A couple of great condominium pictures I located:
Terrace Row Condominiums
Image by compujeramey
A shot of Terrace Row Condominiums as construction finishes up with Kilbourn Tower (a earlier New Land Enterprises project) and University Club Tower in the background.
Far more great houses click right here…
Question by sanjay_makhijani1976_29: How to buy a new home in New Jersey(Jersey City )?
I am planning to buy a new home in end of this year. I am a new buyer. What are the steps ? First whom I have to contact with real estate or mortgage ? How can I find out low mortgage rate ? What is the right decision that to apply mortgage in banks or mortgage finance companies ? is everywhere mortgage rates same or different ? How much I have to pay down payment? So many questions actually i do not know to ask. Please mail me all details. How should I find out reliable real estate and finance mortgage companies?
Best answer:
Answer by daniel r
I am with weichert realtors and can help. the first thing any first time homebuyer should do is talk to a qualified realtor in their area. interview several, this web choose the one you feel most comfortable with. i can refer you to a good agent in your area. please email me
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Need a good Realtor?
If In Alabama – e-mail me
If not in Alabama – I can still recommend an experienced Realtor from your area that will give you OUTSTANDING service! I work with a network of Realtors across North America.
http://www.pauld-kw.com
http://www.bhammls.com/dziedzic
HI – Try to find a home For Sale By Owner. The reason is, they (the seller) will not have to pay realitor fees, so they will be more incline to help you with your closing cost. Makes sence to me…..Also, Use a Broker. A Broker and the title company they use, can order the sellers pay-off on their mortgage, order the survey, get the inspections done, etc that a realitor does. Have closed many 4 sale by owner’s.
Why Talk with a broker?? A broker underwrites for many company’s (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a “hard” pull and it drags down your credit score.
Now for the Home Loan. There is 100 percent loan available – depends on many factors. Credit, job time (2 yrs), income and Debit to income rato (DTI). Let me explain.
Decide on how much you want to spend, if you want to escrow the taxes and insurance. Say the taxes are 1200 a YR and insurance 800 a year (just an estimate, ok) That is 2,000 a year divided by 12 = 166.66 If you paid 1,000 a month now – (166.66) your P/I Principle and Interest would be 833.34. Now you decided on the price range you are looking into. If you have great credit, a 1 loan at 130,000 at a rate of 7 percent over a 30 year time would be 864.89 – This is just a estimate – ok – It greatly depends if you need help with closing cost, if you have money to bring into the table – so you do not have to borrow the full 100 percent. Rates are still in the 6’s but they are getting higher – ok. If your credit is in the 500’s to low 600’s than the rate would be higher – lots of factors to consider. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). This will tell you the up-front closing cost (etc) associated with your loan. This is a estimate only – not the final – but it does help you figure things out. Some companies want you to escrow you taxes and insurance. Other’s may not require it…Some companies add a .25 to the interest rate if you want to escrow waver…FHA loans have to escrow (at least they used to)
A 100 percent loan – is not totally out of your reach – There are FHA programs, payment assistant programs to help you. Look at your middle credit score, if you do not know your credit scores – have your lender tell you, or pull your credit from the 3 credit reporting agencies – BUT the person you are working with should tell YOU.
Lenders look at the middle score to qualify a person – and if your credit is low, than you will be going SUB-Prime, and any amount over 80 percent does not have MI – There are alot of companies I underwrite for that does NOT charge MI – normally the rate is slightly higher. Say you got qualified and your rate was 8.50 at par (Par, means that is what rate the lender quotes you, with no addon’s to the rate for the lender to make pts on the back – some Lo”s add pts on the rate to make their money – instead of charging it up front). The 8.50 does not have MI included.
FHA loans have MI included, Conforming A+ borrower’s loans have MI included, but the rates are better starting in the mid to high 6’s (with rates going up.) The more money you borrow – the higher the rate normally. There are alot of factors involved
If your credit is in the high 660+, and you have job time, your rate will be lower. If you credit is 560 to 600 your rate will be higher. Hope this helps – and good luck – there is more info on my website if you want to check it oout Good Luck