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Two communities full of charm and amenities
Chatham, a colonial settlement named for William Pitt, the Earl of Chatham, was divided into Chatham Borough and Chatham Township in the 1890s. Although they remain separate municipalities, The Chathams share many common resources including the newly expanded library and highly ranked school system. Yet each has its own character. Chatham Borough features a charming downtown with many award-winning restaurants, while Chatham Township retains plentiful open space. The Chathams offer an easy commute to Manhattan by rail and bus and excellent access to corporate New Jersey. Chatham was recently named as one of the top 10 places to live by Money Magazine. The Borough ranked #24 and the Township ranked #1 in NJ Monthly's - Top 100 Places to Live
Fast Facts:
Established: 1897
Population: Chatham Borough: 8,000; Chatham Township: 10,000
Size: Chatham Borough: 2.4 square miles; Chatham Township: 9.2 square miles
Housing: Victorians, Colonials, Ranches, Condominiums
Attractions: The Chatham Community Players, Great Swamp National Wildlife Refuge
  Commuter Information : The Chatham Borough Train Station is centrally located on Front Street between Fairmount Avenue and Washington Avenue without much more than a mile from its furthest boundary. This station provides commuter service on the Morristown Line only with trains heading to the Hoboken Terminal and to Penn Station in Midtown Manhattan. Service begins at 4:50 AM and ends at 2:34 AM. Holiday and weekend service runs from 5:22 AM to 2:34 AM.
Parking permits for the Chatham station are available to Chatham Borough residents only, for a yearly cost of $347.75. At the present time, there is at least a 1.5-2 year waiting list. There are also 3 parking lots for business owners/employees and apartment residents. Currently, a limited number of yearly permits are available for these lots to Chatham Borough commuters. Metered parking is available to the general public for $4.25 a day. All metered spaces are numerically marked and the parking machines are located on the South Side Train Platform. These are exact change machines and accept coins, dollar bills and Chatham Smartcards only. The Smartcards may be purchased in person at Borough Hall or by mail using the initial purchase order form available in the lobby of the Chatham Train Station. They may be recharged at the machines or at Borough Hall Tokens are no longer accepted and can be refunded through Borough vouchers or credited to your Smartcard. Tokens can also be redeemed at the Tax/Finance Office located in the middle level of Borough Hall For more information on parking permits contact Barbara Bate at the Administrative Offices of Chatham Borough (973) 635-0674 x200.
There is no Chatham Township Train Station. Many of the surrounding towns provide commuter parking for their residents only. Daily spaces and a limited number of annual parking permits are available in Madison and Summit for Chatham Township residents.
Financing Your Home >Assuming a Mortgage
You may be able to assume the seller's mortgage liability when buying a house instead of having to apply for a new loan.
Assuming a loan could minimize your down payment or closing costs and get you a more advantageous interest rate. To know whether an assumption will work, find out the loan balance. If the balance is a small fraction of the purchase price, you will have to come up with a large down payment or get a second loan for the difference, unless the seller is willing to provide some of the financing. If the loan balance is high, the loan may have been made when interest rates were higher than they are today.
Most newer loans that are assumable have adjustable rates. If you are considering an assumption because of credit problems, you will need the lender's approval to make the transaction work.
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| Q |
What has a tremendous impact on the U.S. economy, comprising between $10-$15 trillion of the nation's wealth?
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| A |
Real Estate--it goes through cycles, but still has a long-term record of strong investment return. |
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