What New Jersey Mortgage Companies Can Offer

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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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