Nov 13 2018 48072 1

Dated: 11/13/2018

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IT'S TIME TO GET OFF THE FENCE

A recent National Association of Realtors survey suggests that home prices in New Jersey are expected to RISE 2% in the next year.  Combine that with INCREASING INTEREST RATES and LOW INVENTORY, and your buying power is greatly decreasing!  If you have been putting off that new home purchase to save a little more for a down payment, or hoping home prices will be lower, you are, in reality, costing yourself money!  

As an example, a $300,000 home at 4.8% interest will cost you about $1,520 a month and total amount paid back after 30 years of $547,218.  A $306,000 home at 5.125% interest will cost $1,666 a month and a total of $599,900 over the 30 year term.  That is a difference of over $52,000!   These numbers don't include your property taxes, which may rise, or other financing fees.   Furthermore, you may now not qualify for the mortgage on that home you really want.  What could you do with an extra $52,000!

Now is the time to get off the fence!

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