Jersey real estate

Homeownership is not only beneficial to the individual, but has social benefits for families, communities and the nation. The National Association of Realtor (NAR) has published a research paper on the subject.

Y0u can read the report in its entirety by clicking:
Social Benefits of Homeownership and Stable Housing (141K PDF)

Those who invested in real estate in 2005 were big winners. They earned 34% on their dollars. Now where else can one get that kind of return on your hard earned money?

These real estate investments are not only for the high roller. Today, many average homeowners are refinancing their homes and using the money to invest in another piece of property. They use this new property either as a rental or as do many in New Jersey, a vacation home on the Jersey Shore.

Atlantic City Real Estate
The long awaited Osprey Estates subdivision in the Venice Park neighborhood of Atlantic City is open for sale. Three model homes are available for viewing.

There are three distinct models in the 26 home development: The Blue Heron, The Sandpiper and the largest of the models, The Osprey. This model has 4 bedrooms and 2.5 baths, family room, three decks and like the other models, an array of amenities, options and upgrades.

The area of Venice Park is one of the up and coming areas of Atlantic City. Because the neighborhood promises to become premier in statue and a model of a great family neighborhood.

Brigantine, NJ 08203
A beautiful end unit townhouse is offered in Brigantine. It has 3 bedrooms and 2 and 1 half baths, family room which helps make up the eight rooms.
The complex has only 3 units, has a lagoon front is bulkdeaded with docks. and a beautiful deck to enjoy the views of the Brigantine Bay. The interior has a family room with a fireplace which helps make up the eight rooms.
$899,000

Following is a press release from the Federal Financial Regulatory Agencies. Perhaps by looking at the proposal, the Atlantic County real estate consumer can regulate his or her own mortgage loan practices. Nothing will protect you from overextending yourself with a mortgage loan when purchasing your new Brigantine home than education: read carefully the following release and remember it is only a proposal:

Federal financial regulatory agencies issued for comment proposed guidance on residential mortgage products that allow borrowers to defer repayment of principal and sometimes interest.

These nontraditional mortgage products include “interest-only” mortgage loans where a borrower pays no principal for the first few years of the loan and “payment option” adjustable-rate mortgages where a borrower has flexible payment options, including the potential for negative amortization. Institutions are also increasingly combining these mortgages with other practices, such as making simultaneous second-lien mortgages and allowing reduced documentation in evaluating the applicant’s creditworthiness.

While innovations in mortgage lending can benefit some consumers, the agencies are concerned that these practices can present unique risks that institutions must appropriately manage. They are also concerned that these products and practices are being offered to a wider spectrum of borrowers, including subprime borrowers and others who may not otherwise qualify for more traditional mortgage loans or who may not fully understand the associated risks of nontraditional mortgages.

The proposed guidance discusses the importance of carefully managing the potential heightened risk levels created by these loans. Toward that end, management should:

Assess a borrower’s ability to repay the loan, including any balances added through negative amortization, at the fully indexed rate that would apply after the introductory period. The agencies recognize that this requirement differs from underwriting standards at some institutions and are specifically requesting comment on this aspect of the guidance.

Recognize that certain nontraditional mortgage loans are untested in a stressed environment and warrant strong risk management standards as well as appropriate capital and loan loss reserves.

Ensure that borrowers have sufficient information to clearly understand loan terms and associated risks prior to making a product or payment choice.