Gloucester county NJ $600 6mo cost of waiting on rates to buy median $216k home James Graff 732 500 MUTE

NMLS# 19734758

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732-500-MUTE

Cost of waiting for rates to buy a home

If you’re shopping for a home today, you know it’s kind of hard work. You might not find something right away and it’s easy to get fatigued. Sometimes buyers get discouraged and say, “Let me take off a few months, maybe I’ll come back 6 months later.”

Here’s the thing: while you can take some time off, the market isn’t taking time off! And it’s hot right now in your area of Gloucester County, New Jersey. The forecasted appreciation is 0.3% in just the next 6 months; let’s quantify that.

A home worth $217,000 today (median price) would be worth $600 more in 6 months. Additionally, if you were planning on putting the same percent down, you would have to borrow more because the home is more expensive. And how about interest rates? Even though rates are at very attractive levels, does it make sense to wait for rates to go down further?

No, the monthly savings with a lower rate are nice but are dwarfed by the missed appreciation and amortization, and it would take many, many years to recoup what you would have lost. Should rates drop significantly, we can always refinance you in the future. Stick with it, keep shopping, and you will find something!

I’m James Graff and that’s this week’s Mortgage Minute.

Gloucester county N.J.

James Graff 732 500 MUTE NMLS# 1974758
Advisors Mortgage Group, L.L.C. NMLS# 33041
2899 Rte. 35, Hazlet N.J. 07730
In 34 states of The United States

Government
] As of 2020, Gloucester County's Freeholders are Freeholder Director Robert M. Damminger (D, West Deptford Township; 2021)] Deputy Freeholder Director Frank J. DiMarco (D, Deptford Township; 2022),[28] Lyman J. Barnes (D, Logan Township; 2020),[29] Daniel Christy (D, Washington Township; 2022),[30] Jim Jefferson (D, Woodbury; 2020),[31] Jim Lavender (D, Woolwich Township; 2021),[32] and Heather Simmons (D, Glassboro; 2020).

Pursuant to Article VII Section II of the New Jersey State Constitution, each county in New Jersey is required to have three elected administrative officials known as "constitutional officers." These officers are the County Clerk and County Surrogate (both elected for five-year terms of office) and the County Sheriff (elected for a three-year term).[35] Gloucester County's constitutional officers are: County Clerk James N. Hogan (D, Franklinville in Franklin Township; 5-year term ends 2022), Sheriff Carmel Morina (D, Greenwich Township; 3-year term ends 2021)] and Surrogate Giuseppe "Joe" Chila (D, Woolwich Township; 5-year term ends 2022).

The Gloucester County Prosecutor is Charles A. Fiore.[46]

Gloucester County is a part of Vicinage 15 of the New Jersey Superior Court (along with Cumberland and Salem counties), seated in Woodbury in Gloucester County; the Assignment Judge for the vicinage is Benjamin C. Telsey. The Gloucester County Courthouse is in Woodbury.[47]

Gloucester County is included in the 1st and 2nd Congressional Districts.[48][49] For the 116th United States Congress, New Jersey's First Congressional District is represented by Donald Norcross (D, Camden).[50][51] For the 116th United States Congress, New Jersey's Second Congressional District is represented by Jeff Van Drew (R, Dennis Township).[52]

The county is part of the 3rd, 4th and 5th Districts in the New Jersey Legislature.[53] For the 2018–2019 session (Senate, General Assembly), the 3rd Legislative District of the New Jersey Legislature is represented in the State Senate by Stephen M. Sweeney (D, West Deptford Township) and in the General Assembly by John J. Burzichelli (D, Paulsboro) and Adam Taliaferro (D, Woolwich Township).[54][55] For the 2018–2019 session (Senate, General Assembly), the 4th Legislative District of the New Jersey Legislature is represented in the State Senate by Fred H. Madden (D, Washington Township, Gloucester County) and in the General Assembly by Paul Moriarty (D, Washington Township, Gloucester County) and Gabriela Mosquera (D, Gloucester Township).[56][57] For the 2018–2019 session (Senate, General Assembly), the 5th Legislative District of the New Jersey Legislature is represented in the State Senate by Nilsa Cruz-Perez (D, Barrington) and in the General Assembly by Patricia Egan Jones (D, Barrington) and William Spearman (D, Camden).[58][59] Spearman took office in June 2018 following the resignation of Arthur Barclay.[60]

Notable people
See also: Category: People from Gloucester County, New Jersey
Corey Clement (born 1994), running back for the Philadelphia Eagles and Super Bowl Champion his rookie year in the NFL (Glassboro).[91]
Danielson is an American rock band from Clarksboro, that plays indie pop gospel music.
Seymour W. Duncan, is an American guitarist and guitar repairman and a co-founder of the Seymour Duncan Company (Paulsboro)
Linda Fiorentino, actress (Mantua Township).