Most mortgage companies will charge a zero to one point to lock a loan rate but make sure you ask if there is a charge for a rate lock and for how long will this rate be locked for.

1. May 2015
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How do you pick a home loan lender out of a plethora of
mortgage companies in NJ or really anywhere?
We have the answer! Well actually, we have 6 questions you
need to ask to get your answer.
Before you decide on one of the many mortgage companies
out there, make sure you have your questions ready to ask to
see if they will be the perfect 몭t for you! Remember you are a
customer and must feel comfortable with the mortgage
lender or mortgage broker.
1. What is the best loan for me?
The right mortgage company will make sure to 몭nd out
more information about you before they start
suggesting loan options to you. In order to make an
informed suggestion the right mortgage company in NJ or
anywhere will make sure, they have gathered enough
information from you before they suggest a particular loan.
Also, do not be afraid to ask questions! They are here to help
make things easier for you!
6 Questions To Ask
Mortgage Companies In
NJ (Or Anywhere)
Get Started

2. 2. NJ Mortgage Rate vs. Annual Percentage
Rate?
What’s the difference?
The APR, or annual percentage rate, is derived from a
calculation that includes the mortgage rate as well as all the
other related mortgage company fees and is then divided by
the loan’s term.
Please keep in mind a few things though.
Some mortgage companies do not calculate APR correctly,
and there is no way accurately to calculate an APR rate for
an adjustable rate loan.
3. Discount points and origination fees
What are they?
Every “point” is 1 percent of the loan amount you plan on
taking out. For example 2 “points” on a $200,000 loan cost
$4,000. In addition to points, there are times that mortgage
companies in NJ and all over the U.S. will charge origination
fees as well as points. Make sure you ask for all of this
information upfront, so you are not caught off guard later on!
4. What will all of this cost?
You must keep in mind that there are certain third party
vendors fees that must be paid when getting a loan. Some of
these fees include the cost of the appraisal, credit report,
escrow (where applicable), recording fee’s, lender’s title
policy, etc. The LE, or Loan Estimate, will outline all of
these closing costs and a mortgage company is required by
law to give it to you.
5. Do you offer Loan Rate Locks?
On a daily basis mortgage interest rates can change, which
can make borrowers worried about what will happen to their
loan if there is a drastic change in the rates before they close
on their new home. Because of this, most borrowers want to
“lock their loan” to avoid losing out the interest rate that they
desire. Most mortgage companies will charge a zero to one
point to lock a loan rate but make sure you ask if there is a
charge for a rate lock and for how long will this rate be
locked for.
6. How much time will be needed to fund my
home mortgage?
The average time it takes to process a loan can take

3. anywhere from 21 to 45 days. In order to properly write a
purchase contract, you will need to have a closing date in
mind, and that date must be in line with how long your
mortgage company needs to close your loan! Make sure to
몭nd out what the anticipated turnaround time is and do they
see any obstacles that could delay the closing.
We also have a handy timeline guide that details what to
expect during the homebuying process that’s easy to
understand.
Always remember to speak with a Home Loan Advisor who
will sit with you and answer all of your questions.
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© 2021. Get A Rate LLC. All Rights Reserved
NMLS #907795 Licensed Residential Mortgage Lender in CA, WA, GA, TX, PA, CT,
FL, SC and NJ (by the NJ Department of Banking and Insurance). Equal Housing
Opportunity Lender. When and if acting as a broker, Get A Rate will not make
commitments or fund mortgage loans. Registered NY Mortgage Broker. All NY
mortgage loans are arranged with third party lenders – Get A Rate LLC does not
directly offer or guarantee NY interest rates or loan programs and does not
directly issue commitments or make 몭nal decisions on loan terms. This website is
not authorized by the NYDFS and that no applications can be taken for NY loans
on the site.
Get A Rate LLC is an FHA Approved Direct Lending Institution, and is not acting
on behalf of or at the direction of HUD/FHA or the Federal government. These
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