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12-13-2007, 11:40 AM
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Member
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Join Date: Dec 2007
23 posts, read 26,614 times
Reputation: 16
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mortgage interest rates in NJ
What are the mortgage interest rates right now in jersey NJ....i am first time buyer so help me with some suggestions to get the low interest rates
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12-13-2007, 12:01 PM
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Senior Member
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Join Date: Aug 2007
Location: Mount Laurel
523 posts, read 505,227 times
Reputation: 78
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i just locked in a rate of 6% last week. However, rates have been bouncing around lately.
The rate you get will also depend on your credit score, down pmt, documentation, etc.
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12-13-2007, 12:04 PM
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Real Estate Sales Associate (NJ)
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Join Date: Jul 2007
Location: Central New Jersey
1,156 posts, read 1,095,545 times
Reputation: 146
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Still hovering around 6% but again depends on your credit and the market. NOW it seems to change everyday!! Good credit, gets the best rates. I purchase a property a few months back and I am locked at 6.5%.
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12-13-2007, 12:08 PM
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Member
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Join Date: Dec 2007
23 posts, read 26,614 times
Reputation: 16
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If Any One Quotes Mortgage For Less Interest Rates Can We Take It Or They Become Problem At The Time Of Closing
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12-13-2007, 12:18 PM
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Senior Member
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Join Date: Sep 2006
Location: Northern NJ
1,569 posts, read 1,285,008 times
Reputation: 192
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I think you can get SUB 6%.
They are bouncing around. The other week I saw 5.75 or 5.85 and this was the lowest I had seen since we got our mortgage. We are at 6.0% which I am fairly happy with. I don't think I could have done much better.
Check out www.loansearch.com. This is a NJ BASED lender neutral broker. I used them and had literally every competitor tell me that it was a scam because it was too good to be true (it wasn't). I have NO affiliation with them other than I used them and obviously am happy. They were the best rate period. Our bank fees were 0 nada nothing.
If you are not 60-75 days from closing you might not want to actually apply for a loan yet, because these are typical lock times. |
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12-13-2007, 12:33 PM
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Member
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Join Date: Dec 2007
23 posts, read 26,614 times
Reputation: 16
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i dont understand what is RATE and APR which is the correct mortgage interest RATE...for example RATE IS 5.98% AND APR IS 6.01% WHAT IS ACTUAL MORTGAGE INTEREST RATE TO CALCULATE...APR OR RATE PERCENTAGE
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12-13-2007, 12:57 PM
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Senior Member
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Join Date: Sep 2006
Location: Northern NJ
1,569 posts, read 1,285,008 times
Reputation: 192
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Sent you a PM but for others: calculate using Rate. Apr includes some fees.
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12-13-2007, 04:11 PM
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Real Estate Sales Associate (NJ)
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Join Date: Jul 2007
Location: Central New Jersey
1,156 posts, read 1,095,545 times
Reputation: 146
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I would say your best bet for up to the minute rates is to call the main mortgage brokers and get an idea of what your payments and rate would be. I would say to start calling the main ones such as:
Wells Fargo
Chase Manhattan Mortgage
PNC Bank Mortgage
Bank of America Mortgage
Wachovia Home Mortgages
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12-13-2007, 04:54 PM
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Senior Member
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Join Date: Mar 2007
1,830 posts, read 1,488,022 times
Reputation: 643
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you can see the best current rates in your area at:
www.bankrate.com |
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12-13-2007, 09:51 PM
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Member
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Join Date: Jul 2007
88 posts, read 73,333 times
Reputation: 17
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mortgage rates
Since you're a first time buyer, FHA has several programs available, some even assist with closing costs. Go directly through a lender to find which one you fit into.
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