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June 21st marked the first day of summer, so we thought it was a good time for an updated look at mortgage rate trends in New Jersey. Here are the latest developments and forecasts relating to mortgage rates, as we move into the Summer of 2018. Average Rates Hover Around 4.6% at Start of Summer The first thing you should know is that average mortgage rates in New Jersey and nationwide are now higher than they were at the start of the year. This is based on the weekly survey conducted by Freddie Mac, and similar surveys. At the start of 2018, the average rate for a 30-year fixed home loan was just below 4%. That average rose steadily during the first part of the year, and it has been hovering around 4.6% for the last few weeks. According to the latest industry survey from Freddie Mac, 30-year mortgage loans held an average rate of 4.57% during the week ending June 21, 2018. A few weeks earlier, their survey rose to its highest point of the year, with the average rate for a 30-year mortgage loan cresting at 4.66%. They’ve come done a bit since then, but they’re still higher than at the start of 2018. “After a sharp run-up in the early part of 2018, mortgage rates have stabilized over the last three months, with only a modest uptick since March,” the company’s economists stated. Granted, mortgage rates in New Jersey can vary from one borrower to the next, and for a variety of reasons. The type of home loan you use, the size of your down payment, and your credit score are all factors that can influence the interest rate you receive on a mortgage loan. Please contact us if you’d like to receive a rate ...
Moving late in life is a daunting task, but there are lots of reasons why it’s a good idea. Relocating can help seniors reduce living costs, reconnect with relatives, and even maintain independence in old age. With a clear goal and a plan to get there, buying a new home in retirement can be manageable, too. Assess Your Needs Before you start house-hunting, spend some time thinking about what you want in a new home. Do you want to relocate to a smaller, more manageable home now that your kids have families of their own? Do you want to move to a community with senior-friendly amenities like walkable neighborhoods, community events, and a robust healthcare system? Do you need accessibility features due to a disability or age-related decline in mobility? There are many reasons why people choose to move late in life. Finding the right home means being connected with your reasons . Determine Your Budget Once you know what you need, it’s time to figure out what you can afford . If you’re already a homeowner, find out how much your house will sell for. Avoid the trap of estimating your home’s value; while your home holds cherished memories for your family, older homes can struggle to compete with new construction. To determine a reasonable price for your home, look at the selling price of similarly-sized homes in the same neighborhood, built around the same time, and in similar condition. A realtor can do the legwork to determine the right asking price for your home. From there, figure out how much you want to spend on your new home. Maybe you want to downsize to a more affordable house and bank the rest for vacation travel, or ...
Home buyers tend to have a lot of questions about the real estate closing process in New Jersey, including what it entails and, and how long does it take? Will the seller be present? What kind of paperwork will I be signing? This article addresses those questions, as well as others about the home closing process in New Jersey. What is “closing” exactly? From the buyer’s and seller’s perspective, closing represents the final step in the real estate transaction. There are some other things that can take place after this step, but as far as the home buyer is concerned, the real estate closing finalizes the transaction. During this process, property ownership is officially transferred from the seller to the buyer. This happens through the transfer of the deed. There are other documents to be signed during this process as well, and we’ll talk about those in a moment. When does it take place? The real estate closing process in New Jersey is typically scheduled by the home buyer and seller. It’s part of the negotiating process. When a buyer submits an offer to buy a home, it usually includes a proposed closing date. If the sellers agree to the proposed date (and other terms of the deal), they’ll sign the purchase agreement and the transaction can move forward. In New Jersey, the closing is often scheduled for 30 to 45 days after the agreement has been signed. But the timeline can vary due to a number of factors. Do the buyer and seller both attend? Closing procedures can vary slightly from state-to-state. In some states, the buyer and seller can attend the closing separately to sign their ...
Underwriting is an important part of the mortgage process in New Jersey. It’s also one of the most “mysterious” stages for first-time home buyers and borrowers. How does the mortgage underwriting process work in New Jersey? What should you, as a borrower, be doing during this stage? These are some of the common questions we’ll answer today. Basic Steps in the Mortgage Process To start with, let’s place underwriting into the broader context of the mortgage lending process. While this process can vary slightly from one borrower to the next, it usually follows a series of steps. Underwriting typically falls somewhere in the middle. Here are the basic steps home buyers go through when getting a mortgage loan: The home buyer / borrower completes a loan application. The home buyer gets pre-approved for a certain loan amount. The buyer locates a suitable property and makes an offer to buy. The mortgage company orders an appraisal to determine the market value. A title search is performed to ensure there aren’t any liens or claims on the home. The mortgage loan file moves into the underwriting state, for a thorough review. The underwriter approves the loan, and the buyer moves on to the closing. The loan is funded at or near the closing day (sometimes a few days later). So, getting back to the question at hand. What happens during the mortgage underwriting stage in New Jersey? What does the underwriter actually do , and what can you as a borrower expect during this time? What Happens During the Underwriting Stage There are several aspects to the underwriting process. The ...
Are you thinking about buying a home in New Jersey this summer? If so, you’ll have plenty of company. Real estate markets across the state are still highly competitive, as we enter the last month of spring 2018. In many markets, this competition is being driven by tight supply along with steady demand from buyers. Here are three things you should know about buying a home in New Jersey, in summer 2018: 1. Rising mortgage rates could create urgency among buyers. Average mortgage rates have risen steadily (more or less) since the start of 2018. There have been a few week-to-week declines during that time. But overall, it has been a mostly upward trend. This is based on the weekly mortgage industry survey compiled by Freddie Mac. On May 24, the government-sponsored corporation reported that the average rate for a 30-year fixed mortgage loan rose to 4.66%. What’s notable about this is that rates haven’t been that high in a long time. In fact, you’d have to go back to May of 2011 to find average rates at that level. For those planning to buy a home in New Jersey during summer 2018, this is an important trend to watch. It could add a sense of urgency to the house-hunting process, at least for those buyers who need to use mortgage loans to finance their purchases. The bottom line is that home buyers might want to consider buying sooner rather than later, due to the potential for rising housing costs and interest rates. Get a rate quote: The figures reported above are averages based on a nationwide survey. Individual mortgage rates can vary based on a number of factors. Please contact us if you’d ...