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NJ Mortgage Resources

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          Learn more about the NJ mortgage process with our educational resources for homeowners.

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        • What is a Mortgage?A mortgage is simply a lien that is put on a property by a bank or lender of money to assist a consumer to obtain funding in order to purchase that property.
        • Mortgage Pre Approval vs. Pre QualificationAs a technical matter is there are actually 3 levels of “Pre-Approval” available as a lead-up to your mortgage.
        • What Factors Go Into Qualifying for a Mortgage?There are four main categories that a bank will review when they qualify you for mortgage financing, otherwise known as the four pillars of qualifying: Income, Assets, Credit, and Debt.
        • What is PMI Insurance?Private Mortgage Insurance (PMI) is quite simply an insurance policy that protects the mortgage lender in case of default on the mortgage.
        • New Jersey Mortgage Application ChecklistBeing fully prepared leading up to your application can prevent a lot of troubles and tribulations, which can be detrimental and emotionally taxing especially after you’ve gone to contract on your new home.
        • What Is The Minimum Down Payment For a House in NJ?Depending on your circumstances you may be looking to get into a property for the least amount of cash possible.
        • What Are The Three Different Types of Mortgage Lenders?There are 3 different types of lending companies that originate mortgage loans. Banks, Brokers, and Mortgage Bankers.
        • What Determines Mortgage Rates?A variety of factors lend their hand in the determination of where a particular lender will be on rates.
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Welcome!

NJ Mortgage Resources

“Knowledge is power. Knowledge shared is power multiplied”
-Robert Boyce

new-jersey
Your one stop shop to help answer all your mortgage related questions.

Buying or refinancing a home can be daunting. The more educated you are as a consumer, the better the decisions you will make. NJMortgageResources.com is your one-stop for everything you need when getting ready to apply for your New Jersey mortgage. Whether you’re purchasing a new home or refinancing an existing mortgage, our goal is to provide you with the knowledge, resources, and information to make the best decisions for you and your family. As a more informed consumer, you will be in a better position to make more informed decisions about the financing of the largest asset most of us will ever have….our home.

Your home financing is a very personal, individual experience. Our tools and resources are designed to help you make those decisions a little easier.

Helpful Resources

What is a Mortgage?

New Jersey Mortgage Application Checklist

Mortgage Pre Approval vs. Pre Qualification

What Is The Minimum Down Payment For a House in NJ?

What Factors Go Into Qualifying for a Mortgage?

What Are The Three Different Types of Mortgage Lenders?

What is PMI Insurance?

What Determines Mortgage Rates?

Custom Mortgage Rate Quote

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Frequently Asked QuestionsView All FAQs

What is the average PMI rate?
As of 2022, the PMI rate varies between 0.55% and 2.25% of the original loan amount. PMI rates will vary depending on the type of loan, down payment and credit score. For more information on PMI click here.
What is a “conditional mortgage approval?”
A conditional mortgage approval means that your mortgage underwriter is generally pleased with your application, and they are willing to approve your request for financing as long as you are able to meet certain conditions that they will list in that approval. Examples of approval conditions may include items such as evidence of homeowner’s insurance, title insurance policy issuance, or
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Does a 401k loan affect mortgage approval?
Per standard underwriting guidelines, 401K loan payments are not considered when calculating debt to income ratios, therefore have little to no bearing on a mortgage application. For more information on factors that affect qualifying click here.
What is a “cash-out refinance?”
A cash-out refinance is a mortgage-refinancing option in which an old mortgage is replaced by a new one with a larger amount than owed on the previously existing loan, therefore providing them with the difference in cash at closing. In this way, it allows borrowers to tap into their home equity for things like home improvements and debt consolidation.
What are seller concessions?
Seller concessions are an agreement, written into the purchase contract of a Real Estate transaction, which state that the seller will contribute a certain amount toward closing costs normally paid for by the buyer. Visit our “Understanding Seller Concessions” page for more in-depth information on seller concessions.
What is a USDA home loan?
The United States Department of Agriculture (USDA) home loans are intended for rural homebuyers and allow for lower down payment and more liberal credit requirements in an attempt to encourage development in rural areas. In fact, there is no down payment for a USDA home loan. There are however county-based income restrictions that are applicable for qualifying.

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NJMortgageResources.com provides homeowners with all the information they need to navigate the complex New Jersey mortgage process and get the best rate possible for their situation. Browse our educational resources and get a free customized rate quote from one of our top NJ mortgage specialists who can also help you with any additional information you may need or questions you may have.

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Quick Links

  • About
  • Resources
    • What is a Mortgage?
    • New Jersey Mortgage Application Checklist
    • Mortgage Pre Approval vs. Pre Qualification
    • What Is The Minimum Down Payment For a House in NJ?
    • What Factors Go Into Qualifying for a Mortgage?
    • What Are The Three Different Types of Mortgage Lenders?
    • What is PMI Insurance?
    • What Determines Mortgage Rates?
  • FAQs
  • Glossary
  • News
  • Blog
  • Get a Custom Rate Quote

Resources

  • What is a Mortgage?
  • New Jersey Mortgage Application Checklist
  • Mortgage Pre Approval vs. Pre Qualification
  • What Is The Minimum Down Payment For a House in NJ?
  • What Factors Go Into Qualifying for a Mortgage?
  • What Are The Three Different Types of Mortgage Lenders?
  • What is PMI Insurance?
  • What Determines Mortgage Rates?

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