Mortgage Rates in New Jersey

Current rates in New Jersey are 4.081% for a 30-year fixed, 3.587% for a 15-year fixed, and 4.017% for a 5/1 adjustable-rate mortgage (ARM).
Mortgage Rates See Biggest One-Week Drop in a Decade. Mortgage rates fell more in the past week than they have in any one-week period in more than a decade. The average 30-year fixed loan has dropped 22 basis points to 4.06%, while 15-year fixed loans are down 14 basis points to 3.57%, according to Freddie Mac.Mar 28, 2019
Compare today’s average mortgage rates in the state of New Jersey. Bankrate aggregates mortgage rates from multiple sources to provide averages for New Jersey.

To Read more CLICK HERE

Mortgage News – First Time Home Buyer

First-Time Homebuyers Get a Break With Lower Mortgage Rates

(TNS)—Economic gurus got one part of the mortgage forecast for 2019 correct. We’re certainly seeing a volatile year for rates.

What they didn’t see coming: Mortgage rates tumbled in March, the biggest one-week fall in a decade. Now—instead of seeing mortgage rates edge closer to 5.25 percent, as some had predicted we’d see in 2019—we’re looking at an average 30-year rate near 4 percent.

The rate drop comes just in time for the spring home-buying season and will make monthly payments less expensive.

“This drop in rates is going to give the housing market a boost,” says Bill Banfield, executive vice president of Capital Markets for Quicken Loans. “It could help to make people come back into the market and consider buying a home.”

Mortgage rates have fallen by a full percentage point since late 2018. Going back four months or so, most forecasts weren’t expecting mortgage rates to drop as low as 4 percent for borrowers, Banfield says.

“This is a surprise to a lot of people,” Banfield says.

The average 30-year rate was 4.1 percent as of late March, the lowest rate since Jan. 2018, according to Bankrate.com data. But rates started to rebound a bit upward in early April. The average 30-year rate went back to 4.29 percent as of April 3, according to Bankrate.com.

By contrast, the average mortgage rate was 5.1 percent as recently as mid-November, which was a seven-year high, according to Bankrate.com. The average was hovering around 4.75 percent as 2018 drew to a close.

We’re talking about some real money here for homebuyers. Take a $200,000 mortgage. The mortgage payment for principal and interest would drop by about $120 a month if your rate is 4.1 percent instead of 5.1 percent on a 30-year mortgage, according to Greg McBride, chief financial analyst for Bankrate.com. For the mortgage alone, the payment would be about $966 month at the 4.1 percent rate. It’s sort of like getting more than one month free each year.

For a homebuyer who was priced out of the market last spring, the lower rates could help get them back in the game.

Being able to lock in a 30-year fixed rate near, or even below, 4 percent helps put some “wind in the sails of home buyers from an affordability standpoint,” McBride says.

The 30-year fixed rate mortgage remains the dominant loan for middle-class borrowers, particularly first-time home buyers.

This excerpt from :  RIS Media.com      TO READ MORE CLICK HERE 

Stacy Schnell Real

 

Mobile home for Sale Vineland, NJ

 

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Very well kept home in Vineland Hills. Great starter home or looking to downsize? Home has newer windows. New carpet & new vinyl flooring. Newer Thermopride heater, newer central air system. Built on room has lots of outside storage or can be used as a nice porch. Ceiling fans throughout. Sale subject to park approval. Priced to sell, owner says make an offer.

This listing is presented by Stacy Schnell Stacy Schnell & The Scott Sheppard Team.

Call Stacy today to schedule your private tour.    Stacy Realtor 856-364-0772

Understanding Your Credit Score

What Is A Credit Score?

When lenders evaluate a loan application, a process called underwriting, they try to evaluate your ability and willingness to repay the loan. They judge the borrower’s ability to repay by reviewing the income and stability of past earnings. This practice helps the lender to determine if the borrower can afford the loan payments. The review of past credit history is used to judge the willingness of the borrower to repay the loan.

Lenders want their evaluation to be as accurate, objective and consistent as possible. To help achieve this goal, home mortgage lenders use credit scores to assist in the underwriting process. Credit scores are numerical values that rank individuals according to their credit history at a given point in time. A credit score is based on past payment history, the amount of available credit, and other factors. According to Fannie Mae and Freddie Mac, two large investors in mortgage loans, credit scores have proven to be very good predictors of whether a borrower will repay his or her loan.

Credit scores are just one of many factors considered in the underwriting process. The lender will review the many components that make up the financial situation of a borrower. Even when a credit score is low, there are other factors that could overcome the negative credit issues and satisfy other underwriting criteria.

Click HERE to read more. As always, please feel free to call me anytime with your real

estate questions and needs.

Stacy Schnell – Realtor Associate – Cell : 856-364-0772

Getting Pre Approved for a Mortgage

first time

Though you may be willing to spend a certain amount, the real determination of how much house you can afford is driven by how much a lender calculates you can afford. So before you begin to search for the perfect house, it is very important to begin the homebuying process by getting preapproved. Getting preapproved for a home mortgage loan will provide you with a preliminary statement on the size of loan for which you can qualify. Knowing this, you can then focus your home search.

In general, lenders allow your total monthly housing costs to go as high as but not more than 30 percent of your gross monthly income. The second requirement is that not more than 36 percent of your gross monthly income can be tied up in the total monthly house payment and payments on long-term debt.

Visit my Website to read more and for adiitional information about obtaining a mortgage. Please feel free to give a call anytime for assistance with the home buying process!

Stacy Schnell – Realtor Associate – Cell: 856-364-0772

Move Right In

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Listed for just $215,000 this move-in condition rancher in quiet neighborhood on dead end street in Minotola which is located in Buena, New Jersey.  Home features 3 bedrooms & 2 bathrooms. Eat-in kitchen with granite countertops, tile backsplash, hardwood flooring and center island. Kitchen opens to a spacious sunroom. Sunroom has tile flooring, exposed beams and ceilng fan. Family room has exposed beams and gas fireplace. Master bedroom has hardwood flooring, ceiling fan, plantation shutters and a full bathroom. Other features include a brick front exterior, front porch, paver driveway, formal living room, large rear deck, fenced yard, shed and in-ground pool. Buena School System. This home is eligible for 100% USDA Guaranteed Financing.

Stacy Schnell – Realtor Sales Associate – Cell : 856-364-0772

www.stacyschnell.com    /  www.thescottsheppardteam.com

Mobile home for Sale Vineland, NJ

 

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Very well kept home in Vineland Hills. Great starter home or looking to downsize? Home has newer windows. New carpet & new vinyl flooring. Newer Thermopride heater, newer central air system. Built on room has lots of outside storage or can be used as a nice porch. Ceiling fans throughout. Sale subject to park approval. Priced to sell, owner says make an offer.

This listing is presented by Stacy Schnell Stacy Schnell & The Scott Sheppard Team. Call Stacy today to schedule your private tour.    Stacy 856-364-0772

Move in Ready Home in Glassboro

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Welcome to this move-in ready, 3 bed, 1 full bath home located in a quiet Glassboro neighborhood! Many features and improvements have been done to this home in recent years which makes for low-maintenance living! Features and updates include: updated bathroom, updated exterior paint, front porch and landscaping, updated kitchen with 42″ cabinets and a sunroom addition, windows with a lifetime warranty and custom blinds, a spacious 3-bay garage with updated roof and doors, newer pool and pool deck, and a new french drain and sump pump system installed in the basement. There is a partially finished basement which can be utilized as extra living space. There is an additional room in the basement which is being utilized as a wine cellar. The wood stove in the living room heats the majority of the home. The list of features goes on and on, and being conveniently located near shopping, schools and major roadways, this home has everything you could ask for. This home also qualifies for the HomeSeeker $10,000 grant program for First-Time Homebuyers. Schedule your private tour today to see the true beauty of this home!

Call today and ask to tour propety # 78. Stacy 856-364-0772

 

Below are a few of the questions clients often ask when making a purchase.

house pic

 

Question: What qualifies me to be a first time home buyer ? 

A- If you’ve never owned a home, you are considered a first-time home buyer. But you are allowed to be a previous homeowner and still qualify as a first-time home buyer. According to the FHA, you can do so if you have not been an owner in a primary residence for at least three years leading up to your purchase.

Question: What are closing costs?

A: Closing costs are a fee charged for various items the lender charges. These fees are an additional cost that is added onto the amount of the loan. For example:  can include items such as loan processing fees, attorney’s fees, transfer taxes, title insurance costs, inspection fees, and more. You can ask for help with these fees in certain loan situations from the seller but still must supply your down payment for the loan.

Question: What is a seller concession?

A: When there is a seller concession in place, the seller will pay for part or all of the closing costs. Different loans offer different percentages that a seller can contribute.

Question: How much money will I need down? 

A: This depends on what type of financing that you qualify for with your mortgage company. Each depending on credit score and down payment.

FHA loan requires 3.5% down and you will need to get private mortgage insurance.FHA does allow closing costs to be paid by the seller. A friend or relative can also gift the closing cost amount to the borrower.

Conventional Loan can be as high as 20% but are now lending with 5% and even 3%. Conventional loan borrowers making a down payment of less than 20 percent will need to get private mortgage insurance (PMI). The good news is that once you reach a loan-to-value ratio of at least 78 percent, you can cancel the insurance. The only way to not pay your closing costs out of pocket would be to include a seller credit as a contingency of your offer.

USDA Rural Development or USDA loans come with 100% financing. This means that no money down is required and closing costs can be either paid by the seller or financed into the loan. In short, no-money-down means the home buyer is typically not required to pay any out-of-pocket expense when the house closes. … No Closing Costs.