New Jersey State Center Wiki: Saving Money On Your First New Jersey Mortgage Loan

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If your local New Jersey newspaper does not periodically run mortgage rate surveys, call at least six lenders for information about their rates (APRs), points, and fees. You may also check http://www.bankrate.com/ for mortgage information in your area. Then ask an accountant to compute precisely how much each mortgage option will cost and its tax implications.
Be aware that the interest rate on most adjustable rate mortgage loans (ARMs) can vary a great deal over the lifetime of the mortgage. An increase of several percentage points might raise payments by hundreds of dollars per month.
You can save thousands of dollars in interest charges by shopping for the lowest-rate mortgage with the fewest points. On a 15-year $100,000 fixed-rate mortgage, just lowering the APR from 7% to 6.5% can save you more than $5,000 in interest charges, and paying two points instead of three would save you an additional $1,000.
Although your monthly payment may be higher, you can save tens of thousands of dollars in interest charges by shopping for the shortest-term mortgage you can afford. On a $100,000 fixed-rate loan at 7% annual percentage rate (APR), for example, you will pay over $75,000 less in interest on a 15-year mortgage than on a 30-year mortgage.

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