Mortgage Rates in NJ May 28, 2010
One of the best starting points for mortgage rate shopping is to compare the rates offered by the some of the largest mortgage lenders with the local mortgage lenders. This allows the prudent mortgage shopper to quickly compare mortgage rates and programs before narrowing the loan search down to a specific mortgage lender.
To compare mortgage rates in New Jersey, Findlocalmortgagerates.com has reviewed the 30 year mortgage rates from two of the largest bank mortgage lenders, Chase Bank and US Bank, with two of the larger bank mortgage lenders based in NJ, Spencer Savings Bank and Sun National Bank.
The results of the survey for NJ mortgage rates on May 28, 2010 area as follows:
Sun National Bank offers a 30 year fixed mortgage rate in NJ at 5.00% with zero points and an APR of 5.029%. A 15 year fixed rate home loan from Sun National Bank has a mortgage rate of 4.375% with no points and a 4.425% APR.
Spencer Savings Bank offers the 30 year fixed in NJ with a mortgage rate of 4.875% with zero points and a 4.882% APR. The 15 year in NJ from Spencer has a mortgage rate of 4.25% with no points and an APR of 4.263%
Chase Mortgage offers a 30 year mortgage rate in NJ at 5.00% with .25 points and a 5.079% APR. A 15 year fixed rate home loan in NJ from Chase has a rate of 4.375% with .25 points and APR of 4.508%.
US Bank promotes the 30 year loan with a rate of 4.875% and no points with a 4.941% APR. The 15 year mortgage rate in NJ from US Bank is at 4.25% with no points and a 4.361% APR.
A 15 year fixed rate mortgage offers the borrower the ability to own their home free and clear in 15 years. Although the monthly mortgage payments will be higher than a 30 year home loan, the interest rate on the 15 year mortgage is running slightly more than .50% lower than the 30 year for the mortgage rates in New Jersey listed and a borrower will end up paying less than half the total interest cost of the traditional 30 year mortgage.
Conforming 30 year fixed rate home loans have no prepayment penalties and a borrower can accelerate the payments at anytime to reduce the balance and pay off the loan earlier than the original maturity date and use the lower initial payments to budget their savings, expenses and equity appreciation better.
The points charged by some of the mortgage loans listed are equal to one percent of the loan amount. The borrower will pay the points at the loan closing usually in exchange for a lower mortgage interest rate over the term of the home loan. The points charged will generally result in greater total closing costs; in exchange the borrower will have lower monthly payments over the term of the loan.
Mortgage rates listed on this page are the current rates for a single-family, primary residence with a 20% or greater down payment. Individual mortgage rates may vary according to different property and loan characteristics such as credit and income of the borrower. Mortgage rates are subject to change without notice and all mortgage loans are subject to bank or lender approval.
The bank mortgage lenders in New Jersey listed can be reached at the following numbers:
Spencer Savings Bank 800-363-8115.
Spencer Savings Bank has been doing business in New Jersey for more than 70 years and has 18 bank branches in the Garden state.
Sun National Bank 800-786-1677.
Sun National Bank is headquartered in Vineland and has 70 bank branches throughout Jersey.
Chase Bank mortgage department can be reached at 800-873-6577.
US Bank mortgage representatives can be reached at 800-365-8544.
To view information for Chase Bank certificate of deposit rates, US Bank certificate of deposit rate or CD rates in New Jersey please visit our affiliate web site Selectcdrates.com and view the following pages: Chase Bank CD rates, US Bank CD rates or New Jersey CD rates.