Mercer County Ready to Build New Homes

Mercer County is one of the most notable counties in NJ. Many people desire to build their home here and start a family at this beautiful county. Homes here are high in demand and many home buyers are in the line to get amazing home. We help you to find ready to build new homes in Mercer County as we believe finding the perfect home is the right of every home buyer. Let’s have a look at these great ready to build homes.

THE SHERBORNE PLAN:

The beautiful ready to build home in Mercer County features 3,871 square ft. of luxurious living space enough for accommodating big or growing families. This lavish home has 5 bedrooms, 4.5 bathrooms and 3 car garages, fulfilling the needs of all family members. It also features a front covered porch and a floor plan that opens an expensive 2 story foyer. Family room or great room both complimented by the large palladium windows to the breakfast nook, dining, kitchen and living rooms. Convenient for your guests it added 1st floor guest room or fifth bedroom with its own full bath. To provide whole family convenience and comfort it has mud room and privacy stairs. Just like first floor 2nd floor is also designed perfectly. It features a master bedroom suite with private sitting area, huge walk-in closet and a master bath with whirlpool. The secondary bedroom has its own bath and the other bedrooms share their own bath as well. To provide you pleasing visual effects an extensive balcony between the family room and foyer completes the second floor. You can get this luxurious home from $844,900.

THE KENSINGTON PLAN:

Very affordable home, perfect for those who want convenient small home within their budget limit. You can get this home at $404,490. This home features 1,680 square ft. of comfy living space with two bedrooms and two and a half bathrooms. New community located across the street from the Hamilton Train Station. With this home you can enjoy your private clubhouse complete with state-of-the-art-fitness center. Other highlighted features of home include game room, media room, business center, outdoor swimming pool, theater and much more.

THE ROSEDALE II:

The Rosedale II combining best home features in county’s demanding location. The home begins with lovely porch that flows to the living or dining room. After the dining room an over sized family room is placed with gas fireplace adjoining to the open layout kitchen with spacious granite counter-tops and sitting area. The kitchen also has breakfast nook that opens to the covered patio, perfect for evenings. The second floor of this townhomes is designed so professionally combing the all three bedrooms. The master bedroom suite has incredibly huge walk-in closets and attached master bath featuring dual sinks and large shower area. Two main bedrooms also have their own closets sharing a main bath featuring dual sinks and large soaking tub. Utility room is also part of The Rosedale II home design.

THE UNION PLAN:

The union plan offers 1,250 square ft. of ideal living space for small families. This home design gives you 2 bedrooms and 2 bathrooms. The Union is a condominium home plan. When you enter the home you can find secondary bedroom on your left with its own bath. A large family room faces the spacious kitchen adjoining the dining room. Master bedroom suite has huge walk-in closet and attach bath featuring dual sinks and large soaking tub. A balcony and laundry room is also part of this floor plan. Don’t miss the opportunity to get this amazing home at reasonable $266,990.

We help you to find ready to build new homes in Mercer County https://schoenhomes.netWest-Windsor-2

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Princeton Junction NJ – Schoen Homes Updated More Properties

Quality standards affect almost every aspect of our daily lives and that’s why it is necessary to set out these standards. Schoen Homes is name of quality and responsibility. We routinely make sure that our customers can get quality homes at affordable prices in New Jersey. This time Schoen Homes feel pleased to update many new properties in Princeton Junction NJ. Whether you want to buy investment properties or planning to buy or sell anywhere in the New Jersey, we will help you to find what you exactly desire.

17 SLAYBACK DR

PRINCETON JUNCTION, NJ

A magnificent area of 3,155 square ft. with 5 bedrooms, and 3 bathrooms costs $648,888. Hardwood flooring up and downstairs makes the home so cozy and neat look. The amenities that makes it a top mentioning home, encompasses AC 1 year, water heater 1 year and Lennox Furnace Air Purification system. An upgraded kitchen includes newer cabinets and appliances, and all bathrooms have new fixtures and vanities. A fully best finished basement with a home theatre. The interior accouters dining area, ceiling fans and butler’s pantry. Dishwasher and energy efficient appliances. Another plus point that makes you to delay no more is that 8 Berkline reclining chairs and entire home theatre system doesn’t charge separately. Air hockey, POOLTABLE 2013 and a REAL Popcorn machine. Have a sight on an enchanting view of the private fenced in backyard thru salt water pool. It’s a backyard as well as a playground. It’s so comforting and worriless regarding security issues because for security system and music system, there is smartphone controls. Playground of the backyard features a 2 story house, climbing wall, and slide and swings so it also has something to fascinate your kids where they can enjoy their free time. Park Hill Terrace is on few minutes’ walk from this beautiful home. It is situated near to Princeton Junction Train Station.

110 HARRIS RD: Now your dream home can be your possession by paying an amount of $300,000. This reasonable amount offers 3 beds, 1 bath and 9.583 square ft. This vinyl sliding construction has an eat-in kitchen where you can enjoy cooking. The dining room is quite capacious so while being with your friends and family for dine over here, the room atmosphere gives you comfort and a decent look that enhances the celestial of your meal. A beautiful living room is equipped with a gas fireplace and a large picture window. The other accouterments include 3 bedrooms and well-sized hall bath. A family room that is accessible to the private backyard where lush green space can be encountered. The partial and unfinished basement. It is situated near to West Windsor- Plainsboro Regional District School and High School South. It is close to shops, high school and train so it offers another convenience to you and to your kids, to save yours as well as kids’ precious time.

111 S LONGFELLOW DR: A gorgeous home featuring 5 bedrooms, 5 baths and 39,204 square ft. costs $975,000. It is located on a quiet cul-de-sac. The two story foyer opens into a gracious living room including large windows that welcomes plenty of afternoon sunrays. This beautiful entrance through the foyer radically gives you a soothing feel. The capacious formal dining room adjoins with crown moldings and chair rail. Right off the foyer, there is a library. The kitchen highlights granite counters and high quality appliances. An eat-in nook area. A generous room with fireplace, accessing outside deck through sliding doors; is adjoined with an eat-in nook area. Top off the main floor has an in-law suite with full bath. Upstairs, there is a gorgeous master suite with private sitting area that has its own master bath. Three large bedrooms, second full bathroom and a hallway. The upper level completes with a generous bonus room that you can use as a game room or 6th bedroom, according to your needs and requirements. The bonus room opens onto the back staircase. Professionally finished walk-out basement with entertainment area, a full bathroom and a gym/music area. Large backyard where you can play seasonal sports can be accessed from a large sitting area. It has central A/C, cooling system and energy star. The other appliances encompass microwave, cooktop, dishwasher, oven, double oven, self-cleaning oven, energy efficient appliances and self-cleaning oven wall. A garage. The interior includes house fan, ceiling fans, butler’s pantry, intercom, and Kitchen Island, sprinkler system, skylights, and breakfast area.

81 DANVILLE DR: A gorgeous home priced $865,000, offers 6 bedrooms, 5 bathrooms and 4,556 square ft. 3 furnaces, 3 A/C, 2 water heaters and roof. Kitchen flowing to huge breakfast area and deck to go outside includes new granite countertops, desk area, cherry cabinetry and brand new appliances. The family room has hardwood flooring. It highlights 9 foot ceilings, a huge entry foyer with hardwood floor, a generous office and then the living room and dining.  The first floor accouters in-law/ au pair suite away from the rest of the family living area. Separate entrance. The bedroom with a full and huge bath, in addition to another bedroom/ place room and full bath. 3 car garages. Master bedroom features sitting area for watching TV or reading. The bedroom comprises walk-in closet with 2 other double closet, and cathedral ceiling. Well-sized 3 bedrooms. Freshly painted and new carpeting. A special feature in this home is the concrete poured basement foundation that makes it a special lodging. It is situated close to train station. Dishwasher, energy efficient appliances, oven-wall, cooktop, disposal, oven and self-cleaning are the interior appliances. A beautiful home with all the amenities.

119 COMMONWEALTH CT #8: A beautiful home at a very reasonable amount that nobody wants to miss this great opportunity. Featuring 2 bedrooms, 2 bathrooms and 1,138 square ft. this lovely home costs $1,750. A generous sized living room offers fireplace and sliders to a balcony. Eat-in kitchen features refrigerator, oven and gas cooking stove. Master bedroom features full bath and huge walk-in closet. It has central A/C, maintenance lawn and maintenance pool.

2 COURTNEY DR: 5 bedrooms, 3 bathrooms and 2,752 square ft. are available at the rate of $ 648,000. Each inch of this lovely home impresses you in the very first sight. The first floor has an office/ 6th bedroom with hardwood floors, wood burning fireplace, decorative moldings and its own entrance. A capacious renovated kitchen features a center island, granite countertops, stainless steel appliances and kraftMaid cabinets. 3 full baths with top class fixtures. Breakfast room opens into the Trex deck. It is located near to train station, and West Windsor schools. Central A/C. Partial and unfinished basement. Accoutering stunning interior and exterior, this home gives you a cozy environment to live and enjoy your life.

A look on the West Windsor Residential Community

west windsor residential community

West Windsor is one of the fastest growing residential areas facing competing demands. The biggest concern in this township is how to develop more housing yet retain some veneer of its history as a pastoral farming community dating to the Revolutionary War. The two of the most important reasons for moving to the West Windsor are its easy access to Philadelphia and New York City and its top-ranked schools. In addition to that the Route 1 corridor between Princeton and New Brunswick. These factors allure South and East Asians immigrants, who now make up 26 % of the total population.

The population of West Windsor has grown by more than 11 % to 26,000 residents in the last five years. Most of the houses in West Windsor NJ are 2,500 to 3,500 square ft. and median cost price is $750,000 to $1 million. More and more people want to buy home here to start a family and to raise kids. To meet the demand of buyers large numbers of homes are built here in different communities. All the communities working hard to compete with each other. Let’s have a look on some of the residential communities in Windsor at Westside.

Berrien Village, West Windsor

This West Windsor residential community features homes mostly built in the 1920’s, some of them even built back as far as 1895. In Berrien Village there are 133 homes available at different price range and range. Houses in west Windsor NJ ranging from 598 to 3100 square ft. fulfill the needs of different families. Community offer many highlighted features which grabs the attention of many buyers. The neighborhood attends Village upper Elementary, Maurice Hawk Elementary, Grover Middle School and High School South and is on the public sewer system. Easy access to post office, library and walkability to the train station is awesome!

Benford Estates, West Windsor

The most desirable community in West Windsor is Benford Estate. It was built in 1969 by John Alford and B.DeVito. The community offers best west Windsor houses for sale, comprises 96 four and five bedroom homes ranging from 1770 to 3250 square ft. of living space. The old community has some of the homes that were built in the early 1980s. Parents here don’t need to worry about kids schooling as kids attend Maurice Hawk Elementary, Grover Middle School, Village Upper Elementary and High School South. Benford Estate’s neighborhood is on the public sewer system. Moreover, the community has short walk to the train, post office, schools, shopping and library.

Birchwood Estates, West Windsor

Birchwood residential community comprise of 61 three, four and five bedroom homes with all updated features and community amenities. It was built in the early 1970’s by Bucci. Homes at this community are available in different sizes ranges from 1585 to 3820 square ft. buyers can demand according to their family needs and requirements. Neighborhood is on the public sewer system. Kids of the community attend Maurice Hawk Elementary, Village Upper Elementary, High School South and Grover Middle School.

Brookshyre Estates, West Windsor

 This West Windsor residential community was developed in the early 1990’s by Garden State Land. It consists of 64 four and five bedroom homes which range in size from 2250 to 4270 square ft. of living space. Community has beautiful homes with scenic views and premium location makes its desirable community to raise kids and start your family. No need to worry about kids schooling; at Brookshyre children attend the Dutch Neck Elementary, Community Middle, Village Upper Elementary and High School North. Not like others this community homes use septic system.

Brookside, West Windsor

The children of Brookside neighborhood attend Maurice Hawk Elementary, Grover Middle School, Village Upper Elementary and High School South. This community was developed by Toll brothers in 1988. The community features 57 four and five bedroom homes ranging from 2600 to 4275 square ft. this neighborhood homes utilize septic system.

Brookline Estates, West Windsor

This community of West Windsor consists of four, five and six bedroom homes ranging from 3500 to 4650 square ft. of living space. It was built in 1999 by Alliance Homes. The neighborhood is on the public sewer system and children of Brookline attend Dutch Neck Elementary, Village Upper Elementary, Grover Middle and High School South.

Crown Pointe, West Windsor

The residential community Crown Pointe was built by Calton Homes in 1997, featuring 95 four, five and six bedroom homes in the development. The lavish homes here range from 3135 to 5400 square ft. walkability to Village Upper Elementary and Grover Middle School. Children are send to Dutch Neck Elementary, Grover Middle School, Village Upper Elementary and West Windsor Plainsboro High School South. The neighborhood is on public sewer system.

Dutch Neck Estates, West Windsor

It was built by Kaufmann & Board in 1985, which later becomes Calton Homes. The community consists of 02 three, four and five bedroom homes of different size, ranging from 2185 to 4125 square ft. the neighborhood is on the public sewer system. Parents send their children to Dutch Neck Elementary, Community Middle and High School North and Village Upper Elementary.

Estates of Princeton Junction, West Windsor

It was built in 2005 and 2006 by Toll Brothers and consists of 400 four, five and six bedroom single family homes ranging from 1925 to 4635 square feet and 130 townhouses ranging from 2000 to 2380 square feet. All homes are on the public sewer system. Children attend Community Middle and High School North while Masters and Signature subsections going to Maurice Hawk Elementary and Millstone River Upper Elementary. The children from Carriage subsection attending Dutch Neck Elementary and Village Upper Elementary.

Grand Preserve, West Windsor

The community was developed in 1996/1997 by SGS Communities. It is a 40 home community with four and five bedroom homes ranging in size from 2975 to 5175 square feet. Grand Preserve homes utilize septic system and children here attend Dutch Neck Elementary, Village Upper Elementary, Grover Middle and High School South.

How to Make More Money with Condos for Sale in Ocean County NJ

ocean county homes New Jersey

Investment In Condos:

Condo living is “shared wall” housing where each unit has one or more walls in common with another unit. Many people prefer condo living but homeowner of condo owns the space between the walls but not the structure or the land underneath. Condos are usually less expensive than single-family detached new homes in ocean county nj that appeal the buyers. Condo investment is more complicated than others but still this home type offers owners many opportunities to make money. Some of the ways to make money with condos are as follows.

In condo building you only own the spaces between walls not the land which reduce the operating cost of home. A decrease in operating costs increases the property’s value.

Invest in condos for sale in ocean county nj units to rent out and work with reliable real estate agent to analyze your market. Search about average condo purchase prices and find out what rent amounts are more realistic. In addition to your mortgage payment estimate your operating cost to have better idea including maintenance fee, homeowner association fees, management fees, repairs, taxes, insurance premiums and utilities. To evaluate the soundness of an investment by determining the property’s rent-to-value ratio. To know the ratio divide the purchase price by the yearly rental income. The lower is better.

To estimate the property’s potential value under each scenario, evaluate forced appreciation scenarios by determining the capitalization rate and using the rate. Find the capitalism rate by dividing the current value of the property by its net income. After deducting the operating costs the amount left is capitalism rate. Now add proposed reductions in operating costs and increases in rents to the net operating income.

To make money buy an individual condo units for resale. With the help of real estate agent analyze the local market to learn what kinds of condos are for sale in market and where they are selling and how long they are taking to sell. It is best to buy undervalued units that only require cosmetic or inexpensive repairs, preferably using funds from lender or investor to preserve your cash flow. To generate quick sales to keep your operating costs as low as possible relist these units for slightly less than market value when time is good.

Invest in a real estate investment trust, an entity that invests in real estate. In return for tax advantages, disburses at least 90 %of its taxable income to its shareholders. To minimize your risk choose a trust that invests in condos as well as a diverse selection of other real estate holdings.

To increase your income you can convert a multifamily dwelling to condos. Sell or rent each unit individually to earn more. To investigate whether there’s a market for condos in your area consult a real estate agent. To discuss your states law contact an attorney regarding condo conversions and the physical requirements for each unit. Moreover, make a request to a contractor’s estimate for work needed to bring the property to code. Utilize this information to evaluate the feasibility of this investment and your likely return.

Condos Price in Ocean County

A 2 bedroom, 2 bathroom condo built on 1,400 square ft. of living space is immaculate and well-kept renovated bayside 1st floor unit. The condo has an option to make third bedroom, an Eat in kitchen, living room, dining room, laundry area and separate sitting room. The flow of space is casual and inviting. Set off of the dining room is a powder room which separates the kitchen and living rooms. A contained functional entry foyer lends way to an open concept living room with fireplace and archway to another separate sitting area with an open living and dining room. Laundry area is placed down the hallway along with 2 guest rooms, full hall bath and abundant closets for storage. Plenty of outdoor space and lush resort-like landscaping adds to the curb appeal. You can find restaurants, shops, ice cream and mini golf just short walk from the beach.

A stunning condo with perfect scenario is waiting for you! Don’t waste any further time and buy this amazing condo at $129,900. With this home, throughout the year you can enjoy ocean views, sun and sand. The condo includes lovely open floor plan, ample deck space and 3 bedrooms, and 1.5 bathrooms per floor. Newly renovated units are cost effective way to enjoy the beach life on LBI. This condo gives you a great way to stay connected to LBI without having to maintain a more formal type of ownership!

A two-story condo perfect for living featuring 1,519 square ft. of living space with 2 beds and 1.5 bathrooms. Ideal home for year round living or use as a summer gateway, as located just 1 mile away from the beach. Home’s first floor offers a living room and dining room with hardwood floors. Good size kitchen flows to the half bath and laundry room. Dining room has sliders that lead to an outside private patio area. Beautiful second floor features two bedrooms and a sitting area all with hardwood floors and tons of closet space. Main bath features tub that is accessible from the hall or the master bedroom. Enjoy hot cup of evening coffee on the balcony off the sitting area and as home located near the beach you can enjoy smell of salty air. The detached garage is only a few steps from your front door. Move right in and you can then make changes or give special touches to home later according to your preference. Buy this beautiful condo at $284,990.

Buy this amazing condo at $254,875! Boasting 3 bedrooms, 2.5 bathrooms, a garage, full size basement and plenty of 1,929 square ft. of living space, it is an ideal condo for you. When step inside you will find flawless mixture of an open floor plan, combined with a two-story living space. From the windows provide an airy ambiance in the living room to the stainless steel appliances in the kitchen, you can find that each aspect of this home has been well maintained. Second floor amenities include 2 bedrooms, full bath, laundry area and loft overlooking the living room. Master bedroom has spacious attached bathroom. The partially finished basement provides a perfect balance of storage and additional entertainment space.

What to Know Before Buying Foreclosed Property in NJ

Foreclosed Property in New Jersey

Foreclosed properties are real estate owned property (REO). When buyers planning to buy a home they probably consider buying a foreclosed home. These properties are owned by lender as a result of the previous owner defaulting on the loan. Foreclosure properties are also known as bank owned properties. It is better to know everything about foreclosed homes before buying. New Jersey is beautiful and big state where number of people desire to live in. to make their dream come true they want to consider buying a foreclosed home while hunting for home.

The primary method of mortgage foreclosure in New Jersey is judicial, which means it could take eight months or even more from the time a property owner receives a notice of default unit the property is sold at a public foreclosure auction sale. The property will cost more than it would in pre-foreclosure once it becomes real estate owned.

It is recommended to make search as much as possible about the foreclosure laws that govern the state in which your concern property is located. Because number of complicated and nuances steps involved that you must have to understand before making a bid at a public foreclosure auction sale. New Jersey State allow borrower to reclaim his property through right of redemption. Some states allow this and some not it is better to search about the rule where you want to buy. PREFORECLOSURE

In New Jersey pre-foreclosure time period is the best time to buy a property. Many properties are bought during this time, mostly people search online for foreclosure listing inventory because if you wait until the public foreclosure auction sale or afterwards, the competition gets stronger. Sooner the better is applied here perfectly. Along with the competition the prices also gets higher to cover the lender’s legal costs. There are several ways to go about buying pre-foreclosure you can opt that is more convenient for you. Some of the basic steps to consider during the pre-foreclosed purchase process include:

First and easiest way to contact the owner directly. Without involving third party it is best to talk about west windsor homes for sale directly with its owner. You can get owner’s contact information easily with listing. Ask directly to the owner in polite way for an appointment to view the property and to discuss potentially buying it. If owner is going through financial difficulties there is high chance he would no decline to talk to you directly. It is recommended to make initial contact in a minimally invasive manner. This could be done in several different ways such as by sending letter or card, making a phone call or by visiting personally at a time when owner are likely to be at home.

Another way is to contact an agent or broker. Schoen Homes will search for the best experts in your local area to assist you with buying pre-foreclosed real estate. If you need assistance our agents are best who understands the unique foreclosure market very well.

You can also contact the listing agent, in case property is listed with a real estate agent. The listing agent knows the seller’s situation and may even discount the brokerage commission to assist with a quick sale.

INSPECT THE PROPERTY

Inspection of home is necessary step and buyer should schedule mutually convenient time to visit the property. Carefully examine the entire home, you can make a list or take pictures for your file, provided the houses for sale in windsor ontario owner doesn’t object.

If property fits in your ideal image, work with your broker and schedule independent professional inspection. Because many hidden defects may lurk beneath the surface or between walls that needs to be inspect thoroughly.

MAKE AN OFFER

After the inspection you are ready to make an offer. To make an offer you need current standard contract of sale forms which you can get from most real estate brokers and attorneys. You must have an attorney represent you when preparing contracts.

Explain clearly your offer to the homeowner or real estate agent.

FORECLOSURE

In New Jersey many properties are bought at public foreclosure auction sales but as compared to the pre-foreclosure competition may be stronger and the prices are higher to cover the lender’s legal costs. At this point it is unlikely that the homeowner will be able to avoid foreclosure. Thus, the property including the lender will be auctioned to the highest bidder. According to the law foreclosure auction sale must be announced publically and must be held at the date, time and place required by state statutes. If you are interested read the newspaper notices before auction date or public notice posted. Like pre-foreclosure some basic steps to consider when buying public foreclosure property at auction sale that you need to understand.

CONTRACT THE LENDER’S REPRESENTATIVE

First of all make contact with lender’s attorney, public trustee or sheriff to know what is required to buy the property at the auction. In most of the places earnest money deposit amount in the form of a cashier’s check or money order is acceptable.

If you are winning bidder ask for a copy of buying agreement or contract of sale document that you will need to complete. Ask your attorney to review it thoroughly and negotiate any changes in advance, if required.

If the property is vacant make arrangements to view and inspect it. in case it is still occupied your trustee or attorney may be able to gain access for you if it has been listed for sale.

INSPECT THE PROPERTY

Carefully examine the entire new construction homes in west windsor nj and prepare checklist to take notes throughout the tour.

If you like the property make schedule for independent professional inspection.

BIDDING AT THE AUCTION

At the courthouse show the lender’s representative the earnest money deposit and an acceptable form of identification on the day of public foreclosure meet.

At the time bidding starts be prepared and aware of your competition and increase your bid by the increment set in advance to exceed theirs.

As per the direction of the lender’s representative complete the contract by signing the buying agreement and submitting the deposit when you win the bid. Your earnest money deposit is non-refundable at this point.

Closing within the required period of time is important which is usually 30 days so be prepared and close it on time.

How does a reverse mortgage work?

The most important element is the know-how regarding the setup and working of Reverse Mortgage and for the purpose it is necessary to clearly understand what Reverse Mortgage is.

WHAT REVERSE MORTGAGE IS?

There is no rocket science to understand this term it is exactly what it sound like, a “mortgage in reverse”. You make payments on your homes principal when you get the normal mortgage from lender where each payment means you are building up equity in your home. It is not the case in reverse mortgage, here instead of making payments you take payments from the equity you’ve built. Simply, the bank is lending you the back money that you’ve already paid on your home but charging you interest at the same time. It is a type of home equity loan that does not require monthly payments. Usually this money is tax-free and typically does not affect your Social Security benefits.

HOW DOES A REVERSE MORTGAGE WORK?

Let’s come to the working process of reverse mortgage after knowing what actually it is. Reversed mortgage mostly target the senior citizens who have tight budget, fixed income and a majority of their house paid off. The most appealing part of reverse mortgage is that you don’t have to pay interest or mortgage until you sell your home. Quiet fascinating but all that glitters are not gold! The hard reality is, if you die before you’ve sold your home your inheritors will stuck with two options. Either they have to pay off the full reverse mortgage and all the interest that’s paid up over the years OR they have to give the bank your house. Both two options are not fascinating for heirs at all. It seems like reverse mortgage could be a helpful cash-flow option for people in their retirement but honestly these mortgages put senior citizens as well as their inheritors at financial risk. Basically all reverse mortgages works the same way but there are three main types in which reverse mortgage works.

  1. FHA’s HECM Reverse mortgage
  2. Proprietary Reverse mortgage
  3. Single-use Reverse mortgage

Let’s discuss each type in detail for our readers understanding.

  • FHA’s HECM Reverse Mortgage: Home Equity Conversion Mortgage is the most common type of reverse mortgage that most people use. It was created in 1988, in order to help senior citizens of America to make financial ends meet by allowing them to tap into the equity of their homes without having to move out. HECM is usually the reversed mortgage that you see advertised late at night in celebrity-endorsed commercials. Who can qualify for this mortgage? Homeowners who aged 62 and older can qualify for HECM loans and use the proceeds for any purpose.  Mortgagors can use this money freely however they want to use, from paying their bills to taking vacations. But the consequences can be huge.

The loan supplies are firmly controlled by the FHA (Federal Housing Administration) along with an arm of the HUD (Department of Housing and Urban Development). Moreover, mortgagors are required to pay hefty mortgage insurance premiums that protect the lender against losses.

  • PROPRIETARY REVERSE MORTGAGE: Proprietary in terms of mortgage means “private” or “privately owned or operated”. These mortgages are not federally regulated. Many states of America allow lenders to privately offer proprietary reverse mortgages outside the federally governed FHA/HECM system. Because of that many homeowners try to avoid paying mortgage insurance premiums, which sound like a better deal.  Without the involvement of federal government lenders are free to create their own requirements and restrictions for proprietary loans. Some lenders may bestow reverse mortgages that allow homeowners to borrow more of their equity. But the dark side is you have to pay much higher interest rates on these loans than federally insured reverse mortgages.
  • SINGLE-USE REVERSE MORTGAGE: The third type of reverse mortgage is often offered by government agencies at the state and local level and by numerous non-profit groups. The major key to a single-use reverse mortgage is that the lender OK’s how the money will be used before the loan is approved. Like proprietary reverse mortgage this type of loan is also not federally insured, and lenders are not required to charge expensive mortgage insurance premiums. Single-use reverse mortgage are typically for much smaller amounts than HECM loans or proprietary reverse mortgages.

WHO CAN QUALIFY FOR A REVERSE MORTGAGE?

As we give above brief intro who can qualify for reverse mortgage, a person who is 62 years of age or above and own a paid-for home. Home must have to be your primary residence and you can’t owe any federal debts. Moreover, a person has to have the cash-flow to continue paying property taxes, insurance, maintenance, HOA fees and other home expenses. Along with the person your home must have to meet the certain requirements to get reverse mortgage. This mortgage is available on single-family homes and multi-family units up to fourplexes. The HECM program also allows this mortgage on condominium approved by the HUD.

THE DARK SIDE OF REVERSE MORTGAGE:

Reverse mortgage sounds so appealing but prior signing the contract it is better to see the ugly truth about reverse mortgage. These mortgages make your financial hardships worse with high interest rates and low payouts.

  1. With reverse mortgage you might be giving away your net worth: Homeowners who get a reverse mortgage are only allowed to tap into a small portion of their home’s value, about 40% according to the federal government rules. It means if you own a home worth $200,000 you can borrow about $80,000 but it doesn’t mean you’re going to receive all $80,000. You still have to pay fees on that amount.
  2. Homeowners likely owe more than your home is worth: The reverse mortgage market is filled with half-truths and lies and potential fraud. You’re probably familiar with the biggest lie: “You will never owe more than your home is worth” but is not true at all but you may likely owe more than your home is worth.
  3. You could lose your home: Yes, you can absolutely lose your house if you have a reverse mortgage. If you don’t pay your taxes or your HOA dues, how long you think will it be before someone comes knocking with a property seizure notice? Not very long at all!
  4. You’ll owe fees, lot of fees: Reverse mortgages are full of extra costs. Lenders can charge up to 2% of a home’s value in an origination fee. The amount of money goes up every year, every month and every day until the loan is paid off. New Homes Mercer County

West Windsor Condo for Sale – 5 Listings

119 Commonwealth Ct APT 10, Princeton, NJ 08540:

Designer renovated, “penthouse” model home costs $236,000 for all the furnishings and luxuries. Features 1,008 square ft. with 2 beds and 1 bath and is move-in ready unit. A spacious kitchen features Corian countertops with matching appliances, open cabinet design and Italian ceramic backsplash. Bathroom is custom redesigned having a spacious glass shower with Italian glass tiles and glass vanity top with vessel-style sink. The large master bedroom has a capacious walk-in closet and the second bedroom can double as a home office. Open living room/dining room area with vaulted ceiling, two sided wood burning fireplace and balcony endeavors the perfect setting for entertainment. Keeping in view your requirements and demands, the community has established tennis courts and swimming pool amenities for your leisure. This lovely home is just within a walking distance to Princeton Market Fair Mall for shopping, movie theatres and dining. The community is located within the top West Windsor/ Plainsboro school district. Further, this lovely home is so close to Downtown Princeton, Princeton Junction Train Station and Princeton University.  It is a good choice regarding safety and security matters as the safety is a matter of fact and should be your top priority. Being situated near hustling and crowded building, it is secure as well.

202 Salem Ct APT 2, Princeton, NJ 08540:

Overlooking astonishing views of green space touching a picturesque pond giving a sense of composure and tranquility from your spacious covered porch certainly fascinates you and now you can have such lodging in $299,900. Covering an area of 1,138 square ft. It features 2 beds and 2 baths. It is a brilliant Belvedere model. Views of asphalt and automobiles can’t be in your sight from here. Living and dining area based upon open concept featuring a full wall custom stone fireplace, triple bump-out window, crown molding, slider to covered porch, recessed lighting, neutral tones and wood-look flooring is rather spacious and gracious. It has an updated kitchen with SS appliances, granite countertops, 5 burner stove, embellished tile backsplash with matching peninsula, recessed lighting, under-cabinet lighting and bamboo flooring. A large walk-in closet, wood-look flooring, crown molding, recessed lighting, updated bathroom highlighting dual vanity with modern bowl-style sinks, full tiled wall backsplash, tub/shower combo with decorative tiling, modern faucets, updated lighting and frosted sliding shower doors, are included in the spacious master ensuite. The 2nd bedroom stuffs include wood-look flooring, crown molding, ample closet space and recessed lighting. A certainly adorable hall bath features unique, custom vanity with decorative ceramic bowl-style sink, crown molding, tub/shower combo with frosted doors and full wall deco tile surround and decorative lighting. It offers a laundry unit/ utility room that is real plus, too. The thing that makes the Canal Pointe community worthwhile is its location. The community lies near the Downtown Princeton, Princeton Market Fair, DR towpath/jogging trail, RT 1 corridor, commuter trains, mall, movies, restaurants and specialty shops. Top-rated W Windsor school district. In spite of all this, a fabulous pool, walking paths, tennis courts and gorgeous green space are included in the services offered by the community. This lovely home is completely built and is waiting for its new owner. A beautiful home in such a comfy location with all the amenities, terrific view and prime location is a dream home of many buyers so be the first to visit this and be the owner of this stunning lodging.

308 Trinity Ct APT 8, Princeton, NJ 08540:

This second floor Belvedere model resides within a desirable Canal Pointe. A well-kept 1,138 square ft. location with 2 beds and 2 baths can be yours by paying a rather reasonable amount, $283,000. It is ready to be owned by somebody so don’t delay and get the offer today. This lovely home is quite spacious and has a plenty of space for storage. Updated kitchen encompasses breakfast bar and tile flooring. The unit has updated light fixtures and all systems have been updated for your convenience and facilitation. The combined living room/dining room area features a wood burning fireplace, sliding glass doors that open onto a comfy balcony with extra storage closet and bay window. Master bedroom includes a private bathroom with dual sink vanity and customized walk-in closet. Customized closet is also included in second bedroom. Not only the home is cozy but the community is cozy either. Tennis courts, swimming pool and ample parking amenities are offered by the community for your comfort and leisure. Situated close to Train stations, major highways, Downtown Princeton, shopping centers, D&R Canal bicycle/jogging trail, Princeton address and top-rated West Windsor/ Plainsboro school district. Laws deny pets per condo association. But overall, it’s a good place to being its occupants.

5 Hanover Ct, Princeton, NJ 08540:

Make this attractive and updated home your property in $422,000. It features 1,750 square ft. with 2 beds and 3 baths. It lies towards the end of a cul-de-sac. It offers a capacious and open floor plan with an up-to-date flair. The furnishings of this lovely home incorporates a hardwood flooring, a wood burning fireplace with a warm ornate surround from floor to ceiling,  upgraded kitchen cabinetry having stainless steel appliance package in addition to granite countertops, cozy breakfast area and stone back splash. The basilica ceilings with dormers enhance its grandeur and it seems a fresh, comforting and perfect atmosphere. The second floor features well sized bedrooms including the master bedroom having hardwood flooring and master bath featuring a soaking tub and separate shower stall. Loft area can twice as an office or library location that offers great views and ample lighting. The custom lights are amazing. The deck overlooking a wooded and tranquil area is attached to the sliding doors off the dining room. Poured concrete walls with an enjoyable walk-out to the grounds and easy access to a 2 car garages is offered by the basement. The community is animal friendly so you can keep your pets along with you while being the habitant of this community. This lovely home is situated on a short distance to the Princeton Junction Train Station, Route 1 access to both Phily and NY. It adjoins to D&R Canal Towpath, Downtown Princeton, Windsor’s schools and shopping malls.

114 Cascade Ct APT 4, Princeton, NJ 08540:

The largest model in Colonnade Pointe and the first floor Cloister Model is freshly painted and it costs $289,000. This 1,210 square ft. home features 2 beds and 2 baths with laminated flooring and new kitchen range hood. Large eat-in kitchen with door to the patio and breakfast area that saves your time and make the cooking easier for you. Living room has oversized sliding doors attached to the patio. Winter nights are no more freezing because of the corner fireplace availability. Walk-in closet and ensuite bathroom are included in private master bedroom. Second bedroom also has a private bathroom. You can get into Market Fair shopping and Princeton U bus line by walking a little and enjoy biking to the canal. Get the offer today and make it your possession.

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How to Finance your New Construction Home

new construction homes sale

Many people look for homes for sale in Woodstream Marlton NJ and get plenty of options to choose their potential home. However, there are some people who like their home to be constructed from scratch as per their requirement.

Whether you are looking for homes for sale in Woodstream Marlton NJ or hiring a home builder to construct your home, the first thing you need is financing for your home. You must give adequate consideration while choosing a builder and obtaining funds to finance your home. Learn more by our guide on financing process for your new home construction.

Credit Ratings

The first step towards obtaining finance for your new construction home is getting your credit rating in check. The higher your credit ratings, the higher the likelihood of you securing the loan as it indicates that you have a lower risk profile. Moreover, it will also allow you to negotiate better interest rates and payment terms, which can potentially save you thousands of dollars in the long-run.

Financial documents

Along with your credit score, you must ensure that you have all the necessary documents and financial records, for instance, your total standing debts, assets including investments and retirement fund, annual earnings, etc. as lenders may want to gauge your profile using these documents along with other metrics.

Estimate the Borrowing Requirement

As you are going to hire a home builder to construct your house, you will also need to finance the construction costs. Therefore, you must find a reliable home builder, who have proven work experience and good reputation. They will provide you with an estimated budget, which will be the minimum amount you need to borrow.

Some construction companies also provide financing, so always check with your home builder whether they offer this facility. Though if you are planning to build your home outside the builder’s development, you may also need to buy a land by yourself, which will require additional financing.

Apply for Financing

When constructing your new home, you will need financing for both your mortgage and constructions costs. Some mortgage companies do not provide funds for constructing a new home. In that case, you might want to consider credit unions or banks, who are willing to provide you with such arrangement.

Ask your home builder to suggest their preferred lender as it may make the loan arrangement process much swifter and smoother. However, you must decide to go with the lender which is providing the most favorable rates.

Construction-To-Permanent Loan

You may look for a construction-to-permanent loan, which will allow you to convert your construction loan balance into mortgage payments once the construction work reaches to its completion. Therefore, you will only need to pay a single closing cost. However, if you are unable to secure this type of loan, you have to apply for separate financing arrangement from a different loan provider.

Final Words

Once you secure the loans, give the green light to your home builder. Usually, they are required to be paid at monthly intervals on the basis of completion rate. You will also be required to make interest payments on the withdrawn amount each month. A large portion of this repayments is scheduled at the end of the construction. That’s it! All you need to do now is sit back and relax until your new home is constructed.

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