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Old 12-13-2007, 11:40 AM
 
23 posts, read 94,660 times
Reputation: 21

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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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Old 12-13-2007, 12:01 PM
 
Location: Philadelphia
691 posts, read 2,828,763 times
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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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Old 12-13-2007, 12:04 PM
 
Location: Central New Jersey
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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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Old 12-13-2007, 12:08 PM
 
23 posts, read 94,660 times
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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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Old 12-13-2007, 12:18 PM
 
Location: Vermont
5,441 posts, read 15,517,425 times
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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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Old 12-13-2007, 12:33 PM
 
23 posts, read 94,660 times
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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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Old 12-13-2007, 12:57 PM
 
Location: Vermont
5,441 posts, read 15,517,425 times
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Sent you a PM but for others: calculate using Rate. Apr includes some fees.
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Old 12-13-2007, 04:11 PM
 
Location: Central New Jersey
1,289 posts, read 5,711,570 times
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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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Old 12-13-2007, 04:54 PM
 
3,269 posts, read 9,243,669 times
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you can see the best current rates in your area at:

www.bankrate.com
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Old 12-13-2007, 09:51 PM
 
88 posts, read 390,412 times
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Default 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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