I'm shopping for a 30-yr fixed mortgage. Details below.

Asked by Buyer09, Hoboken, NJ Mon May 25, 2009

109K salary, $210 monthly debt, credit score is 704-713 (depends on credit agency), FICO is 704. Purchase price is 400k (5k seller concession), 10% down. Hoboken condo. First-time buyer. Primary residence. 60 day closing. The lowest rate I've received is 5%. Can anyone beat that? No points. Please disclose all fees.

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10
, ,
Thu Dec 3, 2009
where did you come up with in the first place? You have 5 people telling you all different things and all promising you the world. Has anyone even explained to you options? Sometimes its more than throwing out a rate. I could offer you 3.75% but really you woould want to know how and what your options are. Why 10% ? is better to to keep cash or clean out the bank account for a difference of $100 a month.

these are reasons I can seperate myself from the herd.. If you need sincere help.. I'm 3 miles away..
1 vote
Jose Martinez, Agent, Hoboken, NJ
Thu Aug 15, 2013
call me I can arrange the best rate for you.



Jose Martinez
Sr. Mortgage Consultant
201-406-6983
NMLS 307342
0 votes
Kathleen Con…, Agent, Hoboken, NJ
Sat Apr 27, 2013
Always best to contact many Lenders both big banks and small local lenders & let me know you are shopping for the best rate they can offer with the best terms. The best ones will work hard for you!
0 votes
, ,
Sun Apr 14, 2013
5 % ? That sounds really high. ! I do a ton of work in that area. Contact me and I will do everything I can for you
0 votes
Jose Martinez, Agent, Hoboken, NJ
Sun Apr 14, 2013
call me I can arrange the best rate for you.



Jose Martinez
Sr. Mortgage Consultant
201-406-6983
NMLS 307342
0 votes
Karina Abad, Agent, Hoboken, NJ
Fri Jun 19, 2009
Hi buyer09, don't have an offer for you but wanted to advise you to be careful of who you decide to work with. Definitely get it in writing.. A buyer of mine just had a bad experience with a mortgage company that quoted him what was a ridiculously competitive rate and the day before closing - denied his mortgage. There were some factors involved, but I can tell you from the last 4 transactions I've done, no one has been able to offer no points with 10% down.. I have a great guy in Hoboken if you want to give him a buzz, send me an email. Best of luck to you!
Web Reference:  http://www.karinasplace.com
0 votes
Robert Grasso, , Maple Shade, NJ
Fri Jun 19, 2009
if they arnt charging points and is giving you 5% go for it because i would NEVER do that. that right there is like 200 buck commission and i would only do that for family. I believe you are just looking for better rates. Rates for the past month and a half have been diping and sky rocketing over night. I am a loans officer and have never heard of 5% and no points in todays market. I WOULDNT PASS THAT UP!!!!
0 votes
Jason Dipers…, , Haddonfield, NJ
Mon Jun 8, 2009
Hello Buyer09,

I sure hope you received RESPAs for this offer because to be honest I highly doubt that you're going get a rate like that with no fee. The bond market has been a mess over the past week or so and rates have jumped significantly. As previously mentioned, condos typically have a .5% to .75% hit to the rate, and with no fee the lender providing this would most likely be underwater.

A few recommendations: 1) make sure that you do not pay an upfront fee of any kind, there's no need to lock into a broker who may not be able to guarantee a rate 30 days from now. 2) insist on a full set of disclosures so you can review the GFE to look for hidden fees. 3) compare the monthly payments of the various lenders you've received quotes from. If this no-fee lender at 5% is near the higher quotes, chances are there's fee in there somewhere that you don't know about.

Good luck, and feel free to email me with any questions.

Kind regards,

Jason Diperstein
E Mortgage Management
800.793.9633 ext. 156
jdiperstein@emmloans.com
http://emortgagemanagement.com/?page_id=72
0 votes
Luke Allison, , Asheville, NC
Tue May 26, 2009
5% for a condo in New Jersey with no points and 10% down is a SPECTACULAR rate based on the criteria you gave. Take it and run with it. Not only are there typically rate adjustments for condos (which would make the base rate about a half point higher) but 90% financing on condos is extremely difficult if not impossible right now. Call you lender and lock that loan NOW and make sure you didn't get any nonsense when your loan was quoted to you. If you actually get the offer above, you have yourself a great loan.
0 votes
Will, , Atlanta, GA
Tue May 26, 2009
The best i can see being offered is 4.875. I hope your shopping is going well.
0 votes
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