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New Jersey Mortgage Rates

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New Jersey Mortgage Rates

Comparing New Jersey Mortgage Rates with National Rates

In order to help you see how New Jersey mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in New Jersey

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in New Jersey

In order to qualify for the best mortgage rates in New Jersey it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

 Mortgage Resources for New Jersey

New Jersey is the eleventh most populous US state. According to the US census, as of 2017, there is an estimated population of over 8.9 million residents, which represents 2.8% of the US population. According to the 2015 HMDA statistics only 4% of New Jersey mortgages were VA loans, versus a 10% national.  The NY Federal Reserve reported that the average mortgage balance for households with a mortgage was $153,300, more than $28,000 than the national average. About 25.8% of New Jersey households had a mortgage, which was similar to national figures. 

Here are some outside resources that can help you understand the New Jersey mortgage environment:

  1. FHA loan amounts in New Jersey: (note:set the table to New Jersey) There are 21 counties in the state of New Jersey of which 58% of the single family units meet the Highest loan limit, currently at $636,150. 37% of the counties are at the Standard loan limit, currently at $275,665. The remaining 5% are between those two limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for New Jersey and your county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, currently at $424,100, there are 53% of the counties that fit this category. None of the counties have the Highest Loan limit of $636,150. The remaining 47% are between those two limits.
  3. New Jersey First Home Buyer Programs: The New Jersey Housing and Mortgage Finance Agency (HMFA) offers a number of programs to help purchase affordable homes. Their programs include  down payment assistance programs, such as the New Jersey HomeSeeker Program which “provides $16,000 for first-time homebuyers and veterans to use as down payment and/or closing cost assistance when purchasing a home in Atlantic, Camden, Essex, Gloucester, Passaic or Union County”, the Smart Start Program that “provides first-time homebuyers with up to 4% of their mortgage amount to use as down payment and/or closing cost assistance, when purchasing a home in a Smart Growth Area” and the Homeward Bound Homebuyer Mortgage which “is open to first-time homebuyers, trade up and trade down borrowers.” There are income, credit, and property value restrictions to the programs.
  4. Check out the Hud’s website for more information about homeowner programs and homeowner education programs. 

Mortgage Trends and Statistics for New Jersey

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. based on Metropolitan Areas.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table V - Averages for Major Metropolitan Areas: Loans Closed

Check out some differences in Two areas in New Jersey:

  • Mortgage Rates for Conventional Loans in Two MSAs in New Jersey
  • Mortgage Fees in Two MSAs in New Jersey
  • Loan Amount in New Jersey for Two MSAs
  • LTV over 90% in Two MSAs in New Jersey

 

Mortgage Rates for Conventional Loans in Two MSAs in New Jersey"

 

Mortgage Fees in Two MSAs in New Jersey

 

Loan Amount in New Jersey for Two MSAs

 

LTV over 90% in Two MSAs in New Jersey for Two MSAs

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