What is It?
The Realty Transfer Fee (RTF) was established in New Jersey in 1968 to offset the costs of tracking real estate transactions. 

Who Pays It?
Sellers pay the fee, which is based on their property’s sales price, upon the transfer of the deed to the buyers.  Payment of the fee is a prerequisite for recording the deed. 

Are there Other Fees Payable on the Sale?
In  addition to the transfer fee paid by the sellers, a 1% fee must be paid by the buyer on all transactions over $1,000,000 in all commercial and residential property classes. 

Where Does the Money Go?
The fee monies are usually collected at the real estate closing by the the closing attorney, who are responsible for recording the deed at the county registry offices.  Funds from the RTF are then shared between the state and counties. The state portion of the revenue is allocated to neighborhood revitalization, shore protection and the state’s general fund. The counties are responsible for disbursement of their portion of the revenue.

Does it Apply in all Real Estate Transactions?
The RTF does not apply to sales for less than $100, or those transactions made between husbands and wives or parents and children.  Senior citizens, blind or disabled persons and low- and moderate- income housing continue to be exempt from the state portion of the basic fee.  An Affidavit of Consideration is to be filed with any deed in which a full or partial exemption is claimed from the RTF. 

How Much Is It?
The fee is based on the property’s sale price.  For a quick estimate using an RTF calculator, visit the NJAR website here.  For more information and FAQs, visit the State of NJ Department of Treasury website here. 

Thanks for reading my North Jersey Real Estate Blog!
Sally Ponchak, ABR, GRI
Coldwell Banker, Wyckoff, NJ  201-848-3214
Email:  sally@sallyponchak.com

I can help you purchase a home or sell your home in the towns of Allendale, Franklin Lakes, Glen Rock, HoHoKus, Mahwah, Midland Park, Oakland, Ramsey, Ridgewood, Saddle River, Upper Saddle River, Waldwick, Wyckoff

Mortgage rates right now are incredibly low — the lowest they’ve been in almost 30 years!  If you’re thinking of buying right now, you may be wondering which type of mortgage loan fits your situation. The Bergen Record today published a very good article highlighting various types of mortgage loans, and the buyer scenarios that fit them.  Here it is:

Mortgage has to be right fit

Sunday, July 25, 2010
LAST UPDATED: SUNDAY JULY 25, 2010, 10:23 AM
BY J.W. ELPHINSTONE
THE RECORD
THE ASSOCIATED PRESS

For those who can qualify, it’s one of the best times to get a mortgage.Last week, rates for 30-year fixed-rate loans dropped to 4.56 percent, the lowest level on record dating back to 1971, Freddie Mac said.And for some who missed out on the government’s home buying tax credit, the rates may more than make up for that lost $8,000.”A tax credit is immediate gratification,” said Leonard Baron, a professor of finance at San Diego State University, “but long-term, with rates this low, you can get much more value.”But which loan is right for you? The mortgage game has changed since the housing bust and more rules have been and are being added. One factor is for sure now: Your credit score should be at least 620 or you’ll have a hard time finding a loan. What varies is how much you have for a down payment.

Buyer 1

You have a 20 percent down payment and expect to retire in the house.Take out a 30-year fixed-rate loan, the most popular type of mortgage. The interest rate stays the same over the life of the loan, and right now, that rate is at historical lows.”This loan is for someone interested in stability and security,” said John Stearns, mortgage banker at American Fidelity Mortgage Services Inc. in Mequon, Wis.

Buyer 2

You have a 20 percent down payment, but plan to move into another home down the road.Consider a five-, seven- or 10-year adjustable-rate loan, which has a fixed rate for a set period and then adjusts higher after that time. These loans carry a lower initial interest rate than the 30-year fixed-rate, so you save money over the fixed-rate period. After the fixed-rate period ends, borrowers typically refinance into another loan to avoid the adjustable rate.Rates on five-year adjustable-rate mortgages averaged 3.75 percent this week. That was the lowest on Freddie Mac’s records, which date back to January 2005.ARMs got a bad rap during the housing bust because most people who took out two- or three-year ARMs got caught with an unaffordable payment when their rates reset. They couldn’t refinance into a fixed-rate loan because home prices had tanked and credit tightened up.That risk still exists, but starting in September, lenders will have to evaluate whether borrowers can make payments after the rate reset on adjustable-rate loans backed by Fannie Mae.

Buyer 3

You have at least a 20 percent down payment for a house worth more than $729,500.You need a so-called jumbo loan, which is not backed by Fannie Mae and Freddie Mac. That means any lender whwo makes a mortgage above that amount will have to keep the loan on its books.To compensate for that risk, lenders charge higher interest rates than a conventional mortgage. The average rate for a 30-year fixed-rate jumbo loan fell to 5.48 percent this week, the lowest level ever in Bankrate.com’s survey.

Buyer 4

You have more than a 20 percent down payment.Depending on how much you’re putting down, you might consider a 20-year fixed-rate mortgage. Rates are sometimes, but not always, lower than a 30-year fixed-rate by about a quarter-point. However, because the loan term is shorter on the 20-year loan, the monthly payment will be higher than a 30-year mortgage.For example, the monthly payment for a 20-year fixed-rate loan for $300,000 is $1,898. It’s only $1,565 a month if the loan is 30 years. But over the life of the loan, you’ll save about $108,000 in interest.”Most people are interested in a lower monthly payment,” Stearns said.

Buyer 5

You have less than a 20 percent down payment.Consider a mortgage insured by the Federal Housing Administration, or FHA. A borrower needs to put down only 3.5 percent of the purchase price.After the housing market slumped, the FHA became the major source of funding for first-time home buyers. It insured about 24 percent of new loans in the first quarter, according to Inside Mortgage Finance, a trade publication.Or, consider a mortgage loan that isn’t backed by the FHA, which requires only 5 percent down. However, you will pay mortgage insurance each month, which can add an extra $25 to $50 to your monthly payment depending on your credit score. Private mortgage insurance protects a lender against losses when a borrower defaults. If you have very good credit, this option may be cheaper.

Buyer 6

You have a gift down payment.While one in five first-time home buyers used a gift from a relative or friend for a down payment last year, there are some rules to navigate.Gift money can be used for a down payment on a conventional loan only after the borrowers use their own money to make the 5 percent minimum.Gift money can pay for closing costs or prepaid expenses like property taxes and insurance that are put into an escrow account.Banks typically check two months’ worth of bank statements for unusually odd deposits that could be considered gifts.However, if the gift was deposited six months before, a bank might not notice.However, FHA mortgages allow borrowers to use a gift to make the 3.5 percent minimum down payment. The gift must be documented in writing and the lender may ask for proof of deposit.

Buyer 7

You don’t have a down payment.Your options are limited.

If you are a veteran or the surviving spouse of one, consider a mortgage backed by the Department of Veteran Affairs. These loans offer 100 percent financing without private mortgage insurance at competitive mortgage rates.If the home you’re buying is in a rural area as defined by the U.S. Department of Agriculture, you may qualify for a USDA home loan, which offers 100 percent financing without adding on private mortgage insurance. The USDA aims to help lower-income households get home loans at reasonable rates.

If you have questions about which type of loan would be best for your situation, give me a call.  I can put you in touch with a mortgage professional who can walk you through it.

____________________________________________

Thanks for reading my North Jersey Real Estate Blog!
Sally Ponchak, ABR, GRI
Coldwell Banker, Wyckoff, NJ 201-848-3214
Email:  sally@sallyponchak.com

I can help you purchase a home or sell your home in the towns of Allendale, Franklin Lakes, Glen Rock, HoHoKus, Mahwah, Midland Park, Oakland, Ramsey, Ridgewood, Saddle River, Upper Saddle River, Waldwick, Wyckoff

Credit tip: Avoid thin credit: Maintain at least 3 trade linesA poor, or “thin credit” profle can be just as much of a show-stopper as a low credit score - especially if you have (old) bad credit. You should have at least 3 trade lines with a 12-month satisfactory history, including at least one with a 24-month satisfactory history. If you are re-building your credit, this can be a challenge because you if you apply and are declined, all you will gain is an inquiry on your credit report, which can depress your credit further. The best way to avoid this is with a secured credit card. Approval is guaranteed and it is reported as a regular credit card. Once you have it, use it for a small purchase right away, stay below 50% of the limit at all times, pay the bill on time , then use it at least once every 3 months.

________________________________________

Thanks for reading my North Jersey Real Estate Blog!

Sally Ponchak, ABR, GRI

Coldwell Banker, Wyckoff, NJ

201-848-3214

Email:  sally@sallyponchak.com

I can help you purchase a home orsell your home in the towns of

Allendale, Franklin Lakes, Glen Rock,

HoHoKus, Mahwah, Midland Park,

Oakland, Ramsey, Ridgewood, Saddle River,

Upper Saddle River, Waldwick, Wyckoff

I can help you purchase a home or
sell your home in the towns of
Allendale, Franklin Lakes, Glen Rock,
HoHoKus, Mahwah, Midland Park,
Oakland, Ramsey, Ridgewood, Saddle River,
Upper Saddle River, Waldwick, Wyckoff

Good news! 

Calling all buyers who are looking in Wyckoff . . .

my listing at 424 Hidden Valley Court

has just been reduced to $925,000!   

A very large (5BR/3.5BA) home in a gorgeous,

tranquil setting, now at a great, new price! 

Call me for a showing!

 More info/pictures

____________________________________________

Thanks for reading my North Jersey Real Estate Blog!
Sally Ponchak, ABR, GRI
Coldwell Banker, Wyckoff, NJ
201-848-3214
Email:  sally@sallyponchak.com

I can help you purchase a home or
sell your home in the towns of
Allendale, Franklin Lakes, Glen Rock,
HoHoKus, Mahwah, Midland Park,
Oakland, Ramsey, Ridgewood, Saddle River,
Upper Saddle River, Waldwick, Wyckoff

It’s summer  -  time for some rest and relaxation on vacation.  If you have travel plans, you’ll want to make sure that your home is safe and secure while you’re away.  You certainly do not want to come home from a wonderful vacation to discover your home has been intruded and valuables have been taken.  Here are some tips to keep your home and valuables safe:

Hire a House Sitter.  A house sitter is one of the best ways to avoid any kind of trouble. You will need to find someone who will swing by your house a few times a day, check on things, and turn the lights on at night. If you have animals at your house, you may want to hire a house sitter to care for your animals as well as your home. In most cases, the peace of mind is worth the price. If you decide to hire a house sitter, you should always make sure that you choose someone reliable who you can trust while you are away.  Make sure that person has your cell number so they can reach you if necessary.  If you can’t hire a housesitter, then you want to give the illusion that your home is occupied. 

Exterior Lighting.  Put outdoor lighting on timers, light-sensitive photocell mechanisms, or motion detectors.   You want your home to look occupied in order to deter criminals.  All potential entry points  –  garage, doors, windows, and basement entryways — should be lighted.

Interior Lighting.  Use timers to turn on/off inside lighting, radios, or TVs.

Telephone Answering Machine.  Set the telephone answering machine so that the rings do not exceed three or four.  A telephone ringing for a long time many times through the day and night is an indicator that the home is empty.  If you do not have an answering machine then turn the ringer down or disconnect the phone.  Do not leave a message indicating you are away on vacation!

Keys and Locks.  Don’t hide keys under door mats, in mailboxes, or any other place that burglars will know to look.  Leave a spare key with a trusted neighbor. 

Doors.  Lock all doors.  This includes the doors leading from the garage to the house and the basement door.

Windows.  All windows should be secured, including second story windows.  Don’t leave out any equipment (such as a ladder) which could give access to a second story window.

Security Systems.  Make sure your security system is armed and provide instructions to the central monitoring station (if you have one) to call your cell phone, police, security patrol guard, and/or a neighbor. 

Identity Theft.  While away on vacation secure any important valuables, credit cards, etc. in a safe or safe deposit box.  Make it hard for a criminal to find what he is looking for. 

Remove Valuables from Home.  If possible, remove valuables from your home and leave with a family member, trusted friend, or neighbor.

Inform a Neighbor.  Let a neighbor know of your absence.  Ask them to keep an eye on your house, collect daily newspapers, collect the mail, and put garbage out on trash pickup days, etc.

Cancel Deliveries.  Cancel newspaper, mail, and other deliveries if someone is not going to collect these items on a periodic basis.

Crime Prevention and Neighborhood Watch.  If your neighborhood has a Neighborhood Watch program, let them know your vacation plans. 

Inform Your Local Police Department.  Some police departments encourage you to inform them of your vacation plans. 

Grass and Snow.  Arrange to have your walkway and drive shoveled and plowed.  Have the grass cut while you’re away.

Car in the Driveway.  If you don’t have a car that you’re leaving at home, ask one of your neighbors or friends to park a car in your driveway.  This will give the appearance of someone being home.

Taking these precautions will give you peace of mind — and allow you to truly relax — while away.  Have fun!

____________________________________________

Thanks for reading my North Jersey Real Estate Blog!
Sally Ponchak, ABR, GRI
Coldwell Banker, Wyckoff, NJ
201-848-3214
Email:  sally@sallyponchak.com

I can help you purchase a home or
sell your home in the towns of
Allendale, Franklin Lakes, Glen Rock,
HoHoKus, Mahwah, Midland Park,
Oakland, Ramsey, Ridgewood, Saddle River,
Upper Saddle River, Waldwick, Wyckoff

NEW LISTING!

99 McKinley Avenue, Hawthorne. NJ  07506

 Features:

Living Room w/fireplace
Dining Room
Newer Kitchen
Sunroom/Playroom
Enclosed Porch
3 Bedrooms
1-1/2 Bathrooms

Fantastic location ….
close to town, schools, transportation.

See More Photos Here.

 Virtual Tour Here.

____________________________________________

Thanks for reading my North Jersey Real Estate Blog!
Sally Ponchak, ABR, GRI
Coldwell Banker, Wyckoff, NJ
201-848-3214
Email:  sally@sallyponchak.com

I can help you purchase a home or
sell your home in the towns of
Allendale, Franklin Lakes, Glen Rock,
HoHoKus, Mahwah, Midland Park,
Oakland, Ramsey, Ridgewood, Saddle River,
Upper Saddle River, Waldwick, Wyckoff

I’ve just sold a Single-family property at
845 High Mountain Road in Franklin Lakes.
Come and visit my site to see other properties in that area.
If you are interested in looking for or selling your home,
please Contact Me.

 Sale Date:  6/30/2010
Sale Price:  $805,000

____________________________________________

Thanks for reading my North Jersey Real Estate Blog!
Sally Ponchak, ABR, GRI
Coldwell Banker, Wyckoff, NJ
201-848-3214
Email:  sally@sallyponchak.com

I can help you purchase a home or
sell your home in the towns of
Allendale, Franklin Lakes, Glen Rock,
HoHoKus, Mahwah, Midland Park,
Oakland, Ramsey, Ridgewood, Saddle River,
Upper Saddle River, Waldwick, Wyckoff

Something To Sing About!

Do you know about the origins of our national anthem?  Here’s a bit of background on The Star-Spangled Banner:

The Star-Spangled Banner, adopted as the national anthem of the United States in 1931, traces its origins to September 14, 1814 when U.S. soldiers at Baltimore’s Fort McHenry raised a huge American flag to celebrate a crucial victory over British forces during the War of 1812.  The sight of those “broad stripes and bright stars” inspired Francis Scott Key to write a poem of four verses (although we usually sing only the first).  The melody Key used was from a popular English tune written about 1775.

The actual flag that flew over Fort McHenry and inspired Key to pen the anthem is now owned by the Museum of American History in Washington, DC.  You can see it at http://americanhistory.si.edu.

On July 4, sing – and celebrate!

____________________________________________

Thanks for reading my North Jersey Real Estate Blog!Sally Ponchak, ABR, GRIColdwell Banker, Wyckoff, NJ201-848-3214Email:  sally@sallyponchak.com

I can help you purchase a home orsell your home in the towns ofAllendale, Franklin Lakes, Glen Rock,HoHoKus, Mahwah, Midland Park,Oakland, Ramsey, Ridgewood, Saddle River,Upper Saddle River, Waldwick, Wyckoff

The extension for the Federal Tax Credit was finally approved at the eleventh hour! Anyone who was in contract to buy a home (and meeting certain other qualifications) by April 30th, 2010 now has until September 30th to close instead of having to close by yesterday!

Thanks for reading my North Jersey Real Estate Blog!
Sally Ponchak, ABR, GRI
Coldwell Banker, Wyckoff, NJ
201-848-3214
Email:  sally@sallyponchak.com

I can help you purchase a home or
sell your home in the towns of
Allendale, Franklin Lakes, Glen Rock,
HoHoKus, Mahwah, Midland Park,
Oakland, Ramsey, Ridgewood, Saddle River,
Upper Saddle River, Waldwick, Wyckoff