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Where can ideal buyers get the lowest mortgage rates?

My wife and I are first time buyers.  We both have excellent credit and are willing to put down 20%.  Combined our salaries are 111000.  We have found a house in rockaway, nj and a bid has been accepted at 372000.  Where are the excellent mortgage rates rewarding our supreme status as buyers?  Are the mortgage rates going to go back down?  
  • January 27 2009 - Rockaway
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Answers (10)

Wayne;

  With regards to your statement about the different rates for different states. Those are averages based on on the quotes that are submitted.  As you might imagine there are a lot more inquiries in NJ then some other states.  Because of that you will find NJ rates to be closer to a "National Avg" (for what that is worth).  A well qualified borrower such as yourself should be paying no more than 5.0% with 0 points today.
  • January 28 2009
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Wayne,

Congrats on your purchase! Like everyone else said, Zillow is a great way to recieve multiple quotes. People are competing for your business. I did notice your question:

"Also, we hear there are these people who are bait and switchers.  How do we know if that is what we are up against.  Am I misunderstanding what this snippet is saying?"

Ultimately you have to use your best judgement. If you have someone give you a GFE and say they have your rate locked in, ask them for a copy of the rate lock and that day's pricing. You will be able to see if they are making money in your rate (rebate). The hard part about purchases is you are tied into a time frame to get escrow closed by. This is where the bad guys (bait and switch) take advantage. So just make sure you have all information up front and go with someone you feel comfortable with.

Best of luck!

  • January 28 2009
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30 day lock??? pricing..would think to be better than what you are stating with 1 point.. It seems that the LO is pricing their "wages" from the Bullrun days.... You'll see a couple of NJ'ers pop up here.. I think you will be happy.  forget KY.. you are in NJ anyway.  You should be pleased.  Keep rockin'.
  • January 27 2009
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Profile picture for Rob Cochems
Wayne,

I assume you are over a 740 credit score then.  So the only you you might possibly qualify for lower is if you put 40% down.  But that is not a huge difference so it is nothing to be overly concerned with.

My advice is to post a request here on Zillow, and then come back here and post the request ID and let us help you find some good LO's.
  • January 27 2009
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Profile picture for wayne.pommnitz
Oh one more thing - I read this on Zillow and I am having a hard time understanding.

 "Zillow Mortgage Marketplace reports New Jersey mortgage rates for 30-year fixed-rate mortgages dropped 2 basis points from 4.97% to 4.95% on Tuesday. State mortgage rates ranged from the lowest rate of 4.75% (KY) to the highest rate of 6.00% (MS). Currently, New Jersey mortgage rates are 12 basis points lower than the national average of 5.07%."

If we can get a 4.95% mortgage rate today we will lock it in.  Where would we find that?  We have been getting quotes of 5.25% and 1 point.  We don't want to pay any hidden fees that are NOT tax deductible.  Also, we hear there are these people who are bait and switchers.  How do we know if that is what we are up against.  Am I misunderstanding what this snippet is saying? 
  • January 27 2009
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Wayne,

What about the "pre-approval" person?  If you hate their rates... do not get "pre-approved" with them... Why waste your/their time?  Get their rates/fees first... then decide... prepare, then apply...  My guess:  "realtor buddy" or "inhouse" lender..
  • January 27 2009
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One of my wife's scores is over 800 but I am not sure how high.  I know that one person who was preapproving us for a loan was impressed with my wife's credit score.
  • January 27 2009
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Wayne,

There is 1 loan for you .. FNMA.. Anything North of 740 is priced the same.. Kudos to your situation.. Try to get your best pricing with minimal Originator junk fees...  Rates hit a "low" about 3 weeks ago, but have not risen much from it...  There are several great NJ LO's... here..  feel free to post a request, but to be prepared and make an LO's job EZ and minimize time/cost.. 2/2/2 
2 years back for employment/income  paystubs W-2's
2 years back for residency
2 months back for assets (all pages front, back sideways)
Select your Home Insurance Agent.. Have name/number ready

Now you are armed and dangerous and prepared.. I would love to have you as a client in that format and would reward the effort... I'm in FL.. Find a person who recognizes/rewards that in NJ and you are good2go!  Thanks for buying a home.. We need to find more prepared buyers like you.  keep rockin'.
  • January 27 2009
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Post your request on this site and I am sure you will have plenty of offers to choose from.  Remember to compare a complete GFE of all cost before committing to a lender. As for rates dropping if today's rate fits your budget that is a good rate.  They may drop in the future but you need to stay in the time line of your offer.  If rates move up you may have to accept a higher rate in order to close on time.  Congratulations on your purchase.
  • January 27 2009
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Profile picture for Rob Cochems
Is your credit score over 820?
  • January 27 2009
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