FHA Loan Now and Conventional Loan Later?

As you probably know by now, mortgage insurance never goes away with FHA loans, unless you put 10% or more down.  Even with 10% or more down, it still lasts for 11 years.  This rule went into effect in June, and it really makes FHA loans pretty unattractive for a lot of people.  

FHA Loan Now and Conventional Loan Later?

Monmouth County Single Family Marketwatch for 2014

Summary

Table of Contents

ALL Monmouth County New Jersey Houses

Asbury Park

Atlantic Highlands

Eatontown

Fair Haven

Little Silver

Long Branch

Monmouth Beach

Oceanport

Red Bank

Rumson

Sea Bright

Shrewsbury

Tinton Falls

West Long Branch

Median vs Average Closed Price

New 2013 Monmouth County NJ Condo Market Study

Assessment Demonstration Program to begin in tax year 2014

In march 2013, Gov. Christie signed into law chapter 15 P.L 2013 known as Assessment Demonstration Program to begin in tax year 2014. The Monmouth board of Taxation and the Monmouth County of Assessors has decided to be the first in the state to take on this cost saving project. Many changes will be put in place over the next FIVE years.

Annual Assessment Overview

The primary purpose of the program is to demonstrate a more cost effective and accurate process of property assessment administration for New Jersey.

1. Appeal Calendar

Current Taxation Calendar VS Proposed Taxation Calendar

2.Annual Assessment Revision

The Demonstration program proposes changes that would proved the Assessor with both the authority and the requirement for the annual review and revision of all properties within the jurisdiction. Increased accuracy in assessments will greatly reduce the exposure losses in appeals and build public confidence in fairness of the system. Such requirements are also intended to reduce frequency of the need for revaluation or reassessment.

 

Annual Qualified Reassessments and
5 year Internal Inspections

List of Towns where the 20% revaluation starts and towns that are being reevaluated.

• Improve the accuracy of the annual assessments the current model of "10 Year Revaluation" will be replaced by "Annual Qualified Reassessments" supported by "5 Year Internal Inspection" contracts.
• Revaluation service is comprise of  inspection, valuation and appeal-defense. Under the new "Annual Qualified Reassessments"  model the assessor will be responsible for valuation and appeal defense. ( outside firms to do inspections with geo-coded tablets)
• Each municipality will enter into a 5 year contract (3 years wit h2, 1-year options) for the "Internal inspections of 20% of all line items". This service will presumably be offere by the current revaluation firms. Every 5 years 100% of the properties will be internally inspected which is twice that of the current revaluation model.
• The assessors annual qualified reassessment, supported by the outside internal inspection model, is intended to be a sustainable replacement for all future revaluations.

3. Revision Compliance

• The demonstration program provides the power to compel the implementation of revaluation, reassessment, compliance plan and maintenance programs. By providing the ability to expedite the implementation of the revaluation process there will be greater precision in the timely assignment of the individual tax liabilities putting an end to the protracted over/under payment of taxes.
• The authority to compel facilitates the implementation plan for annual qualified assessments.
• In accordance with the State approved implementation schedule, all Monmouth County towns will be performing annual qualified reassessment supported by 5 year internal inspection programs in the year 2018.

4. Assessment Standardization and Technology Details

• This Demonstration program proposes changes that will provide enhanced system administration by requiring that ALL municipalities within the county utilize the same property assessment software.
• As a state certified vendor Monmouth county has offered shared services to all municipalities since 1996
• In accordance all 53 municipalities will participate in the shared service program beginning 2014.
• Transparency  Posting of public documents under the OPR website:
  
  http://oprs.co.monmouth.nj.us
• Integration with Monmouth county GIS
• Expansion of the Online Appeal Portal
  https://secure.njappealonline.com
• Adopted procedures utilizing Statistical Analytics software

Understanding the building blocks for a successful property assessment tax appeal

emphasizing 2014 Property Assessment change details.

ATTENTION MONMOUTH COUNTY NJ

PROPERTY OWNERS
ASSESSMENT APPEAL APPLICATION DEADLINE

JANUARY 15 2014

(PREVIOUSLY THE DEADLINE WAS APRIL 15)

 

In march 2013, Gov. Christie signed into law chapter 15 P.L 2013 known as Assessment demonstration Program to begin in tax year 2014. The Monmouth board of Taxation and the Monmouth County of Assessors has decided to be the first in the state to take on this cost saving project. Many changes will be put in place over the next FIVE years. 

1. Remember the Assessor is ALWAYS right about your assessment unless you want to lose.
2. Remember that your assessment was created on October 1st of last year. Example October 1st 2012 for the year 2013.
3. Alwys find 3 good reasonable sales and find those closed  sales between January and December of last year. Example 2012 for tax year 2013.
4. Remember NOT to talk about your neighbor's assessment unless you want to lose. 1 strike
5. Rember NOT to mention your own property taxes unless you want to lose. 2 strikes
6. Breaking up your assessment between land and building is a sure way to weaken your case for reduction. 3 strikes
7. While you may not rest on the 7th day, the Assessor does!
8. consider if you are the expert or if you NEED an expert (appraiser etc) . Experts have boundaries and lend credence to the sales.
9. Contrary to what you may think, you may need an Attorney, especially if you are an LLC or Corp. Any and ALL experts MUST be with you at the meeting!
10. Chapter 123 - is a "cautionary tale" of potentially winning the battle but losing the War.
11. Consider filing your appeal and documentation Online.
12. ALWAYS BE CONFIDENT! Do not be distracted and always give an honest courteous response.
13. ALWAYS Direct your remarks and responses to the Commissioner, not necessarily to the Assessor, Attorney or the Representative from the Revaluation company.
14. Always start your testimony by describing you house, land, or building. Example: the style, how many bedrooms, how many baths, basement/no basement, garage/no garage, deck, fireplace, air conditioning, are you on a busy street or not, do you have a water view or are you on the waterfront, the size of your lot - describe the condition of your home in terms of good, average, fair or poor.
15. BE PREPARED to tell the Commissioner in a sentence or two why your Assessment does not represent Market Value.
16. COMPARE and describe the closed comparable Sales you selected ending withthe closed price and date it closed
17. Confidently End with YOUR Opinion of what you believe the value of your property should be based upon your comparable sales information which you presented.

For Those Who Held On, Equity Has Returned

For Those Who Held On, Equity Has Returned

Jersey Shore Real Estate

Jersey Shore Real Estate

Beachfront Properties Lose Allure After Sandy

Beachfront Properties Lose Allure After Sandy

Untitled, a photo by gloribeeee on Flickr.

sweet

sweet, a photo by gloribeeee on Flickr.

Top 10 US States With Best Weather Year Round - Current Results

Top 10 US States With Best Weather Year Round - Current Results

This was sent to me via email. HOw true it is and I thought I'd share this with everyone.
                                   Around the corner I have a friend,

In this great city that has no end,

Yet the days go by and weeks rush on,

And before I know it, a year is gone.

And I never see my old friends face,

For life is a swift and terrible race,

He knows I like him just as well,

As in the days when I rang his bell.

And he rang mine but we were younger then,

And now we are busy, tired men.

Tired of playing a foolish game,

Tired of trying to make a name.

"Tomorrow" I say! "I will call on Jim

Just to show that I'm thinking of him."

But tomorrow comes and tomorrow goes,

And distance between us grows and grows.

Around the  corner, yet miles away,

"Here's a telegram sir," "Jim died today."

And that's what we get and deserve in the end.

Around the corner, a vanished friend.

Remember to always say what you mean.

If you  love someone, tell them.

Don't be afraid to express yourself.

Reach out and tell someone what they mean to you.

Because when you decide that it is the right time

  

it might be too late.

Seize the day. Never have regrets.

And most importantly, stay close to your friends

and family, for they have helped

make you the person that you are today.

21 QUESTIONS THAT HELP MAKE A HOUSE SELL FASTER!

21 QUESTIONS THAT HELP MAKE A HOUSE SELL FASTER!

  (Will the answers to these questions help me get more cash for my home, in a shorter period of time and with the greatest of ease?)
 

1.   Does the house or any part of the house need painting?

   

2.   Shall I re-seed the lawn and get my landscaping in top shape?

   

3.   What about the window & screens? Any holes or cracks? Do they work will or do they need attention?

 

4.   Does the carpet need cleaning?  How about replacing?

 

5.   Are pets under control at all time?

 

6.   Are all appliances in good working order?

 

7.   Should I stay out of a prospective buyers’ way?

    

8.   What is the buyers’ first impression of the exterior of our house?  What can I do to improve it?

  9. What is the buyers’ first impression as they step inside my house?  What can I do to improve it?

10.  Since the buyer will be looking in the closets, should I take some of the clothes out to make them look roomier?

    

11.  Can I take items from the kitchen cabinets to make them more spacious?

 
12.  Is there any furniture I could store or dispose of to make rooms appear larger?

  13.  Do any cabinets need to be touched up or refinished?

  14.  Should I remove an ornate item that a buyer may want as part of the house?  For example, a special chandelier?

  15.  What about the door mats? Should I replace them with new ones that are neutral and omit our family’s name?

  16.  Should I give my real estate agent a list of things my family likes about the house and our neighbor hood?

  17.  Should I ask my real estate agent for a list of recommendations prepared specifically for helping market  my house?

  18.  Is the price and terms offered going to appeal to most of the buying public in by my price range?

 
19.  Do I need to be aware of other houses similar to mine also being offered for sale?

  20.    Are the garage and storage areas as clean and neat as the should be?

   

21.  Before spending needless time and money, should I consult with my Coldwell Banker agent, Gloria B?

CST: Central Standard Time - What's current time in Central Time Zone now? (USA & Canada)

CST: Central Standard Time - What's current time in Central Time Zone now? (USA & Canada)

The new Downtown Farmers Market in historic Downtown Eatontown July 29

http://www.app.com/viewart/20120720/GETPUBLISHED/207200303/The-new-Downtown-Farmers-Market-historic-Downtown-Eatontown-July-29

Credit and Financing

With all the talk of banks tightening their credit lending policies what does all of this mean?...
When considering purchasing a home first thing you will be asked by a REALTOR or Seller are you pre-qualified or pre-approved?
Basically what they are asking is can you afford to purchase this house?
Alot of times I am asked what happens to my credit "fico" score if I start shopping the interest rates.

Here is a very simplified answer. When you shop the interest rate with different banks, mortgage companies and they want to run a credit report on you all of these types of reports will be counted as one and will not lower your "fico" score. Why? Because in essence you will only buy one house at a time. Just like you will more than likely buy one car at a time.

HOWEVER!!!! When it comes to credit cards and their inquiries each time they look at your credit report they will lower your score. Why? because you can get as many as 3 or more credit cards at one time.
As to the lenders tightening their credit lending policy, yes that is true and what they are looking at most importantly are the following not necessarily in this order:
1. Income
2. Down Payment
3. Credit
These are the MOST crucial items when applying for a loan or refinancing a home. Do you have enough income to sustain the loan. How much of your own money are you using to purchase the home. How are you at payin gback your creditors. These are very important factors and they are looking at them almost under a microscope.
IN order to get to get started for a home loan these are the items you will need:

• Social Security numbers
• residence information for the past 2 years
• Most recent (2 month)pay stubs
• Employment history for past 2 years
• w-2 forms for the past 2 years
• Self employed individuals need 2 years Federal Tax returns
• All bank, 401k & stock statements for the 2 months.

Once you gather all of this information and give to a reputable mortgage bank/person you will then be able to be "pre-approved". What this means is that the bank in theory will set aside the money for you until you find the property you want and get it appraised.
If you only supply the reputable mortgage bank/person a credit report without verification of the items above you will only be "pre-qualified" because based on the credit report it shows that you qualify to purchase the house but does not have actual proof of all the information they need to be positive or that there are not any hidden surprises that do not show up on credit reports.

Urban Legends about FICO Score...

or the Truth about Credit.
"FICO"  stand for Fair Isaac and Company. Information is provided by 3 major credit reporting agencies:

• Equifax
• Experian
• Transunion.

What makes up a "FICO" score? 

• 35% is payment history.
• 30% is Amounts owed.
• 15% Length of Credit history.
• 10% New Credit.
• 10% type of credits used.

Where do most people stand in the FICO scores?
Most people  28% are in the 750 to 799 FICO score range. 19% are in 700 to 749. 16% 650-699. 12% 600-649.11% 800+. 8% 550-599. 5% 500-549. 1% up to 499.

Did you know that...?

The average number of credit obligations  is 11?

Fewer than 4 out of 10 have ever had a 30 or more days late?

Only 2 out of 10 have ever had a 60 or more days late?

48% carry balances less than $1,000?

22% carry balances between $1,000 & $10,000?

and that 30% carry more than $10,000 of NON-mortgage related debt? (pretty sad statistics)

Just thought you'd like to know some interesting money matters stuff.

home

“HOME – a world of strife shut out, a world of love shut in.”

“HOME – where Heaven touches earth.”

“HOME – where we grumble the most and are treated the best”

“HOME –the ONLY place on earth where faults of humanity are hidden under the sweet mantle of charity”

“HOME- the ONLY Asset that provides extensive tax benefits and equity gains.

A Simpler Mortgage Form for Home Buyers?

A Simpler Mortgage Form for Home Buyers?

CAN do ATTITUDE

“Can Do”

WINNING

Attitudes

CAN’T	CAN
We’ve never done it before	We have the opportunity to be first
It’s too complicated	Let’s look at it from a different angle
We don’t have the resources	Necessity is the Mother of Invention
It will never work	We’ll give it a try
There’s not enough time	We’ll reevaluate some priorities
We already tried it	We learned from the experience
There’s no way it’ll work	We can make it work
It’s a waste of time	Think of the possibilities
It’s a waste of money	THE INVESTMENT WILL BE WORTH IT
WE’LL CANNABALIZE OUR OWN SALES	We’ll do it before they do it
We don’t have the expertise	Let’s network with those who do
We can’t compete	We’ll get a jump on the competition
Our vendors won’t go for it	Let’s show them the opportunity
It’s good enough	There is always room for improvement
We don’t have enough money	Maybe there’s something we can cut
We’re understaffed	We’re a lean, mean machine
We don’t have enough room	Temporary space may be an option
It will never fly	We’ll never know until we try
We don’t have the equipment	Maybe we can sub it out
It’s not going to be any better	We’ll try it one more time
It can’t be done	It’ll be a challenge
No one communicates	Let’s open channels
Isn’t time to go home	Days go so quickly around here
I don’t have any idea	I’ll come up with some alternatives
Let somebody else deal with it	I’m ready to learn something new
We’re always changing direction	We’re in touch with our customers
It’s too radical a change	Let’s take a chance
It takes too long for approval	We’ll walk it through the system
Our customers won’t buy it	We’ll do better at educating them
Our company is the wrong size	We’re perfect for this project
It doesn’t fit us	We should look at it
It’s contrary to policy	ANYTHING IS POSSIBLE
It’s not my job	I’ll be glad to take the responsibility
I CAN’T	I CAN!