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Beach Haven West Mortgages | Buying a House in Beach Haven West | Beach Haven West

 

Beach Haven West Mortgages

The real estate market in Beach Haven West has been showing strong signs of improvement since Hurricane Sandy. While there was certainly a drop in the average price of a single-family home immediately after Hurricane Sandy, much of this has to do with the presence of storm damaged homes being sold for land value. Now the time has passed, and the area has made tremendous strides to recovery, we are seeing an increase in activity and an increase in the average sales price. This can create a common question regarding financing a purchase in the Beach Haven West real estate market. There are several options available to buyers, and understanding them is an essential first step to making a home purchase.

 

 

 

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Beach Haven West Mortgages | Buying a House in Beach Haven West | Beach Haven West

Financing a Home in the Beach Haven West NJ Real Estate Market

There are four common financing methods in the Beach Haven West real estate market. They are:

  • Cash transactions including personal loans, the sale of stock, or utilizing outside financing methods
  • Second home or investment loans
  • Primary home loans
  • Construction financing

Mortgages in one form or another are the most common form of payment utilized in the Beach Haven West real estate market. Depending on the occupancy, a second home mortgage or an investment loan may be an attractive option for a summer residence. For those looking to call Beach Haven West there permanent home, conventional financing is available for most buyers and may see a lower interest rate than a second home or investment product. Lastly, construction financing is an option with many subcategories that can be in the purchase and development of a property. For any kind of mortgage, it is important to consult a qualified lender to understand the interest rates, qualification requirements, and steps to obtain a mortgage to determine what is the best option for your individual situation. Not all buyers will qualify for a mortgage, so it is important to understand your individual situation and what you can comfortably afford.

 

 

 

 

Beach Haven West Mortgages | Buying a House in Beach Haven West | Beach Haven West

 

Credit Scores and the Beach Haven West Real Estate Market

A credit score paints a portrait of your overall finances. The higher credit score, the more likely it is that your interest rate will be lower when looking for a Beach Haven West real estate mortgage. There are a few key areas that influence your credit score. They are:

  • Your payment history
  • Your debt to income ratio
  • The length of your credit history

In addition, recent credit activity, your payment history, and your overall debt limits are some of the more important aspects of your credit score. This information will be used by lenders to show how often you make payments on time or, more importantly, how often you do not. Your current balance on existing loans, credit cards, student loans, or really any kind of debt will have an impact on your overall credit score and on the amount of money you can borrow. Banks will also look at the length of time you have been using credit and what type of accounts you have. If you are frequently using credit in a short time this can actually be a signal of financial trouble and hurt your credit score. A steady and balanced use of credit is best to improve your score overtime.

 

 

 

 

Beach Haven West Mortgages | Buying a House in Beach Haven West | Beach Haven West

 

Beach Haven West Real Estate Construction and Rehab Loans

In the wake of Hurricane Sandy, there has been an unprecedented wave of new construction taking place in Beach Haven West. Much of this new construction is a result of storm damaged homes and vacant land caused by flooding. Typically, an old or damaged home will be demolished and a new home will take its place with modern amenities and raised well above base flood elevation. Building a new home in the Beach Haven West real estate market offers many notable advantages, however understanding construction financing is an essential component of the process as it differs from traditional lending practices. Therefore, understanding Beach Haven West real estate construction loans can go a long way to determining if building a new home is the right step.

 

 

 

VA Loans in the Beach Haven West Real Estate Market

VA Loans in the Beach Haven West Real Estate Market can make a huge difference in your buying experience. Here are some of the key benefits of a VA insured mortgage.

  • 100% financing. (purchase or refinance)
  • No points
  • No monthly mortgage insurance
  • Not just for first time home buyers
  • It IS possible to have more than 1 VA loan (borrower must meet VA equity requirements on existing loan)
  • Seller contributions are permitted
  • Available to qualified Active Duty, Retired, Discharged and Reserve Military
    members
  • Loan amounts up to $1 million (down payments may be required for loan amounts over county loan limit)

Of course like any loan product there are rules and requirements that must be met. It is also important to remember that qualifying for loans, rates, etc. will depend on your individual situation and the current products available. Therefore, it is best to speak with a mortgage professional to understand the current lending requirements.

 

 

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Beach Haven West NJ Real Estate | Beach Haven West Homes | Stafford Township NJ

Get Your Beach Haven West Home Search Started with Farrah Pileggi

C: 201.952.4131 | O: 609.492.1511 | E: fpileggi@vandykgroup.com

Contact Farrah

 

 

Farrah Pileggi

Sales Agent: 201.952.4131

Kim Pileggi

Transaction Coordinator: 732.887.4853

Nathan Colmer

Marketing Agent: 609.290.4293

The Van Dyk Group

12800 Long Beach Blvd

Beach Haven Terrace NJ

08008

Long Beach Island

609.492.1511