Well it is for sale and you can put in an offer! Pre-foreclosure is usually a short sale listing and you put in an offer and wait or the banks approval. It is not a sheriff sale as in a foreclosure proceeding. Feel free to contact me if you have a particular property in mind and I can check out the history on the property and make sure it is still on the market! email@example.com... more
Hi Jeanne, Forget about a balloon. At 5.5%, you have options. You can refi into an ARM (to take advantage of the lower rate) assuming that you will not be in the home past the fixed period of that ARM. I believe a common consensus in the mortgage industry is that rates will be higher in the long term. Therefore, if you take out, say, a 5/1 ARM, you should probably expect to be out of the home before it begins to adjust. You don't want to be stuck inside an ARM once it begins to adjust in an unfavorable rate market (once the fixed period expires).
In the alternative, 30 year fixed rates are really low right now and offer the stability of a fixed rate/payment. You could easily lower your rate by more than 1%. I am available to discuss your specific scenario and go over it in more detail if you so choose. By the way, today is a really good day to be talking about rates as the 10 year bond yields ended up at 2% on Friday and this is good news for rates. :)
Albert "Al" Rapoport
NMLS ID# 60865
AVP - Business Development/Branch Manager
InterContinental Capital Group
A BBB Accredited Institution
70 Hudson Street, Ste. 4A
Hoboken, New Jersey 07030
Email: Arapoport@icghome.com... more
A good portion of Little Ferry is located in a 100-yr flood zone. Liberty is a long street. The best thing is to ask your realtor to check the floor plain map on the NJMLS listing (Realist). The owner should disclose whether or not the property needs flood insurance as well.... more
Schools are great you have up to Eight grade in Little Ferry then they go with the Ridgefield Park High School system, which is also a good school.
75% of Little Ferry homes may require flood insurance and the cheaper homes are usually found within the flood plain area. Some of the home have never been flooded but they are in the plain so they still require the additional flood insurance. Feel free to contact me 201-342 7208 or firstname.lastname@example.org for more information on available homes in the area.... more