I have been quoted 3.875% for 30-year fixed.

Honestly, Sounds like a bait and switch. I don't know one lender offering that right now. That was the norm for the 30 year fixed about 3 months ago...Now it is in the range of mid 4's realistically. Good question Tom!

Truthfully, it looks like you are being baited. I am a NJ lender in Cherry Hill. Please give me a call and I will be more than happy to enlighten you.Sharon856 324 3608

buyer beware!!! it is most definitely a "bait and switch".. 3.875 is available, but you would need to pay 5 points to get it.. Ask for a good faith estimate or an "Initial Fee's Worksheet".. this should shed some light on this bogus offer.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Hi Tom. Yes I would have to agree with my felllow bankers. With zero points rates are in the low to mid 4's at this time. Very good question and yes you should be careful. I represent Millenium Home Mortgage a direct lender in Westfield, NJ since 1998. I would be happy to answer any questions you have. I can be reached anytime at 908-303-1367. Thanks for the question.

This is great question - the rate could be real, but could come with points. The quoting of a rate is not as simple as just saying "I can get you XXX". If you want a lower monthly payment, you can pay money out of pocket and get a very low rate...if you want to go with a higher rate, you may have a credit at closing to cover some or all of your costs. A good broker will set out the options for you so that you can make an informed decision. Be careful not to go into a rate that appears too good to be true, at the closing you may get a less than pleasant surprise.

Get a written quote and a "lock".

Hey Tom, 3.875% is available on a fixed rate BUT it is not a zero point loan. I'm a local Broker with offices in Summit and North Arlington (raised in Newark). Call me if you would like to review that lenders good faith and best options available on today's market. Carlos Figueira 908-516-2190 Ext. 301

You definitely need to get more details on this quote - in order to get this low of a rate for a 30-year fixed loan, there are definitely some points involved. You will want to compare that with a zero point loan as well, which will come at a higher interest rate. Determine which one will cost less over the entire life of the loan.

Most likely advertising. See the thing the people don't realize is there are HUNDREDS of rate options and variables. Yes, you COULD possibly get that rate but expect to have a Super Low Loan to Value like 40% or less and then expect to pay a couple points to get it as well but you only have a 731 fico and not a 740 which is the next higher rate tier. Get a Good Faith from them and see how much you would be paying to get that rate.

I think it is a bogus rate: That current rates is about 4.5% for Fico's above 740I work for a NJ BankIf you want to discuss it, please contact me:James Mazzola732-501-4249jmazzola@snbc.comhttp://www.hsh.com/lshow/sun_national.html

3.875% is very low, he may be able to get you that if he charges points. Also how long of a lock period? If you do want to use him ask him to lock it and sign a lock-in agreement, at least you should be cover.

It sounds like an Arm to me. I would have him send you everything in writing.