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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
A DIVISION OF PEOPLES BANK
Gerald Santoro
Mortgage Banker
NMLS #630694
198 US 9N, Ste 206
Manalapan, NJ 07762
732.800.0060
gsantoro@bankingunusual.com
www.PeoplesHomeLoansNJ.com/gsantoro


positive change for markets where housing inventory has been stagnant.

The year ahead holds the promise of positive change for markets where housing inventory has been stagnant. Rising home prices are serving to lift the market – and homeowners – above the low-equity tide. That's a good thing for several reasons.

Increasing home prices = possible inventory boom
Over the next 15 or so months, 8.3 million homeowners (that's 18% of homeowners with mortgages), are expected to gain enough equity in their homes to be able to sell them without being forced into a short sale, according to a recent report by RealtyTrac.1 This assumes that home prices continue to increase at the rate they have since March 2012 – 1.33% per month.

The report shows that this segment of homeowners' equity currently ranges anywhere from 10% negative equity to 10% positive equity. As their equity improves, so does their ability to sell their homes. Another bright spot in the report: 1 in 4 homeowners in foreclosure has positive equity, meaning they stand a better chance to sell their homes before foreclosure proceedings are completed.

The "big boost"
More home inventory is good news for the housing market overall, with buyers having a greater number of choices as the spring season approaches. Rising home prices also contribute to an overall sense of security and optimism. People who feel more financially stable are more likely to spend. "Fewer underwater homeowners is a big plus for the economy," says Mark Zandi, chief economist at Moody's Analytics. "The home is still the most important asset most Americans have."2

Sources:
1 More than 8 million homeowners are 'resurfacing' by Teke Wiggin
2 Rising home prices lift underwater homeowners by Julie Schmit


What's Trending among luxury buyers...

Luxury home buyers rank open floor plans, smart technologies, and pools as top amenities in their home purchases.  

Here are their top-ranked amenities, among lusury home buyers: 

  • An open floor plan was cited by 39 percent as the No. 1 preferred amenity
  • Fully automated/wired home system, which could encompass high-speed cable and integrated music systems, computerized lighting, and home monitoring systems
  • Pool
  • Outdoor kitchen
  • Gym
  • Home theater

On the other hand, luxury home buyers ranked the following amenities as “less important”: wine cellar, guest house, safe room, separate catering kitchen, tennis court, and staff quarters (which came in last on the list). The average home purchase for this wealthy segment of buyers was estimated at $1.6 million.


Home buyers and Credit Fitness

Many home buyers now and into the foreseeable future will be facing tight lending standards and the need to improve the credit score to get prequalified for mortgages. Some steps to speedy credit repair to gain lender approval and the best possible rates; especially if you are a few months away from purchasing.

CREDIT CARD WISDOM

  • paying DOWN revolving charge cards is more beneficial than paying down student loans or auto loans
  • ALWAYS leave 30% or higher between what you owe and the credit card limit
  • Use cards with care EVEN IF you pay off the balances monthly; because depending on the statement dates the lender may see the big balances
  • pay down the cards closest to their llinits for speedier credt repair. The lender will see the "gap" it wants to see.
  • Do NOT ask creditor to lower credit limits. Generally, carrying low balnces on several cards is better than one large balance on one card
  • check your credit card limits to make sure the report is correct. Limits may not be reported on all cards.
  • Never make a late payment on credit cards or any loan.

PROTESTING ITEMS:

  • Protest unjust negatives, such as late payments, collections that are not yours and any items not reported as "paid as agreed", if you paid on time and in full.
  • Protest items listed as unpaid that were included in a bankruptcy and items older than (7) seven years (10 bankruptcy)
  • Focus  FIRST on th elarger newer negatives listed on the report

It is important NOT to worry about smaller items such as incorrect address information, or old employer listed as current. Unless ther is the possibility of identity theft or the file is mixed up with someone else.

This certainly is not an all inclusive list of the steps that can be taken to improve a credit score, it is a great starting point, before attempting to get pre-approved and purchase a home. 

 


Checklist for 203k FHA LOAN

203K Check list 
Michael Grace is an expert when it comes to 203k loans. He has put together a check list of what to look for when looking at propreties that need work and you are looking at an FHA loan because you don't have alot of money to fix or put down. 203K FHA loans are the best in this type of a situation. It helps you acquire a great property with potential at a good price.

If you're looking for such properties call me or email me and I can send you a list of properties in the areas you may be interested.


Showing a condo today that had valet parking

I am soo incensed today. I was showing condos to a family today in Long Branch, NJ along the ocean and one of the condos a high rise called the Imperial House had valet parking.

I told the man that I was a REALTOR and that I was only there for about 15 to 20 minutes and that my people were behind me. He said I still had to valet it as well as my people.

We valeted it and I showed the unit absolutely beautiful and unobstructed views of the ocean, then we went down to get our cars, and the guy actually stood there waiting for a tip. Can you believe that? Just for 15 minutes of parking? Now mind you there were spots right by the entrance marked for unit owners 30 minute parking only he could have let us park there, but no they wanted their tip money.

I wonder how many owners know about this and how do other REALTORS feel about this. Frankly I am NOT going to show the Imperial House during the summer months. I don't feel I should have to valet my car with them, as I am hoping to sell the Owners unit.

Tell me what do you think about that?


6/21/2010

I had posted this to a real estate community as well yesterday and this was on of the replies which really opened my eyaes and I am glad for it.

"Let me preface this by saying that you asked for opinions, so please don't be offended, it's just my opinion based on the facts you gave.

I would have tipped the guy for both my car and my clients' car, no questions asked. To do otherwise seems petty and I think would reflect badly on me as an agent.

Think about it - regardless of why, or for how long or shot a time, you are utilizing the valet services. You're a REALTOR hoping to sell a beautiful oceanside property, and if you do, you'll pocket a nice commission (thousands of dollars). The guy parking your car is probably minimum wage plus tips, and he has to park and retrieve your car just like he has to do with every other car who goes in and out of there. In your case, to not hold things up, he has to go get two cars at the same time since you guys came together and will be leaving together, which probably requires two guys servicing your group.

I would have pointed out to the prospective buyers the benefits of being able to afford a lifestyle that includes valet service for your vehicle. It's probably something that would resonate with anybody looking at that type of luxury property. Not to mention, it's safer for my wife and children (and myself) to be able to not have to park in a dark parking lot and then walk to the building - or the convenience of being able to unload the groceries right there at the front door and not trek across the lot, or any of a dozen or more advantages that such a service provides.

I hope to God that 1) you paid the valet tip (what would it be, a few bucks each car, five bucks each tops?) for your prospective buyers, and 2) that you didn't complain to them about it. Seriously, it would not reflect well on you, and I can only imagine the thoughts that it might provoke about you to them - like "why is she acting so cheap when we know she's going to make a fat check off of this sale?" or "I can't believe how awkward that was, and how rude she was to the valet", or "I can't believe she didn't pay the valet's tip for us", or who knows what other things they might've thought.

This was a chance to make your buyers see that buying this place would make them a big shot by upping their quality of life, and that you were a seasoned professional who could navigate that world but yet is so down to earth. I'm guessing that that isn't the impression they were left with, though. And that's unfortunate. Christopher Cassidy."

Thank you Christopher for opening my eyes and making me look at it from a different perspective.


NJ Homebuyer Tax Credit

State Senate Approves Legislation Creating New Jersey Home Buyer Tax Credit

On June 10, 2010, the New Jersey Senate approved A1678, legislation creating a home buyer tax credit program in New Jersey. This legislation was previously approved by the General Assembly and is now awaiting Governor Chris Christie's signature.  

 

Since spring 2010, the New Jersey Association of REALTORS® (NJAR®) has discussed the possibility of the New Jersey Legislature passing a bill that creates a state tax credit program for home purchases. Recently legislation, A-1678/S-692, was approved by the General Assembly establishing a New Jersey Home Buyer Tax Credit Program under the state gross income tax for home purchases made within a one year period following enactment of the law.  As a means of bolstering the Garden State’s faltering economy, the bill creates a refundable tax credit of up to $15,000, or 5 percent of a home purchase price (whichever is less) for qualified home buyers. If eligible for the credit, home purchasers will receive the credit over three years, during which time the home purchased must be used as a primary residence.

Under the current bill, $75 million in funding is set aside for the purchase of newly constructed homes and $25 million will go towards purchase of previously occupied homes. While NJAR® is working to have more money dedicated to the purchase of existing homes, the main focus of the bill is to put people in the building trades to work and stimulate the economy through income and sales tax revenue created by the new construction. NJAR® submitted a memo explaining the economic benefits associated with enacting a state home buyer tax credit and expanding it to include more existing homes.

Before this legislation can become law, it must be approved by the full state Senate and be signed by Governor Chris Christie. The full Senate may vote on the bill as early as its next scheduled meeting on June 10, 2010. To date, we have not received confirmation as to whether Governor Christie is inclined to support the legislation


Drop your Anchor Here!

 Waterman6rszd
Drop your Anchor Here!

"I long to hail the swelling sea, and wonder free once more. A sailor’s life of wandering glee, that is the only life for me!" With over hundreds of miles of saltwater shoreline to wander and explore, New Jersey's Shore is a boater’s dream come true. Greet the morning sun on our Atlantic coast, cruise into Sandy Bay at twilight, ready to applaud the sun as it slips below the horizon. So whether you plan to captain a kayak, a deep draft sailboat or nifty swifty power boat, we have a spectacular boating oriented property for you. (And your dock and deck actually become additional outdoor living space, a place to sit and contemplate, to fish and crab from, to just relax and watch the water and boats go by.) 

Living at the Jersey Shore, boating becomes an accessible lifestyle and obsession, not just a dream.

Drop your crab pot in the water or swing your fishing line into the water and start enjoying some of the many bounties of the Jersey Shore

Enjoy panoramic southeastern exposure and absolutely spectacular sunrises as you relax at the end of your very own dock. Get out your binoculars and check out the school of sailboats as they ply the waters of Blackberry Bay. Bathe in the golden sunlight reflected off the rippling water on a cool fall day on your deck, watch the geese flying in V formation overhead, honking madly and then splashing in the waters or watch the elegant swans just gliding along the waters.

Yes, you're at the Shore, and yet ever so close to golf, shopping, first rate restaurants, hospital, beach, and marinas.

This is an amazing property-- worth a trip jus to see this!

There truly is no better place to have a waterfront home than in Rumson, NJ.


New Home Owner Tips to be Organized

New Homeowner Tips

Welcome to your organized home! Here are some smart tips to follow to help you settle into your new home in organized style.
  • Shout it from your (new) rooftop!   Let friends and family know you've moved! Choose from printed moving announcements or send a quick email. Be sure to provide your new address and telephone number.
  • Contact local utility companies.   If you haven't already done so, you'll need to contact electric, gas, cable, waste/recycling, water and phone providers to set up service in your new home. If your home has a security system, contact the security company and change the codes.
  • Get the lay of the land.   Locate the circuit breaker panel and make sure it's clearly labeled. Identify where the emergency water turn-off valve and the gas heater switch are located. It's also a good idea to know where the water heater and HVAC units are housed.
  • Identify service providers.   Unless you are skilled at home repairs, the last thing you'll want to do when an emergency arises is search for a service provider! Check your home warranty for items that are covered. Ask neighbors for referrals for plumbers, HVAC technicians, roofing companies and electrical technicians – have a list ready before you need it!
  • Set-up a filing system.   You'll want to set up a filing system for keeping home-related documents and receipts organized, including repair and warranty information, insurance policies and any home improvement projects.
  • New home toolbox.   A new home inevitably means hanging pictures, assembling furniture and other general maintenance needs. Create a small, portable toolbox stocked with the essentials that will help you at move-in and in the future. It should include a hammer, screwdriver (including standard and Phillips bits), tape measure, pliers, duct tape, flashlight, level, safety glasses, wall stud finer, nails, screws, dry wall anchors and Command™ Hooks. A lightweight cordless drill and stepstool are also helpful.
  • Be prepared.   Put together a first aid kit and make sure everyone knows where it's located. Make sure you have a fire extinguisher on each level of your home. Identify nearby doctors and dentists through your insurance company. Find out where the nearest hospital/emergency room and 24-hour clinics are located for unexpected emergencies. Plan and communicate emergency/evacuation routes with your family.
  • In the community.   If available, visit your new home's municipal Web site to learn of services and events that may be of interest to you. Locate the nearest library and shopping destinations. Contact your child's school for a schedule and to set up a tour.
  • Make space in your closets.   Whenever possible, it's a super idea to makeover the closets in your new home before moving in. Standard construction closets generally only offer a single shelf and closet rod, which is an incredibly inefficient use of space. Try our free design services using elfa, the premier shelving and drawer system.
  • Contain your cabinets.   Before unpacking your kitchen and bathrooms, measure lower cabinets so that you can install some kind of pull-out organizer. Once everything has been moved in, you'll love how easy items are to see and access. It's a lot easier to do this before unpacking than to go back later and do it! While you're at it, add a drawer and shelf liner to all cabinets and drawers before unpacking – it will make clean-up in the future breeze!

Be Sure to Know Whether You Qualify for the Earned Income Tax Credit

Be Sure to Know Whether You Qualify for the Earned Income Tax Credit 

The Earned Income Tax Credit, commonly referred to as EITC, can be a financial boost for working people adversely impacted by hard economic times. However, one in four eligible taxpayers could miss out on the credit because they don’t check it out. Here are the top 10 things the Internal Revenue Service wants you to know about this valuable credit, which has been making the lives of working people a little easier for 35 years.

1. Just because you didn’t qualify last year, doesn’t mean you won’t this year. As your financial, marital or parental situations change from year-to-year, you should review the EITC eligibility rules to determine whether you qualify.

2. If you qualify, it could be worth up to $5,657 this year. EITC not only reduces the federal tax you owe, but could result in a refund. The amount of your EITC is based on the amount of your earned income and whether or not there are qualifying children in your household. New EITC provisions mean more money for larger families.

3. If you qualify, you must file a federal income tax return and specifically claim the credit in order to get it – even if you are not otherwise required to file.

4. Your filing status cannot be Married Filing Separately.

5. You must have a valid Social Security Number. You, your spouse – if filing a joint return – and any qualifying child listed on Schedule EIC must have a valid SSN issued by the Social Security Administration.

6. You must have earned income. You have earned income if you work for someone who pays you wages, you are self-employed, you have income from farming, or – in some cases – you receive disability income.

7. Married couples and single people without kids may qualify. If you do not have qualifying children, you must also meet the age and residency requirements as well as dependency rules.

8. Special rules apply to members of the U.S. Armed Forces in combat zones. Members of the military can elect to include their nontaxable combat pay in earned income for the EITC. If you make this election, the combat pay remains nontaxable.

9. It’s easy to determine whether you qualify. The EITC Assistant, an interactive tool available on IRS.gov, removes the guesswork from eligibility rules. Just answer a few simple questions to find out if you qualify and estimate the amount of your EITC.

10.   Free help is available at volunteer assistance sites and IRS Taxpayer Assistance Centers to help you prepare and claim your EITC. If you are preparing your taxes electronically, the software program you use will figure the credit for you. If you qualify for the credit you may also be eligible for Free File. You can access Free File at IRS.gov.

For more information about the EITC, see IRS Publication 596, Earned Income Credit. This publication – available in both English and Spanish – can be downloaded from IRS.gov or ordered by calling 800-TAX-FORM (800-829-3676).

 

Links:

Tax Topic 601, Earned Income Credit