| Author |
Message |
    
MQ42
Citizen
Username: Mq42
Post Number: 90
Registered: 2-2004
| | Posted on Tuesday, March 14, 2006 - 4:23 pm: | 
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Myself and my husband moved to South Orange from overseas a year ago and are now starting the process of looking to buy a house. We're looking for any advice regarding good mortgage advisers that you have had experience with. People who will not take advantage of us being that we have no prior experience of buying real estate in the U.S. Also if you have any general mortgage advice, or could list any questions we should ask please advise.
Thanks! |
Joe R.
Citizen
Username: Ragnatela
Post Number: 313
Registered: 6-2004
| | Posted on Tuesday, March 14, 2006 - 6:32 pm: |
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The banks fall all over themselves these days to do mortgages. You can usually track the rates from week to week on the web. Some of the mortgage brokers out there offer some very creative products, but for me there's nothing better than a good old fashioned 15, 20 or 30 year conventional mortgage. My advice is to canvas the local banks (Wachovia, Bank of America, PNC, Bank of NY etc. and see who is most competitive on rates and (often overlooked) closing costs. The local realtors can point you in a direction, but unless you're having trouble qualifying for a loan, you may be more comfortable researching it on your own. The local banks know the market around here which also helps in the qualification process. Good luck. |
Morrisa da Silva
Citizen
Username: Mod
Post Number: 390
Registered: 12-2003
| | Posted on Tuesday, March 14, 2006 - 7:53 pm: |
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I can recommend American Savings bank of NJ. They are in Bloomfield but mostly everything can be handled over phone and fax so it really doesn't matter. We have used them for 2 different mortgages and a home equity loan. You can get their current rates on the web. Their rates and fees were very competitive and they almost always hold their own paper so your mortgage won't be sold off to another entity. They are easy to deal with and very good in the servicing side as well.
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Smarty Jones
Citizen
Username: Birdstone
Post Number: 456
Registered: 10-2005
| | Posted on Tuesday, March 14, 2006 - 9:26 pm: |
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My realtor recommended we consider Hudson City Savings Bank as the easiest/lowest cost/most aggressive rates in NJ....we ignored it, and ended up re-financing with them 1 year later....oh well. They post their rates on the website, and you will see they are the best in the state. (If you decide to use someone else, tell them the rate posted on Hudson City and they will at least try and match it) |
peteglider
Citizen
Username: Peteglider
Post Number: 1860
Registered: 8-2002
| | Posted on Tuesday, March 14, 2006 - 9:28 pm: |
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Go to bankrate.com -- you can look up rates, loan programs etc.
There are multiple lenders there with online applications (alghouth you will be asked to send hardcopy documents!).
Good luck -- Pete |
Thenewguy
Citizen
Username: Thenewguy
Post Number: 105
Registered: 4-2004
| | Posted on Tuesday, March 14, 2006 - 10:08 pm: |
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Hudson City Savings offers very good rates. And there are numerous mortage calculators on the web that can help you determine how much you can afford to borrow. This website has good info:
http://www.smartmoney.com/home/?nav=dropTab |
Amateur Night
Citizen
Username: Deborahg
Post Number: 1787
Registered: 5-2001
| | Posted on Tuesday, March 14, 2006 - 10:13 pm: |
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I've had good luck with www.lendingtree.com.
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Zet
Citizen
Username: Zet
Post Number: 12
Registered: 12-2005
| | Posted on Tuesday, March 14, 2006 - 10:32 pm: |
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I found this book in local library and it was extremely helpful in learning about the different types of mortgages and the whole process in general: Mortgages 101: Quick Answers to Over 250 Critical Questions About Your Home Loan by David Reed.
Here is a link to the description on Amazon: http://www.amazon.com/gp/product/0814472451/sr=8-1/qid=1142392692/ref=sr_1_1/102 -3485138-3383326?%5Fencoding=UTF8
There are many sources of mortgage information on the web but it maybe also very overwhelming in the beginning. This book gives you the basics and much more in a well organized, straightforward fashion.
Good luck. |
Smarty Jones
Citizen
Username: Birdstone
Post Number: 457
Registered: 10-2005
| | Posted on Wednesday, March 15, 2006 - 7:14 am: |
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beware the online mortgage brokers....you'll get every slick guy from NY to California calling you pushing the latest/greatest mortgage, and on average will pay 1/4 pt higher than local banks......not to mention it opens up your credit reports to dozens of brokers. |
Paddya
Citizen
Username: Paddya
Post Number: 11
Registered: 4-2005
| | Posted on Wednesday, March 15, 2006 - 8:27 am: |
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To all that have replied. My wife and I are greatful to all the advice and comments. Just another reason why we have fallen in love with Maplewood/Orange. |
Wendyn
Supporter
Username: Wendyn
Post Number: 2789
Registered: 9-2002
| | Posted on Wednesday, March 15, 2006 - 8:33 am: |
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Best thing about Hudson City is that they keep their loans instead of selling them like some of the other companies. We had major problems when Chase sold our old mortgage to another bank.
We love the service at Hudson City, and the rates are good. There is a branch on Main Street in Millburn next to Taylor Park. |
Scalia
Citizen
Username: Scalia
Post Number: 18
Registered: 7-2004
| | Posted on Wednesday, March 15, 2006 - 10:08 am: |
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While searching for a mortgage two years ago, we found the best rates at:
http://www.loansearch.com/
This site is NJ-specific and lists the best rates offered by local banks (no mortgage brokers). We ultimately got our mortgage through Clifton Savings Bank and have had no problems.
Best of luck! |
fiche
Citizen
Username: Fiche
Post Number: 90
Registered: 3-2002
| | Posted on Wednesday, March 15, 2006 - 11:40 am: |
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Banks usually charge less extra fees than when you use a mortgage broker/lender because they often add what I call "bumper fluid" fees -- fees for things that don't really even exist. Hudson City has very low closing costs. I believe this is also true of Valley National Bank and Clifton Saving Bank. If you are well qualified, your best bet is a real live bank, not a mortgage company.
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HOMMELL
Citizen
Username: Hommell
Post Number: 51
Registered: 11-2005
| | Posted on Wednesday, March 15, 2006 - 11:45 am: |
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Try Wachovia. |
Jaz201
Citizen
Username: Jaz201
Post Number: 18
Registered: 12-2005
| | Posted on Wednesday, March 15, 2006 - 2:56 pm: |
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We got our mortgage with Hudson City Bank with a very low interest rate. We are going to closing at the end of the month. It is very encouraging to know that the their closing costs are so low. |
srg227
Citizen
Username: Srg227
Post Number: 34
Registered: 6-2004
| | Posted on Wednesday, March 15, 2006 - 5:46 pm: |
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just remember that the amount of money that a bank may be willing to lend you can exceed the amount of money that you can really afford to spend every month on housing. Just be aware of this so that you don't end up "house poor". Look over your budget and figure out what your limit is for all housing-related expenses (principal, interest, property taxes, and property insurance)
some lenders will encourage you to go with short-term adjustable-rate mortgages (ARMs) in order to get a lower introductory interest rate and thereby enable you to meet your initial monthly payments. This may be fine in the short term, but you run the risk that when the introductory period ends, and your new rate is variable, it could be considerably higher than that introductory rate. Something to consider from a 'worst case scenario' perspective. |
sbenois
Supporter
Username: Sbenois
Post Number: 14712
Registered: 10-2001
| | Posted on Wednesday, March 15, 2006 - 9:01 pm: |
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Hudson City is the best lender I've ever seen. |
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