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August 2014

Why Buy NEW construction vs Resale

Why Buy NEW versus OLD



A Floorplan You Desire

You get to select the exact floor plan and layout you want based on the way you and your family need and want to live.

Or Settle for…

a floor plan and layout that was based on the way someone else wanted to live.

An Exterior You Love

You get to select the look and feel of the exterior of your home

Or Settle for…

the stucco façade when you really wanted traditional brick

Your Choice

You have the opportunity to pick all of your selections, from the cabinets to the carpet, everything is new and chosen by you!

Or Settle for…

Even though the layout was nice, you'll have to live with the pink carpeting and old model kitchen until you can afford to redecorate according to your tastes.

More Space For You

Your home can contain all the latest architectural benefits, like 9 ft ceilings, expansive closets, modern kitchen and baths, dual zone heating and cooling and a fully finished basement.

Or Settle for…

It looked big from the outside, but it doesn't have nearly enough closets, the ceilings are low, some rooms heat and cool better than others, the kitchen is outdated and the water table is too high, so no possibility of a finished basement.

New Home Warranty

Your new home comes with a New Home Warranty

Or Settle for…

If you are lucky, the previous owner thought to keep some manuals on the appliances in the house, but other than that, warranties have long since expired.

Gerald Santoro has sent you a message from National Mortgage Professional Magazine

National Mortgage Professional Magazine

Gerald Santoro
thought you would like to see the National Mortgage Professional Magazine web
site. What
Happens If (and When) Rates do Rise? by Phil

humorist Arnold H. Glasow once quipped, “Nothing lasts forever—not even
your troubles.” But for many mortgage professionals, it seems that
historically low interest rates have been the new normal for a period that
seems like forever. But will there be new troubles for the housing market
should rates finally begin to significantly uptick?

here to read more on our site

5 questions for condominium buyers

5 questions for condominium buyers

The condominium market is heating up. According to the National Association of REALTORS®, condo sales across the country have climbed steadily since 2011. In the West, sales in June 2014 were up 7.1 percent year over year. Prices are up over last year, too, by 3.2 percent nationwide – and as much as 7.1 percent in the Midwest and 10.2 percent in the West. Here's what you need to know before you buy a condo:

    Affordable homeownership
    Access to amenities (e.g., swimming pool, gym)
    Low maintenance
    Slower appreciation and more days on market
    Lack of privacy
    Monthly association fees and assessments

Ask the right questions
Finding the best condo match means doing some homework and getting good information.

 1. What are the rules?
All condo associations have them. Are they too stringent to live with comfortably? Or are they so relaxed that the community risks becoming run down?

2. What is covered?
The association collects fees and carries an insurance policy. Does the association pay for a leaky roof or does the owner? Who is responsible to pay for repairs if a pipe bursts in the wall between units? Are you responsible for windows and doors? Who covers the cost of building code upgrades? What additional insurance is necessary beyond the association's policy?

3. What percentage of residents are renters?
Renters might not give the same care to a property that the owner would, and a high percentage of renters in a condominium community might limit the types of loans available. On the other hand, an investor will want to know if renting is allowed. If so, does the owner find the tenants or the will the association do it?

4. Is the association on solid financial ground?
The older the condominium, the more money the association should have set aside for maintenance and repairs. Read the association meeting minutes to find out if there are outstanding maintenance issues that could exceed cash reserves. How many owners are delinquent on fees? Does the association have any liens against it? Lawsuits pending?

5. Who's the boss?
Is there a professional management company or do the owners manage the condominium themselves?


 Condo ownership can offer advantages, and it can be a tricky transaction. Buyers are advised to have a real-estate lawyer review the association's bylaws and to speak with a Mortgage Advisor who understands the intricacies of loan requirements for the various types of condominium communities

Avoid Mortgage Insurance with Peoples NEW Combo loan!

Avoid Mortgage Insurance with Peoples NEW Combo loan!
The 80/10/10 loan is re-emerging as a viable option for today’s
homebuyer. This is good news for homebuyers who want more
options when deciding how to finance a home.
The first mortgage is opened at 80% of the home’s purchase price. Then, a second loan is opened at
10% of the purchase price. The second loan is often called a second mortgage, home equity line of
credit (HELOC), or a home equity loan.
This loan allows borrowers to put less than 20% down on a home, while avoiding private mortgage
insurance (PMI) and high FHA costs.
80/10/10 Mortgage Facts
• Minimum credit score of 680 to qualify.
• *No mortgage insurance means you save money!
• No prepayment penalty – Pay down the balance on the higher interest rate 2nd loan without
penalty. Save interest and have a fast and easy way to pay down your overall home loan balance
so all you have left is one low fixed rate.
Want to know if a Combo loan is the right one for you? Contact me today!

Peoples Home Loans
Gerald Santoro
Mortgage Banker
NMLS #630694
198 US 9N, Ste 206
Manalapan, NJ 07762
[email protected]