Getting Affordable NJ Mortgage Rates | Current Home Loan Rates in New Jersey

With the bustling economies of Philadelphia and New York City within easy reach, New Jersey real estate will always be in high demand.

Luckily, current mortgage interest rates in New Jersey have remained relatively stable. According to Zillow, the average 30-year fixed mortgage rate is 3.68 percent, a full three basis points lower than the national average.

Whether you’re looking to refinance an existing New Jersey mortgage loan or purchase a new home in Newark, Jersey City, Paterson, Elizabeth, Edison, Woodbridge, or any other city in New Jersey, finding the best New Jersey mortgage rates is a crucial part of the process.

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Banks vs Online Mortgage Lenders | Best NJ Mortgage Rates

In the past, getting a New Jersey mortgage for residents in Jersey City, Newark, Edison, Trenton, or Woodbridge meant sitting down with a representative and filling out paperwork in an office.

Today, new homeowners looking for the best New Jersey mortgage rates have the advantage of using online mortgage lenders and applying for a New Jersey mortgage from the comfort of their own home.

Should you choose a local bank or an online lender for a New Jersey mortgage? Which one will offer the best mortgage rates in NJ? See the below sections for a quick explanation of what sets these mortgage lenders in New Jersey apart. 

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While most banks will offer online mortgage applications, the bulk of the New Jersey mortgage application process will occur in-person.

For some borrowers, having a loan officer work directly with them throughout the process is a huge benefit, since using brick-and-mortar lenders in New Jersey provides the benefit of one-on-one, in-person support.

If you have an established relationship with a local bank, you may be able to get better NJ mortgage rates. At the same time, because banks have higher overhead, their mortgage interest rates in NJ may reflect higher percentages to cover maintenance costs.

Additionally, the application process may be more time-consuming, since you’ll need to make an appointment with a loan officer, gather all of your documents, and wait anywhere between 30-45 days for processing.

Mortgage Rates in NJ

City in New Jersey

Online Mortgage Lenders

With the rise of online mortgage lenders, searching for mortgage rates in NJ is more convenient than ever.

For many borrowers, the application process for a New Jersey mortgage will be much easier, too. Rather than bring physical copies to an office, these mortgage lenders in New Jersey use digital copies or automatic retrieval to fill out forms.

Without brick-and-mortar locations, online lenders often have the best New Jersey mortgage rates, since they don’t need to pay for the operational costs of running a physical office.

No matter what kind of New Jersey mortgage lender you choose, you’ll want to do your own research to ensure that they are offering the best NJ mortgage rates for your unique financial situation.

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Good, Great, or Excellent Credit Score for New Jersey Mortgage Loans

Finding the best New Jersey mortgage often depends upon how the borrower ranks on the FICO credit scale. The FICO score ranges anywhere between 300-850 to evaluate financial risk for each borrower.

The range of FICO scores generally falls into these categories:

  • 300 – 629 is considered a bad credit score
  • 630 – 689 is considered a fair credit score
  • 690 – 719 is considered a good credit score
  • 720 – 850 is considered an excellent credit score

To see average credit scores from 2005-2015, see the image below. Currently, credit scores in 2017 are at all an all-time high according to CNBC, with an average score of 700.

NJ Mortgage Rates

Conclusion – Finding a Top Mortgage Loan for a Home in New Jersey

Finding great mortgage rates in NJ won’t happen overnight—it will take a little bit of work to sort through the best New Jersey mortgage rates and lenders.

Rather than jumping on the first New Jersey mortgage offer you find, you’ll want to compare multiple NJ mortgage rates to ensure that you are getting the loan terms that fit within your budget.  

Whether you are looking for mortgage refinance rates in NJ or the best New Jersey mortgage rates for a new home, there are plenty of high-quality mortgage lenders in New Jersey to choose from.

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Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.

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