Tuesday, November 27, 2012


Tips on landing a home equity line of credit

11/16 - Property Management Software 
As home prices began their long slide, banks pulled the plug on home-equity lending. Homeowners who had already snagged home-equity lines of credit lost out, too, as many received notice that their lines of credit had been frozen. Home-equity loan originations are still 80% below their peak, according to a recent report from Moody’s Analytics and Equifax. But as the housing market emerges from the doldrums, home-equity borrowing is beginning to perk up, too.
Pick your flavor. A home-equity loan, which usually comes with a fixed monthly payment and interest rate, is best for projects or purchases with a one-time, fixed cost, such as con­solidating debt. Home-equity lines of credit, or HELOCs, make sense for ongoing expenses, such as long-term home-improvement projects or college-tuition payments. HELOCs usually have a variable rate that’s tied to the prime rate, plus or minus some percentage. On a fixed-rate loan, a borrower with good credit (with a FICO score of about 720 to 740) may pay 6.5%; that same borrower would likely pay the prime rate (currently 3.25%) plus 1.5 to 2 percentage points on a HELOC, says Keith Gumbinger, vice-president of HSH.com, a mortgage-information site.
Shop smart. Compare terms from several lenders, including banks with which you already have accounts or loans. Those lenders may be willing to give you a break on rates or fees, says Nessa Feddis, vice-president and senior counsel of the American Bankers Association.
HELOC shock. With a home-equity line of credit, you can usually choose to pay only interest during the draw period, which typically lasts five or ten years. After that, payments of interest plus principal kick in for ten or 20 years.
If you qualify to refinance the first mortgage, lenders that hold home-equity loans or HELOCs will typically work with you, Arnold says. If you’re not able to refinance your first mortgage, you may be able to negotiate to pay less than the full balance on your second loan.
You can read the entire article here and don't forget to let us know how we can help you with any situation you are facing.

-Daniel Barli, Esq.


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Thursday, November 15, 2012


“Thank You” Thursday: Daniel Barli of Barli & Associates

Posted on November 15, 2012 
Looking for an attorney who can work with you and explain the process of buying a home in your native tongue? Daniel Barli is trilingual in English, Spanish, and Russian! As a member of both the New Jersey and New York State Bar and leader of his firm, Mr. Barli provides each and every client with years of expertise.
This Thursday, our big “Thank You!” goes to Daniel Barli of Barli & Associates!
Call Mr. Barli today at: 201-741-3627

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Sunday, November 11, 2012


Working CO, smoke detectors are mandatory

November 1, 2012, NORTHERN VALLEY SUBURBANITE
"Ask the Realtor" is a weekly column from the 3,000+ member RealSource Association of Realtors.
Q: My Realtor told me that if the smoke detectors are too old that they will need to be replaced for the town inspection and that I need carbon monoxide detectors. Is that true?
Roberto A.

A: Your Realtor is correct. You will need to have working smoke and carbon monoxide detectors in order for the issuance of a certificate of occupancy (CO) and the successful transfer of a home in New Jersey. Any owner of real estate who sells, leases or otherwise permits occupancy of a dwelling unit without having working smoke and carbon monoxide detectors will be subject to a fine. Even though I'm confident your Realtor mentioned this, it is always recommended that you check the rules and regulations of local governments when it comes to smoke and carbon monoxide detectors. For example, town rules could require such things as: 1) smoke detectors be on every level of a home including the basement, excluding crawl spaces and unfinished attics, 2) smoke detectors in the basement should be placed on the ceiling at the bottom of the basement stairs, 3) smoke detectors on the first floor should be placed on the ceiling above the first step going up to the second floor, and 4) smoke and carbon monoxide detectors should be no more than 10 feet outside from each bedroom door.

If you have any questions that you would like us to post the answers to, please email us here. 

-Daniel Barli, Esq.
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