Morristown NJ Home Buyers, How Much Home Can You Afford Now??

Posted Jan 31, 2008 @ 3:07 pm, Viewed by 440 Visitors, Read 441 Times.

Morristown NJ Home Buyers, Did you know, the Federal Reserve has cut the interest rate they charge banks 1.25% over the past few weeks? This could have a huge effect on the home you can now afford to purchase in Morristown NJ or other surrounding towns.

Have you talked with your mortgage person lately?   With every 1% mortgage interest rate reduction the typical mortgage payment drops 9%. This can make a huge difference in the home you can afford. For example, if you thought that the highest home price you could afford was $600,000 you could move that number up to $654,000 with a 1% mortgage interest rate cut, and still have approximately the same mortgage payment. 
I have a feeling that interest rates are not going to be staying down at these levels for a real long time, so this will likely further help to make 2008 one of the best years ever to be a home buyer here in Morristown New Jersey.

For a complete Morristown NJ MLS Search of off all the homes currently for sale in Morristown NJ and surrounding towns please be my guest and visit www.jboyerhomes.com/search.php

Brought to you by your Morristown NJ REALTOR James Boyer of RE/MAX Properties Unlimited

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James Boyer

James Boyer James Boyer, is a resident of Morris Township in Morris County New Jersey and Specializes in listing and selling homes in Morristown, Morris Township, Madison, Florham Park, Chatham, Summit, Short Hills, Millburn, Maplewood, & South Orange New Jersey and Morris Essex & Union County Real Estate. Read More

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