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What are Points and why do I care?

the_thinking_capPoints are the closest thing to legalized bribery!   When applying for a mortgage to buy a house, you can pay the lender a fee to get a better interest rate.   The fee is called a point and is 1% of the amount you borrow.   You could pay one or many points.   The point costs you money upfront but the lower interest rate saves you money each month on your payment.   

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What’s my mortgage payment gonna be ??

moneyhouse2Even though there are tons of mortgage calculators on the web, here’s a quick and easy way to ballpark your monthly mortgage payment in your head.    If the house is $200,000, just multiply by 10% and subtract “a little bit” So, your payment should be a little under $2000/month…maybe $1700/month would be a good guess,

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How’s the market?

It’s a question that I get all the time…. but what’s the REAL question? Maybe some people are just making small talk because they know I’m a broker but many, I believe, want to know if it’s OK to buy a home. Watching the news is scarey and there’s no question-mark1shortage of uncertainty in the real estate markets,

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Not all REO’s are toilets!

I was talking with buyer recently who was looking for a home in my neck of the woods in South Jersey and he made some comments that he though all bank owned properties were in bad condition… the technical real estate lingo is toilet 🙂 ha ha     …but it’s just not true.    toilet1

South Jersey REO

In the South Jersey real estate market you see a wide variety of homes that are bank owned.  

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