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Address:   8 3rd Street    City/ST:   Budd Lake, NJ   Zip Code:   07828  
Location:   Budd Lake-Mt. Olive Twp., Morris County   Property Type:   Land   New or Resale:   Resale   
Square Footage:   0   MLS#   2711178   Property Tax:   154  

50x100 Level lot in residential neighborhood. Public sewer available.

Last Updated: 12/16/2009 12:51:55 PM
Listing Agent and Office:  Ronald Karcich, RE/MAX Properties Unlimited

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Real Estate Tips
Financing Your Home >The Margin on an ARM

When you are shopping for an Adjustable Rate Mortgage, the important thing to consider is the margin. Each time your loan is adjusted, the new interest rate will be tied to an index of Treasury notes. The margin is the percentage point above that index where your rate will be set.

Let's suppose that you have a one-year ARM with a 2.5 margin. Your initial rate was 7.5%, and during the first year of the loan, the index of 1-year Treasury notes was at 6.25%. The rate for the second year of your loan would be adjusted to 8.75%. With a margin of 2.75, it would increase to 9%. Some lenders offer lower initial rates with higher margins. In this case, the subsequent rates could be higher after the first year, than if you chose a higher initial rate with a lower margin.

If you are confused by the various mortgage offers, ask a professional mortgage broker to sit down with you and show you how it works. Today the rates and different financial possibilities are so variable that it is a good idea to talk to a mortgage broker--they usually know where the best rates can be found.

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What vast and beautiful territory is named with an Indian word meaning "Big Village"?

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Canada
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Ron Karcich, REALTOR®, real estate agent and broker for Long Valley, Hackettstown, Mount Olive and Morristown, New Jersey home listings, property and land for sale - NUMBER1EXPERT

Ron Karcich
RE/MAX Properties Unlimited

One Madison Ave
Morristown, NJ 07960
Direct: 908-310-6283
Fax: 973-539-6888
RonKarcich@NUMBER1EXPERT.com

Ron Karcich is a knowledgeable, full time agent with 12 years of real estate experience in the areas of sales and management. His strengths lie in negotiation and honesty with his clients. He always puts his clients' best interest above all others.


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