Hi, Sue! It depends on so many things- how much you're putting down, your credit score, etc. The Banks are now pretty tight with their mortgage money. They can advertise a rate, but once you get into the nitty-gritty, it doesn't always pan out. If you are working with a professional realtor, he/she might have an affiliate (as we here at Prudential do) who will guide you in the process. The "hidden" fees are the ones you must watch out for, i.e., origination fees, etc.

I can get 5.75% with no points or origination fees.

Suej,
I found a rate of 6% with 0 points that is a jumbo loan. I guess it would be smart to shop around however, before committing to a mortgage.

Dear Suej, the 6.25% interest rate is very good for the market place but honestly you didn't provide enough information to answer the question. If you wanted to get a good overall picture of interest rates you should take a look at the business section of the star ledger on Tuesday's each week. Banks and mortgage companies post there rates there for a fee. Today posted rates range between 5.625% & 6.25%. Also a mortgage rate with no points may have an "Origination Fee" . If the loan your looking for is for $750,000 or less with an 80% loan to value, your credit score is above 680, you can document income, and this is a primary or second home I 'm quoting 6% for a 30 year fixed with an origination fee. I also have 7 & 10 year ARMS with a 5.5% & 5.625% rates respectively. The ARM rates allow for interest only for an additional .25% in rate.

I would check around. You can go to http://getprequalified.com or http://bankrate.com.

Sue,
I agree...be careful of the internet loan offers. The best is to find someone reputable locally or try Lendingtree.com. I have used them personally and coming from a Banking background they do compete for your business.

Hi SueJ,

If you are still looking for a mortgage, do check w/ a local loan officer. I hear a lot of negative feedback on internet loan offers. While I have no opposition to any poster on this thread, I can say that I have read many of Bill Turano's posts and have found him to knowledgeable and consistently straight forward. I work on the Jersey Shore and would be happy to provide you the names of a few loan officers that I have worked with and found to be very good.

Good Luck
Deborah

There are many facets to quoting a rate...credit scores, downpayment, full doc or stated doc, is this a first home, vacation home or investment property? If you would like a free consultation based on all the facts please don't hesitate to give me a call 732-259-6077 or email dbenedickson@auroralending.com.

There could be. Loan officer must look at complete picture, this way your quote is accurate and will hold when it is time to sign the mortgage docs. Best to try several, let us compete for your business. I only quote what I can deliver.
E-mail: ray@ffmcnj.com

If you are putting 20% down, I can do it for 6% with no points or origination fees. Apr 6.03%

The rate seems too good. Make sure there is no origination fee. Most lenders are substantially higher than that on Jumbos especially after the recent mortgage crunch that is going on.

I have been with an local Ocean County mortgage banker for 17 years. I will be glad to help you look over your good faith estimate to make sure there is hidden costs or potential pitfalls.

Email me at billturano@selectamortgage.com

Shopping a loan around is a good idea, but don't focus only on the rate. Check to be sure there are no hidden closing costs. You could in effect be buying down your rate. Check out Van Dyk Mortgage services at http://www.vandykmtg.com Rates are competetive and there are no closing costs that equal a savings of almost $2000 when compared to other loan programs.

I have several local reps who are excellent. I always recommend you contact several reps to get your best deal. All my guys know I recommend them so they will inevitably try to outdo eachother-- a win/win situation for my buyers. You can reach me via my trulia profile or my website below for their information.

That is a great, rate but make sure you aware of the lock period. If it is a 15 day lock make sure you have time to close or lock will expire.