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Rate Points APR Payment
Conforming 15 Year Fixed
6.250% 0.0 6.250% $0
Conforming FHA 30 Year Fixed
6.125% 0.0 6.125% $0
Conforming 1 Year ARM
rate not available
Conforming VA 30 Year Fixed
6.125% 0.0 6.125% $0
Conforming 30 Year Fixed
6.250% 0.125 6.262% $0
Non-Conforming 30 Year Fixed
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Testimonials
Luis and wish to express our sincere thanks for all you did for us in making it possible to secure a mortgage and become First-Time homeowners. Your dedication and concern on our behalf is deeply appreciated. The professionalism and knowledge in handling our many questions, your endless patience with our repeated phone calls and visits provided the guidance we needed to allow us to purchase our home. We could not have done it without your constant attention to detail and making us aware of the many steps that had to be taken to secure the mortgage. You were the ink that put it all together! Once again, our many thanks and deep appreciation for all your efforts and the efficient manner that our application was handled by you and your very dedicated staff. Sincerely, Anmol K. Deol
—Anmol K. Deol.
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Wholesale inflation was reported higher than expected this morning reflecting the rise in energy and commodity costs. The Producer Price Index (PPI) rose 1.2% in July versus expectations of 0.6% while the core PPI, which excludes food and energy, rose...
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Paying Points
What are Points?
Points are up front mortgage interest fees paid on a loan to reduce the initial interest rate. For example, a one-point loan will always have a lower interest rate than a zero-point loan. Therefore, paying points is a tradeoff between paying money now versus paying money later.

No Point Loans
There are many reasons for choosing a "No Points — No Closing Cost" Mortgage. The following outlines some of the most common reasons borrowers choose this option.
  1. Lack of cash to close escrow. If you are purchasing a new home and are short on cash for the down payment, a "No Points — No Closing Cost" mortgage can save you up to thousands of dollars.
  2. If the estimated time you will be staying in the home is less than 4 years, while paying points and closing costs will give you a lower interest rate and a lower monthly payment, it typically takes about 4-5 years of living in the property to realize the benefit of the lower payment when weighed against the total cost of the points.
  3. Lack of equity in the property when refinancing. A similar situation as portrayed in item "1". If it makes financial sense to refinance your mortgage, but you do not have enough equity in the property to add your closing costs into the new mortgage - a "No Points — No Closing Cost" mortgage could make great sense.

Tax Issues
In a refinance transaction, points must be amortized over the life of the loan. For example, on a 30 year loan, you can deduct 1/30th of the points paid each year. If you refinance for a second time, however, you may be able to deduct the remaining unamortized points in the year you refinance the loan. Consult your tax advisor for more information.
  Bankers Mortgage Corporation
255 Old New Brunswick Rd S210
Piscataway, NJ 08854
Fax (732) 562-9385

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