Mindblown: a blog about philosophy.
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Effective strategies for saving up to buy a house
Purchasing a home requires careful planning and disciplined saving. Start by setting a clear savings goal, ideally saving at least 20% for a down payment and accounting for closing costs. Create and stick to a budget, cutting unnecessary expenses. Consider investing a portion of your savings for better returns and open a dedicated high-yield savings…
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2024 Homebuyers Flock to New Jersey’s in-Demand ZIP Codes
Two New Jersey ZIP codes rank among the top 10 most in-demand housing markets in the US in 2024. ZIP Code: 07920, Basking Ridge – Median List Price: ~$970K – Avg DOM: 16
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Barbara Corcoran says Fed rate cuts would cool mortgage rates, but waiting to buy a home may not deliver a win
Barbara Corcoran suggests that potential interest rate cuts could lower mortgage rates, but waiting to buy a home may not be beneficial. With current mortgage rates around 6.5% and a possible Fed cut, demand for housing could surge, driving prices higher. Corcoran advises buyers to act now rather than wait, as competitive bidding is prevalent…
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New Jersey Apartment Construction 2024-2028
New Jersey expected to complete approximately 42,000 new apartments by 2028. New Jersey remains a significant metro area for apartment construction in the U.S.
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How High Are NJ Inheritance Tax Rates in 2024?
Inheritance taxes are paid by heirs and are based on both the relationship to the heirs as well as the value of the estate.New Jersey inheritance tax applies to all inheriting property located in the state.
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How Many Mortgage Payments Can I Miss Before Foreclosure?
You can typically be delinquent on your mortgage for 120 days before foreclosure begins, though this varies by lender and market conditions. Generally, foreclosure starts after four missed payments. Lenders prefer to avoid foreclosure due to its costs and may offer options to help you stay in your home. The process includes a grace period,…
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Benefits of 2024 Fall and Winter for NJ Homebuyers
Autumn sees determined sellers open to negotiations in NJ, accepting lower prices in September through November. In winter, housing prices drop and reduced competition helps you find negotiable deals on your dream home.
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Mortgage Rates Plummet Again: Is This Your Golden Opportunity to Buy or Refinance?
Mortgage rates have fallen, with the 30-year fixed-rate mortgage now at 6.46% and the 15-year at 5.62%. Despite this decline, experts caution it may not trigger the anticipated housing boom. Buyer applications have decreased, indicating a wait-and-see approach among potential homeowners. Refinance applications are down weekly but up 90% year-over-year. Existing home sales rose 1.3%…
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How to Find the Best Mortgage Lender
When comparing lenders for a mortgage, ask questions to narrow down the list. Good lenders explain their recommendations and have a clear process. Consider factors beyond rates, like the lender's communication style. Ask about loan estimates, required information, preapproval process, available loans, recommended options, closing time, communication methods, in-house processes, community involvement, and cultural understanding.…
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How Much to Buy a Home in NJ in 2024?
The median home price in NJ is $550,400, over $100K higher than the national avg. For a $550,400 home with 20% down payment, monthly mortgage payments would be ~$2,870.
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