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New Jersey Mortgages (NJ)As reported in Newsday, real estate in New Jersey is beginning to level off after a few years of heated markets. The value of the average New Jersey home rose 15.6 percent in 2005, 12th-highest in the nation, but a slower pace than in prior years. "Declining sales activity coincides with a growing inventory of homes on the market and increased time required to sell them," the FDIC report said. "A slowdown in home sales and higher inventory levels could portend an easing in appreciation rates in 2006." Mortgage rates fell slightly in early April, making this a good time to purchase or re-finance a home in New Jersey. Quick New Jersey Housing factsPercent of New Jerseyans who own a home: 65.6%Percent of Renters in New Jersey: 34.4% Median New Jersey Household Income: $55,932 Best City to live in New Jersey: Moorestown, New Jersey How much house can I afford in New JerseyBecause of the high cost of housing, one of the biggest problems facing New Jersey’s homebuyers is figuring out how much house you can afford. Some factors you might want to keep in mind when choosing your loan are: 1) where do you think rates will go, 2) how much of a down payment can you afford, and 3) what is total amount each month you can afford including new jersey property taxes, home owner’s insurance, and your mortgage payment.Refinancing in New JerseyIf you are looking to lock in your mortgage rate now is a great time to refinance. Many people in New Jersey are switching from an adjustable rate mortgage (ARM) or interest only loan (IO) to a fixed rate mortgage (FRM). This will ensure that if rates rise, you will not be stuck paying higher interest rates. Other reason you might want to refinance are to consolidate all your high interest credit card debt into one low monthly payment.Request a New Jersey Mortgage Quote >>
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