Jersey City condo buyers have more buying power

Thinking about buying a condo in Jersey City but worried about the rising interest rates on a 30 year fixed?   You may just want to consider the jumbo ARM mortgage.  Interest rates on the jumbo ARM now run in the low to mid 3%, a marked difference to the 30 year fixed mortgage.  This means you can buy a condo on the Jersey City waterfront  for $600,000 and pay $600 per month for the loan.  The average buyer in downtown Jersey City moves within 5 to 7 years after purchasing a home.  The ARM mortgage gives the buyer more buying power and is an attractive alternative especially with home values steadily increasing and expected to continue this trend.  If you are thinking about buying a home in Jersey City contact Janice Hall, Weichert Realtors at 201 232 8577 or email janiceNJrealtor@gmail.com.