Tag Archives: Mortgage

8 Essential Questions to Ask Yourself Before Moving

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Moving to a new home is an exhilarating journey filled with anticipation and new beginnings. Amidst the excitement, it’s crucial to pause and consider the practicalities to ensure a smooth transition. Here are eight essential questions to ponder before embarking on your relocation journey.

If you plan to buy, what are your financing options?

First Financial mortgage experts are here to help you every step of the way while you begin your homebuying journey in the Monmouth or Ocean County NJ area.* They are available for phone or video calls to answer all of your questions with no commitment required! If you do decide to go with First Financial for your mortgage – we offer a $500 Home Depot gift card upon closing, your appraisal is on us! ($580 value), and we have a 60-day rate lock option with one free float down.**

What are the total moving costs?

Before diving into the moving process, it’s essential to assess the financial implications from all angles. Be sure you are factoring in the cost of movers, storage, packing materials, cleaning services, moving insurance, etc. Each of these can have varying costs, so be sure to research ahead of time and find the best prices. By understanding these costs upfront, you can better plan and budget for your move.

What is the overall cost of living?

Beyond moving expenses, consider the broader financial impact of your relocation. Will your new location entail higher rent or homeowners’ fees? You’ll also need to factor in potential increases in commuting costs, utility bills, and everyday necessities like groceries. The price of something as simple as produce can significantly differ from one state to another, so be sure to research your potential new area. Understanding the overall cost of living, ensures you can comfortably afford your new lifestyle.

How do income and property taxes differ?

Tax rates vary significantly between states, impacting your financial landscape. Researching income and property tax disparities between your current and prospective location is crucial. These insights will help you gauge how taxes may affect your finances and can assist you in making informed decisions about your move.

What is the local job market like?

If your relocation involves finding a new job, you’ll need to assess the local employment landscape closely. Investigate job opportunities, unemployment rates, and median salaries in your desired area. Consider starting your job search before moving to alleviate stress and ensure a smooth transition into the workforce.

What is the immediate impact on income?

Whether securing employment before or after your move, you’ll need to evaluate the financial implications. Compare salary differences and factor in deductions for healthcare, dental, and vision plans. Do you have a 401k with your current job and does your new job offer a retirement plan? If so, don’t forget to ask about transition options for your retirement account to help avoid costly mistakes. If you’re relocating without a job lined up, devise a financial plan to cover expenses during your job search period.

What are the travel costs to visit loved ones?

Consider the logistics and expenses of visiting family and friends post-relocation. Assess whether you’ll be a short drive or a plane ride away, and research typical ticket prices for travel days. Calculate potential gas expenses for road trips and budget for any necessary car maintenance too.

Which belongings should I take?

Moving presents an opportunity to declutter and streamline your possessions. Evaluate what items are essential and consider donating, selling, or storing any unnecessary belongings. This not only reduces moving costs, but also simplifies the transition to your new home.

By addressing these essential questions and tapping into the support of First Financial, you can embark on your relocation journey with confidence and financial preparedness. Happy moving!

For more personalized assistance and tailored solutions call 732.312.1500, visit a branch, or explore our services online.

*APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Minimum mortgage loan amount is $100,000. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only. Rates and APRs listed are based on a mortgage loan amount of $250,000. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a Mortgage and is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties.

**$500 Home Depot Gift Card will be issued at loan closing on any First Financial mortgage, while supplies last. Applicant to pay $580 appraisal fee up front at the time of appraisal. First Financial will credit the $580 appraisal fee back to the member at loan closing. Rate lock is available for new applications on purchase and refinance loans at a 0.50% fee for a 60 day lock, and is for members who have been preliminarily approved and are in contract to purchase or refinance a property with a closing date within 60 days. You must request the rate lock option at the time of initial mortgage disclosure. The rate lock fee is due at the time of rate lock disclosure signing. You may request a lower rate no more than one (1) time, with a maximum cumulative interest rate reduction of 0.50%. The benefit would allow for one float down for applicants to re-lock their interest rate, should rates decrease during the lock period of 60 days from contract receipt. Members will not incur any additional costs to utilize this benefit. You must monitor rates to decide when to exercise the option to lower the rate. All requests for a lower rate must occur at least seven (7) calendar days before closing. First Financial reserves the right to modify or discontinue products and benefits at any time without notice.

Why Winter Isn’t a Bad Time to Sell Your Home

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Contrary to popular belief, winter isn’t necessarily a bad time to sell your home if you are looking to put it on the market. Most would assume spring and summer are the best times of the year to list your home, but keep reading to find out why it may also benefit you to sell in winter.

  • Not as Much Competition

There are fewer homes on the market in the winter, so you most likely can be more aggressive with your pricing – being that there’s less out there to compete with.

  • Your Home May Get More Attention

By listing in the winter when there are usually fewer homes on the market, yours may pop up for those doing a home search must faster than it could in the spring or summer. In addition, if you’re using a realtor – chances are they have more time to devote to your listing in the winter than they would during prime spring housing market (March/April/May). You might even get to close faster in winter months because the calendar is typically less filled to complete appraisals, inspections, and get mortgage applications processed from lenders.

  • Potential Lower Costs

Some will say that contractors could offer better prices on home repairs or maintenance during winter (weather permitting of course), as well as moving companies may charge you less too. Do your research, and see if you can score a winter deal!

Once you’re ready to list your home, be sure it’s in the best shape to get you the best offer. Here are a few areas to stay on top of:

  • Cleaning – Before any listing photos are taken or any showing appointments are made, thoroughly clean your house. Vacuum, dust, wash the floors, and clean your bathrooms. An unclean home is sure to turn potential buyers away and fast.
  • Repainting – If there are any spots that need touching up or it’s easy to make a room that’s not a neutral color more neutral, get to repainting. It’ll be easier for potential buyers to envision the space in neutral colors or how they might make it their own.
  • Lighting – A lighter, brighter home is an attractive home and will typically help you sell faster.
  • Decluttering – Less is usually more, especially when it comes to selling your house. Buyers want to envision their own items out and around the home, not see yours. Nor do they want to open up your closets and have everything fall out on them. Declutter as much as possible before scheduling any showings.
  • Make small repairs – If you can quickly and easily repair any small cracks, polish your floors, re-grout, or remove carpet stains – do so.
  • Consider curb appeal – Make your home inviting for possible buyers. Pick any weeds, mow the grass if needed and the weather cooperates, clean up any leaves from the property, maybe even add outdoor plants or porch décor if applicable.

If you’re in the market for a home in Monmouth or Ocean Counties, First Financial is here for you! With competitive rates, lower fees, and personalized service – we’ll make your home buying journey a less stressful one. Our mortgage experts are also available to answer any of your home buying questions with no commitment required. Simply complete our quick online appointment form to get started. And if you’re just starting to shop but not ready to apply for a mortgage, complete our mortgage preapproval form to find out how much you can finance. We’re happy to help get you into your dream home this year!*

*APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Minimum loan amount is $100,000. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a Mortgage and is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties.

Looking to Buy Your First Home? Here’s Where to Start

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Buying a home is one of the biggest decisions you’ll ever make. However, don’t let that scare you. While purchasing a home is a big deal that will ultimately help shape your future, it’s also an excellent investment. The value of most homes increases over time and may come along with helpful tax benefits too. As a potential new homeowner, there’s a lot to learn about the home buying process and we’re here to help! Here are some useful tips for first-time home buyers.

Figure out what you can afford

Before you start house hunting, you’ll need to know what your budget is. Our loan officers can help you determine a price range through a pre-qualification process, which involves using financial information to get an estimate of the maximum mortgage you should be able to obtain. As a rule of thumb, we recommend your monthly house payment be about 30% of your total monthly gross income. Our mortgage calculator can also help you determine your monthly payments as you plan out your budget.

Make a wish list for your dream home

Now, this is the fun part! Before creating a home wish list, ask yourself, “Where do I see myself in the next 5 to 10 years or longer?” Having a vision for you and your family will help put the details of your dream home into perspective. With this in mind, you’ll need to figure out the must-haves of your ideal home, including backyard requirements, size of the home, and neighborhood. All of these factors will have an impact on the overall cost of your home and whether or not it fits your budget.

Find the right mortgage

Many lenders offer a variety of home financing options to choose from. The type of mortgage you end up using will affect what you’ll need to qualify for the loan, and how you’ll pay it back. That’s why it’s important to understand your options before making a decision.

Here are the main types of mortgages that are out there:

  • Conventional: This mortgage is a typical home loan contract between the lender and the borrower, at the lender’s risk. The borrower’s property is security, which means the lender can take your home for non-payment of the mortgage. Conventional mortgages are the most common type of mortgage loan (averaging about three quarters of U.S. mortgages).
  • FHA (Federal Housing Administration): The FHA will insure the loan for the lender against loss, in case the buyer cannot make payments. This mortgage requires the buyer to carry mortgage insurance through the FHA.
  • VA (Veterans Administration): These home loans are backed by the federal government and offered by private lenders to qualified members of the armed forces, active military personnel, veterans, or their widows.
  • Adjustable Rate Mortgage (ARM): The interest on an ARM may vary up or down based on the market. ARMs often offer a lower beginning interest rate. However, this rate will go up over time.
  • Fixed Rate Mortgage: The interest rate on this agreement stays the same for as long as you hold your mortgage, no matter how interest rates change in the financial markets.

When it comes to understanding your financing options, we recommend consulting with one of our mortgage experts to learn more about the mortgage process.

Work with a realtor

The home buying process is already stressful enough, so why not take some of the work off your plate? A realtor can help you save time by pre-selecting homes within your price range and requirements. Not to mention – they’ll be fully immersed in market trends, tax information, and area considerations like school districts. As you get closer to purchasing a home, they will be your go-to for handling negotiations and arranging for a home inspection and appraisal. Once you’re ready to make an offer on a home, they can help with that too.

There are many important steps to the home buying process, even after your offer has been approved. Rest assured knowing a First Financial mortgage expert is here to help you along the way, should you be looking to purchase a home in Monmouth or Ocean Counties, NJ.*

Are you ready to get started? Apply for a mortgage loan today, call our Loan Department at 732.312.1500 Option 4, or visit a First Financial branch. Also be sure to check out our home buyer’s guide to help you through the research and application process.

Happy home buying!

*APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a Mortgage and is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties.

Renting vs. Owning – What’s the Right Move?

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There are many reasons why people may choose to rent rather than own a home. Some renters simply like the idea of living in a temporary place as they are still unsure if they want to settle down there permanently, while others want to avoid the many expenses of home ownership.

However, the major downside to renting is that you’re giving money to your landlord every month – money that you’ll unfortunately never get back and it won’t help you build equity.

In contrast, paying for a mortgage each month may be costly, but will slowly reduce your home loan balance over time. You’ll also get to own the house, which is an incredibly valuable asset nowadays.

If you’re deciding if you should continue renting or if now would be the best time to start owning a home, then you’ve come to the right place. With the way rent continues to increase each year, you might find the latter option is better for you.

Rent Prices Continue to Increase

According to a report by Realtor.com, the official website of the National Association of Realtors – the median rent amount in the 50 biggest metro areas was $1,575 per month. The data suggests that rent amounts rose by 8.1% from the previous year, translating to an extra $118 to pay each month.

Realtor.com also revealed that rent amounts for all unit sizes are currently at an all-time high. Renting a studio apartment increased by 4%, while 1-bedroom and 2-bedroom apartments saw an 8% and 10.2% rise in rent, respectively.

Is Renting Still a Good Idea?

If you aren’t yet sure if you want to settle down, then continuing to rent might be a good idea until you can map out your future a bit more. Many people are still not sure whether they want to move out or stay due to the ongoing COVID-19 pandemic, so if you’re not yet ready to make such a permanent move – that’s quite understandable.

However, for those who are interested in acquiring a place they can own – waiting for the lease to expire and looking for a house to buy could be the ideal move. This way, you can start investing your money toward a valuable asset that will have your name in the title.

To help you decide if now would be a good time to buy a home, you should consider the following questions:

  • Do I have the money to make a down payment?
  • Is my credit score acceptable enough to apply for a mortgage loan?
  • Do I have any debt and, if so – how much more can I afford?

It’s important to ask yourself these questions before purchasing a property.

Conclusion

The cost of renting a place to live continues to increase every year, which makes it more and more impractical to continue doing so. If you believe that now is the right time to own a home, then you might consider applying for a mortgage. When you buy a home, you’ll often be able to save money in the long run that would have otherwise been used on rent (which doesn’t provide you with any equity or a long-term investment).

At First Financial, we can help you get pre-approved for a mortgage so you can know right away if owning a home is the right move for you.*

Contact us today with any questions or visit our website to learn more.

*APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a Mortgage and is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties. 

Tips for Buying a Home in the Current Housing Market

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If you are currently in the market for a home, you are probably well aware that the nationwide housing inventory is at a record low, and the shortage is causing a problem for many prospective buyers. The current market can even create problems for sellers, because sellers still need to live somewhere after they sell their home. Between bidding wars, cash purchases, and low available inventory – here are a few strategies to help you navigate the current housing market.

Know where you stand. Being aware of your credit score, borrowing power, and housing budget is the key to security in today’s market. Sit down with your lender, financial planner, or real estate agent to talk about realistically, what can you afford. It’s especially important to know exactly how high you can go in a bidding war, because homes are often selling above value and at record speed.

Get expert advice. A real estate agent familiar with the current housing market conditions can advise you when homes you’re looking at are priced too high, and provide tips and leads you normally wouldn’t be able to get on your own. Agents who are familiar with your target neighborhood may know of possible pocket listings too – homeowners who may want to sell without putting their house on the market. In these instances, you may be able to get a home before the competition ever finds out.

Be first in line. The competition is definitely heating up these days. If you want a home badly enough, you’ll have to be ready to put in an offer as soon as the home is listed. Even if the seller decides to let the public bid on their home, if you’re prepared – you’ll get a chance to tour the home as soon as it’s listed if your buyer’s agent is active in the local area, and be one of the first bids in.

Get pre-qualified by your lender before you shop. Having pre-qualification paperwork to present when you place your offer is impressive to a seller and will get you a step ahead of the process in normal market conditions. In today’s market, having proof that you can afford the home you are bidding on is the bare minimum. Right now being pre-approved for a certain amount is very important in terms of competing offers. You’ll also want to be sure you can provide proof of where the down payment is coming from too.

Show that you want it, but don’t get too caught up in a bidding war. It’s tempting to keep placing higher counter offers if you’re outbid on a house that you love, but don’t let your emotions get the best of you. Stick to your budget and it’s okay to bow out if bids increase drastically above value. You can also send a letter to the owner as well. This tactic frequently works. Sellers are often emotionally attached to their homes and memories they’ve made in it, so it may help your offer get selected by letting them know just how much the home would mean to you and your family.

In the end, you may just have to be patient and try not to get discouraged. You don’t want to get stuck with a mortgage you can’t afford either, and eventually – the housing market will normalize again. When that does happen, you’ll be happy you held out for a home you could comfortably afford.

When you’re ready to take that leap – come talk to First Financial. Take advantage of our great mortgage and refinance rates, easy application process, and we’ll help you get pre-qualified before you shop.* Give our lenders a call, they’ll be happy to answer your questions with no commitment required!

*Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a mortgage and is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties.

Article Source: Moneyning.com

10 Tips for Selling Your House Fast and at Top Dollar

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When you’re trying to sell your house, you want to do it as quickly as possible. But did you realize you only have six seconds? Your house may be on the market longer than that, but that’s not what we’re talking about. Homebuyers generally make their purchase decisions based on first impressions, and real estate experts estimate those impressions are formed within the first six seconds—three from the curb and three from the entryway.

If you’re going to win over a prospective buyer, you’ll have to get their attention quickly to convince them that your house is their next home. Yes, location is key. And yes, price matters too. With a few strategic preparations, you can make your property as attractive and inviting as possible. By doing so, you’ll set it up to sell sooner rather than later.

10 Ways to Prepare Your Home to Sell ASAP

1. Think like a buyer.
It can be tempting to present your home in a way that highlights the aspects you like the most. The problem with this approach is that your favorites are just that—your Potential buyers won’t be looking at your house through the lens of nostalgia. Help them see your home as a blank slate where they can form their own identity.

2. Focus on curb appeal.
It’s incredible what a tidy lawn and freshly mulched flower beds can do for a house. Most buyers will drive by your property before deciding whether or not to take a closer look. A house that looks welcoming from the street stands a much better chance of selling quickly.

3. Freshen up your front door.
If curb appeal is a friendly invitation, a freshly painted front door is a cheery welcome. Every buyer who looks at your home will most likely enter through the front door, so giving it a new coat of paint can cover up any scuffs and dings that have shown up over time. This small step will help the house look livable—not lived in.

4. Make basic repairs.
If you’ve lived in your home for any amount of time, there are probably a few problems you’ve learned to live with. Chipped paint, missing fence boards, leaky kitchen faucets, flickering lightbulbs, etc. These are just a few of the minor inconveniences that you might overlook on a daily basis. They’re also the little details that could make your house less attractive to a buyer. Make the simple fixes – you’ll be glad you did.

5. Stay neutral.
If you personalized your house by using vibrant colors in each room, it might be a good idea to repaint. While you might love bold colors, there’s no guarantee the next owner will. Painting the walls in neutral colors will let potential buyers observe the overall house without getting hung up on whether or not they like the colors you chose.

6. Make it less “you.”
While we’re focused on the interior, make a special effort to remove decorations and knick-knacks that reflect your personal tastes and identity. No matter how friendly and familiar they may be, family photos will make buyers feel like their visiting someone else’s house. You want them to feel like they’re spending time in their own.

7. Clean and declutter.
You don’t have to channel your inner Marie Kondo, but clearing clutter will not only make the house look cleaner, it will make it feel bigger. And when it comes to cleanliness, there’s no such thing as too clean. When you think things are finally clean enough, go over them once more. Buyers will notice.

8. Use some common scents.
It goes without saying (or at least it should) that you should do your very best to eliminate offensive smells like pets, dirty laundry, or cooking odors. If you want to increase your chances of selling your house, go a step beyond deodorizing and introduce a pleasant scent. Candles, essential oils, and fresh baked cookies can do a wonderful job of creating a welcoming environment for house hunters.

9. Stage strategically.
If you can’t afford to hire a professional real estate stager, you can still arrange each room to highlight your home’s top features. While each room matters, pay particular attention to the family room, the master bedroom, and the kitchen. These are the three rooms where the new owners will spend most of their time, so staging them well is a small task that can make a big difference.

10. Hire a real estate agent.
If you want to sell your home as quickly as possible, enlisting the help of a professional is a smart way to accomplish your goal. Experienced realtors know the local market, and their expertise can help you sell your house faster and for more money. Selling a home on your own might sound like a good idea, but when you consider that a real estate agent can handle the marketing, negotiations, and legal details, their commission can be money that’s well spent.

Potential home buyers want to walk through a house that feels exciting and new. They also want it to feel like home. Following the tips listed above can help you give them exactly what they’re looking for. And the faster you make that happen, the sooner those buyers will give you what you want—a house with a SOLD sign in the yard.

Have you recently sold your home and now need a mortgage on a new home? If you live, work, worship, volunteer, or attend school in Monmouth or Ocean Counties in NJ – we’re sure we’ve got a mortgage product that will meet your needs!* Learn more on our website, and if you’re ready to get preapproved or have questions about the mortgage process – give us a call at 732.312.1500, Option 4. We’re happy to help you finance your dream home!

*APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Minimum mortgage loan amount is $100,000. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only. Rates and APRs listed are based on a mortgage loan amount of $250,000. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a Mortgage and is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties.