“World's Most Complete Neighborpedia”
Explore:   What's happening in your neck of the woods?

Patricia Cornish NJ, New Homes, Pre Owned Homes

Washington Report: Uniform Disclosures Mandated

It took six years and major controversies with Capitol Hill, but last Thursday HUD published final regulations mandating uniform disclosures for all new home mortgages -- plus tougher rules requiring "good faith estimates" from lenders that accurately reflect the line items on consumers' settlement sheets at the end of a home purchase or refinancing. The regulation gives the real estate and lending industries a full year to revise their systems and documents to comply with the new disclosure forms under RESPA -- the Real Estate Settlement Procedures Act.

New Jersey Estates/
Weichert Realtors


Paul S & Pat C
November 2008
Go
LINKING THE LATEST TECHNOLOGY
TO OLD FASHIONED SERVICE

Copyright © 2008 Realty Times
All Rights Reserved.





Washington Report: Uniform Disclosures Mandated

It took six years and major controversies with Capitol Hill, but last Thursday HUD published final regulations mandating uniform disclosures for all new home mortgages -- plus tougher rules requiring "good faith estimates" from lenders that accurately reflect the line items on consumers' settlement sheets at the end of a home purchase or refinancing.

The regulation gives the real estate and lending industries a full year to revise their systems and documents to comply with the new disclosure forms under RESPA -- the Real Estate Settlement Procedures Act.

If industry groups have serious complaints about the final rules or forms, they'll be able to argue their case with the incoming Obama administration. A new HUD secretary, expected to be named by the president-elect before January, could pull the rule, amend it, or start the whole RESPA reform process again.

Outgoing HUD secretary Steve Preston said the department wanted to publish a final regulation before leaving office because "consumers need and deserve to know what they're getting into" when they sign for a mortgage. Too many consumers "did not understand" the loans they took out during the recent boom period, he said, and that has greatly contributed to the current housing foreclosure crisis.

Among the key changes to the rules since HUD proposed its most recent draft regulation last March, are elimination of a controversial 45 minute "closing script" that settlement or title or escrow officials would need to follow at closings.

The final "good faith estimate" (GFE) disclosure was cut from four pages to two pages with an instructions page. The new GFE requires disclosure of all lender payments to mortgage brokers -- so-called yield spread premiums. Brokers have heatedly denounced that requirement, which they say confuses consumers or biases them against brokers.

But FHA commissioner Brian Montgomery said the disclosure form was extensively tested with consumer focus groups and produced the "correct" choice -- the best financing option -- 92 percent of the time.

The revised GFE walks consumers through the loan mechanics, key terms and fees, plus provides a "shopping chart" that allows for comparisons of up to three different loan package quotes provided by competing lenders or brokers.

It also requires that the final fees on the settlement sheet match up closely -- or exactly -- with the costs provided in the good faith estimates.

Initial reaction to the revised disclosures from industry groups was mixed. The Mortgage Bankers Association's chairman, David Kittle, said "the rule's new estimate and settlement forms are an important step" toward empowering consumers, but he also looks forward to working with the Obama administration to improve them further.


Written by Kenneth R. Harney
November 17, 2008


LINKING THE LATEST TECHNOLOGY
TO OLD FASHIONED SERVICE -- CONTACT US



- Back - Only viewing one page? Click to access NJE's complete website.





Paul S & Pat C ,
Luxury Custom New &
Pre-Owned Homes

E-mail: njestates@gmail.com
Web: http://www.newjerseyestates.net
908-561-5492 (Paul S) 908-310-1358 (Cell)908-561-6499 (Pat C) 908-578-0890 (Cell)


Weichert Realtors
New Jersey Estates

908-561-5492
55 Stirling Road, Watchung, N.J. 07069


Equal Housing Opportunity

E-mail this Newsletter to a friend

COMPLETE INFO UPDATED DAILY


Our Listings.

Contact Us.

New Jersey Estates Web Site.

Our Luxury New Homes.

Our Pre-Owned Homes.

Real Estate Listings Blogs.

Real Estate Information Blogs.

Our Open Houses.

Our Town & School Reports.

New Jersey Estates/ Weichert Realtors
Watchung Office 908-561-6499



Long Hill Township, New Jersey, Current Town, School & Places of Worship Info

Today, Long Hill Township is a rapidly expanding residential community which has managed to retain its many rural characteristics. Approximately 50 percent of the Township remains undeveloped with portions of this land lying within the Great Swamp Wildlife Preserve. In addition, the Long Hill Mountain Ridge traverses the Township and offers spectacular views of the surrounding countryside.

The 12.1 square mile township was first settled in the early 1700's by Scotch Presbyterians. It was later the site of cigar factories, and silk and grist mills. Today there are few industries in Long Hill, and the town is characterized by new subdivisions of colonial, split-level and ranch homes built beside stately older homes, some as much as 250 years old.

Two major east-west roads, I-78 and Route 22, connect the township's four population centers: Stirling, Millington, Gillette and Meyersville. Bus service and the New Jersey Transit railroad offers residents commutation throughout the metropolitan area.

The Township of Long Hill was established in 1866 as Passaic Township. It lies along the Passaic River and extends farther south than any other portion of Morris County. Passaic is the Indian word for "valley".

Before 1866, this area was the southern part of Morris Township. In the 1920's, New Vernon separated from Passaic Township. The township now consists of Gillette, Homestead Park, Meyersville, Millington and Stirling. The five stars on the township seal represent the five villages.

During the election in November 1992, by a binding referendum, the residents voted to reclaim the township's original name of Long Hill due to the Township of Passaic often being confused with the City of Passaic.

LONG HILL TOWNSHIP All Saints Episcopal Church 15 Basking Ridge Rd,
Millington, NJ 07946
(908) 647-0067
First Presbyterian Church 158 Central Ave,
Stirling, NJ 07980
(908) 647-1033
Gillette Chapel Lackawanna Blvd,
Gillette, NJ 07933
(908) 647-2573
Jehovah's Witnesses 10 Norwood Dr,
Gillette, NJ 07933
(908) 647-1197
Meyersville Presbyterian Church 223 Hickory Tavern Rd,
Gillette, NJ 07933
(908) 647-0390
Saint Joseph Shrine 1050 Long Hill Rd,
Stirling, NJ 07980
(908) 647-0208
Saint Vincent De Paul RC Church Bebout Ave,
Stirling, NJ 07980
(908) 647-0118

General Information
Incorporated:
Population:
Area:
County:
Websites:

1866
8777
12.1 Sq. Mi.
Morris
www.longhillnj.org
www.co.morris.nj.us
School Report Cards
Watchung Hills Regional HS (9-12)
Central (5-8)
Millington (2-5)
Gillette (K-1)
WHRHS School Website

Demographics
Gillette 07933, Millington 07946,
Stirling 07980

NJEstates.net for luxurious and prestigious homes - Frames Reset

COMPLETE INFO UPDATED DAILY


Our Listings.

Contact Us.

New Jersey Estates Web Site.

Our Luxury New Homes.

Our Pre-Owned Homes.

Real Estate Listings Blogs.

Real Estate Information Blogs.

Our Open Houses.

Our Town & School Reports.

New Jersey Estates/ Weichert Realtors
Watchung Office 908-561-6499



Bridgewater, New Jersey, Current Town, School & Places of Worship Info

Bridgewater Township is the 33-square mile seat of Somerset County in central New Jersey. Bridgewater features a balance of both residential and commercial functionality. Its real estate options consist of ranch-style family homes and bungalows and multi-level homes among others.

A highly rated school system, an outstanding transportation infrastructure and a thriving economy are just a few reasons why 42,940 people have come to call Bridgewater home. An extremely low crime rate and a high student-teacher ratio qualified the town for Money Magazine's ranking the township 15th among Eastern U.S. towns with populations under 100,000.

Bridgewater continues to grow due to large businesses such as AT&T and the world's pharmaceutical headquarters, Johnson & Johnson, choosing this diverse and economically fertile community for their corporate home.

Also contributing to the local economy is the Bridgewater Commons, a sizeable provincial shopping mall that brings shoppers from all over who indulge in the many restaurants, hotels and specialty stores. The Commerce Bank Ballpark and the Somerset Patriots also draw plenty of local and visiting crowds. Other recurring events, such as the Big Apple Circus, Jazz Festivals, the annual Indian American Festival, drive-in movies and the Sunday Night Concert Series provide a variety of entertainment options. Acres of farm and rural recreational land have been preserved by the county and lend a lush, natural quality to the landscape. Sections of it are used for bicycle paths, swimming and picnic areas, sports facilities and more. Rich in both historical and modern culture, urban convenience and a suburban family atmosphere, Bridgewater TownshipÂ's safe, lively community is the ideal place for your new home.

BRIDGEWATER Bradley Gardens Reformed Church 124 Old York Rd,
Bridgewater, NJ 08807
(908) 722-0878
Bridgewater United Methodist 667 Country Club Rd,
Bridgewater, NJ 08807
(908) 722-5077
Brooklake Community Church 11 Lincoln St,
Bridgewater, NJ 08807
(908) 822-0086
Church of Christ 570 Garretson Rd,
Bridgewater, NJ 08807
(908) 722-8555
Evangel Chapel 505 State Route 28,
Bridgewater, NJ 08807
(908) 725-7777
Finderne Reformed Church 581 Bridgewater Ave,
Bridgewater, NJ 08807
(908) 722-8453
Gateway Baptist Church 324 Milltown Rd,
Bridgewater, NJ 08807
(908) 722-9790
Grace Community Church 424 Garretson Rd,
Bridgewater, NJ 08807
(908) 231-9593
Hindu Temple & Cultural Soc 780 Old Farm Rd,
Bridgewater, NJ 08807
(908) 725-4477
Holy Trinity RC Church 60 Maple St,
Bridgewater, NJ 08807
(908) 526-2394
Macedonia Missionary Baptist Mercer,
Bridgewater, NJ 08807
(908) 526-4330
North Branch Reformed Church 203 State Route 28,
Bridgewater, NJ 08807
(908) 725-2313
Raritan Valley Seventh Day Church 707 US Highway 202,
Bridgewater, NJ 08807
(908) 725-9804
Saint Bernard RC Church 500 US Highway 22,
Bridgewater, NJ 08807
(908) 725-0552
Saint Martin's Episcopal Church 1350 Washington Valley Rd,
Bridgewater, NJ 08807
(908) 526-1350
Temple Sholom North Bridge Street,
Bridgewater, NJ 08807
(908) 722-1339

General Information
Incorporated:
Population:
Area:
County:
Websites:

----
33,413
32.7 Sq. Mi.
Somerset
Bridgewater Township
Somerset County
School Report Cards
Bridgewater-Raritan Regional (9-12)
Bridgewater Middle (6-8)
Eisenhower (4-6)
Hillside (4-5)
Adamsville (K-3)
Bradley Gardens (K-3)
Crim (K-3)
Hamilton (K-3)
John F. Kennedy (K-3)
Van Holten (K-3)
Demographics
Bridgewater 08807

NJEstates.net for luxurious and prestigious homes - Frames Reset

COMPLETE INFO UPDATED DAILY


Our Listings.


Contact Us.

New Jersey Estates Web Site.

Our Luxury New Homes.

Our Pre-Owned Homes.

Real Estate Listings Blogs.

Real Estate Information Blogs.

Our Open Houses.

Our Town & School Reports.

New Jersey Estates/ Weichert Realtors
Watchung Office 908-561-6499



Fanwood New Jersey, Current Town, School & Places of Worship Info

Like many Central Jersey communities, Fanwood was built along the railroad lines of the Central Railroad of New Jersey, and the first homes in the borough were clustered around the train station, which as the time was located east of Martine Avenue.

Once a summer vacation spot for well-to-do city dwellers, Fanwood borough has evolved into an attractive suburban community and a "great place to raise kids". The borough was originally settled by vacationers who were attracted to the area by its "wide open space and clean air".

The 1.3 square-mile borough was carved out of the Township of Scotch Plains in 1895. To make the commute to the city easier, the early developers placed the railroad station in the center of the borough, ensuring that it was no farther than a half mile from any part of town.

The borough owes its name to the railroad. The first president of the railroad named the train station Fanwood in honor of Fanny Wood, the daughter of a railroad official and an author who wrote articles highlighting the beauty of the Central Jersey region. The original railroad station, a stone Victorian structure, stands today as testimony to the borough's beginnings. It serves as Fanwood's community center where many meetings are held. Fanwood is still an important commuter town, and many residents use the train to get to their jobs in Newark and New York City. The train ride to NYC is approximately 45 minutes.

FANWOOD Emanuel Baptist Church 1130 Lincoln Ave,
Fanwood, NJ 07023
(908) 233-2322
Fanwood Presbyterian Church 74 S Martine Ave,
Fanwood, NJ 07023
(908) 889-8891
First Church-Christ Scientist 257 Midway Ave,
Fanwood, NJ 07023
(908) 322-8461
Terrill Road Bible Chapel 535 Terrill Rd,
Fanwood, NJ 07023
(908) 322-4055
Woodside Chapel 5 Morse Ave,
Fanwood, NJ 07023
(908) 889-2375

General Information
Incorporated:
Population:
Area:
County:
Websites:

1895
7,196
1.29 Sq. Mi.
Union
www.fanwoodnj.com
www.unioncountynj.org
School Report Cards
Scotch Plains-Fanwood High (9-12)
Park Middle (6-8)
Terrill Middle (6-8)
Brunner (K-5)
Coles (K-5)
Evergreen (K-5)
McGinn (K-5)
School 1 (K-5)
SPF School Websites

Demographics
Fanwood 07023

NJEstates.net for luxurious and prestigious homes - Frames Reset

COMPLETE INFO UPDATED DAILY


Our Listings.

Contact Us.

New Jersey Estates Web Site.

Our Luxury New Homes.

Our Pre-Owned Homes.

Real Estate Listings Blogs.

Real Estate Information Blogs.

Our Open Houses.

Our Town & School Reports.

New Jersey Estates/ Weichert Realtors
Watchung Office 908-561-6499



Credit Unions To The Rescue

Been down to your friendly neighborhood credit union lately? You could find that elusive home loan you been unable to get anywhere else. Credit unions didn't need a bail out during the Great Depression, they didn't need federal intervention during the Savings & Loan debacle and they don't need government assistance now. In fact, right now, they are rolling out the red carpet for home loan borrowers.

New Jersey Estates/
Weichert Realtors


Paul S & Pat C
November 2008
Go
LINKING THE LATEST TECHNOLOGY
TO OLD FASHIONED SERVICE

Copyright © 2008 Realty Times
All Rights Reserved.





Credit Unions To The Rescue

Been down to your friendly neighborhood credit union lately?

You could find that elusive home loan you been unable to get anywhere else.

Credit unions didn't need a bail out during the Great Depression, they didn't need federal intervention during the Savings & Loan debacle and they don't need government assistance now. In fact, right now, they are rolling out the red carpet for home loan borrowers.

During the boom, credit unions avoided writing subprime home loans and other easy-money mortgages. They also shunned selling packages of mortgages to Wall Street moguls who packaged them into now low- to no-return securities. That means credit unions are relatively untainted by the credit squeeze and they have both money to burn and a sound business foundation that allows them to keep on lending.

Instead of fearing the next Great Depression, member-owned credit unions are bracing for what could be their boom time in home loans and other financial services, now that banks and mortgage lenders are crashing and burning.

Mortgage production among credit unions is small by comparison to banks and mortgage lenders, but their originations rose a whopping 10.1 percent during the first half of 2008, according to the industry's federal regulator, the National Credit Union Administration (NCUA).

The Mortgage Bankers Association recently reported bank and mortgage lender loan originations took a nose dive, falling 17 percent during the same period.

Credit unions are more willing than many lenders to make homes loans for the creditworthy, but the old fashioned way. If you go shopping for a credit union mortgage, leave your subprime attitude at the door. You won't be coddled, you can't get away with lying on your application, your creditworthiness will have to pass muster and you likely won't get more home than you can truly afford.

Credit unions are non-profits in the business to make money, but not profits. They serve members who pool their money to get a decent return, either in the form of savings interest or competitively priced loans.

The fundamentals apply: Credit unions take in deposits. They use the money to make loans. They charge more on those loans than they pay on deposits. Voila! A thriving business.

It's the lack of the profit motive that kept credit unions out of harms way during the mortgage meltdown. They have no incentive to get involved in the subprime racket, no reason to sell and repackage loans as investments and no need to otherwise venture into untried and untrue investment schemes.

Credit unions hold most loans to maturity and return the interest to members in the form of interest-bearing checking, savings and CD accounts. The rest they invest smart so they can continue to help members. Also, because credit unions didn't hop aboard the home loan assembly line, their members aren't suffering the kind of housing hangover many home owners face today.

Less than 1 percent of all credit union mortgages are 60 days or more late, according to their Credit Union National Association (CUNA). And, along with fixed-rate 30-year mortgages they also offer conventional adjustable rate mortgages (ARM) and hybrids.

As with other financial products -- savings and CDs -- rates on loans are often better at credit unions. The spread isn't as much with mortgages as it is with credit cards and car loans, but credit unions' mortgage rates are competitive.

As of October 15 UNA reported the average rate on a 30-year fixed rate mortgage was 6.27 percent; for a 1-year ARM, 4.91 percent. Meanwhile, the MBA reported an average 6.47 percent for a 30-year loan and an average 6.67 for a 1-year ARM.

"Credit unions are the safest depository institution in the country to put your money in right now," says Dan Mica, President and CEO of CUNA.

He has room to boast. Just as the Federal Deposit Insurance Corporation (FDIC) insures accounts up to $250,000 in federally insured banks, credit unions are likewise regulated and federally insured by the NCUA for the same amount.


Written by Broderick Perkins


LINKING THE LATEST TECHNOLOGY
TO OLD FASHIONED SERVICE -- CONTACT US


- Back - Only viewing one page? Click to access NJE's complete website.




Paul S & Pat C ,
Luxury Custom New &
Pre-Owned Homes

E-mail: njestates@gmail.com
Web: http://www.newjerseyestates.net
908-561-5492 (Paul S) 908-310-1358 (Cell)
908-561-6499 (Pat C) 908-578-0890 (Cell)

Weichert Realtors
New Jersey Estates

908-561-5492
55 Stirling Road, Watchung, N.J. 07069


Equal Housing Opportunity

E-mail this Newsletter to a friend


COMPLETE INFO UPDATED DAILY


Our Listings.


Contact Us.

New Jersey Estates Web Site.

Our Luxury New Homes.

Our Pre-Owned Homes.

Real Estate Listings Blogs.

Real Estate Information Blogs.

Our Open Houses.

Our Town & School Reports.

New Jersey Estates/ Weichert Realtors
Watchung Office 908-561-6499