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If you are looking for a mortgage loan in New Jersey, there are many options available to you and several things you will need to know before choosing the mortgage loan that is right for you. It is very important to consider the type of loan you need to meet your current financial situation and consider your future needs. There are fixed rate 15 or 30 rate mortgages, adjustable rate mortgages (ARM), home equity loans, home equity lines of credit (HELOC) at varying rates depending on the lender and your credit rating, as well as other factors.

Some tips when getting a mortgage loan or refinance loan are as follow:

  1. Know your current interest rate and compare to any potential rates on loans you are looking at.
  2. Shop for the best rates and do the math - a lower interest rate doesn't necessarily mean the loan will cost you less.
  3. Look carefully at any prepayment penalties on your current loan.
  4. Factor in tax advantages or disadvantages.
  5. If you are thinking of moving within 2 to 3 years, be sure that the cost and effort in refinancing or getting a new loan will save you enough money to justify the loan itself.

Fixed Rate Mortgage

This is your parent's mortgage loan. Prior to the internet, when most people stayed at the same job until retirement and families weren't as mobile as today; this loan was the epitome of stability. In this loan, the interest rates and payments stay the same for the term of the loan.

The 5/5 & 5/1 Adjustable Rate Mortgage

This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.

Mortgage Refinancing in New Jersey

In some instances, refinancing your current mortgage loan can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.

Based on the most recent data, mortgage rates for thirty year fixed mortgages are at historic lows, and the amount of points charged varies per lender. The rates and points on each mortgage loan will vary. As with any major consideration, it is imperative to consider all of your options and utilize all of the resources available to make an educated financial decision.

Loan.com is an excellent resource when your goal is to save money and minimize costly errors that could affect you now and in the future. With an assortment of free loan calculators, an in-depth explanation of the Borrower's Bill of Rights and even a Loan Analyzer tool, Loan.com is the first and last stop for the borrower that wants to be informed and up-to-date before choosing a loan. The Rate Directory on Loan.com allow consumers to search for mortgage rates while at the same time flagging those mortgage lenders that abide by the Borrower's Bill of Rights and are in good standing with the Better Business Bureau. You should also use RealEstateABC's ABC Values™ tool to check what the current home values are in New Jersey.

For the most up to date loan rate, the U.S. Federal Reserve, Freddie Mac, and the Interest Rate Outlook from RealEstateABC.com are exceptional resources.

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