Mortgage rates have dropped to all time lows in parts of New Jersey, as fallout from the recession deals the Garden State blow after blow.
If you're fortunate enough to have a stable income and the desire to move into New Jersey, mortgage brokers can't wait to talk to you. While property values didn't cave in here like they did in other parts of the country, the market's been sluggish. Asking prices on homes in New Jersey's most affluent neighborhoods have dropped as much as 20 percent since late 2008.
Funneling jobs and development
New Yorkers joke about the "bridge and tunnel crowd" that shows up in Manhattan on weekends, but New Jersey workers still make up a significant chunk of the Empire State's workforce.
When times get tough for the financial markets, New Jersey workers feel the pinch. So much so, that Governor Chris Christie has floated the idea of delaying or abandoning a tunnel expansion that would have increased capacity of the commuter train lines that get so many residents to work each day.
A decade ago, the suggestion would have met with only fierce criticism. Today, pundits argue about better ways to use the funds earmarked for construction.
Mortgage lenders who feel a little nervous about long term job prospects for New Jersey residents can take comfort in some of Christie's other initiatives.
Along with landing a high profile education donation from Facebook founder Mark Zuckerberg, the Christie Administration has taken great pains to balance a state budget dotted with patronage programs worthy of their own Sopranos episodes. The governor's agenda includes seizing control of the tourist corridor in Atlantic City, ailing in the wake of new casino construction throughout Pennsylvania and Delaware.
Refinancing in today's economy
Even if mortgage rates reflect relative pessimism about the state's ability to bounce back, current state residents can take advantage of government-backed refinancing programs designed to get borrowers above water.
Reducing monthly payments and eliminating long term principal helps homeowners save money that they can plow back into the state's business community.
Request free information and shop rates among New Jersey mortgage brokers now to learn whether you can cash in on current trends, before a surging job market drives rates and prices higher.