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While the great recession was characterized by declining prices and minimal sales, the near future looks great for New Jersey. Besides the difficulties that followed the Great Recession, New Jersey demonstrated the great ability to weather the storm and bounce back. Even during the recession, real estate agents were optimistic since they understood that the great city of New Jersey would not only survive but also continue to thrive at the end of the recession. One of the reasons why New Jersey was not hit by the recession is the fact that buyers had to qualify to get the mortgages. The booming housing market in New Jersey elucidates the importance of hiring a mortgage attorney.

The New Jersey housing market

Even after the onset of Hurricane Sandy and the cold winter that slowed the economy, the New Jersey housing market seemed to withstand the difficulties and continue thriving. The average value of the homes in New Jersey has not changed since as some communities deteriorate, others thrive to maintain the equilibrium. Currently, New Jersey real estate seems quite appealing for those who want to invest in a couple of million-dollar homes. There has been a sharp increase in the sales of luxury homes and condos worth over $1 million as a result of the housing boom. This growth is evident in all cadres of housing, including the middle and low-income groups.

Since employment is an important aspect that influences the housing market, the industries receive plenty of incentives to help them survive during the hard economic times. Besides the rising housing prices, the number of real estates transactions have not relented and are not showing any signs of slowing down in the future.

Five Largest Cities in New Jersey

Today, there are lots of million-dollar sales, and the trends are likely to trickle down to other levels. Due to the thriving economy, lots of new home acquisitions are expected in the following great cities:

Newark

Newark is New Jersey’s largest metropolis and is home to over 277,000 residents. Newark has proper infrastructure that allows people to get around by several means, including the roads, subway, bike paths, footbridges, airports, and waterways.

Jersey City

Jersey City boasts of several monumental attractions, harmonious communities, and exciting nightlife. Jersey City is developing an exciting skyline, reminiscent of New York City. Jersey City has a diverse population with plenty of residents who originate from all over the globe.

Paterson

Paterson is home to over 147,000 residents and is blessed with industrial history. The Passaic River Gorge falls generates enough energy for the local manufacturing mills. Paterson has manufactured the steam locomotives and housed the cotton textiles throughout history.

Elizabeth

This city has a diverse population that speaks over 37 languages. Elizabeth is a regional transportation hub, and its proximity to the Newark International Airport provides easy access to various destinations all over the globe. The 2000-acre marina is a great business hub that makes a huge impact on the economy of the State.

Trenton

Trenton has a population of over 85,000 people and is one of the largest cities in New Jersey. The city has lots of sightseeing opportunities that boost the tourism sector significantly. The visitors also enjoy the museums of cultural history that have plenty of fossils and artifacts.

New Jersey’s Mortgage laws

The average mortgage rates in New Jersey are outlined as follows:

  • 4.5% for loans that exceed $40,000
  • 6% for loans that range from $20,000 to $40,000
  • Below 6% for loans that range from $1,000 to $20,000

Prohibited practices

During the mortgage application process, the State of New Jersey prohibits the following practices:

  • Debt cancellation agreements
  • Defaulting on the existing loans
  • Charging late payment fees that exceed 5% of monthly installments
  • Negative amortization
  • Predatory lending practices
  • Withholding pertinent information to the borrowers
  • Revising the mortgage rates and interests once the loan is awarded

Evidently, a mortgage attorney can help you to know your rights and protect you from the legal pitfalls that might affect you. Dishonest lenders can trick an oblivious borrower, and the best way to avoid such problems is to hire a competent mortgage lawyer in New Jersey.