New Jersey is famous for hundreds of reasons. It offers affordable housing for those who are unable to live in New York City; it has an amazing boardwalk; and who could forget to mention Atlantic City? In addition, New Jersey is home to some of the most amazing schools and universities in the world. Schools like Princeton and Rutgers have set the standard among other universities, and they will continue to blossom. New Jersey is also home to the Jersey Shore, which is a hip beach hangout. With all of these benefits, not even including the fact that it is a short train ride away from any major city on the east coast, it is no wonder that New Jersey residents are having a difficult time making their mortgage payments. Many of these individuals have been carrying outdated mortgage packages and loan terms that cost them too much each month, and they may want to consider obtaining a new loan to pay for the remaining balance on their existing homes through a process called refinancing. This process can ultimately lower monthly mortgage payments and give borrowers access to their home’s equity.
Quick New Jersey Housing Facts:
- Percent of homeowners in New Jersey: 65.6%
- Percent of renters in New Jersey: 34.4%
- Median annual income in New Jersey: $55,932
- Average credit score in New Jersey: 693
- Best New Jersey city to live in: Moorestown, NJ
(Moorestown has also been rated #1city in the US)
- Median New Jersey home value: $170,800
When to Refinance in New Jersey
As long as you stay informed about the process of refinancing, it is a very simple and effective way by which to save a lot of money. Begin the process by performing an estimate of how much money you will be paying in the long-term. Compare this to the amount that you would pay if you refinanced. As long as the refinanced amount is lower than what you would pay with your original mortgage, then you should refinance. Also pay attention to rates in the real estate market; if rates do not fall below 1.5% less than what you are paying today, then you will want to reconsider refinancing. The purpose of refinancing is to save you money in both the short and the long-term, so be sure to do your homework.
How much house can I afford in New Jersey
Because 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.
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