Interest Rate Update in the Beach Haven West NJ Real Estate Market

Interest Rate Update in the Beach Haven West NJ Real Estate Market

Interest Rate Update in the Beach Haven West NJ Real Estate Market

Interest Rate Update in the Beach Haven West NJ Real Estate Market
Interest Rate Update in the Beach Haven West NJ Real Estate Market

Beach Haven West NJ Real Estate

Buying a home in the Beach Haven West real estate market is no small investment! There are many factors to consider when making such a life-changing decision and you want to make sure you understand all aspects of the transaction. Apart from the obvious like home style and location, there are things to consider like flood insurance, bulkhead condition and the current interest rate amounts. Even small changes to the current mortgage rates in the Beach Haven West real estate market can have expensive and long lasting effects on the affordability of your home in Beach Haven West. Beach Haven West NJ Real Estate Mortgage Interest Rates should be understood by all buyers looking for a home in Beach Haven West.

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Beach Haven West NJ Real Estate Mortgage Interest Rates

Most homeowners with adjustable-rate loans could experience their first interest rate increase if the low-interest-rate environment ends, according to survey results released by HSBC. The study revealed that 87% of US homeowners have never experienced a rate increase on their home loan. While fixed rate loans are among the most popular products used in the Beach Haven West real estate market, adjustable rate loans are still rather common. “From a homeowner’s perspective, we’re heading into unfamiliar territory,” said Pablo Sanchez, HSBC’s regional head of retail banking and wealth management for HSBC Bank USA. “The average US homeowner is already spending almost 40% of their monthly income on their housing payment. When you factor potential interest-rate rises into household budgets, making that monthly payment could become a struggle.” “The good news is that US homeowners are well-informed about their home loans,” Sanchez said. The survey found that 81% of US homeowners are aware of how much interest they are paying while 79% are aware of their loan terms. Although increasing rates are a concern, HSBC said homeowners continue to have options. Fifty-two percent of homeowners have switched providers and 46% have studied switching their loan to get a better deal. According to the survey, 53% of those who switched were primarily driven by a desire to obtain a better deal or because of increases in their rates. Other reasons homeowners switched included moving or buying a new property with 19% and the expiration of their existing loan terms with 12%. Source: Mortgage Professional America  — Have an adjustable that is going up? Contact us for alternatives. Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Buying a Home in the Beach Haven West Real Estate Market

This information is provided by Len Herbert , Branch Manager Advisors Mortgage Group, LLC. His contact information is 1411 Highway 35 Ocean, NJ 07712 lherbert@advisorsmortgage.com www.lenherbert.com (609) 549-0270 (732) 684-5771 NMLS # 442515. I have worked with Len on several occasions for transactions in the Beach Haven West Real estate market and highly recommend him as trusted professional. It is important that all buyers understand that not all buyers will qualify for a home loan or for certain interest rates. It is best to speak to a lender to see how your individual situation will impact your mortgage options in the Beach Haven West Real estate market or elsewhere. For more information about buying a home in Beach Haven West please do not hesitate to contact us.

By : Nathan Colmer | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

www.beachhavenwestrealestate.com | www.BuyLBI.com

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