Definition: closing costs Closing costs are the fees paid at the time of the closing of a real estate transaction.
May
08
May
08
Definition: mortgage rate lock A mortgage rate lock is an agreement between the borrower and lender that allows the borrower to lock the interest rate on a mortgage over a set period of time.
May
08
Definition: rental property A rental property is a property which the owner receives payment from tenants in return for using or occupying the property.
May
05
So, you’re getting ready to sell. An important next step is getting your home inspected. Here are some steps to get your home and yourself ready for a home inspection. How to Prepare for a Home Inspection: Clean your house Clean homes say that you care and that you take... read more →
May
05
Clutter is something that everyone has to deal with. When you want it to be gone, here are a few tips and tricks to help you get rid of it. How to Get Rid of Clutter: Make a list. Create a list of all the areas in your home you... read more →
May
05
Are you one of the lucky people who has an extra room in your house? Are you uncertain what you should with it? Here are a few ideas to help you get the ball rolling. Spare Room Ideas Art Studio A spare room is a perfect place for an art studio.... read more →
May
04
Definition: rent (verb) To pay someone for the use of something or occupancy of somewhere.
May
04
Definition: property tax A property tax is a levy on the value of the property by government authority.
May
04
Definition: (home) buyer A home buyer is a person who is looking to purchase a new home.
May
04
Definition: zoning Zoning is the regulation of the use of real estate property by local government, restricting property to residential, commercial, and industrial uses. Zoning laws are the laws put in place to govern and/or enforce zoning regulations.
May
04
Definition: condo Short for condominium, a condo is on of a group of housing units, in which each homeowner has an individual unit and all land in the condominium is owned by all the homeowners.
May
04
Definition: (home) seller A (home) seller is the person who puts a home on the market for sale.
May
04
Definition: debt-to-income ratio (DTI) A debt-to-income ratio, also referred to as DTI, is a way a lender measures an individual’s ability to afford monthly payments and repay debt.
May
04
Definition: first time home buyer A first time home buyer is an individual who has had no ownership in a principal residence during a three year period. If you are in a spousal relationship, if either of you meets that above specification, you are considered a first time home buyer.
May
04
There comes a time in most people’s lives where they look around at the home they once thought was perfect for them and decide that they have outgrown it. Signs that you might have outgrown your home: Clutter Do you look around your home and see clutter built up everywhere?... read more →
May
04
Paint Like a Pro: How to Paint a Room Here are some tips and tricks if you want to paint, decide to forgo the painters, and do it yourself (DIY). Dry weather Painting in dry weather is the easiest because paint dries faster and more efficiently. Humidity causes paint to... read more →
May
03
Moods and Colors Colors of your room are often a reflection of your personality. However, did you know that colors can affect our mood? Color can actually affect people in many ways and can depend on age, gender, and even ethnic background. However, certain colors get a similar reaction. Some... read more →
May
03
One of the most taxing parts about moving is packing. You never realize how much stuff you actually have until you have to pack it all up into boxes. You might even be confused where to start with your packing. This list offers ideas on how to pack to move:... read more →
May
03
Every year, PANTONE releases a color of the year, which is a symbolic color selection that shows a color snapshot of what is taking place in global culture. This year, PANTONE has chosen the color of the year to be Greenery. According to the PANTONE website, “Greenery is a fresh... read more →
May
03
First Time Homebuyer Mistakes Many first-time homeowners don’t know what to expect. Many people make mistakes that can ultimately prevent them from getting the house that they really want. Here are some mistakes that first-time homebuyers might make, and should try to avoid. Not being prepared for an all-cash market... read more →
May
02
When getting pre-approved, there are some documents that you might be asked for. Documents needed for a mortgage pre-approval: Proof of Employment: A mortgage lender might want to see a list of employers for the past two years, maybe longer. In addition to the name of your employer, a lender... read more →
May
02
[av_one_full first min_height='' vertical_alignment='' space='' custom_margin='' margin='0px' padding='0px' border='' border_color='' radius='0px' background_color='' src='' background_position='top left' background_repeat='no-repeat' animation='' mobile_display=''] [av_textblock size='' font_color='' color=''] See NJ Refinance Rates Today [/av_textblock] [av_image src='http://gardenstatemortgageservices.project-url.net/wp-content/uploads/2017/04/refinance-1030x579.jpg' attachment='968' attachment_size='large' align='center' styling='' hover='' link='' target='' caption='' font_size='' appearance='' overlay_opacity='0.4' overlay_color='#000000' overlay_text_color='#ffffff' animation='no-animation'] Mortgage Refinancing NJ [/av_image] [/av_one_full][av_one_full first... read more →
May
01
Definition: HUD The United States Department of Housing and Urban Development, otherwise known as the HUD, is a Cabinet department in the Executive Branch of the United States federal government.
May
01
Selling your house is an important and time-consuming task. Here is a timeline to follow to help you in the selling process. Figure Out Your Personal Timeline Two months before listing your home, evaluate your finances and your budget, add up transaction costs and remaining equity, and collect key documents,... read more →
May
01
When making the decision to sell your house, you may be wondering if you need to repair anything in your home. Here are some questions to ask yourself to figure out if you should fix it or leave it. Does it make the property look uncared for? Anything that doesn’t... read more →
Apr
28
A Few Quick Tips on Avoiding Stress When Buying a Home Buying a home can be a stressful process. Here are some things you can do ahead of time (and during the process) that may help make buying your home a less stressful - or more enjoyable - experience. Start... read more →
Apr
28
Definition: property address The property address is a way to define or pinpoint where a piece of property is located.
Apr
28
Definition: processing fee A processing fee is a fee charged to process a loan application, including applications for credit checks, property appraisals, and basic administrative costs.
Apr
28
Definition: principal balance The principal balance is an amount owed in order to satisfy the payoff of the underlying obligation, less interest and other charges.
Apr
28
Definition: pre-qualification Pre-qualification is the initial evaluation of credit worthiness of a potential borrower that is used to determine the approximate amount a person will be able to borrow.
Apr
28
Definition: pre-approval Pre-approval is the evaluation of a potential borrower by a lender to determine whether the borrower qualifies for a loan from the lender.
Apr
28
Definition: payment cap A payment cap is a set upper-limit on the interest rate to protect you when getting an adjustable-rate mortgage.
Apr
28
Definition: origination fee An origination fee is a fee charged by a lender entering into a loan agreement to cover the loan processing cost.
Apr
28
Definition: mortgage insurance Mortgage Insurance is a policy that compensates lenders or investors for any losses incurred due to the default of a mortgage loan.
Apr
28
Definition: lien A lien is a legal right to the possession of a property owned by another person until a debt owed by that person is paid or discharged.
Apr
28
Definition: jumbo loan / jumbo mortgage A jumbo loan, or jumbo mortgage, is a home loan that exceeds conforming loan limits. In most areas, the loan limit is $417,000 but can reach $625,500 in high-cost areas.
Apr
28
Definition: joint ownership Joint ownership, or joint tenancy, is the right of ownership held by two or more individuals, in which after the death of an owner, the deceased's ownership passes on to the surviving owners.
Apr
28
Definition: investment property An investment property refers to a property in which the owner uses to earn money through rentals, for capital appreciation, or both.
Apr
28
Definition: HUD loan HUD loans are made available for people who are dedicated to financial responsibility and restoring their financial reputation.
Apr
28
Definition: MLS (multiple listing service) A multiple listing service, or MLS, is a service that provides a searchable database of property listings for sale.
Apr
28
Definition: home price index A home price index is a tool that measures changes in single-family home prices in a specific market.
Apr
28
Definition: good faith estimate A good faith estimate is the estimate of fees due at the closing for a mortgage loan that has to be provided by a lender to a borrower within three days of the lender taking a borrower’s loan application.
Apr
28
Definition: flood certification A flood certification is a document that states the flood zone status of a real estate property, and may include details about elevation.
Apr
28
Definition: fair market value Fair market value is the estimate of the market value of a property. FMV is based on what a knowledgeable, willing, and non-pressured buyer would probably pay to a seller.
Apr
28
Definition: FHA Loan A FHA loan is a mortgage issued by federally qualified lenders and insured by the FHA. FHA loans are designed for low-to-moderate income borrowers who cannot make a large down payment.