With the average home mortgage rate for a 30 year fixed loan in New Jersey holding steady, many people are considering that now may be the best time to buy a home despite the current economic situation. This strategy is not as risky as it may seem, even with home prices still in a state of stability at best, decline at worst. Key to taking advantage of the current crisis and getting a good home loan is to find the best rate for your home.
Whether you are trying to finance a first home or a second home or refinance your current home, one of the best things you can do in order to secure the lowest rate possible is research your lending options and know your credit score and ways to improve it as needed before you apply. Not all lenders are the same and will have the same restrictions or qualifications on whom they choose to loan money to. Knowing your lenders and their rates and types of lenders they are looking for can save you tens of thousands of dollars or more over the lifetime of a loan.
References from friends, family members or even neighbors are the best way to research mortgage lenders or brokers in New Jersey. Don't be afraid to call up Uncle Louie in Parsippany if he recently went through the process and ask him to buy life insurance. One thing you should know is how important having good credit, or repairing credit, is when getting a mortgage.