"Competent and Professional"
Hilary Gilles was my realtor for the sale of my two family house in West Orange...The market was slow and the house was not in the most desirable area of West Orange. Nonetheless, Hilary was most diligent in her efforts to sell the house. She provided me with comparables so we could set a fair asking price; advertised the property frequently; ran photos of the house, and provided invaluable marketing tips. Hilary was never too busy to answer my endless questions or to return my phone calls. Hilary acted as a most competent and professional liason with the closing attorneys and saved me much time. I would not hesitate at all to recommend Hilary Gilles."
-Maureen Skrapits, Spring Lake, NJ
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Financing Your Home >Watch Your ARMs Length Most buyers know that first-year interest on Adjustable Rate Mortgages (ARMs) is typically lower than the interest on available fixed-rate mortgages. This makes ARMs easier to qualify for, but also requires that borrowers have some understanding about how such loans work, because there are significant details associated with the low first-year rate.
First, check to see how long the low rates offered on the ARM are guaranteed. After that period of time, the rates can go up two points a year to a typical rate cap of six points over the life of the loan. Lenders will usually require borrowers to qualify for a mortgage loan that is several percentage points above the actual initial rate charged on the ARM. This is intended to keep borrowers from becoming overburdened by debt. Some lenders may charge special fees or caps which can increase the cost of the loan. If you think that an ARM may work for you, it is a good idea to shop around.
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| Q |
What economic factor can make the purchase of a home an excellent long-term investment?
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| A |
Home price appreciation can result in a substantial return on the buyer's investment as a house increases in value over time. |
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