Franklin Township, NJ

Is it time to refinance?

Literally, time will tell. Possibly as early as tomorrow mortgage rates may reflect the Federal Reserve's stunning plan to buy up to $300 billion of long-term government bonds and $750 billion in additional mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac. The national average rate on 30-year, fixed mortgages was 5.15% on Wednesday, according to financial publisher HSH Associates, up slightly from a day earlier. Rates could drop up to .50%.

Here are two ways refinance may benefit you:

As homeowner #1 - A long time home owner with a mortgage balance of $87,800 might save more than $26,800 in interest charges over the life of the loan by refinancing from 5.75% to 4.75% and reducing the loan from 30 years to 20 years. In this scenario, the monthly payment would actually increase approximately $7.40 a month while paying 2 points at closing. You would need to stay in your current home for at least 24 months in order to yield savings. That's how long it will take for the monthly interest savings to offset the closing costs attributable to refinancing.

As homeowner #2 - Using the same basis numbers of a remaining $87,800 balance with a rate reduction of 5.75% to 4.75% and paying 2 points at closing but refinancing for 30 years the monthly savings would be approximately $102. However, you would pay an additional $1,885 (approx.) in interest charges over the life of the mortgage.

Consult your financial or mortgage advisor to see how refinancing may benefit you. Compare current refinancing rates with the HSH Showcase of Lenders

With Spring just days away, homeowners may begin thinking of home improvements. if you are thing of refinancing to extract home equity to improve your home's energy efficiency you might be eligible for up to a 30% tax credit. For more information, visit EnergyStar.gov

I just attended a briefing session conducted by ERA Home Mortgage on the changes to FHA Mortgages and I have to say that I am impressed. FHA has streamlined its process to the point where it can now effectively compete with conventional mortgages. BRING ON THOSE FIRST TIME HOME BUYERS!!

Gloria Laughton Allston, SRES, Burgdorff ERA Realtors, Princton, NJ

I just added a page on my website for First Time Home Buyers and I list 5 reasons why the time is right for the First Time Homebuyer to buy now.

As everyone knows, these are truly challenging times in the real estate industry and the fact that we are not alone doesn't make me feel any better. But it is awesome that, in spite of the state of the economy, First Time Home Buyers are offered an outstanding opportunity to pursue their goal of home ownership with the possibility of receiving $8000 as a "rebate" in the form of a tax credit. I find this amazing and shame on those folks who qualify but do not take advantage of if before it expires at the end of the year.

What is the definition of a First Time Home Buyer? A First Time Home Buyer is a buyer who has not owned a principal residence during the three-year period prior to the purchase. However, in the case of a married couple, the home ownership record of both parties is taken into consideration.

What is the requirement in order to take advantage of the program?The First Time Home Buyer who qualifies and participates in the $8000 tax credit program agrees to live in the home for at least five years.

This is a great program and, unlike the 2008 program where First Time Home Buyers were offered a $7500 loan to purchase a home - the 2009 program stipulates that the $8000 does not have to be paid back.

This is truly an outstanding program and those who qualify should jump on it.

Gloria Laughton Allston, Burgdorff ERA Realtors, Princeton, NJ

www.Centralnjhomes4u.com

What's happening in the marketplace, now - March 7, 2009

According to theGarden State MLS, currently there are five (5) homes actively listed for sale in this Franklin Township Townhouse development, at the time of posting. Two are 1-story Ranch style townhomes with 2 bedrooms-2 baths. Three are a 2-story townhouse with 3 bedrooms-2.5 baths. View these active listings.

There is one new listings since the last report to you on February 6th. All actively listed prices range between $249,000 and $322,500.

There has been one Carriage Homes at Quailbrook sale since the last report; an updated Ranch, 327 Shilling, for $260,000. One 2-story 2-bedroom/2.5 bath townhousench home is currently under contract.

That's what is happening in the marketplace now, March 7, 2009.

If you have specific questions about a Carriage Home proprerty or any local property, email me at: mjadams@century21.com or call (908) 583-0409.

Source: Garden State MLS, L.L.C. **Info. deemed RELIABLE but not GUARANTEED - ALL Room Sizes are Approx.**

February 2009 Franklin Township Monthly Market Report

click to view

According to the Garden State MLS, the month of February, 2009 ended with 20 Franklin Township single family residences sold. Sale prices ranged between $80,000 and $755,000.

The month ended with 346 active listings on the market. There are 59 residential properties under contract.

That's what is happening in the marketplace now, March 7, 2009

If you have a question about a specific property in town, or stats for surrounding areas, please don't hesitate to contact me.

Source: Garden State MLS, L.L.C. **Info. deemed RELIABLE but not GUARANTEED - ALL Room Sizes are Approx.**