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Eleventh Annual “Cruise-N-Shop” Car Show in Chester
May 20, 2011 by blogwriter · Leave a Comment
Classic Car fans and avid bargain hunters from all over the tri-state area will be racing towards Chester, New Jersey on Sunday, May 22nd as the Historic Chester Business Association (HCBA) proudly presents its Eleventh Annual “Cruise-N-Shop” Car Show.
An eclectic mix of Classic, Muscle, Custom, Special Interest, Antique and Pro Street cars will be on display as avid gear heads show off their gleaming, buffed-chrome, four-wheeled specimens, as well as pose for photos and lounge on lawn chairs in the shade. Cruisin’ down the brick-paved sidewalks of Historic Chester, shoppers can experience the unique shops which are just a curbside away from the Car Show. Spectators will discover over 80 specialty shops with highly sought-after antiques, crafts, clothing, jewelry, home furnishings and accessories, gourmet pet products, scrumptious confections and wonderful eateries. Chester is also home to many parks, farms and the renowned Cooper Gristmill, offering a full-day of excitement for the entire family.
“We are looking forward to a great viewing this weekend and anticipate a showcase of Classic Cars lining both sides of Main Street.” states HCBA President, Kathy Barbieri. “This event, in particular, demonstrates how Chester has grown over the years because of the Historic Chester Business Association.”
Admission is free. Revved-up engines will purr from 10:00 am to 3:00 pm, with musical entertainment provided by local DJ, Doc South. Registration for Classic Car owners is $10.00, with roll-in time held from 8:00 am to 10:00 am on Perry Street. Coveted trophies will be awarded at 3:00 pm at 25 Main Street for Top 10, Best Paint, Peoples Choice and Best Engine. A Best-in-Show trophy will also be presented to the overall winner. Professional judging is based on each Classic Car’s exterior, interior, engine, display and overall presentation.
A great day out for friends and family, as well as dads wishing to bond over Classic Muscle Cars with their sons and moms desiring to wander through town for ‘that special something’ with their daughters. For a detailed schedule of the day’s activities, visit http://www.ilovechester.com/.
Article from NJ.com
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Make Buying a Home a Smooth Transaction
May 18, 2011 by blogwriter · Leave a Comment
When starting the home-buying process, there are several things to consider. It can be overwhelming and confusing to some buyers as to what they should do, especially first time home buyers in Morris County.
Below are some some important tips to follow before you begin to help ensure a smooth transaction.
- Avoid making any major purchases – at least not on credit. If even you are pre-approved, do not make any large credit purchases or take out any loans before you close on your new home. For example:
- Autos, boats or other vehicles
- Furniture
- Appliances
- Electronics
- Student loans
- Refinanced property
- Personal loans
2. Don’t wait to get your approval from your mortgage lender – the more up front work you do before you are ready to sign, the better. This includes making sure your credit is in good shape, with no mistakes or surprises on your credit report.
3. Don’t change jobs – unless you absolutely have to or you are making a major step UP the career ladder. A steady and stable employment history is another important piece to getting approved and getting a good rate on your mortgage.
4. Don’t skip the home inspection or rely on the seller’s inspector. Your best bet is to get an objective third party home inspection (your agent should be able to recommend one) and make sure that any repairs or problems are not on your contract.
6. Finally, as tempting as it is don’t buy a home you can’t afford! Sounds like common sense but foreclosures are at an all time high for this reason. Be sure to take into account the property taxes, utility bills, HOA expenses, insurance and maintenance. The price of your home is much more than the mortgage payment!
So be prepared, get pre-approved, avoid these home buying mistakes so that buying your dream home doesn’t turn into a nightmare!
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27th Annual Salaam Shrine Circus
May 13, 2011 by blogwriter · Leave a Comment
Make plans this weekend to be entertained by this amazing circus event! Just a sneak peek of the acts that will be in Morristown: “The Free-Style Thrill Riders” The ATV 4-Wheelers; “The Sensational Shawn Marren” The Human Cannonball, and “Dulce & Benito” The Quick-Change Act.
The place to be is the William G. Mennen Sports Arena at 161 East Hanover Avenue in Morristown. Tickets can be purchased on Friday from 10am to 2pm at 973-992-2860 or by clicking here.
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The 4 C’s of Mortgage Underwriting
May 11, 2011 by blogwriter · Leave a Comment
With Spring upon us, and homebuyers are out looking for Morris County homes. I thought today might be a good time to review the basics of what lenders look for as they decide to approve (or deny) mortgage applications. For at least 25 years, I have heard them called “The 4 C’s of Underwriting”- Capacity, Credit, Cash, and Collateral. Guidelines and risk tolerances change, but the core criteria do not.
CAPACITY
CAPACITY is the analysis of comparing a borrower’s income to their proposed debt. It considers the borrower’s ability to repay the mortgage. Lenders look at two calculations (we call ratios). The first is your Housing Ratio. It simply is the percentage of your proposed total mortgage payment (principal & interest, real estate taxes, homeowner’s insurance and, if applicable, flood insurance and mortgage insurance – like PMI or the FHA MIP) divided by your monthly, pre-tax income. A solid Housing Ratio (often called the front end ratio) would be 28% or less; although, many times loans are approved at a significantly higher number. That’s because your front end ratio is looked at in conjunction with your back end ratio.
The back end ratio (referred to as your Debt Ratio) starts with that mortgage payment calculation from the Housing Ratio and adds to it your recurring debts that would show up on your credit report (auto loans, student loans, minimum credit card payments, etc.) without taking into consideration some other debts (phone bills, utility bills, cable TV). A good back ratio would be 40% or less. However, many loans are granted with higher debt ratios. Understand that every application is different. Income can be impacted by overtime, night differential, bonuses, job history, unreimbursed expenses, commission, as well as other factors. Similarly, how your debts are considered can vary. Consult an experienced loan officer to determine how the underwriter will calculate your numbers.
CREDIT
CREDIT is the statistical prediction of a borrower’s future payment likelihood. By reviewing the past factors (payment history, total debt compared to total available debt, the types of monies: revolving credit vs. installment debt outstanding) a credit score is assigned each borrower which reflects the anticipated repayment. The higher your score, the lower the risk to the lender which usually results in better loan terms for the borrower. Scores below 620 are difficult (though not impossible); scores from 620-660 are mediocre; those from 660-720 are considered good; and above 720 are very good. Your loan officer will look to run your credit early on to see what challenges may (or may not) present themselves.
CASH
CASH is a review of your asset picture after you close. There are really two components – cash in the deal and cash in reserves. Simply put, the bigger your down payment (the more of your own money at risk) the stronger the loan application. At the same time, the more money you have in reserve after closing the less likely you are to default. Two borrowers with the same profile as far as income ratios and credit scores have different risk levels if one has $50,000 in the bank after closing and the other has $50. There is logic here. The source of your assets will be examined. Is it savings? Was it a gift? Was it a one-time settlement/lottery victory/bonus? Discuss how much money you have and its origins with your loan officer.
COLLATERAL
COLLATERAL refers to the appraisal of your home. It considers many factors – sales of comparable homes, location of the home, size of the home, condition of the home, cost to rebuild the home, and even rental income options. Understand the lender does not want to foreclose (they aren’t in the real estate business), but they do need to have something to secure the loan against, in case of default. In today’s market, appraisers tend to be conservative in their evaluations. Appraisals are really the only one of the 4 C’s that can’t be determined ahead of time in most cases.
Now, each of the 4 C’s are important, but it’s really the combination of them that is key. Strong income ratios and a large down payment with strong reserves can offset some credit issues. Similarly, long and strong credit histories help higher ratios….and good credit and income can overcome lesser down payments. Talk openly and freely with your loan officer. They are on your side, advocating for you and looking to structure your file as favorably as possible.
Article from KCM Blog
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Take Mom out for Creative Italian Cuisine
May 6, 2011 by blogwriter · Leave a Comment
Mother’s day is this weekend and if you are planning on taking your mom out to a well deserved dinner, take her out for an enjoyable evening at the Gourmet Café in Parsippany. It is located at 136 Baldwin Road in Parsnippany. Here you can enjoy Italian food with great prices and the best part is mom doesn’t have to cook and there is no dishes!
This quaint BYOB is sure to please, located in the Baldwin Plaza at the corner of Route 46 and Baldwin Road, Parsippany. The Gourmet Café offers a large variety of great sandwiches, salads & pasta for lunch, and wonderful appetizers, entrees and desserts for dinner. Favorites include Portobello mushroom with artichoke hearts & pine nuts, pork chop Giambotta and wild mushroom risotto. Lunch and dinner is served in a casual, full service dining room adorned with original watercolors from local artist Lois Sanders. For reservations call 973-316-0088.
Have a Happy Mother’s day!
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A Home Is Still the Best Long Term Investment
May 4, 2011 by blogwriter · Leave a Comment
After a five-year swoon in home prices, many assume that housing may have lost its luster as an investment. However, a nationwide Pew Research Center survey shows this drop in values has done little to shake the confidence of the American public in the investment value of homeownership. According to the survey:
Fully eight-in-ten (81%) adults agree that buying a home is the best long-term investment a person can make.
What do homeowners who have lost value think?
Even 82% of homeowners who say their homes are worth less now than before the recession began agree that homeownership is the best long-term investment a person can make.
As for rental housing being the desired choice of habitation for many, the survey shows:
Renters are hardly immune to the allure of homeownership, even in the face of the five-year decline in prices. Asked if they rent out of choice or because they cannot afford to buy a home, just 24% say they rent out of choice. And when renters are asked if they would like to continue to rent or if they would prefer one day to buy a home, 81% say they would like to buy.
Bottom Line
With so many questioning people’s desire for homeownership, we should remember:
- 81% of adults still believe that homeownership is the best long term investment available;
- 82% of homeowners who have seen their house lose value still believe that homeownership is the best long term investment available and
- 81% of renters hope to be home owners in the future.
Article from KCM Blog
7 Lakeside Drive, Parsippany, NJ – Rented
April 30, 2011 by CindyTichy · Leave a Comment
www.7LakesideDrive.com
A large level lot edged in majestic trees welcomes you home. As you step into the tiled bright foyer, your senses will be delighted. A whimsically decorated staircase sits just opposite the front door adding charming elements to the foyer.
Adjacent to the foyer is spacious living room with hardwood floors, abundance of natural light and a warming fireplace flanked in brick with room length raised hearth.
On the right side of the foyer is a delightful dining room. It boasts decorative crown molding and chair railing, plenty of space for a family sized table and hardwood floors making clean up a breeze. It conveniently opens to the kitchen providing a great place to entertain family or guest with ease.
Opening from the living room is a comfortable family room. Lovely custom paint graces the walls and pairs nicely with gorgeous hardwood floors. Natural light embraces this space making it inviting to all.
Preparing meals in the huge eat-in kitchen will be a delight. It features tiled flooring, plenty of cabinets, granite counter tops, wainscoting back-splash and large window. The kitchen also has a door providing direct access to the screened patio that overlooks a paved patio and backyard.
Each of the spacious bedrooms this home offers is located on the second level. They all adorn hardwood floors, plenty of light and nicely sized closets. The master bedroom vaunts a walk-in closet and private bath with shower.
Space is never a problem here with a full, finished lower level with large game area. Use this recreation room as an exercise, game or media room. The choice is yours!
As an added bonus, enjoy being just blocks away from the lake and grade school. Come see what you’ve been missing. Schedule your private viewing today!
Contact Cindy Marsh Tichy of CindyEric and Associates for more information or to schedule a showing. Visit www.CindyEric.com or email Cindy@CindyEric.com. Text MOVEYOU to 87778 for access to listings!
PetSmart Charity Event
April 29, 2011 by blogwriter · Leave a Comment
PetSmart Charities® present the National Adoption Weekend this weekend, so if you are looking for a furry friend, this is the place to be! The three-day adoption event is Friday-Sunday, April 29 – May 1, in all PetSmart® stores in North America. Check the PetSmart store #1488 at 190 Rt 10 West in East Hanover. For more information contact them in East Hanover at 973-599-1320.
Each year 6 to 8 million pets enter shelters, and an estimated 4 million must be euthanized – simply because they do not have a loving home. Pet Smart Charities are an independent, nonprofit 501(c)(3) organization that creates and supports programs that save the lives of homeless pets, raise awareness of companion animal welfare issues and promote healthy relationships between people and pets through:
They have provided $110 million in grants and programs benefiting animal-welfare organizations and have helped save the lives of more than 4.4 million pets through our PetSmart Charities® Adoption Centers located inside every PetSmart® store. We have been able to accomplish this through the support of PetSmart, Inc. Since 1988, PetSmart, Inc.’s founders have made a conscious decision not to sell dogs and cats. Instead, they allocated space in their stores for pet adoption agencies to utilize to help address pet overpopulation
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