how to buy a house in new jersey

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There’s a lot to learn when you buy your first home, so I’ve compiled a list of Frequently Asked Questions and Answers.
New Jersey is unlike any other state when buying a home … there is attorney review, for example.  It will be our job, as your realtors, to guide you through the process so that it is as painless as possible.  It is always good to know what to expect.
Choosing your Realtor can make a big difference on the outcome of your purchase, sometimes in the thousands of dollars kind-of-difference. Buing a home in NJ is a very large purchase and it is critical that you are represented by a Realtor you can trust to act in your best interests and has the skills necessary to execute your wishes and best interests adequately.
With over 20 years experience in helping hundreds of home buyers, our team brings a level of expertise and coordination that will make your purchase one where you are in control and have all the information you need to make the decisions that are best for you and your family.  You, the client, are always first.
Trish Giassa of Keller Williams Realty Premier Properties is proud and honored to guide and advocate for you in your NJ home buying process.
Also, be aware that some mortgage contingency clauses provide for a waiver of rights if you do not cancel the contract pursuant to the mortgage contingency clause by a certain date.
Your attorney will review the title search to determine the chain of title and the status of the property (i.e., liens, mortgages, easements, taxes, etc.). The title company that performs the search will also provide title insurance to you which is required by the lender.
You can anticipate paying certain closing costs in connection with the purchase (i.e., title company fees, bank fees, recording fees, homeowner’s insurance, survey, etc.). All transactions differ and the final closing figures will depend on many factors.
After the closing, the buyer’s attorney forwards the mortgage pay off to the seller’s mortgage lender and records the deed and mortgage.
After the contract is fully executed and a copy is provided to the buyer and seller, the attorney review period commences.
A title search is usually ordered by your attorney after all inspections are resolved and you have received a mortgage commitment.
The buyer’s attorney also forwards the necessary documents to the title company to obtain a title insurance policy and forwards the required documents to the lender.
An attorney will advise you of your rights and recommend certain modifications to the contract that may be appropriate.
The lender provides the mortgage proceeds which are deposited into the attorney trust account of the buyer’s attorney.
After the lender and title company requirements have been satisfied and appropriate financing procured, a closing date can be scheduled.
The buyer’s attorney will also pay certain expenses from the closing proceeds as set forth on the closing statement.
You typically have three days from receipt of the fully executed contract to have an attorney review the contract and disapprove of it.
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I’m purchasing a home (cash sale) and expected to close tomotomorrow.
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New on Our Blog Mortgage Rates Are at the Lowest Level of the Year Shashank Shekhar Despite contrary predictions, mortgage rates are at the lowest levels seen in 2014, meaning this could be a great time to refinance or purchase a new home.
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• Here, you’ll see the details of the closing costs for both you and the seller.  This will include your home inspection or appraisal fees (if they are to be paid at the closing) all of your loan charges, transfer taxes, recording fees, title company charges and escrow agent closing fees.  Check and double-check these fees, and be sure to consult with your REALTOR® or lender if you see anything that is questionable.
At the closing, your mortgage lender will provide you with a settlement statement known as the  HUD-1 form.  This form was also recently updated.  All lenders are required to use the form starting January 1, 2010.  The document gives you a complete list of the funds that will change hands during the closing.  This includes fees that are associated with the transaction but that are paid prior to the closing (denoted at “POC,” Paid Outside of Closing).
After finding the home of your dreams, making the offer, securing a mortgage, and taking care of insurance and the inspection, you’ll be ready for the closing.  At this stage of the home buying process, you will sign all mortgage documents and any other paperwork needed to complete the transaction.  The title of the home, in the form of a deed, will also be transferred to you at this time.
It is important to check your credit score and fix any errors that may appear before starting the loan approval process.  Lenders often look at credit scores as one factor in determining whether or not to approve a loan.  Your score may also affect the interest you can get.  The NATIONAL ASSOCIATION OF REALTORS® offers more information on how FICO scores are calculated and how long negative information will remain on your report.
*REAL Story Tip – Your REALTOR® will guide you in the house hunting process, but it will be helpful for you to create a wish list – what you feel like you need to have in a home, what you’d like to have, and what you’d like to stay away from.  The Department of Housing and Urban Development (HUD) offers a useful wish list that you can work from and share with your REALTOR®.
After determining a ballpark figure of how much you can afford start talking to different lenders to get their insight and to start requesting quotes.   Check with your REALTOR® for a list of lenders in your area.  You should talk to several lenders so that you can compare costs and interest rates for your loan and be able to negotiate a better deal.
After signing a contract of sale, you may want to consider paying for a home inspection, which will identify any physical defects or environmental conditions.  The contract of sale typically gives buyers a certain number of days to have an inspection.  Depending on the circumstances of the transaction note that if you are purchasing a short sale or that is to be sold in “as is” condition, you may be unable to perform a home inspection, or have any items identified during an inspection repaired.
You can have a lender to evaluate your credit history and pre-qualify you for a loan or advise you about what you need to do to prepare to become "mortgage ready." Credit counseling agencies are an excellent resource if your credit needs to be repaired.
Borrowers must be active members of the Police and Fire Retirement System Mortgage Program with at least one year of creditable service.
Because of federal tax code restrictions, refinancing is not available under the First-Time and Urban Target Area Homebuyer Program, except for those homeowners who want to substantially rehabilitate their residences.
The amount varies based on the interest rate, length of the mortgage term, taxes and insurance costs, condo fees, and other factors.
New Jersey Real Estate: Find NJ Homes for Sale.
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For New Jersey real estate market overview, see our chart of average sale prices and graph of real estate trends on each state page.
Search for homes in New Jersey by most popular real estate markets, by using our state map, or with our alphabetical directory of New Jersey cities.
You mentioned moving north of Edison – how about south? Instead of looking into Union County, what about the opposite direction and looking at towns in northern Monmouth County? You generally get a bit more bang for your buck and the taxes are usually better as well.
The "non-white" population in Edison and South Brunswick is mostly Asian/Indian- you’re not moving into a predominantly black of hispanic neighborhood, if that quells your concerns at all.
I hated that place, as so many of those people were very narrow minded, but I am concerned that putting my kinds into an environment that is drastically different from what they are used to will make for a very hard adjustment on the top of the move itself… I don’t know, maybe I am over-protective? I was hoping that I can find a town that is more middle of the road.
If the homeowner defaults on a mortgage the FHA uses the financing from these insurance premiums to compensate the loan provider.
The Federal Housing Administration charges insurance on the mortgage loan.
You can additionally get a cash-out mortgage refinance whether or not the mortgage you’re refinancing is an FHA loan.
Only an approved FHA lender can assess whether you meet the requirements for an FHA mortgage loan.
Yes! The FHA offers a streamline refinance program for those who currently have a FHA mortgage and need to refinance to lower interest rate.
If you have a history of paying your bills on time and you do not currently have an FHA loan, there’s a good chance you will be considered for an FHA loan.
No, however many New Jersey first time homebuyers use the program because of the minimum down payment (3 1/2%) as well as the seller paid closing costs.
RE/MAX of New Jersey is consistently the number one New Jersey real estate company in units sold, surpassing top competitors including Weichert, Coldwell Banker, Keller Williams and Century 21.
In 2012, RE/MAX had 25,524 total units (both transaction sides) and nearly 7.9 billion dollars in total New Jersey real estate sold as reported in the nine New Jersey MLS’s.
Along with great negotiation skills, they also have keen knowledge of homes for sale in New Jersey that you may not be aware of, which can help you navigate the real estate market.
If you’re looking for New Jersey real estate and homes for sale in New Jersey, RE/MAX has you covered.
From the quaint towns of the Jersey shore, to the quiet Central Jersey suburbs, to the buzz of the North Jersey area surrounding the city, our Realtors strive to find the perfect place for you.
RE/MAX of New Jersey has continued to excel within their market place year after year.
This high honor indicates RE/MAX of New Jersey’s special place within RE/MAX’s worldwide network.
Since its inception in 1985, RE/MAX of New Jersey has grown from one office located in Cherry Hill, NJ to over 160 offices that span the state.
Keep track of your bills and all monthly payments so you know how saving for and buying a home in New Jersey will affect your finances.
You will sign a Contract Of Sale that stipulates your offer price, deposit/down payment money, financing terms, your preferred closing date, the time period in which you will complete your home inspections, and any other specific information that you wish to include as part of your offer.
Home Inspection Contingency – Your contract will specify the number of days after attorney review by which you must complete your home inspections: structural, termite, radon, oil, lead, mold, etc.
Attorney Review is the process by which your real estate attorney and that of the sellers, review the contract, make any changes necessary and ultimately come to a legal agreement ending Attorney Review.
If terms are agreed upon, the seller signs the contract and a copy is submitted to both the buyer and seller attorneys to begin Attorney Review.
A mortgage Pre-Approval Letter should include a review of your credit and financial ability to pay as well as a specific reference as to whether your purchase is contingent or not contingent upon the sale of any currently owned real estate.
View our New Jersey real estate area information to learn about the weather, local school districts, demographic data, and general information about New Jersey.
CUSTOM DESIGNED MOUNTAINTOP RETREAT.3 Homes,7 Morton Barns,62000 sq.ft,60 mile views,2 collector buildings 72/250ft heat,a/c.,4 miles fencing,custom horse facility,exercise barn,Olympic ring.1HR-NYC!! Enter this150 acre retreat through custom stainless/aluminum secured electric gate,telephone access.28ft wide driveway leads to custom engineered masterpiece with NO EXPENSE SPARED.
Built by local craftsmen with unique architectural and artistic designs, this 26 room home includes a mahogany library, cherry billiard room, state of the art wine cellar and tasting room, award winning theater, custom designed cafe, golf simulation room and more.
Quintessential estate set on approximately 5 acres of manicured grounds which include pool and poolhouse, basketball and tennis courts, chipping green, play area and magnificent surroundings for seasonal entertaining.
If a buyer is notified of a prior treatment being performed either mentioned in the disclosure or by their inspector they could ask for a spot treatment but it would be up to the seller if they want to perform such a treatment or not.
If you’re looking for a house that needs a bathroom, a kitchen, floor scraping, painting and landscaping – that you can manage by calling individuals that do each of those projects.
Click here to go the search engine144 total for-sale listings in downtown JC, 19 went under contract last week.
You can start by going to local supermarkets and looking at biz cards on the bulletin board to find home improvement pro’s and workers.
Floors, dry wall, painting and molding are easy to do, but if you’re a novice – don’t even think about doing anything electrical that’s inside the wall – same goes for plumbing.

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