What Are Your Rights When Getting a Loan for Piscataway Real Estate (New Jersey)?

Which loan you’ll use to buy Piscataway real estate in New Jersey may be one of the most important financial decisions you’ll make. It’s easy to get overwhelmed and intimidated by the lenders and the mortgage brokers. You need to know your rights when choosing a loan and a lender so you can be comfortable with the decision you make.

• You can shop around for the best rate and loan package. If you aren’t happy with the deal the mortgage broker has put together for you, you are under no obligation to accept the loan.

• You have the right to know all the fees included in the loan. The lender has to give you a Good Faith Estimate of all the loan charges and fees, including the final amount you will pay in interest if you make all the payments as scheduled.

. You have the right to know in advance what fees will not be refunded to you if you cancel the loan.

• You have the right to ask your mortgage broker what he/she is being paid by the lender for arranging the loan.

• You have the right to know exactly why a loan was declined.

Make sure that you know your rights when shopping for a Piscataway real estate mortgage. You don’t want to fall victim to predatory lending. Some signs of predatory lenders are:

• An appraisal value that is much higher than the value of similar houses in the neighborhood.

• A loan officer who tries to get you to accept a loan for an amount that you know you won’t be able to repay.

• Being asked to sign a document with blank areas. You will be responsible for whatever terms are written into the blank spaces. Cross through any blank places, or write not applicable in the blank.

• A loan officer who asks you to exaggerate your income or reduce your debts to get loan approval.

Take the time to ask questions and get a second opinion of your loan offer from a reputable real estate professional or real estate attorney.

Thinking of buying Piscataway real estate? As a specialist in this area, I can help you find the perfect real estate to meet your needs. Contact me today.

Cathy C-

What To Know About Buying A Brand New Edison home in New Jersey

If you’re looking to buy new Edison home construction in New Jersey, there are a few things you need to know to get the best deal. Most builders will have their own agents and lenders on-site. You may be tempted to use their resources because of the convenience, and the builder may promise easier financing if you finance with them. But going that route may well cost you thousands of dollars. Instead…

• Hire your own buyer's agent. Do this first, even before going to look at new construction. The builder’s agent is going to be looking out for the builder’s best interests, not yours. Your own real estate agent will tell you about the positive and negative aspects of the new construction, and may know about other new construction in the area that will better suit your needs or that you can get at a better price.

• Look around for your own lender. If you use the on-site lender, you may not get the best deal on your Edison home financing. You might get a better interest rate on a mortgage loan from your own bank. Your real estate agent may be able to direct you to new home construction mortgage lenders they've worked with before and know can get you better terms.

• Verify with your lender the loan amount they will approve for an additional upgrade package. Not all lenders will approve a mortgage loan for all of the upgrades a builder offers on the new home. Some contracts allow the builder to pick your upgrade package if you haven’t done so by a certain date; if you turn yours in late, you may find that the builder has already selected a package for you.

• Before you sign any deal, have your purchase agreement reviewed by a knowledgeable real estate professional. You need to make sure you’re protected in case something goes wrong.

Buying a new construction Edison home can be a wonderful experience. You're the one to pick the cabinets and the counter-tops, the carpets, and the bath fixtures that are installed in the house. You aren’t left to deal with someone else’s vision of the perfect kitchen. The home is all yours from the very beginning.

Cathy Chaudemanche-

How To Make Your South Plainfield, New Jersey Home Bathroom Green

We all know it’s important to go green in our South Plainfield home, but did you know that you can take steps to make your existing bathroom green? You can pick up everything you need to begin at your local home improvement store. Here are a few ideas:

• Change out the showerhead. You can replace your inefficient one with a low flow showerhead with very little effort. The unexpected benefit of a low flow is lower water heating costs.

• Install a new toilet. Though toilets are better designed these days, the average fixture uses anywhere from 1.5 to 7 gallons of water per flush. You can reduce your water usage by installing a low flow (or low flush) toilet. Additionally, you can save up to a gallon a flush by displacing the toilet bowl water. It’s easily done with items you have around your South Plainfield home.

• Fix leaks quickly. Even small leak can waste a lot of water in a very short time. You can use duct tape to temporarily seal a leak until you can get it fixed, or until a plumber arrives.

If we don’t take steps today to cut down on our energy consumption, we may soon find ourselves without renewable resources at all. Two government agencies, the Environmental Protection Agency (EPA) and the Department of Energy, are working together on the Energy Star program. They set strict energy efficiency guidelines for appliances that work to save money and conserve energy for our future.

Homes that are Energy Star qualified are at least fifteen percent more energy efficient than the ones that conform to the 2004 International Residency Code (IRC). These homes have high performance windows and energy efficient heating and cooling systems. The construction is tightly sealed and filled with the most effective insulation.

We can all do our part to begin living green. Start by making your bathroom green in your New Jersey home and end by purchasing an Energy Star qualified house for your next home.

Cathy Chaudemanche

Why Is A Final Walk-Through Inspection of Your New Woodbridge, New Jersey Home So Important?

It’s almost time for the closing on the Woodbridge home you’re buying and you can’t wait. You go to the property for the final walk-through inspection. You’re so busy thinking about where the furniture is going to go and what color you’ll paint the walls, you breeze right through the house.

It’s after closing and moving day has arrived. Your movers have already packed up your old house and are waiting for you to show up and unlock the door at your new Woodbridge home. You enter the house only to find that the repair the sellers were supposed to make were not finished.

You may wonder if you have any recourse with the seller. Most likely not.

Unfortunately, your last chance to object to the condition of the house passed at the final walk-through inspection.

You need to be sure to check several things at the final walk-through, including the state of any repairs you negotiated in your contract.

• Check all the lights. Turn the lights on and off, this will also signal any underlying electrical issues.

• Check for leaks by running water from all the faucets, and looking underneath all the sinks for any moisture. Check the seal on the toilets by flushing each one at least once.

• If there are any appliances that are part of the sale, turn them all on and off. Test the oven by turning it on and waiting a few minutes for it to warm up. If the refrigerator has an ice maker, then it should work at the time of closing. The garbage disposal should be in good working order as well.

• Make sure all the doors work, and open and close smoothly. Open and close all the windows.

• Turn on the furnace and the air conditioning before you leave the Woodbridge home. Wait long enough to be sure that each is working properly.

Cathy Chaudemanche

How the Stimulus Plan Might Affect Edison, New Jersey Condo Buyers and Sellers

The stimulus, the stimulus—it is hard to go to a news site or blog now without seeing something about the stimulus plan, good or bad. The one thing that seems to be a common thought is everybody hopes it works whether they like the plan or not. There are many ways the stimulus plan might affect Edison condo buyers and sellers.

Buyer Incentive

The biggest benefit to both buyers and sellers is the proposed tax break for any first-time buyer purchasing a home (including condos) in 2009. That last part is the one down point in the plan. Homes must be purchased in the current year, retroactive to the beginning of 2009, and ending December 31st. That should, however provide a decent impetus to get things moving again. While it is short lived, it could boost the New Jersey market long enough so that the forward motion continues past this year.

Mortgage Incentive

Not for the buyers and sellers in particular, the banking and finance industry is set to receive the biggest portion of the stimulus plan. That can only help both buyers and sellers of Edison condo units, though, as it means buyers once again have the ability to get mortgage loans.

More expensive luxury homes and condos will also be given lower interest rates and affordable mortgage loans. There does seem to be some argument over whether the stimulus plan will raise or lower mortgage rates so that remains to be seen.

One thing is sure, FIRST TIME HOME BUYERS this year have a great shot at owning an Edison condo, and all the conveniences that come with it…

Cathy C.
My Main BLOG

Are we seeing Home Pricing bottoming or reversing in Middlesex County, New Jersey? Part #3

The graph above visually sum-ups our first post on this matter. Mainly that the Sold Price average for both January and February 2009 was higher than December and November 2008 (post #1). We also mentioned why this was worth noting and analyzing (post #2).

The next logical question are “what’s next?” or “where do we go from here?”

From a technical analysis perspective, this formation is staging any of the following potential outcomes:

Trend reversal

Meaning last November and especially December 08 were the bottoms and January and February could be marking the beginning of an up-trend.

Bottom formation

Meaning the last 4 months were the start of a bottom formation with next Sold prices staying in a tight range.

Interim support

Meaning the last 4 months represent a temporary support with next Sold prices following a down trend.

One important variable to keep in mind is the seasonal effect on pricing in New Jersey. Meaning the spring and summer market pushing usually home prices higher. With that said, our knowledgeable guess for the medium term home pricing direction is up. However as always, time will tell and we will diligently keep on reporting the next few months…

We will post soon a few graphs and commentary about the seasonal effect on pricing for 2008 and 2007.

Cathy C-

Statistics and in-depth commentaries are now available for the month of February in the “Members only” section.

East Brunswick, New Jersey - February Real Estate Statistics and Home Values & Trends

East Brunswick, Middlesex County, New Jersey. Single family homes only (does not include Townhouse and Condominium). Real estate statistics, home values and trends:

East Brunswick - New Jersey	Feb-09	Comments
Active Inventory	177	Number of homes for sale in East Brunswick at the very end of February. Does not include homes under "Attorney Review".
New Homes	52	Number of new homes in East Brunswick listed for sale in February.
Sold Homes	15	Number of homes sold in February in East Brunswick.
Average Asking Price (AP)	$413,186	This is the average asking price for the homes that sold in February.
Average Sold Price (SP)	$392,100	This is the average selling price for the homes that sold in February.
Sold Price Vs Asking Price	94%	This is the average of all ratios SP/AP for the homes that sold in February.
Average Days on Market (DOM)	65	Average number of days on the market for the homes that sold in February.

Note: When the number of Sold Homes is smaller, the resulting statistics may or may not be representative of the specific market.

For more Real Estate Statistics, trends and market commentary for Middlesex County and specific Cities in Middlesex County, go to Members Only.

Cathy C-

Disclaimer: This representation is based in part or in whole on data supplied by the Middlesex county Multiple Listing Systems. Middlesex County MLS does not guarantee nor is in any way responsible for its accuracy. Data maintained by Middlesex MLS may not reflect all real estate activity in the market.

Should You Buy A Fixer-Upper For Your Piscataway, New Jersey Real Estate Investment Property?

Are you considering buying a fixer-upper in order to get a great deal on Piscataway real estate? If you are able to make a few home improvements yourself, you may be able to save thousands on the purchase price of investment property.

Several things are important to think about before you buy that fixer-upper. The first is the condition of the house. Some repairs are so expensive and difficult to make that you might not be able to recoup your initial investment. Basic repairs that you can reasonably expect to complete are:

• Removing old wallpaper, patching the walls and painting the interior and exterior.

• Replacing worn-out flooring and carpet.

• Repairing any broken windows or light fixtures, including ceiling fans.

If you venture too much farther into home improvement territory, you may find that you bit off more than you can chew. As a rule, heating and central air conditioning repairs are expensive. Similarly, foundation repair and re-roofing are usually too much for the average handyman to tackle.

Other projects that are often not cost-effective are complete kitchen and bathroom remodeling and replacing the main plumbing of Piscataway real estate. Any improvement that involves building an addition or tearing out walls probably won’t have a good return on your money.

After you find that fixer-upper in just the right state of disrepair, too derelict to catch anyone’s attention, but without any repairs beyond your abilities, you’ll want to make sure that the location is good.

To get the best return on your investment, you need to find a fixer-upper with the right combination of location and condition.

Edison, New Jersey - February Real Estate Statistics & Home Values

Edison, Middlesex County, New Jersey. Single family homes only (does not include Townhouse and Condominium).

Edison - New Jersey	Feb-09	Comments
Active Inventory	318	Number of homes for sale in Edison at the very end of February. Does not include homes under "Attorney Review".
New Homes	85	Number of new homes in Edison listed for sale in February.
Sold Homes	19	Number of homes sold in February in Edison.
Average Asking Price (AP)	$388,478	This is the average asking price for the homes that sold in February.
Average Sold Price (SP)	$361,568	This is the average selling price for the homes that sold in February.
Sold Price Vs Asking Price	94%	This is the average of all ratios SP/AP for the homes that sold in February.
Average Days on Market (DOM)	54	Average number of days on the market for the homes that sold in February.

Note: When the number of Sold Homes is smaller, the resulting statistics may or may not be representative of the specific market.

For more Real Estate Statistics and market commentary for Middlesex County and Cities, go to Members Only

How Will Loan Modification Affect Your South Plainfield, New Jersey Home Mortgage?

Perhaps you are upside down in your South Plainfield home mortgage, if so, you may qualify for a loan modification that will reduce your monthly payments. Even if you have an adjustable rate mortgage, you may still get approval to modify your loan.

Most lenders would rather work out a loan modification instead of starting the foreclosure process. This is because there is considerable expense involved in foreclosing on a South Plainfield, New Jersey home.

What types of loan modifications are available to you? Most lenders have many programs that will help you avoid foreclosure, such as:

• Forbearance. Your current loan payment is suspended for a pre-determined amount of time to allow you to catch up on past due amounts.

• Forgiveness. Sometimes a lender will forgive or cancel part or all of the past due amount. You can then start making your regularly scheduled payments as agreed. When the lender writes off part of your mortgage debt, it may have a negative impact on your credit score.

• Refinancing. You may have the option to refinance your mortgage loan, including the past due and late fees, into the new principal of the loan. This will help you avoid more damage to your credit score. Depending on the equity in your home, you may receive money back when the loan closes.

Loan modification programs may help save your New Jersey home from foreclosure and protect your credit rating. One program, HOPE for Homeowner’s, doesn’t have credit score requirement. It does mandate that:

• The home is the primary place of residence and the homeowner can’t own any other property.

• There was no fraud in the loan documentation and the homeowner can’t have been convicted of fraud in the past ten years.

• The mortgage payments must exceed 31 percent of homeowner's gross income. There must be documentation that the homeowner can’t afford to pay the mortgage any longer.

Cathy Chaudemanche, My main Blog

Are we seeing Home Pricing bottoming or reversing in Middlesex County, New Jersey? Part #2

The graph below visually sum-ups our last post:

Mainly that the Sold Price average for both January and February 2009 was higher than December and November 2008.

The question for this post is why is this worth noting? Or why is this different from what we have been seeing since 2006?

2 points I want to bring out.

First one is that since 2006 (year home prices started to correct), this is the first time both January and February Sold Price averages are higher than the previous December and November months.

Second is that this price increase is happening during 2 usually slower months. Typically, January and February are part of the months having the smaller number of homes being sold. This was true in 2007, 2008 and 2009. There are fewer homes sold during those months because there are less buyers looking for homes at this time of the year. Less demand typically pressures prices to the downside, not up.

I think the next genuine questions are where do we go from here? What are the next few months likely to be? We will discuss in more details in our next blog.

Are we seeing Home Pricing bottoming or reversing Up in Middlesex County, New Jersey? Part #1

Starting in September last year (2008), we saw the Sold Price average experiencing its sharpest decline since 2006. Back to back monthly average Sold Price declining: October ($371,888) November ($346,413) and December ($334,524) from summer’s highs (top out @ $410,000).

You can get a good visual from the chart below:

The last quarter of 08 was probably one of the worst quarters for the Economy. Stock Markets crashes, Financials and other industries in great troubles, etc…The effect on the overall real estate markets was significant during that period.

However something worth noting is happening in Middlesex County since January 09 with regard to the Sold Price average. January AND February Sold Price averages have both increased versus both last December AND November (08).

The red trend line is giving us a good visual (2 months moving average).

Why is it worth noting? We will discuss in details in our next blog.

Real Estate statistics for Middlesex County New Jersey / Disclaimer-

There are lot of financing options to buy South Plainfield, New Jersey real estate, if you can meet the credit guidelines.

Most lender’s prefer to use 30-year mortgage loans. With a longer loan term, the lender can collect more money in interest over the life of the loan. For those who are credit-worthy, a 15-year mortgage term may be offered. So, what is the difference between the two? Here are a few guidelines:

What About A 30-Year Mortgage?

Thirty-year mortgages are becoming the normal term for South Plainfield real estate loans. The payments are usually more affordable and lenders are quick to recommend them. Lenders are more likely to offer you a higher loan amount with a 30-year loan, but the trade off is usually a higher interest rate.

What Are The Benefits Of A 15-Year Mortgage?

Signing up for a 15-year mortgage can save you a lot of money in interest payments. True, your monthly payment will be higher than with a 30-year loan, but the impact on your long-term finances may be worth it.


After just 16 years, you can start investing the money that you're no longer spending on your mortgage into other New Jersey real estate properties or investment opportunities. You can build your investment portfolio with just the money you would’ve spent on your monthly mortgage payment.

What About Prepayments?

Even if you do decide to take out a 30-year loan, you can still have some of the same benefits of the fifteen-year loan. By making prepayments, you can take years off a 30-year loan and still have the freedom of making smaller monthly payments, if you need to. Before finalizing your decision, ask your lender if there are any penalties for making prepayments.

A 15-year mortgage is usually the better financial decision, because you can save thousands of dollars over the life of the loan. The interest on a loan may be halved by choosing a 15-year loan.

Need help understanding mortgage and real estate terms? Subscribe to my blog today! Or Bookmark my main Blog Here. You'll get also money saving home maintenance and staging tips, local real estate tips, info and statistics 4 to 6 times a week.

Cathy Chaudemanche, Realtor Associate/Keller Williams Realty Metuchen, NJ

Servicing Home Buyers and Sellers in Middlesex County, NJ

http://www.YourHouseFast.com

Some Do's and Don'ts of Putting Your Piscataway, New Jersey Home for Sale - FSBO

If you're putting up your Piscataway home for sale, you're probably thinking about what you need to do to get it sold. Here is a short list of do's and don'ts to help you along your way:

Do's

• DO take pictures of every room of your house. Look each picture over with a fresh eye; see what needs to be done to the rooms. • DO clean, clean, clean. What may look like "family clutter" to you may also turn the buyer off.

• DO replace hinges that are broken or worn, tighten doorknobs, etc. Buyers going through the house will open doors and cabinets. Having a doorknob come off in your hand is a definite deterrent to buying.

• DO fix cracks and watermarks. You don't want to give potential buyers the idea that you still have plumbing problems.

• DO take the time to stage your Piscataway home for sale. This can shorten the time it takes to sell, as well as raise the asking price.

Don'ts

• DON'T spend a lot of money on major upgrades unless you have to. While you may have to replace a water heater that's trying to quit, you don't have to replace a carpet in fair condition- just get it cleaned.

• DON'T be stuck on one price. The real estate market changes constantly. Having a set price may get your home stuck on the market.

• DON'T use your tax appraisal as an estimate for your New Jersey home's value. Compare your home to those in the neighborhood that have sold for a better estimate.

• DON'T pack until the sale is complete. If you absolutely have to, pack smaller things and hide the boxes.

• DON'T follow the potential buyers through the house. This can cause them to feel they need to move through quickly, which lessens the chance of them buying.

Putting up your Piscataway home for sale can be hard, especially if you've lived there for a long time. However, following these tips can help make the process a little easier.

Need help understanding mortgage and real estate terms? Subscribe to my blog today! Or Bookmark my main Blog Here. You'll get also money saving home maintenance and staging tips, local real estate tips, info and statistics 4 to 6 times a week.

Cathy Chaudemanche

http://www.YourHouseFast.com

What the $8,000 Stimulus Can Do for Your Woodbridge, New Jersey Real Estate

The new stimulus bill gives first-time home buyers a tax credit of $8,000! Whether the Woodbridge real estate you purchase is new or a re-sale there are always things you can do to make improvements. Here are a few ideas on how you can use the tax break for your new home.

• Put in all new appliances. $8,000 will buy a nice set of kitchen and laundry appliances, and enough groceries to fill up that new refrigerator for several months on top of it.

• Furnish a room. Many times a new home means old furniture just won't fit in or fill it up. $8,000 goes a long way to decorating a new room or two.

• Put on a porch. The stimulus money can be used to add value to your Woodbridge real estate by making additions like a patio or porch. It will make your New Jersey home even more enjoyable too. Construction jobs helps the economy and creates jobs in the community—a double bonus that you are making happen!

• Buy a car. Okay, maybe your new home is perfect as it is. That's lovely. Use your stimulus tax incentive to put a big down payment on a new car. The huge down payment will keep your monthly payments low and affordable while helping out the other big industry failing in the current economy.

The key to the President's stimulus plan is to spur the economy and give people money to spend—so go ahead and spend it. Buy those items you'd have trouble getting for your Woodbridge real estate without the extra help. And, feel good about it.

February Middlesex County (New Jersey) Real Estate Statistics and Market Commentary

Middlesex County Statistics and Commentary (Residential one family only; does not include Townhouses/Condos)-

For Middlesex County, in February 2009, the Active Inventory as we follow it (homes for sales not including "under attorney reviews") has slightly increased about 3% compare to January but has been following a multi month’s modest downtrend. However the last three months have consistently slightly increased which could bring us back this Spring or Summer to an all time high in Active Inventory.The number of new homes listed in February has decreased almost 7% compare to new homes listed in January. Days of inventory (DOI) remains at over a year but decreased from last month (almost 5%).

Last December saw an increase in sold homes due mostly to Nov/Dec price correction. Sold Homes decreased in January (-31.2%) and is slightly decreasing also in February. In Middlesex county and most of the North East states there is a seasonal effect in the real estate industry. Typically there is a slowdown from September to March/April.

Last month we mentioned that both the median sold price and average sold price went up (+4.7% @ $320,000 and +6.7% @ $358,252 respectively) in January compare to December.

For February, the median sold price stays at $320,000. The average sold price decreased less than 3% ($348,449).

Both, the median sold price and average sold price for both months January and February are higher than December and >= to November (by $500). Are we seeing a bottom or a bottom formation? Next few months will tell….I will graph those in my blog in the next few days as to provide a better visual.

Sold price/asking price ratio decreased back to 93 % (last year support). Basically it means that in average sellers have closed deals 7% below their last asking price.

Days on market or DOM increased 6.25% to 85 days. We saw last year some months with 87/88 DOMs

It takes less than 3 months in average to go under contract. A word of caution with this indicator as it is not a cumulative DOM. This is a good example of the better value of looking at those statistics, which is more in the trend analysis than in a specific number at a specific given time.

The 30-year fixed-rate mortgage is still at historical lows. There is still enough supply for buyers to choose from and be able to find their dream homes.

We have switched our Middlesex County Real Estate barometer from "Buyer's Market" to "Strong Buyer's Market" last November. Variables for that decision were the decrease to historical lows of the 30-year fixed-rate mortgage and the November sold price correction. Also the winter months can be the best time to buy a home as home prices tend to decrease/correct more in winter and there are usually less buyers out there, giving the motivated buyers more opportunities with less competition. The Stimulus incentive for first time home buyers ($8,000 tax credit) and various programs in effect can only add to our decision. As mentioned previously, if what we are seeing is a bottom formation for sold prices, we will consequently switch our barometer. The next few months will confirm the trend.

See the Local markets statistic section for detailed statistics for Metuchen, Edison, Piscataway, Woodbridge, Iselin, South Plainfield, New Brunswick and East Brunswick.

30 years fixed mortgage rate is historically at its lowest (see the Mortgage Rates section). This variable alone is great news for buyers, including first time home buyers as it makes home ownership more affordable.

Need help understanding mortgage and real estate terms? Subscribe to my blog today! Or Bookmark my main Blog Here. You'll get also money saving home maintenance and staging tips, local real estate tips, info and statistics 4 to 6 times a week.

Cathy Chaudemanche

Realtor Associate/Keller Williams Realty Metuchen, NJ

Servicing Home Buyers and Sellers in Middlesex County, New Jersey

http://www.YourHouseFast.com

Will You Need Private Mortgage Insurance On Your Edison, New Jersey Real Estate?

Chances are, if you’re going to buy Piscataway real estate, you’re going to need a loan. Traditional lenders prefer a down payment of twenty percent. When you’re looking at a $320,000 house, which was the Middlesex county median sales price for January that can be a lot of money to come up with at once. The good news is that there are some options for you, if you can’t afford such a large down payment.

The 80/20 Option

Some lenders will offer an 80/20 mortgage option. It means that you take out two loans, one for eighty percent of the Piscataway real estate price, and a higher interest loan for the other twenty percent. Taking out this kind of mortgage means that you won’t have to come up with a down payment.

The 100 Percent Option

There are lenders that offer 100 percent mortgages. They’re a little harder to get these days because of the recent credit crunch. There’s no down payment needed, but the interest rate is higher. Because the lender is at a greater risk of loss from default on this type of loan, you will be required to carry private mortgage insurance (PMI).

Private mortgage insurance is paid as part of your monthly mortgage payment. You’re required to pay for it until you’ve reached twenty percent equity in your house. In some cases, it will be canceled automatically, but check with your lender to be certain it's canceled.

Why Wouldn’t I Want A No-Money Down Loan?

A no-money down loan means higher interest rates and higher payments. It’s harder to find a lender that offers this type of loan. Generally, the more money you put for a down payment, the higher loan amount the lender will offer. If you don’t put any money down on the house, you’re likely to get approved for a smaller loan amount. You may have to settle for a house that is less than you wanted.

More Help?

Yes, there are also programs offered by Middlesex County, the state of New Jersey and others to help First Time Home Buyers just like you with their down payments. The Stimulus Bill is additionaly offering $8,000 Tax Credit for qualifying First Time Home Buyers.

Why Buy Now?

In recent history, there's never been a time as perfect as this to buy Piscataway real estate. With interest rates at the lowest they've been in decades, and the price of houses the lowest they've been in years, you'll be able to get much more for your money.

Need help understanding mortgage and real estate terms? Subscribe to my blog today! You'll get also money saving home maintenance and staging tips, local real estate tips, info and statistics 4 to 6 times a week.

Cathy Chaudemanche

Realtor Associate/Keller Williams Realty

Metuchen, NJ

Servicing Home Buyers and Sellers in Middlesex County, NJ

http://www.YourHouseFast.com

Why the Stimulus Makes This a Great Time for First-Time Iselin, New Jersey Real Estate Buyers

There are great incentives for first-time Iselin real estate buyers. Big tax incentives and money put into the banking and financing industries to give buyers more availability to loans makes now the best time to move when looking for a Jersey home. This environment won't last—exactly. Some of the elements put in place are geared toward a strong future for the housing market, but many of the advantages are only good for now.

Tax Relief

First-time Iselin real estate buyers, meaning those who have not owned a home in the past three years, are eligible for a big tax break on income taxes. Next year at tax time all buyers have to do is report the new home purchase to get $8,000 dollars back. That's a big incentive. The drawback is it’s only good for this year. It is retroactive to the beginning of 2009 so even if you have already bought that home you can still claim it, but if you drag your feet hoping for better mortgage financing, or just a better time for your family to get a new home, you will miss out after December 31, 2009.

Affordable Housing

Right now is the time to buy because of prices, too. Thanks to the failings of the housing market, there are tons of homes for sale at prices they would not normally be listed at. If the stimulus plan improves the economy the way it is hoped it will, that won't last. That's great news for home owners, but not great for those who wait to take advantage of the greatly reduced home prices.

Iselin real estate buyers need to take advantages of all that 2009 and the current real estate market have to offer. There are great deals that will never happen again—hopefully.

How To Showcase The Bathroom In Your Metuchen, New Jersey Home For Sale

A bathroom renovation is one of the best things you can do for a Metuchen home for sale. But, remodeling a bathroom is an expensive project, and in today's market you aren’t likely to get all the money back that you put into it. So, here are a few inexpensive changes you can make to spruce up the bathroom:

Fixtures

Most sellers will notice if the fixtures in the bathroom are old, and it can have a negative effect on their view of your Metuchen home for sale. Buy a set of bathroom fixtures at a home improvement store. Most stores have matching towel racks and bathroom tissue holders, too. There is a good selection of stainless steel, wood or ceramic fixtures available at most stores.

Paint

A fresh coat of paint is a good way to improve the overall look of the bathroom. Choose paints in a light, neutral color to make the room seem more spacious.

Floors

If your bathroom floor has tiles, it’s a good idea to add fresh grout to brighten it up or at least clean the grout so it looks new. Scratched linoleum will need to be replaced. You can buy rather inexpensive flooring that is easy to install in a variety of patterns and colors.

De-Clutter

You want the prospective buyers to be able to imagine themselves living in your Metuchen home. It’s easier for them to do that if your home is free of clutter. This is even true in the bathroom.

Clear out your medicine cabinet. (Yes, many buyers will look in there.) Leave only essentials like toothpaste and hairbrushes.

Making a good impression on your prospective buyers can be easier when you’ve redone your bathroom. You don’t have to spend a lot of money to increase the value of your Metuchen home for sale.

How Can You Use Green Building Materials in Your Piscataway (New Jersey) Homes

We’ve all heard about going green in our Piscataway homes, and perhaps you’re ready to start now. Going green means to adopt a lifestyle that doesn’t harm the environment. You should try to reduce the non-renewable energy sources that you consume; this includes the building materials you use. Going green doesn’t mean that you’ll have a tough time finding supplies; most home improvement stores in New Jersey have departments devoted to green construction materials.

A good place to begin your green building projects is with the flooring in your Piscataway homes. Green flooring is usually made from recycled or renewable products. Here are a few suggestions for green floors:

• Recycled carpeting. Traditional carpeting is made from nylon and emits volatile organic compounds (VOC), which are harmful to the environment and your health. Most recycled carpeting is stain resistant, and comes in a variety of long lasting colors.

• Linoleum floors. Linoleum is made from natural raw materials, and is stain resistant. The flooring is biodegradable after about forty years.

• Bamboo flooring. You shouldn't use bamboo anywhere that may get wet. Bamboo is very versatile and can be used in many types of floors. For the best results, you should spend the extra money on quality durable bamboo.

• Cork flooring materials. You can use cork, which is made from the bark of trees removed without causing lasting harm to the tree. Cork flooring cannot be installed where there is a possibility of moisture, and it scratches easily. Cork flooring can come in a variety of patterns and colors. You could use old cork flooring as padding under carpeting instead of foam.

• Reclaimed hardwood flooring. You may be able to locate hardwood flooring that has been salvaged from older buildings. Industrial salvage companies have the woods sorted according to type and length. You might be able to have the hardwood floor of your dreams, and recycle at the same time.

Going green in your Piscataway homes can be easier than you think. You just have to start somewhere…

How the Stimulus Bill Can Help You Get a Piscataway, New Jersey Home

There are several indications that the new stimulus bill passed by Congress will have a positive influence on the struggling housing market. If you are considering buying a Piscataway home for the first time the stimulus plan may help make that happen.

How the Stimulus Bill Stimulates the Bottom Line

The biggest effect the stimulus plan will have on new home buyers is a tax incentive. We all want to get more money back on our tax returns and the stimulus bill has an $8,000 tax credit for first-time home buyers purchasing a home.

How You Qualify

In order to qualify for the stimulus tax incentive you must:

• Not have owned a home in the past three years.

• Use the new home as your primary residence.

• Have an income of less than $75,000 per person or $150,000 per couple.

No action is necessary other than reporting the purchase on your income tax filings. You must keep your home for at least 36 months in order to not have to pay back the incentive in the following tax year. If, however, you keep your new home for 36 months or longer you never have to repay the incentive.

There is no cap on return for this incentive either. Even if you would not normally be entitled to the full amount according to your taxable income level you will still receive the entire $8,000 amount in return.

Stimulating Interest on Piscataway Home Purchases

The stimulus bill also gives first-time home buyers a chance to get into those big ticket houses. Houses with market values over $417,000 will be eligible for lower interest rates to make them more affordable. The luxury home industry has stagnated in the failing real estate market and this should give it a vital boost.

President Obama's stimulus plan is serious about improving the housing market. The bill gives people looking to buy a Piscataway home reason to hope.

Need help understanding mortgage and real estate terms? Subscribe to my blog today! Or Bookmark my main Blog Here. You'll get money saving home maintenance tips and local Real Estate tips, info, news and statistics 4 to 5 times a week.

Cathy Chaudemanche

Will You Need Private Mortgage Insurance On Your Edison, New Jersey Real Estate?

You may have heard the term Private Mortgage Insurance (PMI) when looking to finance your Edison, New Jersey real estate. What is PMI, and how do you know when you need to purchase it? The answer can be hard to find among all the real estate jargon you’re hearing lately. Here is the short version of what you need to know about it:

What Is Private Mortgage Insurance?

PMI is an extra insurance required by some lenders to offset their risk of you defaulting on your home loan. When you put down less than 20 percent of the real estate’s value, your lender may tell you that you have to buy PMI. It is usually added into your monthly mortgage payment until the equity in your Edison real estate reaches 20 percent.

Under the current law, the PMI will be canceled automatically at 22 percent equity, if you are current on your payments. If you aren’t current, the lender does not have to cancel the insurance because the loan is high-risk. After getting caught up on your payments, the PMI will be cancelled. Any money that you have overpaid must be refunded to you within 45 days.

What If Your Edison Real Estate Increases In Value?

With a conventional loan, it may take as many as 15 years of a 30-year loan to pay down 20 percent. But, if property values in your area rise, you might be able to cancel the PMI sooner.

Some lenders may be willing to consider the new value of your home to determine the equity in your home. You may be responsible for any fees like an appraisal that may occur. You’ll have to weigh the costs of the appraisal against the savings of the PMI premium. In most cases, you’ll find that the added expense is worth it.

Private mortgage insurance is a good thing if you can’t afford to pay 20 percent of the cost of your Edison real estate as down payment.

Need help understanding mortgage and real estate terms? Subscribe to my blog today! Or Bookmark my main Blog Here. You'll get money saving home maintenance tips and local Real Estate tips, info and statistics 4 to 5 times a week.

Cathy Chaudemanche

Realtor Associate/Keller Williams Realty Metuchen, NJ

Servicing Home Buyers and Sellers in Middlesex County, New Jersey

http://www.yourhousefast.com/

The President's stimulus plan has many hoping for a ray of sunshine in Metuchen real estate market. Here are a few ways the new plan can help give the New Jersey market a shot in the arm:

· The stimulus plan includes a financial boost for the mortgage industry to help with new loans on housing.

· There is a tax incentive included that will give first-time home buyers a huge tax break.

· 50 billion dollars targeted at bailing out failing mortgage institutions means there will be financial opportunities for home buyers.

Along with the stimulus plan, home sellers are getting creative in selling their homes. Making sure their properties are in excellent condition and have good curb appeal is more important than ever before. Selling your Metuchen real estate is easier, faster and more profitable for you if your home is appealing as possible.

Tips to Help Home Sellers:

· Clean up the clutter. Get rid of the things you don't absolutely need. We all have much more in our homes than we actually use. If you don't want to throw it away, put it in storage until you get into your new home.

· Spruce it up. A fresh coat of paint and a good steam cleaning for the carpets goes a long way toward making your home more appealing.

· Create curb appeal. If the exterior of your home is unattractive, buyers will drive away without looking inside. Clean or paint your front door and trim your lawn and bushes. Another inexpensive way to update your home's exterior is to replace old hardware such as house numbers and overhead light fixtures.

· Price it right. Ask a local professional real estate agent in Metuchen for his/her opinion on a good price for your home. There is no room for sentiment in the current housing market.

Need help understanding mortgage and real estate terms? Subscribe to my blog today! Or Bookmark my main Blog Here. You'll get money saving home maintenance tips and local Real Estate tips, info, news and statistics 4 to 5 times a week.

Cathy Chaudemanche