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.
NJ Mortgage Rates with Atlantic Stewardship Bank
Good service combined with competitive mortgage rates with a local bank in New Jersey is not always easy to come across. Of the over 1000 state banks in New Jersey, Atlantic Stewardship Bank is one that offers good service and very competitive rates on mortgages in the state.
Atlantic Stewardship Bank is a New Jersey based bank that operates its main office in Midland Park, New Jersey, and has an additional twelve bank branch offices in the area.
Atlantic Stewardship Bank provides commercial and retail banking services to small and medium sized business and individuals in Bergen, Morris, and Passaic counties of New Jersey.
Atlantic Stewardship Bank offers a wide range of mortgage loan products and mortgage rates in NJ for home purchases or an existing mortgage refinance of a primary residence as well as for second homes and investment properties.
Residential mortgage loan products available in New Jersey from Atlantic Stewardship Bank include: conventional mortgages, jumbo mortgages on both fixed and adjustable rate mortgages as well as first time homebuyer’s program.
A sample of the current mortgage rates in New Jersey and mortgage loans offered by Atlantic Stewardship Bank include:
A 30 year fixed rate conforming loan on a loan amount of $100,000 to $417,000 has a mortgage rate in New Jersey of 5.000% with $450.00 in points and fees and an APR of 5.194%.
A 15 year fixed rate conforming loan on a loan amount of $100,000 to $417,000 has a mortgage rate of 4.375% with $450.00 in points and fees and an APR of 4.870%.
The rate on a 30 year jumbo mortgage with a loan amount of $750,000 to $1,500,000 has a mortgage rate in New Jersey of 5.750% with $0.00 in points and fees and an APR of 5.812%.
The bank offers a variety of adjustable rate mortgages including a 5/1 ARM that has mortgage rate in NJ of 4.375% with no points and an APR of 3.691%.
This is a sample of current mortgage rates in NJ by Atlantic Stewardship Bank, other rates, options and terms are available on some of the listed home loan products.
The NJ mortgage rates and annual percentage rates (APR) listed are based on a loan amount of $100,000 with a 20% or larger down payment on a single family owner occupied home with excellent credit. Mortgage rates are current as of this publication, rates are not guaranteed, all mortgage rates and mortgage loans in NJ offered by Atlantic Stewardship Bank are subject to change and bank approval.
For more information on mortgage programs and current mortgage rates offered by the bank call the Atlantic Stewardship Bank mortgage department for details at 1-877-844-2265.
Mortgage Rates in NJ with RSI Bank
RSI Bank has been doing business in New Jersey since 1851. The bank offers a number of financial services and bank products including home loans and mortgages. RSI bank offers several home loan programs that are available on properties located throughout the state of New Jersey.
Mortgage loans offered by RSI Bank include standard fixed rate mortgages and adjustable rate mortgages as well as FHA loans and reverse mortgages. The bank also offers biweekly payment home loans for those borrowers that want to pay off their home loan faster by making more frequent payments and save significant costs over the life of the loan.
The reverse mortgage option allows home owners that are 62 years of age and older to borrow against the equity in their home without having to pay anything until they no longer own the property. Reverse mortgages are not based on the income of the borrower or the credit of the borrower.
RSI Bank offers borrowers competitive mortgage rates in New Jersey and for those potential home loan borrowers looking for a new home in New Jersey, the bank provides pre-qualification and pre-approval services.
Along with competitive New Jersey mortgage rates and loan programs, RSI Bank also a number of services to its bank and loan customers. RSI Bank offers automatic payment deductions in which the borrower can pay their RSI loans from an account held at RSI Bank or any other bank. The bank offers online banking which allows customers to view their payment history online 24 hours a day. Additional bank services include telephone banking and the ability to apply for the home loans at the branch or online safely and securely.
Current NJ mortgage rates and NJ mortgage loans offered by RSI Bank include:
A 30 year fixed rate loan in New Jersey has a mortgage rate of 5.125% with no points and an APR of 5.145%.
The same 30 year fixed rate loan is also available with a mortgage rate of 4.875% with 1.00 point that has an APR of 4.982%.
A 15 year term loan has a mortgage rate of 4.500% with no points and an APR of 4.533%.
The bank has a 10 year loan with a mortgage rate of 4.375% and no points with 4.4225 APR.
The bank’s 5 year adjustable rate mortgage that has a 30 year term has a mortgage rate in NJ of 4.625% with no points and an APR of 4.801%
Additional mortgage rates in NJ with varying costs and point options are also available.
NJ mortgage rates and annual percentage rates ( APRs ) listed are for owner-occupied single family homes with a minimum down payment of 20%. Mortgage rates are current as of March 4, 2010. All mortgage rates are subject to change without notice and all home loans are subject to bank approval and conditions.
RSI Bank is based in Rahway, New Jersey. For current mortgage rates and loan terms, a bank loan officer can be reached at 732- 388-1800.