Notes From All Over…

Fears of crisis from adjustable rate mortgages are exaggerated. Approximately 82% of American homeowners have fully paid off mortgages or carry fixed rates. Of those with ARMs, only 25% face tightening of the belt when about $1 trillion of ARMs are reset soon at current market rates.

State funded mortgage assistance is now available for 1st time home buyers. The 30 year fixed interest rate is 5.625 for those who qualify – certain restrictions apply and is subject to change without notice. Call our Toms River West office for more info 732-244-2200 or 1800-847-4255.

NJ voters approved the property tax reform question on the November 2006 ballot which designated half of the 1% increase in sales tax for property tax relief. It is yet to be defined what “property tax relief” is, or how the money would be used for that purpose.

An exemption that limits the number of high-income tax payers who pay the alternative minimum tax expires at the end of this year. An estimated 19.2 million additional taxpayers nationally will lose all or part of their deductions for mortgage interest and local property taxes and increase their income tax bills on average $2,390.