Category: Uncategorized
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5 States Where Homebuyers Could Save More Than $100K by Comparison Shopping for a Mortgage
High mortgage rates are hindering many potential homebuyers' dreams of homeownership. A study by LendingTree reveals that by comparing rates from different lenders, borrowers could save an average of $76,410 over a 30-year loan. The savings can exceed $100,000 in states like California, New Jersey, Hawaii, Washington, and Minnesota. Even in states with lower savings…
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How to Build Home Equity
Bankrate provides reliable financial information to help consumers make informed decisions. They focus on home equity, explaining its importance and how to build it. Home equity is the portion of a home that is owned outright, calculated by subtracting the mortgage balance from the current market value. Building equity is crucial for creating wealth and…
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Homebuyers Need a Salary of $152K in New Jersey
Sharp increases in mortgage rates and home prices since the pandemic have driven up the income required to afford a home across the nation. New Jersey requires a necessary income of $152K to buy a median-priced house.
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New Jersey’s Housing Market: Hot Towns, High Costs
Housing affordability in New Jersey is declining due to high mortgage rates and rising home prices. Americans now need an annual income of ~ $152K to afford a median-priced home in New Jersey.
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Top Picks: NJ Family Counties
5. Mercer County: Median home value: ~$295K Median rent: $1,361 Median household income: ~$85K 4. Morris County: Median home value: ~$474K Median rent: $1,713 Median household income: ~$123K
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Renting Is A Smart Financial Move To Avoid Becoming ‘House Poor’
Renting is seen as a strategic choice to avoid becoming 'house poor' by stretching finances too thin. It allows time to save for homeownership without the added financial responsibilities. Criteria for buying a home include being debt-free, having an emergency fund, and making a 20% down payment. Renting is advocated for its lower costs and…
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Why second mortgages could make a comeback
Freddie Mac aims to tap into the $17 trillion of untapped home equity in the U.S. by buying second mortgages on homes with first mortgages it owns. This move could stimulate lending and benefit consumers, but some in the financial industry are concerned about potential risks and competition. The impact of this proposal on the…
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Selling a House in New Jersey: Expenses
Selling a house in NJ costs an avg of 6.29% of the final sale price: REALTOR® commission 5.21% Closing costs 1.1% Median home prices range from $227K to $620K in NJ.
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New Jersey Towns Face Affordable Housing Pressure
New Jersey requires towns to build affordable housing units, their "fair share". The state is entering its 4th round of setting 10-yr quotas for each town, starting July 2025.
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Should You Increase Insurance as NJ Home Values Rise?
Insuring homes based on replacement cost, not Real Estate value, is crucial. Historic homes may require insurance beyond market value due to reconstruction costs.