Happy New Year! My family and I started it off by going to the Margate Polar Bear Plunge. Since I had to take pictures (ahem), my sons took the plunge without me. It was quite a fun day that I highly recommend anyone to attend next year. Does your new year include a new Jersey Shore home? Well, then, if you expect to move into it before summer hits, you need to be under contract by mid-March. To do that, you need to start your search right away.
Moving Into a Jersey Shore Home by Summer
First things first. Get your financial affairs in order before you search. That usually takes the longest time. Plus, you need to know what you qualify for so you know where to set your budget. This keeps your focus set on a realistic price point for you. After all, you don’t want to fall in love with a specific home in your dream neighborhood just to find out that you don’t qualify for a mortgage loan. Talk about heartbreak!
Many financial experts expected mortgage interest rates to hit 5% and stay there for a while in 2019. While they started out just under 5% last year, they actually fell off by the time the ball dropped on Times Square a few days ago. Freddie Mac reported a 3.72% average for a 30-year fixed-rate loan. This makes 32 weeks that interest rates remained below the 4% mark. Today’s experts appear split about whether or not we will see interest rates rise in 2020. Some believe we might see an uptick in rates beginning as early as next week. Others say they should remain pretty steady early on in the new year. Even if it does go up, they expect it to stay below 4% for quite a while. That’s great news for home buyers.
Who to Call
“Sounds great, Sherri. But where do I start?” I recommend that you contact whomever you do the majority of your banking with first. They know your history. Credit unions work really well with their customers. Another option is to talk to a Jersey Shore mortgage broker like Scott Beisler with Ocean First Bank. He can help you get in position to pounce when you find that perfect Jersey Shore home. Contact him via phone at (609) 464-1420 or via email to get started today. Then, contact me to start your search for your dream home at the shore.