You either rent or you own. If you do not own (which I am sure you would know if you did) then you are a renter. A renter doesn't have to pay a certain amount of rent, they just live in the property as a tenant (either a written agreement or a non-formal agreement). So you would mark that you rent, and then on a separate page of the loan application it asks for your "Current Housing Expense" with one of the line items being "Rent" and you would write in "$0".
In the section that asks who is title will be held by, you have several options in New Jersey, this attorney in Paramus explains a little in a blog entry at: http://www.ponziniandponzini.com/ESTATE/title.html - generally the people who would be on title are the people on the mortgage, but each situation can be different. If you are using an attorney for your purchase/contract review (I know in North NJ they commonly use attorney's - not sure if Spotswood is considered northern NJ) they may be able to advise which would be best.
I highly recommend you go through the loan application with your loan officer over the phone, it gives you a chance to explain anything on the loan application, and your loan officer can complete most of it and just send it to you so all that has to be done is to sign & date (that is how we do them). If I was a consumer I'd find filling out all of the information on the loan application pretty time consuming, so you may as well have your mortgage professional to help guide you through it to make it a snap.
If you have any questions feel free to ask, but you may want to ask your own loan officer first. If they don't want to answer you, or don't have the time, it is a sign you need to look for a loan officer who is more concerned about your loan.... more
What does it matter to you, it isn't a cost out your pocket! get the Realtor and do the deal! Write the owner because you do not wish to have a professional doing your side of the deal! wondering where your head is at!... more
Kelly, I've got a great agent that helped my husband I buy a place in Estero, which is between Ft. Myers and Naples. Send me a quick email and I'll connect you with her - she and her husband work together, and her son ,so you've got the bases covered --- collectively they know the area really well and are pleasant, service driven.
Send me an email and I'll set you right up with them.
Search and connect at www.feenick.com... more