NEW LISTING! 3 Montreal Woods Court in Manalapan, New Jersey

 


3 Montreal Woods Court, Home For Sale in Manalapan, New Jersey

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$609,000
Single Family Home
Main Features
5 Bedrooms
4 Bathrooms
Lot: 0.37 acre(s)
Location
3 Montreal Woods Court
Manalapan, NJ 07726
USA

Jodi Goldberg Jodi Goldberg

(908) 770-2150
jodiagoldberg@gmail.com
http://www.JodiGoldberg.com

Listed by: Jodi Goldberg with RE/MAX Central

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What Are Your Responsibilities As A Cosigner?

Are you considering being a co-signer for someone’s home loan?

Co-signers are required in many cases and for many people. If a person has poor or no credit, an unsteady job, a high debt-to-income (DTI) ratio, or other credit issues, it can be nearly impossible to be approved for a home loan. In these cases, a person can have a mortgage co-signer who “agrees to back up your loan, guaranteeing the lender that the loan will be repaid”, according to The National Association of Realtors®. A co-signer essentially enhances your credibility as a borrower, making it much more likely that you will be approved for the loan, but picking the right co-signer is vital.

Here’s what you need to know about the responsibilities of a co-signer:

If the main owner of the loan fails to make payments, the co-signer is financially responsible for the loan and their credit score could suffer.

Co-signers should be:

  • A trustworthy person

  • Have good credit/someone who will be approved by lenders

  • Willing to be part of a long lasting agreement

  • Have a good income

  • Be 18 years or older

  • Be willing to have their income, credit history, credit score, assets, and debts scrutinized by the potential lender

Agreeing to be a co-signer for a home loan is a very serious agreement, so it is best to draw up a formal contract that both parties will have to sign. “A real estate lawyer can help you and your co-signer draw up an agreement that specifies who will pay the bills, who will occupy the residence, and contingencies, like what happens if the main mortgage holder cannot make the payments”, according to the National Association of Realtors®. This contract can help protect both the main owner of the loan and the co-signer against any fall-outs or worst-case scenarios.

Who would make a good co-signer?

  • A lot of people ask friends or family members to co-sign for them because these types of relationships are often built on trust.

  • Younger people, perhaps someone purchasing their first home, may ask their parents to co-sign on the mortgage.

  • With married couples, typically a spouse will be the co-signer for a home loan.

  • Siblings

  • Aunts or uncles

  • Grandparents

  • Business partners

  • Long-time friends

The National Association of Realtors® says that in an ideal agreement, “the co-signer should never have to hear from the bank after the papers are signed”. Before asking someone to be your co-signer, be sure that you are ready for the responsibility of owning a loan.

To read more on the responsibilities of a co-signer, check out this article.

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What Are The Advantages To Buying A Home With Cash?

Making a cash offer on a home eliminates the need for bidding wars and gives peace of mind to the buyer and the seller. Here’s why:

If you’re in the market to buy a new home, you may have heard about some of the advantages of buying a home outright with cash. According to research by the National Association of Realtors®, almost a third of all residential sales are cash transactions and more than 70% of properties bought by investors and international buyers are cash transactions as well. So, you may be wondering, what exactly are the advantages to buying a home with cash and how can I make a cash offer?

Preparing yourself to be able to make a cash offer on a home requires patience and self-control. Follow these tips to increase your chances of being able to purchase a home with cash:

  • Set aside any unexpected money that comes in (inheritances, bonuses from work, etc.).

  • Lock your money in a long-term CD to earn interest.

  • Look for homes that you can afford with the money you have (the goal is to not have to borrow).

  • Homes outside of the city limits are likely to be cheaper-look there.

  • Manage your spending habits; don’t make impulse purchases.

  • Ask your family and friends for support and help to keep you spending smart.

Here are just some of the advantages to purchasing a property with cash:

  1. Most sellers favor buyers who can offer cash payment. Sellers don’t have to worry about a cash buyer being approved for loans, so it’s a very reliable choice for the seller. Plus, a cash transaction means a quicker and smoother sale. So, cash buyers have greater negotiating power on price, closing time, repairs, and more.

  2. Some sellers will discount the cost of the property if the buyer pays in full, upfront, with cash.

  3. When using cash, and not a loan, the home-buying process is quickened and becomes much easier for both parties. Without loans, there are no stacks of paperwork to fill out and you don’t run the risk of being delayed for approval.

  4. Cash buyers can save money on closing costs, bank appraisals, mortgage applications and fees, title insurance, and more.

  5. There is no risk of loan denial with cash purchases.

  6. Mortgage interest on a typical 30-year loan can double or even triple the original purchase price of a home. Cash buyers don’t have to pay interest on any loans, so they end up paying much less for their homes in the long run.

  7. Cash buyers are able to save valuable time by eliminating the need to search for the optimal lender (which can be hard to find) and gather the necessary documents for the lender.

  8. Cash buyers have a better sense of security about their home. Paying in full and upfront eliminates the chance of losing your home if you can’t afford to repay mortgage loans. Losing a job, becoming injured, or facing other hardships doesn’t affect the cash buyer’s sense of security-no matter what the circumstances, there is never the risk of losing the home to foreclosure.

  9. Cash buyers gain full, immediate, excellent equity in their home. In the case of any type of financial emergency, homeowners can draw on that equity for quick cash.

  10. Cash buyers are able to avoid mortgage applications, which can often prevent a buyer from being able to afford the home. This can happen when a low appraisal of the home causes the lender to reduce the loan amount offer to the buyer, making it impossible for the buyer to afford the home.

When a buyer purchases a home up front with cash, both they and the seller benefit. Financially and emotionally, cash transactions are beneficial to everyone involved in the transaction. Cash transactions save time and money and allow homeowners to be more secure in their purchase. Cash transactions can, in many cases, take away a lot of the uncertainty associated with buying and selling a home.

For more information on the advantages of buying a home with cash, read the original article from Realtor.com here.

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NEW LISTING: 42 Canadian Woods Road In Marlboro, New Jersey

 


42 Canadian Woods Road, Home For Sale In Marlboro, New Jersey

Overview

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Market Stats 

$629,000
Single Family Home
Main Features
5 Bedrooms
2 Bathrooms
1 Partial Bathroom
Interior: 3,108 sqft
Lot: 0.43 acre(s)
Location
42 Canadian Woods Road
Marlboro, NJ 07746
USA

To get updates on open home dates and other property events, please click the “Like” button below:


Jodi Goldberg Jodi Goldberg

(908) 770-2150
jodiagoldberg@gmail.com
http://www.JodiGoldberg.com

Listed by: Jodi Goldberg with RE/MAX Central

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Open House! June 23 1-4 PM

 


Welcome to 7 Edgewater Drive, Home for Sale in Matawan, New Jersey

Overview

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Open House

Market Stats

$370,000
Single Family Home
Main Features
3 Bedrooms
2 Bathrooms
Interior: 2,072 sqft
Location
7 Edgewater
Matawan, NJ 07747
USA

To get updates on open home dates and other property events, please click the “Like” button below:


Jodi Goldberg Jodi Goldberg

(908) 770-2150
jodiagoldberg@gmail.com
http://www.JodiGoldberg.com

Listed by: Jodi Goldberg with RE/MAX Central

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5 Reasons To Buy a New Home Over a Resale

Many buyers today are finding no shortage of resale homes to consider, but choosing a resale over a new home may not be the best option for all. The biggest draw of resale homes is their relatively cheap price, but it’s important to remember that you get what you pay for. Here are 5 reasons to buy a new home over a resale from U.S. News.

1. You can customize a new home. One of the biggest benefits to buying a new home is that the buyer can customize and tailor the home to fit their specific needs. For instance, in building a new home, buyers can choose where the bathrooms will be, what kind of flooring will be in each room, and sometimes even the lot on which the home will sit. These kinds of options are really great for people who know what their specific needs and wants are or for buyers who want a home that they know can support their needs for many years to come. In buying a resale, home owners just aren’t afforded that luxury. Customizing resale homes is a very difficult and expensive process, and sometimes it’s just downright impossible.

2. Energy efficiency. Whether you’re building your own home or buying a new one that’s already been built, chances are your home will have top of the line energy-efficient appliances. Some of the best things about having energy efficient appliances are the tax breaks you get at the end of the year and, of course, lower utility bills. Green systems and energy-efficient appliances can help save homeowners thousands of dollars throughout the year. Older resale homes are usually not equipped with these new, green, energy-efficient machines, and thus end up costing the buyer more in utilities. It is possible to retrofit resale properties, but replacing all of those large appliances can get very expensive.

3. Fewer repairs. New homes haven’t experienced the wear and tear that resale homes have, which means that features of a new home will most likely hold up better than features of older homes. For example, when buying older pre-owned homes, many buyers will find that they need to replace the carpet, repaint the walls, re-insulate the attic, etc. These are things that new homeowners really don’t have to deal with.

4. Less maintenance. Many of the new homes on the market are specifically engineered to minimize maintenance requirements for the homeowner. Patrick Costello, president of Forty West Builders, based in Ellicott City, Md, says that his company doesn’t use wood for exterior trim, since it is susceptible to rotting and often requires repainting, but instead uses composite, which means less work for the homeowner. Older homes typically aren’t endowed with this kind of technology, which, again, means more work for the homeowner.

5. The warranty perk. When having a home built, many buyers can negotiate a contract in which the builder will agree to take care of necessary repair work in the home for the first year, at minimum. Other components of the home will be under warranty for longer than the first year, in almost all cases. So, necessary repair work could include anything from a leaky roof to a broken heater, and if either of these things happen within the warranty period, the builder pays to have it repaired. When buying a resale home, there is no chance of taking advantage of a builder’s warranty.

For more reasons to buy a new home rather than a resale, and to read the full article from US News, click here!