Watch Out for Very Low Rate Mortgages

I saw a television ad today offering very low rate mortgages. The ad screamed the low monthly payments. But when I read the fine print disclosures at the end of the ad I saw that it said that the rate and payments were only good for ONE MONTH and that they would increase for the second and subsequent months. So really this was a 1 month adjustable loan. I really don't believe that these are legal in New Jersey and I wouldn't be surprised if somewhere in the fine print it says that this is not applicable in NJ but I'm sure if you called they would find a legal way to rip you off.

When looking for a mortgage, either to buy a home or to refinance, call me at 1-877-85-Glenn or e-mail me at RealEstateInfo@GlennElliot.com click here and I will be happy to give you names of reputable mortgage brokers.

Free Credit Report

Don’t believe the so called free credit report ads on TV and in e-mails. They give you one free credit report but you must give thenm your credit card number and sign up for a monthly credit report that has a monthly fee.

But you can get your credit report for free. Under the new Fair Credit Reporting Act, each of the nationwide consumer reporting companies is required
to provide you with a free copy of your credit report, at your request, once every 12 months.

The three nationwide consumer reporting companies — Equifax, Experian, and
Trans Union have set up a cooperative reporting center to manage credit report
requests nation wide. You can obtain your annual free credit report from a central location, by going to their website, calling the toll free number or writing direct.

Website: www.annualcreditreport.com click here
Telephone: 877-322-8228
Address: PO Box 105281, Atlanta, Georgia 30348

You may order your reports from each of the three nationwide consumer
reporting companies at the same time, or you can order from only one or two.

If you are asked if you want a copy of your CREDIT SCORE (FICO), you
should understand that this particular information is not free. There is a charge of $9 to $15 for each request.

To obtain a credit report you need to provide your name, address, Social Security number and date of birth. If you have moved in the last two years, you may have to provide your previous address. To maintain the security of your file, the consumer reporting company may ask you the amount of your monthly mortgage payment or for different private information

www.annualcreditreport.com is the only authorized source for your free credit report.
The nationwide consumer reporting companies will never send you an email or a letter asking for your personal information. If you get an email or see a pop-up ad on your computer claiming it’s from any of the three nationwide consumer reporting companies, do not reply or click on any link in the message — it’s probably a scam. Just erase it.

July podcast

The July edition of my Rutherford, NJ Real Estate Podcast is now available. This month's edition covers Rutherford, NJ real estate market activity and then we'll share insights when looking for a house to fix up and sell for instant cash.
We also talk about buying floreclosed properties. It is hosted by Joe Lininger and includes noted real estate author and speaker Teri Murphy. Check it out by clicking here. I hope you enjoy it.

Buying foreclosures

On my July podcast, which you can hear by clicking here, I talk about the pitfalls of buying a foreclosed property. I'm not saying that you shouldn't buy such a property, I just saying be careful and go in with your eyes open. In most cases, foreclosed properties have been neglected and since you are buying the house "as-is" you need to make your inspections during the attorney review period so that you have an out if it turns out to be a "money pit". Also, most of the time the bank with insist on a quick closing, so you need to have a fast mortgage company and one that is flexible, since most likely you are going to be buying with a temporary Certificate of Occupancy and doing the repairs after the closing. If you have any questions on buying a foreclosed property, call me at 1-877-85-Glenn or e-mail me by clicking here.

June Rutherford stats

I am going to periodically show Rutherford 1 family Sold stats here. These are the stats for the past few months in this order: Number of Solds, Average Sold Price, Average days on market, average percent of sold price to listing price

June 2007 10 $445,400 87 92%
May 2007 8 $466,488 83 95%
April 2007 7 $482,857 90 90%
March 2007 11 $560,182 126 89%
February 2007 9 $532,444 154 88%
January 2007 10 $481,650 147 84%
December 2006 10 $467,850 110 90%
November 2006 9 $447,778 91 92%