Elena Pak - Real Estate Services

Swipe to the next pic to see today’s mortgage rates.➡️

Mortgage rates have gone down for the last few days. Whether they will drop in 2023 depends on if the Federal Reserve can get inflation under control.

Many forecasts expect rates to begin to fall this year. In their latest forecast, Fannie Mae researchers predicted that 30-year fixed rates will trend down throughout 2023 and 2024.

𝙀𝙡𝙚𝙣𝙖 𝙋𝙖𝙠
𝙚𝙓𝙥 𝙍𝙚𝙖𝙡𝙩𝙮
📧𝙧𝙚𝙖𝙡𝙩𝙤𝙧.𝙚𝙡𝙚𝙣𝙖𝙥𝙖𝙠@𝙜𝙢𝙖𝙞𝙡.𝙘𝙤𝙢

#рынокнедвижимости

FAQ: Do I really need an agent when buying a house or I can try to get a discount from a seller instead?

I am not going to elaborate on how agents can get broader exposure for your property, know market, help you negotiate a better deal, dedicate more time to your sale and overall represent your best interest, etc etc😉

So, the answer is IT DEPENDS.

If this is a typical transaction with a listing posted on MLS there is almost no benefit in going with a Seller’s Agent. The Seller’s agent will take a double commission and sometimes will pass a discount to the seller, (not to a buyer) depends on their agreement. If a seller’s agent already showed you the property, you are in no position to negotiate any discount. if you will put an offer on that property, at that point you must use that agent.

On the other hand, if you go with the seller’s agent, in some instances, when you face bidding wars, the biggest advantage may not be saving money, but the possibility of knowing what the other offers are that helps you make the best offer.

Legally, dual agents represent both sides and must be fair to both sides and all the parties involved should be aware of dual agency.

To avoid conflict of interests it’s better to have your own agent.

𝙀𝙡𝙚𝙣𝙖 𝙋𝙖𝙠
𝙚𝙓𝙥 𝙍𝙚𝙖𝙡𝙩𝙮
📧𝙧𝙚𝙖𝙡𝙩𝙤𝙧.𝙚𝙡𝙚𝙣𝙖𝙥𝙖𝙠@𝙜𝙢𝙖𝙞𝙡.𝙘𝙤𝙢

#советриэлтора #риэлторньюджерси

How much you can borrow (and how much you are willing to spend) should determine your price range when buying a house 🏡

TALK TO LENDERS.

Even if you think you can afford a home that costs $550,000, a lender who factors in your other debts, monthly income, work field, and employment history may think you can afford only a $450,000 home. The amount that a responsible lender offers might force you to adjust your home search or even hold off on buying until you’re in a better financial position. If you stress your budget too much, you’ll end up “house poor”—a.k.a. a homeowner without money to pay for repairs or do things like travel and maintain a social life.

Get in touch with me if you need a real estate advice

𝙀𝙡𝙚𝙣𝙖 𝙋𝙖𝙠
𝙚𝙓𝙥 𝙍𝙚𝙖𝙡𝙩𝙮
📧𝙧𝙚𝙖𝙡𝙩𝙤𝙧.𝙚𝙡𝙚𝙣𝙖𝙥𝙖𝙠@𝙜𝙢𝙖𝙞𝙡.𝙘𝙤𝙢

#риэлторвньюджерси #риэлтор #советииэлтора #покупкадома

An ARM is a 30-year adjustable-rate mortgage hat has an initial fixed period — typically 5, 7 or 10 years – after which the interest rate resets to current market rates. ARMs, now make up 12% of mortgage applications, according to Mortgage Bankers Association.

While the average rate for a 30-year fixed-rate loan was 7.08% last week, the rate for the 5 year Treasury-indexed hybrid ARM was at 6.06%, according to Freddie Mac.

For buyers who may be moving out of the home in 5 to 7 years anyway, an ARM may be a way to boost purchasing power. For the first 5-7 years, ARM will be just as a fixed-rate mortgage, but it has a lower rate and lower payment because the bank is only guaranteeing it for a shorter period of time.

If rates come down, an ARM could reset to a better rate.

The drawback: Borrowers must also accept the risk that rates could be even higher when the loan resets, or any time over the life of the loan. After the fixed period, ARMs can reset every year or every six months.

However, most do have caps on how much a rate can go up or down during each reset period and over the life of the loan, so it’s important to understand how your loan works.

Get in touch with me if you want to learn more

𝙀𝙡𝙚𝙣𝙖 𝙋𝙖𝙠
𝙚𝙓𝙥 𝙍𝙚𝙖𝙡𝙩𝙮
📧𝙧𝙚𝙖𝙡𝙩𝙤𝙧.𝙚𝙡𝙚𝙣𝙖𝙥𝙖𝙠@𝙜𝙢𝙖𝙞𝙡.𝙘𝙤𝙢

#русскийриэлторвньюджерси

A nonqualified mortgage is an easier option in some circumstances when QM can not be obtained. This may be the case for the following types of borrowers:

The self-employed
Business owners
Those with high levels of debt
Those with low credit scores
Real estate investors
Freelance or gig-economy workers with varying incomes

Non-QM loans are more expensive than traditional mortgages, both up front and in the long term. You'll likely pay higher closing costs due to the increased cost of points and fees that often come with a non-QM mortgage, and you'll probably have a significantly higher rate than you'd get with a traditional mortgage.

Please keep it in mind when discussing your options with a mortgage broker. I can put you in touch with the right people.

𝙀𝙡𝙚𝙣𝙖 𝙋𝙖𝙠
𝙚𝙓𝙥 𝙍𝙚𝙖𝙡𝙩𝙮
📧𝙧𝙚𝙖𝙡𝙩𝙤𝙧.𝙚𝙡𝙚𝙣𝙖𝙥𝙖𝙠@𝙜𝙢𝙖𝙞𝙡.𝙘𝙤𝙢

#русскийриэлторвньюджерси #риэлторвньюджерси #риэлтор #советриэлтора

DTI is a value that mortgage lenders use to estimate how much a borrower can afford to pay for a mortgage each month.

The Federal Housing Administration formula, used by many lenders, recommends allocating no more than 31% of your monthly income to your housing payment. This figure will change based on your amount of debt. Buyers with no other debt may be able to budget as much as 40% of monthly income to housing. (But remember that the rest of your budget is going to have to go toward heat, water, electricity, routine home maintenance and food.) Over all, your total debt-to-income ratio, including car payments and credit card bills, should not exceed 43%.
Get in touch with me if you have any questions.

𝙀𝙡𝙚𝙣𝙖 𝙋𝙖𝙠
𝙚𝙓𝙥 𝙍𝙚𝙖𝙡𝙩𝙮
📧𝙧𝙚𝙖𝙡𝙩𝙤𝙧.𝙚𝙡𝙚𝙣𝙖𝙥𝙖𝙠@𝙜𝙢𝙖𝙞𝙡.𝙘𝙤𝙢

#риэлтор #ньюджерси #русскийриэлторвньюджерси

Write out a list of the top 10 features you want in a property (home office, two-car garage, modern appliances, outdoor deck, finished basement, open floor plan, etc.) and bring it with you to showings and open houses. Pickiness can be a positive trait—it gives your agent guardrails and reduces your chances of ending up with buyer’s remorse—but if you hold out for a home that’s completely and utterly perfect in every way, you’ll probably be shopping forever. Be prepared to sacrifice 20 percent of the items on your list. When a property offers 80 percent of your desired features, it’s likely worth serious consideration.

𝙀𝙡𝙚𝙣𝙖 𝙋𝙖𝙠
𝙚𝙓𝙥 𝙍𝙚𝙖𝙡𝙩𝙮
📧𝙧𝙚𝙖𝙡𝙩𝙤𝙧.𝙚𝙡𝙚𝙣𝙖𝙥𝙖𝙠@𝙜𝙢𝙖𝙞𝙡.𝙘𝙤𝙢

#риелтор #покупкадома #покупканедвидимости #риелторньюджерси #ньюджерси

There are a variety of mortgages available to home buyers

CONVENTIONAL MORTGAGES
Unlike the loans that follow, these are not guaranteed by the government. As a first-time buyer, some conventional loans might require only a small down payment—as little as 3% of the home price.

FHA LOANS
The Federal Housing Administration insures these and allows down payments as low as 3.5%

USDA LOANS
The U.S. Department of Agriculture guarantees these loans for rural home buyers. They usually require no down payment.

VA LOANS
The Department of Veterans Affairs guarantees these for current and veteran military service members. They usually require no down payment.

The term (length) of your mortgage options is also important. Most home buyers select a 30-year fixed- rate mortgage, meaning it’s paid off in 30 years and the interest rate stays the same throughout. There are, however, shorter-term options, like 20- and 15-year loans, which generally have higher monthly payments but lower interest rates. Speak to lenders to determine the mortgages for which you qualify; if you have choices, consult with a financial planner about what makes the most sense for you.

𝙀𝙡𝙚𝙣𝙖 𝙋𝙖𝙠
𝙚𝙓𝙥 𝙍𝙚𝙖𝙡𝙩𝙮
📧𝙧𝙚𝙖𝙡𝙩𝙤𝙧.𝙚𝙡𝙚𝙣𝙖𝙥𝙖𝙠@𝙜𝙢𝙖𝙞𝙡.𝙘𝙤𝙢

Our team covers all New Jersey🏡

𝙀𝙡𝙚𝙣𝙖 𝙋𝙖𝙠
𝙚𝙓𝙥 𝙍𝙚𝙖𝙡𝙩𝙮
📧𝙧𝙚𝙖𝙡𝙩𝙤𝙧.𝙚𝙡𝙚𝙣𝙖𝙥𝙖𝙠@𝙜𝙢𝙖𝙞𝙡.𝙘𝙤𝙢

#ньюджерси #недвижимость

How Mortgage Pre-Approval Works

Before you’re locked into a mortgage, you need a pre-approval letter from a lender. This shows the lender is willing to loan you a certain amount with specific terms; without this document, most sellers won’t seriously consider
an offer you make. When you start home shopping in earnest, apply for pre-approval with multiple lenders, each of whom will pull your credit history and review your financial documents. They’ll also verify your income, assets, and debt, then determine what amount and under what terms they would pre-approve you. Know that there’s no obligation on your part here—you don’t need to pick the lender whose pre-approval you get (and use to show you’re a legit buyer). Compare the interest rates and fees, and think about which lender is right for you.

𝙀𝙡𝙚𝙣𝙖 𝙋𝙖𝙠
𝙚𝙓𝙥 𝙍𝙚𝙖𝙡𝙩𝙮
📧𝙧𝙚𝙖𝙡𝙩𝙤𝙧.𝙚𝙡𝙚𝙣𝙖𝙥𝙖𝙠@𝙜𝙢𝙖𝙞𝙡.𝙘𝙤𝙢

#ньюджерсиаренда

The fees and expenses you pay to finalize your mortgage at closing include appraisal fee, home inspection cost, application fee, loan origination fee, mortgage broker fee, property taxes, homeowner’s insurance, title insurance, and more.

In some cases, like a problematic inspection or low appraisal value, you
can request that the seller pay a portion of your closing costs. Shopping for the best deal on your inspection can save money, too, but don’t sacrifice quality to save a few dollars; issues that go undetected can wind up costing you far more in the long run.

𝙀𝙡𝙚𝙣𝙖 𝙋𝙖𝙠
𝙚𝙓𝙥 𝙍𝙚𝙖𝙡𝙩𝙮
📧𝙧𝙚𝙖𝙡𝙩𝙤𝙧.𝙚𝙡𝙚𝙣𝙖𝙥𝙖𝙠@𝙜𝙢𝙖𝙞𝙡.𝙘𝙤𝙢

#риэлтор #ньюджерси #покупкадома #поискжилья