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.