Buyers Resources

Real Estate Mortgage Calculator

  I have two excellent mortgage brokers I recommend to my clients.  They are knowledgeable, hard-working, experienced and get some of the lowest mortgage rates around.  And Keith Sluka with Investor's Savings Bank.  He can be reached at 908 385 7304 or via email at ksluka@isbnj.com. Susan Lake with NJ Lenders can be reached at 973 650 6525 or via email susan@njlenders.com.  They will gladly go over the mortgage process with you and quote you their current rates and closing costs.

To give you an idea, here is an example of a list of documents you will likely need once you select a mortgage broker to work this:
·         Mortgage applicant (will be provided by your mortgage broker.)
·         Complete address for the past 2 years (including complete name and address of landlords for past 24 months).
·         Name, address, and all income earned from all employers for past 24 months.
·         Copies of previous two years W-2 forms.
·         Copy of most recent year-to-date pay stub.
·         Name, address, account number, monthly payment and current balance for: installment loans, revolving charge accounts, student loans, mortgage loans, and auto loans.
·         Name, address, account number, and balance of all deposit accounts, including: checking accounts, savings accounts, stocks, bonds, etc.
·         Three months most recent statements for deposit accounts, stocks, bonds, etc.


Meanwhile, feel free to use this mortgage calculator to get an idea of your monthly payments.  If you are purchasing a condo, make sure to add in your monthly maintenance payment.   If you are putting down less than 20%, you will also have a Private Mortgage Insurance (PMI) payment to consider. 
And don't forget the tax advantage of ownership!  Based on your income, up to 35% of your mortgage interest and real estate taxes could be tax deductible, which could reduce your net payments dramatically.  Feel free to contact me and I'll gladly help you estimate your monthly payments.  Email: irene.barnaby@gmail.com or Direct: (973) 885-3961.  My estimates are for example purposes only and all figures should be independently verified by your accountant and a licensed mortgage broker.

 

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