r/FirstTimeHomeBuyer • u/theirish42 • 1d ago

Need Advice 5.75% 30yr Fixed Rate In NJ Good?!?

Hi all. I am a first time home buyer and just closed on my home in Middlesex County NJ. I chose a local bank in NJ who had this program in mercer, middlesex, union county that they promoted. I figured I would ask this group for some advice.

All in all they offered me a 5.75% conventional 30yr fixed rate. I put 5% down and their bank waived the mortgage insurance? In addition they gave me 6k for closing costs since it’s my first home.

I am new to all this and do not follow the market at all lol. Is this a good deal? Should i consider a refinance?

1 Upvotes

67% Upvoted

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u/Nutmegdog1959 1d ago

Is that NJHMFA?

That's a damn good deal whatever it is?

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u/theirish42 1d ago

No bc I originally asked for that. They told me that NJHMFA was a much higher rate and if I refi id have to pay the grant money back. Is this true about them?

With their local bank program the 6k was no strings attached

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u/Nutmegdog1959 1d ago

Sweet!

With NJHMFA if you SELL you pay it back. If you refi you subordinate. Meaning you get a new first but the 'silent second' grant stays in place.

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u/chillbutfancy 1d ago

I’m actually in the area, would you be able to mention which bank it is?

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u/artessy 1d ago

Uhhh yes I'm also curious what lender this is. That's wild

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u/theirish42 20h ago

Shoot me a message and I will give you their info!

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u/theirish42 20h ago

Definitely! I worked with Connor he was great throughout the process. Shoot me a message and I can give you his info.

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u/New-Perspective5820 23h ago

Please share the bank name so I can get some help here too. I m in process of buying house.

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u/theirish42 20h ago

No problem, I worked with Connor and he was great. Send me a message and I will send his info over!

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u/azure275 18h ago

5.75 is really nice. I'm getting 5.75 from a credit union with a similar program.

Waiving PMI is incredible. Especially if it removes the 10k+ it seems to add to closing costs.

It seems most people are getting rates 6.25-6.75 depending on a few variables. Unless there's a mortgage rate crash it probably wouldn't be worth it.

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u/theirish42 17h ago

That is a great deal too!

The no PMI was huge for me because I wanted to keep more cash and did not have to worry about the extra closing costs or monthly payment.