Contact: Aliaksandr “Alex” Beliankkou
Contact: Joe Maranzani
LUTZ CONSTRUCTION, INC.
Contact: Mark Lutz
KIRK THE HANDY-MAN, LLC
Contact: Joseph Kirk Libby
Contact: Don Waleck
Phone: 732-492-8474 or 732-309-6003 cell
PETER PETRENKO, Handyman
Contact: Peter Petrenko
HOUSE LIFTING – Tribar Services Inc.
148 Concord Ave. Leonardo, NJ
Contact: Tom O’Brien
Carpets, Upholstery, Oriental Wool, Pet Stains & More
Contact: Dan Shotwell, Owner / Operator
CARLIN CHIMNEY & DUCT SERVICE
Contact: Jim Carlin
Contact: David Marsh
IVONNE’S CLEANING SERVICE
Full House Cleaning / Free Estimate / References
Contact: Ivonne Virola
House cleaning service
House cleaning service
NED STEVENS GUTTER CLEANING
We Remove it All
House Clean Outs & Property Maintanence
Contact: Tom O’Brien
Mold, Fire Damage, Etc.
Contact: Diana Moore
Home Inspections, Pest Inspection, Radon Testing, Lead Testing and Property Monitoring
Contact Stephen Dexter
BUILDSPEC PROFESSIONAL BUILDING INSPECTION SERVICES
Contact: Joe Franks
Phone: 888-524-4450 or (732) 269-7005
AMERICAN HOME INSPECTORS
Toll Free: (888) 877-3794
PINNACLE HOME INSPECTIONS
Contact: Joseph M. Abate
Toll Free: 800-989-3872
RHINO PROFESSIONAL HOME INSPECTORS
Toll Free: 800-750-3872
Contact: David Moir, Sr.
Phone: 856-210-5868 or 888-874-6773
HBC INSPECTION SERVICES
Contact: Mark Speaker
KEN WINNIK – HOME INSPECTIONS
Licensed, Insured and Experienced
Contact: Ken Winnik
PILLAR TO POST
The Home of Home Inspection
Contact: Jim Wagner
Contact: Carol Litt
LIVING WELL STRATEGIES
Livingwell Strategies / Sacred Spaces – Interior Design, Home Staging, Visual Merchandising, Energy Space Clearing.
Contact: Phyllis Maffucci
Lawn & Garden
MARINI TREE SERVICE
Pruning, Removal, Trimming and Stump Grinding
Contact: Jade Martini
R&F ASPHALT SEALER
Residential & Commercial Fully Insured
Contact: Fernando Almeralla
Moving & Delivery
Oil Tank Removal
Oil tank removal
LARRISON COAL & FUEL OIL, INC.
Oil tank removal
PREFERRED TANK SERVICES
Toll Free: 800-924-8265
Painting/Repair/Floors/Prep for C/O Inspection
Contact: Jose Flores
PAINTING & POWER WASHING
Commercial & Residential
Contact: Donato Paz
Contact: Tom Scott
Plumbing & Electrical
Heating, Ventilation, & Air Conditioning
MIKE BRUNO PLUMBING & HEATING
HCS Heating & Cooling
Jersey State Plumbing & Heating, LLCJ
Plumbing & Heating
Contact: Benjamin Silkowitz
THE WM. R. HOGG COMPANY, INC
Plumbing, Heating, & Air Conditioning Contractors
Asbury Park, NJ
NICE ELECTRIC, LLC
Contact: Tommy Nice
313 Third Avenue, Belmar NJ
MIDCOAST ELECTRIC CORP.
Contact: Matthew Rovito
P.O. Box 296, Allenhurst, NJ 07711
AMRON ELECTRICAL SERVICES
Contact: Larry Amron
Real Estate Glossary
The number of years it takes to repay the entire amount of the mortgage.
An estimate of a property’s market value by a professional Appraiser; used by lenders in determining the amount of the mortgage.
Debt Service Ratio
The percentage of a borrower’s income that can be used for housing costs.
Gross Debt Service (ADS) Ratio
Gross debt service divided by household income. A rule of thumb is that ADS should not exceed 30%. It is also referred to as PIT (Principal, Interest and Taxes) over income. Sometimes energy costs are added to the formula, producing BITE, which moves the rule-of-thumb ADS to 32%.
Total Debt Service (ADS) Ratio
The maximum percentage of a borrower’s income that a lender will consider for all debt repayment (other loans and credit cards, etc.) including a mortgage.
The difference between the price for which a property can be sold and the mortgage(s) on the property. Equity is the owner’s stake in the property.
A legal process by which the lender takes possession and ownership of a property when the borrower doesn’t meet the mortgage obligations.
Every home buyer should demand this independent, third-party examination of the property prior to the sale. If the inspector finds a problem, such as a bad furnace or roof, the buyer can demand repairs or a lower price as a condition of the sale. Cost to buyer: $200 to $350 for most homes. Buyers should attend inspections.
Loan-to-value ratio (LTV)
What you’re borrowing compared to the price. The smaller your down payment is, the higher the ratio and the riskier the mortgage. When you apply for a loan, a lender will study the ratio closely.
A contract between a borrower and a lender. The borrower pledges a property as security to guarantee repayment of the mortgage debt. Lenders consider both the property (security) and the financial worth of the borrower (covenant) in deciding on a mortgage loan.
Adjustable-rate mortgage (ARM)
In this type of loan, the rate changes anywhere from once in six months to once in five years reflecting interest rate changes. To sell an ARM, a lender will offer a lower initial rate than on a fixed loan.
A mortgage held on a property by the seller that can be taken over by the buyer, who then accepts responsibility for making the mortgage payments.
The most common home loan. It is a mortgage loan that is 75 per cent or less of the loan-to-value ratio; and does not require insurance by or other private insurer. A Conventional Mortgage is not insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.
The first security registered on a property. Additional mortgages secured against the property are “secondary” to the first mortgage.
In this type of mortgage, payments stay the same during the term of the loan. Fixed-rate loans are often made for 15 years or 30 years. You can cut the interest rate by taking a shorter-term loan, but the monthly payment will be higher.
A mortgage that exceeds 75 percent of the loan-to-value ratio; must be insured by either the Canada Mortgage and Housing Corporation (CMHC) or a private insurer to protect the lender against default by the borrower who has less equity invested in the property.
Mortgages that are above $322,700 fall into several categories: Conforming vs. Jumbo The conforming limit is a mortgage amount set by Congress and is the maximum loan size eligible for purchase by either Fannie Mae or Freddie Mac, two Federally chartered organizations who purchase the underlying securities from mortgage originators. Those funds are reinvested in new mortgages completing the flow of funds cycle. The current conforming limit is set at $322,700. Any loan amount above that figure is considered a Jumbo loan and is often subject to an interest rate pricing premium as well as to some additional underwriting restrictions. A common strategy to lower overall interest costs if your purchase or refinance balance is above $322,700 is to use a combination of both first and second trust money, referred to as an 80/10/10 or 80/15/5. Every situation is different, but it is one more option to consider.
A mortgage that can be prepaid or renegotiated at any time and in any amount, without penalty.
Tentatively approved by a financial institution for a specified amount, interest rate and monthly payment.
A second financing arrangement, in addition to the first mortgage, also secured by the property. Second mortgages are usually issued at a higher interest rate and for a shorter term than the first mortgage.
A non-amortizing mortgage under which the principal is paid in its entirety upon the maturity date. Sometimes called a straight loan.
A mortgage for which payments are fixed, but whose interest rate changes in relationship to fluctuating market interest rates. If mortgage rates go up, a larger portion of the payment goes to interest. If rates go down, a larger portion of the payment is applied to the principal.
Vendor Take-Back Mortgage
When sellers use their equity in a property to provide some or all of the mortgage financing in order to sell the property.
Mortgage Life Insurance
Insurance that pays off the mortgage debt should the insured borrower die.
The regular installments made towards paying back the principal and interest on a mortgage.
The person or financial institution lending the money, secured by a mortgage.
The property owner borrowing the money, secured by a mortgage.
A person or company having contacts with financial institutions or individuals wishing to invest in mortgages. The mortgagor pays the broker a fee for arranging the mortgage. Appraisal and legal services may or may not be included in the fee.
In Canada, high-ratio mortgages (those representing greater than 75% of the property value) must be insured against default by either CMHC or private insurers. The borrower must arrange and pay for the insurance, which protects the lender against default.
Mortgage Prepayment Penalty
Is a fee paid by the borrower to the lender in exchange for being permitted to break a contract (a mortgage agreement); usually three months’ interest, but it can be a higher or it can be the equivalent of the loss of interest to the lender.
The owner’s typical monthly payment, which includes Principal, Interest, (property) Taxes and (mortgage) Insurance. Most lenders collect a portion of annual tax and insurance bills each month, then pay them when they’re due.
A point is 1 percent of the loan amount. For example, two points on a $100,000 loan would be $2,000. Often you can pay points to get your lender to give you a lower interest rate. Or, you can refuse to pay points and keep the interest rate offered. Often the increase in payment is quite small, so weigh the pluses and minuses carefully before you decide. Points are also called loan discount fees.
A mortgage feature that allows borrowers to take their mortgage with them without penalty when they sell their present home and buy another one.
A clause inserted in a mortgage, which gives the mortgagor the privilege of paying all or part of the mortgage debt in advance of the maturity date.
The mortgage amount initially borrowed or the portion still owing on the mortgage. Interest is calculated on the principal amount.
Private Mortgage Insurance (PMI)
If your down payment is less than 20 percent of the property’s cost, most lenders will require you to obtain private mortgage insurance, which protects the lender if you default on the loan. Cost: $45 to $75 a month. Be sure you can cancel the private mortgage insurance policy when you’ve paid your loan to less than 80 percent of your home’s value.
(Interest) The return the lender receives for advancing the mortgage funds required by the borrower to purchase a property.
The process of obtaining a new mortgage, usually at a lower interest rate, to replace the existing mortgage.
Second, third, fourth, etc. mortgages, secured by a property “behind” the first mortgage.
The actual life of a mortgage contract at the end of which the mortgage becomes due and payable unless the lender renews the mortgage for another term (See Amortization).
About Short Sales
1. The Mortgage Crisis has affected nearly everyone in our country.
We’ve all been affected by the current real estate landscape: all homeowners, future homeowners, home builders, taxpayers, anyone who needs to borrow money, neighborhoods with vacant houses and/or foreclosed houses, the US economy, investors, the lumber industry, concrete industry, landlords, renters, all the laid off employees from these industries, and more. You are not alone.
2. You can try to lower your mortgage payments first.
Your bank may work with you in lowering your monthly payments. A lot of people would rather keep their home even if the value of the home is upside down. This is human nature, your house is your home and you may decide it’s worth trying to keep it. It’s worth a shot to try to lower your payment if you’re in it for the long haul.
3. You cannot do your own short sale.
The banks will require you to hire a real estate agent to negotiate your short sale.
4. There are advantages to short sales.
You can buy a home a lot sooner; your credit takes a lesser hit than if you foreclose. A successful short sale will at least give you the opportunity to start over and have many of the damaging effects of a foreclosure avoided.
5. It’s a lot of work for everyone involved, but it’s better than the alternative.
We’ve yet to come across a distressed owner who is pleased they need to seek relief from the bank because they can’t keep up with their mortgage payments. I can’t imagine an agent would prefer the additional work required to work with a lender on a negotiated short sale transaction. I’ve never worked with a buyer who was excited about the prospect of the uncertainty that a short sale purchase involves, often waiting much longer that it seems logical to find out if they were going to be successful in purchasing a home or not. Short sales are not fun and they are not ideal. What they are is a good solution to a bad situation. So, while I may hate short sales, I hate foreclosures more.
Our Asset Protection Group has dedicated their time and effort to understanding the issues distressed homeowners are dealing with. As Short Sale & Foreclosure Resource professional, they understand the full range of solutions and are ready to help. They have made the commitment to assist people in this situation, and help to stop the foreclosure process one family at a time.
Seven out of 10 people go through the foreclosure process without ever talking to a real estate professional. Please don’t let yourself be one of those people. We understand that it is hard to ask for help, but that is exactly what you need. You really do have some choices and the choices you make will be with you long after the foreclosure process has come and gone.
What you will get from us is a well explained process that you understand after our first consultation. It will make all the difference in the world to you if you are able to have a controlled process that resembles a sale of your home versus a foreclosure and eviction.
249 Millburn Ave.
Millburn, NJ 07041
First Interstate Financial Corp.
39 Avenue at the Commons
Shrewsbury, NJ 07702
Office: 732-389-9898 ext. 113
Jersey Mortgage Co.
David P. Santangelo
38 Taylor Ave. Suite A
Manasquan, NJ 08036
Cell: (609) 915-9874
Office: (732) 673-1855
Provident Savings Bank
1000 Woodbridge Center
Woodbridge, NJ 07095
Office: (732) 280-2370
854 S. White Horse Pike
Hammonton, NJ 08037
Office: (609) 294-5932
Cell: (732) 259-9280
TUCCI and TATULLI,PC
Long Branch, NJ 07740
112 Main Street
Allenhurst, NJ 07711
RICHARD W. HOGAN
79 Main Street
Ocean Grove, NJ 07756
MONICA C. KOWALSKI
Law Offices of Monica C. Kowalski, LLC
601 State Route 35 North
Neptune, New Jersey 07753
104 Bimbler Blvd.
Ocean, NJ 07712
700 Mattison Ave.
Asbury Park, NJ 07712
1 Press Plaza
Asbury Park, NJ 07712
301 Main Street
Allenhurst, NJ 07711
Joseph B. Shrum, CPA
2865 U.S. Highway # 1
North Brunswick, NJ 08902