Answers
I recently refinanced with another company and the original company charged me a $500 fee. It is clearly stated that they can in my contract, but I still question the legality of that.
You need to look at the paperwork that you signed, if indeed as you have stated there is an early closure fee, then there will be one for sure. Banks have a way of wording fees to get around any state laws that may exist. However, with most mortgage transactions, there will be some sort of fees associated with the closing of accounts.
Looking to pay of credit cards and other loans, consolidate holiday bills, or have the comfort of access to ready funds to pay for any major ...
First-Time Home Buyers Active in New Jersey Real Estate Market ...
Than in previous years, largely due to the impact of the federal home buyer tax credit. The survey results released by the New Jersey Association of REALTORS® (NJAR) found the number of first-time buyers in New Jersey rose to 52%. First-time buyers accounted for 49% of all buyers in 2008 and only 36% of buyers in 2007. When asked about the primary reason for the timing of their home purchase, 46% of first-time buyers said it was just the right time.
The median age of first-time home buyers in New Jersey was 31, with 72% having previously rented an apartment or house. Forty-one percent of first-time home buyers thought the mortgage application and approval process was either much more or somewhat more difficult than expected. However, a large majority (90%) of first-time buyers were not rejected by any lenders. Thirty-nine percent of first-time buyers utilized Federal Housing Administration (FHA) financing compared to 48% who utilized a conventional loan to finance their home purchase. Out of all buyers, 28% were financed through FHA and 63% obtained a conventional loan. Forty-three percent of first-time buyers cut spending on luxury items in order to make the home purchase a reality, compared to 40% of first-time buyers who did not need to make any sacrifices.
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