Mortgage rates and Mortgage banks in New Jersey?I want to buy a house in New Jersey and do not have any worries with my credit score. I wanted to know which banks to approach for a mortgage and what is a reasonable mortgage rate. Is 3.5% ok ? or are people getting better interest rates than that? Thanks. |
I would try Absolute Mortgage in PA. I've worked with them a lot recently - they focus on providing the lowest mortgage rates. I just checked their website and the rate is currently 2.990% (I think they update the rates a few times per day). And of course....that depends on your credit score, etc.
You can get an instant quote right on their website.
Also - you could go to bankrate.com - they have the rates of all the top lenders in the country right on their site. That's how I found Absolute Mortgage......
Hope that helps,
Mike
Rates of 3.5% is a pretty good interest rate in my opinion. As far as which banks to approach, check out your local lenders (banks and credit unions) to see what their websites say regarding mortgages. See whether or not the lenders have electronic means of communication and submitting documents, if it is important to you to be able to transmit documents versus having to mail everything.
Most lenders should have their closing costs/fees as well right on their website. I know one of the banks I was looking at when I bought my first home...their closing costs were out of this world, so I didn't even contact them. Their closing costs were all on their mortgage website...as well as the interest rates.
I also called a couple of lenders and asked basic questions on their mortgages......this helped me determine which lender had the best customer service. If they can't answer basic questions or don't have mortgage specialists who are right on it.......then you don't want the hassle of going to closing and the lender not being on top of paperwork that is needed.
Ultimately, I ended up choosing my lender based on the fact their website was equipped to submit documents electronically, as well as use electronic signatures...and the mortgage specialist was excellent in her response to questions and the mortgage process. Before I officially decided to go with the lender, I made an appointment to meet with the mortgage specialist before making my final decision. As the saying goes....business is business! Also if you go with a local bank or credit union, ask them up front the likelihood of them selling the mortgage and who they typically sell their mortgages to. My mortgage specialist was upfront with this, and my mortgage was sold less than 60 days to Bank of America. Selling the mortgage doesn't change your terms or anything, but you just have to deal with the bank they decide to sell to. So that is also good to know up front.
So definitely shop around!
A friend of mine is also looking to purchase a house. He has excellent credit and no debt. He was given a rate of 3.7 so I think 3.5 is good. He is also in NJ
