Mortgage Interest Rates - in NJ

[Anonymous]

hello friends

I am from NJ and under contract now for my first home. 

So i went to Chase bank, Wells Fargo and local mortgage broker for my mortgage of 333K with 10% down on home price of $370K.

And to my surprise all three of them are giving me same interest rate for 30 Yrs Fix, 0 Points =  4% interest rate.

They are offering me rate lock for 60 days with 4 %.

I am still  waiting for GFE from each of them but is 4% is current rate in NJ?? 

if i go to bankrate.com lots of mortgage brokers are near 3.75% or 3.87% interest rate for my town. But the only problem is I DON'T KNOW ANY OF THEM. NEVER HEARED THEIR NAMES.

So it is hard to true them.

So if you have any update on current rates than please let me know. Also if you know any good bank or broker with good rates in NJ than also let me know.

Thanks in advance.

[Walt_K]

Can't speak to NJ, but I was able to lock in 3.75% fixed on a 30 year loan for FHA, and I got a .875% credit on a 65 day lock.  This was a week ago in DC, loan amount of $700K.  I don't know how much rates have moved since then.   

[Anonymous]

How much are you paying for PMI? I was quoted 3.99% for a 400K loan with 10-15% down. I havent formally received the letter but i was told FHA rates are lower. I wonder if the PMI is higher for FHA loans?

[Anonymous]

my PMI with WF is $132, with chase $172 and the broker still need to give me that informaion but he said arround $175.

Yes with FHA MPI(pmi) is higher than conv. loan. around $300 to $350 for 10 to 15% down payment. but the interest rate is Lower for sure.

[Walt_K]

MIP (PMI for FHA) is 1.15% for 30 year loans with greater than 95% LTV.  I think it's 1.10% with less than 95% LTV.  If you're doing 15 year, I think the numbers are .5% for greater than 90% LTV, and .25% for less than 90% LTV.  The 1.15% is what I'm paying.  The other numbers are just based on a google search, so not sure they are the most current.  I heard Congress was rumbling about increasing it again as well.

[Anonymous]

Is it possible to get a loan to foot the PMI/MPI portion. That way you wont technically be losing the money.

[Anonymous]

You can get loan without PMI if you put down atleast 20% downpayment.