Buying your first home can be one of the most exciting moments of your life. More than that, buying a home at any point in your life, even if it isn’t your first one, can be an exciting moment. However, even if you’ve already previously bought a home you know that there are important matters to keep in mind before you sign on any dotted lines to make sure that you are acquiring the best deals for the home you’re purchasing. Among checking the market for the most up to date mortgage rates, there are many other important aspects to keep in mind like mortgage lenders and what the rates are in comparison to what they were a year ago. Before you settle on buying your new home, here are a couple of the matters you want to first keep in mind.

Do you know your mortgage company?

Considering that the Census Bureau states that 63.5% of Americans are homeowners it isn’t the first time that a person has decided to buy a house. The mortgage companies that you encounter have experienc

The word mortgage is a French term that means death contract. For some, they have learned the hard way that a mortgage can be an unbearable burden. For everyone else, we are learning that a mortgage is a blessing. Mortgages in new jersey let New Jerseians achieve the American Dream of homeownership. At the same time, there are several mortgages that mortgage companies in NJ offer. Virtually all mortgage companies in NJ have fixed rate mortgages. Most have adjustable rate mortgages. Chose wisely when considering the options.

Fixed rate mortgages are the most popular vehicle mortgage companies in NJ offer. A fixed rate mortgage contractually obligates the lender to never raise the interest rate for as long as the mortgage is being serviced. For a standard 30 year fixed rate mortgage, the current rate is 3.6 percent. This is extremely low by historical standards, although it is up from a valley beneath 2 percent last year. In fact, 2012 was the only time in American history mortgage interest rates dipped below 3 percent. Most families today take out fixed mortgages to lock in these extremely low rates.

Adjustable rate mortgages are the more variable kind that mortgage companies in NJ offer. More popular before 2007, these mortgages have rates that periodically reset at market rates. This product mortgage companies in NJ offer transfers interest rate risk entirely to the borrower, although they can take advantage of lower rates later. As rates are at historic lows, these are not popular products that mortgage companies in NJ offer.

Most mortgage companies in NJ also offer counseling on refinancing. While this is an option to take advantage of a lower rate, this does involve a loss of equity. Be cognizant of that risk. Otherwise, enjoy all of the New jersey mortgage products available at these extremely low rates.

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