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Refinance
Picking An Interest Rate
For many people in New Jersey, mortgage refinancing makes sense due to the recent drop
in interest rates. Surprisingly though, the lowest rate may not always be the optimal way to go. There are other
factors to consider when securing New Jersey mortgage refinancing:
- Points are fees paid up front that are used to lower New Jersey mortgage interest rates. It amounts
to pre-paying the interest on your loan in one lump sum in order to reduce your monthly payment. Each point is
1% of the loan balance.
- Annual Percentage Rate (APR) is a way to compare different New Jersey home mortgage loan programs.
The calculation is complicated, but in essence, the APR takes into account most of the fees paid to get the loan
(such as the application fee, credit report fee, documentation fees, mortgage insurance premiums, etc.) and is
stated as an interest rate.
Along with choosing a New Jersey home
mortgage loan program, you need to choose how you want
to price your loan when you apply. A knowledgeable New Jersey
mortgage lender at Sunquest can make sure you have the proper
information to make an intelligent decision on the various
choices available. Call now for more information!
Call
Toll Free
800-379-1829
At Sunquest Funding, focusing on the
customer’s needs is priority #1!
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