Home Buying in Somerset>Question Details

Kay, Home Buyer in Somerset, NJ

I keep getting mixed answers about where to borrow for a home loan. Which is best?

Asked by Kay, Somerset, NJ Tue Jun 3, 2008

One agent told me to go through a mortgage company because they can do some government or federal loans, but another agent said that sometimes these aren't the best loans, that a bank may be able to give me a better rate. I know there are loans in which someone wouldn't have to do a down payment. What is best? This question is in reference to a previous question that I posted about getting a loan FAST. And, thanks to all of you who replied to that question. Renting was some good advice!

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Shopping for a mortgage is the same task as shopping for a car. To find the best deal call several mortgages and banks and ask for rate and conditions (fixed or variable), points, pre-payment penalty, down payment required. Compare the results and pick the best deal.
1 vote Thank Flag Link Tue Jun 3, 2008
There is no right answer to your question. The big thing in finding a mortgage is to find someone who will take the time to explain all available options. Don't be afraid to ask your questions either. You may contact me directly if you have questions you wish to bounce off someone.

0 votes Thank Flag Link Tue Jun 3, 2008

I was one of the agents who answered your other post and now I would still advise you to speak to both a mortgage company and a bank and weigh your options. There is no obligation to speak to them about qualifying for different loans/rates, etc. Find out all your options and different loan programs available to you and that you qualify for. Honestly and then go with whichever one is the best for your situation. Keep in mind that this will not be your primary residence so the interest rates may also be different because it will be considered investment property.

I can give you the name of PNJP's in-house loan officer and also some others if you are interested - send me an email - GinaChirico@PruNewJersey.com ...no strings attached.

Gina Chirico, Sales Associate
Prudential New Jersey Properties
973-239-7700 ext 132
973-715-1158 cell
0 votes Thank Flag Link Tue Jun 3, 2008
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