market value as determined by the fluctuating market conditions.

Comparable Properties

Identifying similar properties is the first step to pricing. Homeowners typically make a few errors at this step.
1. Looking back to the price of neighboring homes and what they went for years ago.
2. Referring to the price of their own home from a past home loan refinance.
3. Using different styles or types of homes (i.e. comparing a split-entry to a colonial).
4. Comparing competing properties currently listed that are overpriced or not moving.

Referencing incorrect homes for comparison will lead to inaccurate pricing and typically overpricing.

Making Price Adjustments

Another facet of pricing is making adjustments for differences between comparable properties. It is nearly impossible to find two identical properties, so adjustments are typically made for living space, amount of land, and features such as having a basement, number of bathrooms, fireplaces, condition, and upgrades. Sellers tend to reference the amount spent on renovations. Unfortunately, the resale value of different elements do not often match the price paid for them. In fact, some repairs may not result in any increase in value at all. Real estate brokers are familiar with what appraisers may apply for adjustments and will calculate those accordingly when preparing a value estimate on a property.

For Sale By Owner Pricing Mistakes For Marlboro Homeowners

Overpriced properties can cost sellers valuable energy, time, and money. Overpriced homes tend to stay on the market lot longer and usually help other rightly priced homes to sell faster. Furthermore, home buyers have a negative perception of homes that have been marketed for a long time and commonly pay less even if the price is later reduced. In a declining market, a listing can even be worth significantly less by the time it sells. Some Seller list the home in the MLS or put out a commission for Buyer’s agents. Although this does bring in some buyers’ agents, the Buyer’s agent fiduciary duty is to the Buyer not the Seller. So the Sellers still miss out on having a professional advice them on all aspects of the transaction. Another important factor is the follow up that agents can do, that the Sellers usually are not trained to do. Agents who show the home usually feel comfortable giving a colleague honest feedback about the home than they would with the home owner. Sometimes being able to provide the right information at the right time that eases a buyer’s concern could make all the difference in that Buyer making an offer on that home. All of this leads a for sale by owner property to sell for much less than it could have with the experienced advice of a real estate professional. That difference could be a lot more than what a homeowner hoped to save by trying it alone. This For Sale By Owner Pricing Mistakes For Marlboro Homeowners information was published by Sujatha Bhaskara at Keller Williams Realty.

Marlboro Homes Fall Market Update

Real estate prices fluctuate based on supply and demand. It continually fluctuates each year and each season. If you are thinking about purchasing or listing a home, the following is information on the Marlboro Homes Fall market update.

Seasonal Changes

Fall traditionally is an active time of year. Buyers try to complete their property purchase prior to the winter, the holiday season, and year end (for tax benefits). Mortgage rates continue to be at historic lows, allowing more buyers to afford home ownership. This season, after the crazy Spring and Summer we have had Marlboro/Mprganville area is facing a shortage of inventory. This is because of the high demand we have had for homes during the past 6 months, fewer foreclosures, owners waiting for prices to rise, or owners falsely believing that the market is stagnant. Whatever the cause, it is causing low supply during a time of high demand. The result is a lot of activity for listings new to the market, multiple offers on desirable properties, and properties quickly going under contract.

More on the Marlboro Homes Fall Market Update

If you are thinking of selling, now is a great time to do so. Most of the Buyers shopping during these months are motivated as they want to be in their new home before winter begins. With a seller agent who knows the area, your house can be positioned to sell within a reasonable time frame and for maximum market value. Listings in good shape and priced right will not last long in this market. If you are thinking of buying, get pre-approved and be ready to act quickly. This Marlboro Homes Fall market update article is only an overview. For specific Marlboro or Morganville real estate news or assistance with your home sale or home search, contact Sujatha Bhaskara at Keller Williams Realty at 732-319-1340.

Armed guards in Marlboro schools

Going to school in Marlboro is going to be quite different for the next three months. Due to the tragic events at the Newtown, Connecticut Sandy Hook Elementary School, school officials nationwide have taken a second look at their safety measures. Here’s a breakdown of the outcome of recent Marlboro Board of Education discussions and the conclusion which they have reached.

  • Effective January 2, 2013, armed police officers are stationed at the front doors of all eight schools in the district.
  • There will be a ninety day trial, after which an assessment will be made so as to determine steps for the future of maintaining safety in the schools.
  • This experiment will cost $100,000 and be taken out of the district’s general fund.
  • The district is looking to improve upon the currently established security measures of its Visitor Management System where visitor drivers’ licenses are scanned and checked in a database.

What are your thoughts on measures that can be taken to protect student and teacher security?

Peek around for more information about breaking news in Marlboro and life in the surrounding New Jersey communities. Any questions you may have about living in Marlboro or other areas of New Jersey can be directed to your local New Jersey real estate resource Sujatha Bhaskara at 732-319-1340 or sbhaskara@optonline.net.