Sue's interview w/ Dave Jenks on "Shift" - Tactic #6, Catching People In Your Web

Last month I was interviewed by Dave Jenks, head of research and development of Keller Williams International, for "Shift", Gary Keller's new book for the real estate community, about "how top agents tackle tough times. Its not about the market. Its about what you do."

Below is the link to my interview on Tactic #6, Catching People In Your Web.

http://www.millionairesystems.com/msys/BBB.html

Trying To Make Sense of Today's Mortgage Guidelines for NJ Home Purchases and Refinances

Take the Fear Out of Mortgage Financing

by Drew McKenzie



Trying to make sense out of mortgage guidelines today can make your head hurt.

My advice is to avoid the aspirin, do not make assumptions, do NOT read the dramatic press.

Interest rates are the lowest they've been in 3 years and true opportunities exist, so make sure you communicate your specific circumstances to your mortgage broker early in the process. There has never been a better opportunity for buying a home.

A few recent changes to be aware of in order to manage your expectations:

• Several banks now realize that they were overly enthusiastic about approving credit lines. As these banks try to reduce their risk exposure, some homeowners are getting notifications that their line of credit has been reduced or even cancelled. Banks are concerned about what your home is worth and about your ability to verify your income, credit and assets.

• Investors are very concerned about the future of certain industries and the future of the continuance of Bonus and Commission income. In the past, such income was averaged for 2 years for qualifications; don’t assume the same is true today. Best to get this checked out BEFORE starting your home search.

• Buyers no longer have the option to have two mortgages at closing (i.e. 80/10/10 loan) to avoid paying Private Mortgage Insurance (PMI) or avoiding a certain loan amount for lower rates. For mortgages of $500,000 or less (depending on the investor) and less than 20% down payment, guidelines now require PMI. Your mortgage application now needs approval by the Lender and the PMI provider.

• Mortgages greater than $500,000, with most Lenders, now require at least a 20% down payment.

• Bridge loans are extinct today. Investors are not allowing most borrowers to close on their new purchase without closing on the sale of their current home. This means either you get a larger mortgage if you have the down payment in the bank, or plan to close on the sale of your current home the same day as the purchase of your new property. Either way, you should sell your current home before purchasing another one. It makes you a stronger buyer in the seller's eyes too.
Renting your current home without selling it and buying another primary property is scrutinized unless you have at least 30% equity in the home you will lease.

• For refinancing, you need to have at least 20% equity today based on today’s bank appraisal. There are now 40 year mortgages and Interest-Only payment loans, which could assist with lowering your monthly payments. Your lender can help you with your options. Keep in mind, the presence of a second mortgage or line of credit (and today’s bank appraisal of your home) could impact or limit your options.

NOW FOR THE GOOD NEWS & WORDS OF ENCOURAGEMENT….

There are many worthy borrowers and there are mortgage funds available today at very low interest rates (30 year fixed today at 5.5%)! There are guideline changes but they may or may not impact you directly! Don’t assume or let the press intimidate you --- you could be a very worthy borrower who is in position to take advantage of this (housing) market and interest rates!

Sue and her team sold 7 houses in November, and financing was not an issue.

Drew McKenzie is a Senior Mortgage Consultant with Real Estate Mortgage Network with 16 years of lending experience. Please contact Drew with your questions or comments. He is licensed everywhere in the country to provide mortgage financing.
Phone: 973.271.8025
E-mail: dmckenzie@remn.com
http://www.drewmckenzie.remn.com/

Check Out NJ Traffic to and from NYC (via webcam)

Where The Boys Are

Where The Boys Are
By Robin Benjamin, Buyer Specialist - Sue Adler Team

In my last blog I "sang" The times they are a changin'." In this one, it's "Where The Boys Are."No, I'm not going through a mid-life crisis, or reminicing about the "good old days." While the nation debates school vouchers and the decline of public education, I'm reflecting on the kids that graduate from the Millburn/Short Hills school system. Not only has our system been rated as one of New Jersey's best, but most of our kids graduate with something that only a great educational environment can provide. Character. As a mother of two Millburn graduates - one a scholar the other a scholar/ athlete, but neither perfect - I constantly see proof of this character as I run into kids I've known for years. Good kids. Polite kids. Confident kids. And often very loyal kids.

On a recent foray into NYC to watch a football game with my youngest son, a Penn State graduate, I dreaded sitting by myself in his favorite pub. That dread soon turned to joy as one Millburn graduate after another walked in to greet me and support my son and his beloved Nittany Lions. The boys were not only from his graduating class, but from the class that graduated with his older brother. It felt like old home week, surrounded by kids displaying a loyalty and bond that was formed in the classrooms, halls and playing fields of our wonderful school system. An anomaly you say? Hardly. The next day, I found myself cheering at a Millburn soccer game. Just a few seats away were several boys, all Millburn graduates, cheering on their alma mater right along with me. Trust me, while certain parts of my body froze, sitting on those aluminum bleachers, my heart was never warmer.

While many parents worry about their kids once they leave the nest, I can tell anyone who moves to the Millburn/Short Hills area that you'll know "Where The Boys Are." They're in a good place, taking care of themselves and supporting the town and school that helped make them into the young men that they are today.

Joining me were from the class of 1995 ; Tim Milton, Josh Rossoto, Neil Smaldon, Neil Halinan, Steven Sarpi, and missing was my son Tyler, who’s living in London . We all sat together cheering on the Nittany Lions until the last 6 seconds . I was in my glory.

Sue Adler Team
#1 Keller Williams Team in NJ 2005-Present
www.SueAdlerTeam.com

The Times They Are A Changin!

Post by Robin Benjamin - Accredited Buyer Representative - Sue Adler Team

Buyers Beware! The next time you see me, I'll be walking down the street in my Manalo Blanco’s harmonica in hand, singing The Times They Are A Changin'.
But I'm not talking about political "change." I'm talking about a change that is more subtle, yet in some ways just as important.
Home buyers want to be connected again.
Buyers of all types are looking to scale back, be closer to schools and trains, and be more connected to the community. A recent New York Times article documented the trend in an article called "Where Walkable Encounters Affordable." There is even a popular website, walkscore.com, that ranks more than 2,500 "walkable" towns near the 40 largest cities in America, and is being used by buyers and real estate professionals across the country. One of the blog entries on their site says it all,
"With gas prices going through the roof, buyers want homes closer to where they work, local stores, and public transportation. Not only are walkable homes smart investments in an age of $4 gallon gas, they're better for your waistline (people in walkable neighborhoods weigh about 7 pounds less) and they're better for the planet."
Well, I don't know whether it's the price of gas, global warming, or just wanting to get into a size 6, but a growing number of my clients in Millburn/Short Hills, Summit, Maplewood, South Orange, Chatham & surrounding New Jersey towns are longing for the benefits of community, and the four listings that follow are "walkable" properties especially for them.
www.sueadler.com/11PineTerraceEastShort Hills, http://www.sueadler.com/39OberlinMaplewood, http://www.sueadler.com/159Hobart ,Short Hills, and www.sueadler.com/227Tillou South Orange
The only thing my clients are probably not longing for, is seeing me strolling along in their "walkable" town, wailing out protest songs from the 60s.
Hey, at least I'll be in a size 6!

Robin Benjamin, Buyer Specialist

Have you heard about this awesome new search engine? www.LEAPFISH.com

LeapFish is a new search engine that blows google and yahoo away! Finally, one stop shopping!

If you are to "google" or should I say "fish for" Millburn NJ Real estate, the results page will have a choice of the google, yahoo or msn interface in the middle, then along the left side, you'll see all of the videos and photos and news. Check it out and let me know what you think.

The Trophy Kids

Mom and dad, get ready. You're about to be blamed for something else.
The Millennial Generation. (Where did generations X,Y and Z go?)
According to an article in the Wall Street Journal, "The Trophy Kids Grow Up: How the Millennial Generation Is Shaking Up the Workplace," kids born between 1980 and 2001 are entering the job market and causing all sorts of problems.
"Blame it on doting parents, teachers and coaches," the article states. "The Millennial's were raised with so much affirmation and positive reinforcement that they come into the workplace needy for more."
In our community of Millburn /Short Hills that can't be true. Can it?
As a mom who has lived here for 30 years, I know many kids who give back to the community, and whose hard work and balanced egos helped Millburn High School gain its #1 ranking in the recent September issue of NJ Monthly.
Ok, ok. Maybe on "one or two" occasions we hovered too much, and even gave them a trophy when they came in last. But according to a posting by Sue Shellenbarger, "Helicopter Parents: Beneficial or Detrimental?" we're not the only guilty ones. Apparently a number of historic well-known Presidents had parents who were worse than us.
So, there's still hope. And who knows? One of our Millburn/Short Hills kids may even be President some day, and we hovering "helicopter" moms might even get a little credit for getting them there.
If not, they still get a trophy, right?



Robin


http://online.wsj.com/article_email/SB122455219391652725-lMyQjAxMDI4MjI0MTUyNTEyWj.html