[rs]

I live in NJ and am planning to buy a single family home for $390,000. As a first time home buyer, I am searching for good mortgage lender providing lowest rates as fixed rate (planning to take 15yrs or 30yrs mortgage depending on the rate, preferrably 15yr mortgage). Anybody had any previous experience buying a home and getting financed at low rate please advise. I am also willing to put down 20% down payment. What are the other cost that I should expect ?

[Professional Peon]

I would personally shop around and get rates, you will have 14 days from your first inquiry to get as many companies as you can look at your credit for lending purposes and they will all count as one look. So it will not hurt your credit score. Go with whomever gives you the best rate, since they tend to sell them to other lenders anyway. I would check on bankrate.com since they are one of the best places to get current rates from national companies. You will need to pay out of pocket for your inspections, the home inspection, the termite inspection and the lead inspection if you need one. Along with your 20% down you will want to have enough funds to pay for your homeowners insurance for the first year, and the first year of taxes. Also I personally would go with the 30 year mortgage with no pre-payment penalty, that way you can pay off the mortgage as fast as you like, if you want to send in double payments some months, but around the holidays pay the regular amount you will be able to do that, plus it is less difficult to manage the payments if someone heaven forbid looses a job for a bit. Good luck