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Home Buying in Clark : Real Estate Advice

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Activity 3
Mon Jun 24, 2013
Why are you set on going the FHA route for your refinance?

Every lender's requirements will vary, however, you can obtain conventional financing with a 620+ credit score and possibly remove monthly PMI payments even if you don't have 20% equity. Not to mention the savings would most definitely increase by avoiding FHA.

While we'd need discuss the specifics of your current mortgage, I'd recommend a conventional 26 year or 27 year fixed-rate, so you wouldn't be adding on any additional years of payments AND just picking up where you left off, not to mention at a lower interest rate. Fact of the matter is your mortgage is an extremely powerful tool and, when structured correctly, can provide some truly amazing benefits.

If you'd like to discuss your scenario in greater depth, I'd welcome the opportunity to weigh out real options that will create both short term and term term benefits. Please contact me at your earliest convenience via phone or email; whichever is easiest for you.

Kindest regards,

Paul F. Marzolla
Sr. Mortgage Consultant
(201) 957-6768
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Wed Mar 13, 2013
Tressa "TERI" Malone answered:
The cost of homeowners insurance anticipates a number of factors, primary among them are:
-- square footage of the house and these predict replacement cost should the house, contents,sheds, etc be destroyed by a fire or other covered hazard.
-- whether there is a fire hydrant within 1,000 feet of the house and a fire station within 5 miles...predictors of how quickly firemen can put out a fire and save the structure
-- the crime statistics for the community ... Predictors of the likelihood of vandalism and theft

Since nearly every home in Clark is within 1,000 feet of a hydrant and within 5 miles a a fire station (Clark is only 2 square miles in total), and Clark's crime stats reveal a very safe community, the only significant variable is the size of the home u buy and it's amenities.

Keeping in mind that the LAND itself is not covered by Homeowners Ins. The premium for, most moderately sized homes in Clark will be $650 to $750 per year -- assuming the owner does not have a history of frequent homeowner or renter loss claims.

Hope that helps...and if u have other real estate questions and are not already working with a Realtor, feel free to contact me at 732-423-2792, or by email.

Teri Malone, Weichert Realtors
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Tue Feb 21, 2012
Weichert Realtors answered:
Dan, did you buy anything in 2011? If not would you kindly tell us why not? Regards,
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