Southern Ocean County Real Estate

LBI | Stafford Township | Barnegat Twp | Little Egg Harbor | Ocean Twp

 

 

 

 

Southern Ocean County Real Estate Mortgages

Buying a home in the Southern Ocean County real estate market can be exciting and scary all at the same time. Real estate is a significant investment and all buyers should be aware of the costs associated with owning a home. One of the best ways to control costs is to understand the mortgage and financing options available to you and select the best kind of loan available. Here you will find lots of information about Southern Ocean County real estate mortgages to help guide you in your decision when buying a home in Stafford Township, Barnegat Township, Little Egg Harbor, Waretown, Tuckerton or Long Beach Island..

Southern Ocean County Real Estate Mortgages | Stafford Twp Loans | Barnegat Township Mortgages

Home Financing in the Southern Ocean County Real Estate Market

 

Mortgages and Financing

There are several types available in the Southern Ocean County real estate market. It is important for all buyers to consult with a mortgage lender so they can understand the costs associated with the loan and what a buyer will qualify for. Some common loan area:

  • 15 or 30 Year Fixed Mortgage
  • Adjustable Rate Mortgage
  • USDA Loan
  • FHA Loan
  • 203K or Homestyle Renovation Loan
  • VA Loans

 

 

Southern Ocean County Real Estate Mortgages | Stafford Twp Loans | Barnegat Township Mortgages

15 or 30 Year Fixed Mortgage

These mortgages are very common and considered generally to be a "safe" mortgage in that the interest rate will be fixed for the life of the loan. These mortgages are well suited for owners with good credit who plan to be in a home for an extended period of time.

Southern Ocean County Real Estate Mortgages | Stafford Twp Loans | Barnegat Township Mortgages

Adjustable Rate Mortgage

Adjustable rate mortgages will generally have a lower interest rate than a fixed rate loan however the interest rate can adjust higher or lower when the initial period expires. Lock period for adjustable rate mortgages tend to be either 3 year, 5 year or 7 year periods meaning at the end of the terms the rate will adjust higher or lower. This can be problematic if a buyer is on a tight budget and an increase in the monthly payment will be uncomfortable. These loans work well in short term cases where a buyer plans to own the house outright after a few years.

Southern Ocean County Real Estate Mortgages | Stafford Twp Loans | Barnegat Township Mortgages

USDA Loan

Lenders and USDA Rural Development have teamed up to provide 100% financing to individuals and families who buy a home in a rural area. These loans often have zero down payment required and closing costs payment can come from any source. These loans have easy qualification criteria and are not limited to first time home buyers.

Southern Ocean County Real Estate Mortgages | Stafford Twp Loans | Barnegat Township Mortgages

FHA Loan

FHA loans are backed by the Federal government through the Federal Housing Administration (FHA) and generally have easier qualification requirements. Applicants with a lower credit scores and lower down payments can be approved with an FHA loan who would have otherwise had difficulty with a conventional loan.

Southern Ocean County Real Estate Mortgages | Stafford Twp Loans | Barnegat Township Mortgages

203K or Homestyle Renovation Loan

Renovation loans will combine the purchase price of a home with the renovation budget and lend a portion of the total cost. This can be very helpful with storm damaged homes and other "Fixer-Upper" homes. Renovations can allow for the following:

Purchase or refinance
Remodel the kitchen or bath
Renovate or add a room
Paint the house or add siding
Add a porch, deck or patio
Replace a leaky roof
Put in new flooring, carpeting or tiling
Update electrical wiring, plumbing or heating systems
Conserve energy with new windows Plus much more!

Southern Ocean County Real Estate Mortgages | Stafford Twp Loans | Barnegat Township Mortgages

VA Loan

VA loans are special products for the military with attractive terms and rates. It is best to speak with a lender about the specifics of these products and some good starting questions to ask are below:


What is the maximum sales price I can purchase with no down payment?
What type of property can I purchase?
Are VA loans assumable?
How can I obtain a Certificate of Eligibility?
What if my spouse is overseas or at a duty station when the loan closes?
How long will it take to close my VA loan?
What if I have used my eligibility before?
Is VA financing the best home loan option?

Real Estate Tip

Remember your mortgage payment is more than just principal and interest. You will also have to account for insurance, property tax and PMI if this fee applies in the total monthly payment.

 

Southern Ocean County Real Estate Mortgages | Stafford Twp Loans | Barnegat Township Mortgages

Getting Started

When you have decided to consider buying a home the best first step is to speak with a lender or sit down with us and discuss the area, options and price ranges you are considering so you can bring this information to your lender. There are a number of loan products available and not all buyers will qualify for all types of mortgages. Therefore, it is best to speak with a lender and see what your best options are.

We have a list of trusted local lenders who we have had extensive dealings with. We will be happy to get you in contact with the best lenders in the area so you can shop rates and prices.

Get Started in the Southern Ocean County Real Estate Market

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Meet The Team

Nathan Colmer 609.290.4293

Farrah Pileggi 201.952.4131

Kim Pileggi 732.887.4853

The Van Dyk Group

12800 Long Beach Blvd Beach Haven Terrace NJ 08008

609.492.1511

BeachHavenWestRealEstate.com

BuyLBI.com