Your Mortgage

Bloomberg reported this week that U.S. Home Loans are one of the lowest for this year. A 30-year fixed mortgage is averaging 4.52 percent and 15-year fixed mortgage is averaging 3.65 percent. Do all these low rates make your heart beat jump?

Most home owners who bought their home in the last 5 years with a fixed mortgage do not have the benefits of these low rates unless refinanced. Are you thinking about buying a home? Or are you still afraid of borrowing money to buy a home?

Fears of getting a mortgage

With the media blasting us with news about foreclosures, increasing of bank owned homes, home owners losing their homes and bad home loans … are you harboring some fears as you ponder on the possibility of buying a home? Do all the what ifs and uncertainties cross your mind about getting a mortgage?

You are not alone. There are many potential home buyers, first time or veterans who are pondering on that as well. Many experts are saying this is the best time to buy … low interest rates and lower home prices.

How to blast your fears of getting a mortgage in Livingston

In one of our older post on using the mortgage calculators, we listed a few types of mortgage calculators that you can use to determine your monthly payments and additional payments. Data such as these can help blast your fears of borrowing. They also help determine your budgets, allocation of funds and know exactly how much you can comfortably borrow from a mortgage company.

The foreclosure sales that we read and hear from the media are mainly affecting states like Nevada, California, Arizona, Idaho, Florida and not New Jersey. In contrary the Livingston and the northern NJ areas have more demand than supply even in this market. Here again, you have to know how much house you can afford … every individual has different financial and commitment levels.

According to Realty Trac, an online marketplace for foreclosure homes, 53% of Nevada’s home sales are from foreclosure sales, the highest in the nation, followed by California (45%) and Arizona (45%).

If you check out the trend center in Realty Trac, you will find interesting facts about foreclosure sales in the country as a whole: 1 in 2971 housing units for sale in NJ was a foreclosure compared to our neighboring state, Pennsylvania which has 1 in 1509 and Connecticut has 1 in 1525. New Jersey and New York are staying really strong in the North East area.

All the news about bad mortgages and foreclosures in the country do not apply to every state in the country. In certain pockets of a state or a county, the story is quite different. Livingston happens to be one of them.

Then there is the news about jumbo loans … do you have a question on that? Are you considering buying a home in Livingston area in the near future? Do you want more information on homes available for sale in Livingston or how to find the right fixed mortgage that is suitable for you?