APR vs Interest Rate – Shopping properly Shopping for interest rates in New Jersey aka shopping for mortgages in New Jersey, can be confusing, especially when shopping for an interest rate and shopping for APR at the same time. The borrower needs to properly know and understand the differences. It can even be more confusing when you hear different opinions from different so-called experts. What is most common taught or thought of? Shop interest rates. Shop and compare the APR (annual percentage rate). Shop fees. So which is it? Let’s define both Interest Rate and Apr. – This comes (8 comments)
Shopping for mortgages can be frustrating. Especially when comparing mortgages that don’t fall into the same box. Example : Comparing FHA loans to USDA loans are not in the same box per se. Adjustable rate mortgages would be considered in the same box. And with so many questions unanswered, especially if not asked, how does one know.
Lately I have been reading on how people sell specific mortgages, that try to compare mortgages, yet they leave out important specifics. Or attack in their comments saying that lenders make more money on a FHA loan than a conventional loan. In my opinion, there are two important issues that aren’t mentioned when reading (6 comments)
When shopping for a mortgage, one needs to know and understand their specific goals, and this should be done even before you start to look at a home or speak to a loan officer. The reason being is because there are several ways of looking atzero points, in which some advertise with no points or no costs, and if you should pay points for your interest rate. The first step is to have a list of your short term and long term goals. Not only should you know your goals, but your loan officer should be asking about your goals. Below (31 comments)
Shop till you drop - this might not be wise advice when shopping for a mortgage
I wanted to bring up this topic because it still happens more than it should. I know we all want the best deals, but anyone can make general promises on the phone or on paper. Shopping for a mortgage in New Jersey is not easy and it's not like shopping for a car. A car is a car, but ones service could be better. And one could argue that most mortgage companies should have the same interest rates and mortgage programs. (15 comments)
I just want to educate people about mortgages and the process.
In regards to lending, I am very creative, intuitive, honest, and one who communicates information, may it be good or bad. I am a loan officer that looks out for your best interest.