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Guide to New Jersey Mortgages
Maybe you are buying your first home in New Jersey, or perhaps you're relocating to New Jersey from another state. Then again, you may be a long-time New Jersey resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on New Jersey home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in New Jersey:
The median price of a home in New Jersey is $211,500. Recently, homes in New Jersey have been appreciating at rates well above the national average. As a result, income levels in many parts of New Jersey are too low to purchase a median-priced home with a conventional loan. Although average interest rates in New Jersey are below the national average, New Jersey has one of the lowest levels of home affordability in the nation.
In New Jersey, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
New Jersey's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. New Jersey law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, New Jersey law enacted a set of anti-predatory lending laws in order to help protect New Jersey homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of New Jersey, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for New Jersey FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for New Jersey's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of New Jersey also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, New Jersey's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the New Jersey Housing Finance Agency.
Last Updated: Wednesday, September 17, 2008
New Jersey Real Estate Market View
updated Wednesday, September 17, 2008
| Housing & Social Facts |
New Jersey |
United States |
| Total housing units |
3,443,981 |
n/a |
| Owner-occupied housing units |
67.3% |
66.9% |
| Renter-occupied housing units |
32.7% |
33.1% |
| Vacant housing units |
8.8% |
10.8% |
| Average Home Value |
$333,900 |
$167,500 |
| Average Mortgage Payment |
$1,938.00 |
$1,295.00 |
| Average Rental Payment |
$730 .00 |
$388.00 |
| Total Population |
8,521,427 |
n/a |
| Percentage Male |
48.6% |
49.0% |
| Percentage Female |
51.4% |
51.0% |
| Median Age |
38.0 |
36.4 |
| Under 5 years |
6.8% |
7.0% |
| 18 years and over |
74.7% |
74.6% |
| 65 years and over |
12.5% |
12.1% |
|
1 Year Market Value Change for New Jersey |
| 1yr | 5yr | 10yr |
 |
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Popular New Jersey Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Bayonne |
61,842 |
$41,566 |
| Bloomfield |
47,683 |
$53,289 |
| Camden |
79,904 |
$23,421 |
| Clifton |
78,672 |
$50,619 |
| East Orange |
69,824 |
$32,346 |
| Edison |
97,687 |
$69,746 |
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| First Consumer Mortgage, Inc. |
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First Consumer Mortgage Inc. is licensed by the States of Connecticut and New Jersey as 1st and 2nd Mortgage Lenders and by the U. S. Department of Housing and Urban Development as a HUD/FHA Mortgage Lender and has been helping consumers like you for over 15 years. We offer a full range of mortgage programs at competitive rates. Whether you have the very best credit or unsatisfactory credit, our programs will enable you to purchase a home with little or no money down, as well as use the equity in your home up to 100% of its appraised value for any purpose. We even offer programs to purchase or refinance investment properties, programs for consumers in bankruptcy and/or foreclosure, and no income verification programs. First Consumer Mortgage Inc. offers you instant access to a world of knowledge and information, including: mortgage calculators, a look at current rates, powerful refinance strategies, FREE pre-qualification for loans, and our exclusive Mortgage Manager program. When you are ready you can even apply for a loan online with a trusted mortgage professional or if you prefer, you can apply by phone or in person. First Consumer Mortgage Inc. is dedicated to providing expert guidance through Internet technology, with the added convenience of local service. First Consumer Mortgage, Inc.
One Woodbridge Center Drive, Suite 820
Woodbridge, NJ 07095
800.432.3203 - Toll Free
732.404.6000 - Phone
732.404.6001 - Fax First Consumer Mortgage, Inc. is a real estate broker licensed by the NJ Dept of Real Estate License
Get a no-obligation New Jersey mortgage quote today!
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| First Hallmark Mortgage Corp. |
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For some time we have recognized the need to improve and refine both the lending process and the lending products offered in this country. That's why we've committed considerable resources to the research and development of advanced loan products - products that are more responsive to America's present financial lifestyle and more responsible toward helping our customers achieve long lasting financial strength. Inherently, our programs take a closer look at who you are and where you'd like to be five years from now. We think it's the proper way to develop a loan program. It means spending more time with our customers, getting to know them better. But the benefits have more than justified our investments. And the unprecedented level of customer satisfaction provides motivation for us to continue our efforts. Our newest Debt Consolidation program offers Homeowners stronger and better options to handle credit card debt and to assist in building a stronger financial and credit future. Our Home Advantage Program is a brilliant home purchase program that allows you to fund your present needs, accommodate your future needs and help you to afford the most house possible. Second Change Program, an efficient financial rescue program that is designed for homeowners that can pay down their debt, assist in restoring credit and build a financial security for the future. First Hallmark Mortgage Corporation
2 Executive Drive
Somerset, NJ 08873
800.406.3005 – Toll Free Licensed by the NJ Department of Banking and Insurance
Get a no-obligation New Jersey mortgage quote today!
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| Windsor Financial Mortgage |
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The mission of Windsor Financial Mortgage is to tailor a mortgage program which best suits the individual needs of our clients. We pledge to provide all of our clients with the highest levels of professionalism, service and integrity available from a mortgage banker. Windsor Financial Mortgage Corporation was established on a very simple concept: To provide our clients with the highest levels of professionalism, service and integrity available from a mortgage company. We are proud that as the company has evolved into one of the largest mortgage banking firms in the Greater Delaware Valley, we have not swayed from our mission- One of the hallmarks of our success is that we are able to help marry cutting edge technology with great customer service. This philosophy, together with both the commitment and quality of our employees, makes Windsor Financial a mortgage company like no other around — one centered on customer needs and customer concerns. Whether you are looking to buy a home, refinance your existing house, get a home improvement loan, consolidate debt, or take cash out for any purpose at all, Windsor Financial Mortgage Corporation has a loan program to fit your needs.Windsor Financial Mortgage has perfected the process of the online mortgage application. Windsor’s website offers all the advantages of real time service over the Internet without losing the need for personal service and advice. Windsor is not just another internet company; we are a mortgage banker that has found our niche online. Windsor Financial Mortgage
701 Route 73 South Building 1, Suite 420
Marlton, NJ 08053
Phone: 856-797-8150
Toll Free Phone: 877-936-2775
Fax: 856-552-5299 New Jersey Licensed Mortgage Lender – NJ Department of Banking #L045419
Get a no-obligation New Jersey mortgage quote today!
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