Some homeowners along the Jersey Shore are still trying to get their houses in order after Hurricane Sandy. However, many people have been able to pick up the pieces and are getting back to life “as usual”. Part of that life includes buying and selling homes. Jersey Shore is still a phenomenal place to live, whether that is year-round, a summer get-away or a vacation home any time of year. If you’re interested in purchasing a property, you may want to know what interest rate you are looking at for your Jersey Shore home.
According to Trident Mortgage Company, interest rates for a home mortgage loan on a Jersey Shore property are as follows:
If you aren’t familiar with “points”, here is a quick primer. Points are a kind of pre-paid interest. A Home Buyer may not like the interest rate they have been approved for. The Buyer can pay extra up front to reduce this interest rate, in turn, lowering the monthly payment for their new Jersey Shore home. Each “point” a Buyer purchases usually reduces the interest rate by 0.125%). For example, if a Buyer purchases their Jersey Shore home with a 30 year Fixed Rate Mortgage and qualifies for the 3.75% interest rate, they could purchase a point and reduce their interest rate to 3.625%.
If you’re interested in purchasing a Jersey Shore home, please contact me. Interest rates remain at amazingly low levels. But, they won’t stay there for long. Home prices are beginning to increase again and demand is getting higher. You need to take advantage of the market now.
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