Mortgage Rates NJ

FHA World - Mortgage Rates NJ

Fixed-rate mortgages are the most common mortgage because they're stable. Typically the monthly mortgage payment remains the same for the entire term of the loan – whether it's a 15 year, 20 year or 30 year mortgage, allowing for predictability in your monthly housing costs.

What are the benefits of a fixed-rate mortgage?

• Inflation protection.
  If interest rates increase, your mortgage and your mortgage payment won't be affected. This is especially helpful if you plan to own your home for 5 or more years.
• Long-term planning.
  You know what your monthly mortgage expense will be for the entire term of your mortgage. This can help you plan for other expenses and long-term goals.
• Low risk.
  You always know what your mortgage payment will be, regardless of the current interest rate. This is why fixed-rate mortgages are so popular with first-time buyers.

There are additional considerations to be aware of with fixed-rate mortgages:

• Your mortgage interest rate won't go down, even if interest rates drop, unless you refinance your mortgage.
• Because the interest rate may be higher than other types of loans such as adjustable-rate mortgages, you may not be able to qualify for as large a loan with a fixed-rate mortgage.
• While your actual mortgage payment will not change, your total monthly payment can occasionally increase based on changes to your taxes and insurance. In many cases you can choose to pay these costs as part of your monthly payment through an escrow account that your lender keeps for you.

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Credit score - On January 20, 2010 FHA announced a new policy to address risk. FHA changed the minimum credit score for new borrowers.

• FHA requirements new borrowers will now be required to have a minimum credit score of 580 to qualify for 3.5% down payment
  
• Borrowers with less than a 580 credit score will be required to put down at least 10%
• Minimum 500 credit score
  

This has allowed the FHA to better balance its risk and continue to provide financing for home buyers.

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www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.