Southern Ocean County Real Estate
LBI | Stafford Township | Barnegat Twp | Little Egg Harbor | Ocean Twp
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..
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:
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.
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.
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.
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.
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!
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?
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.