NJ Mortgage Resources

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

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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 Are The Benefits of Pre-Approval?

Being pre-approved means that a lender has evaluated your finances and concluded that based on the information provided to that point, you are eligible for mortgage financing. Pre-approval gives you an advantage when making an offer on a house, because it shows the seller that your credentials and resources have already been verified with a mortgage lender. See our page

Does Having Multiple Pre-Approvals Hurt Your Credit?

Not necessarily, but pre-approvals often require the use of a “hard credit inquiry,” which can reduce the buyer’s credit score by approximately three to five points and will appear on your credit report for up to two years.

What is a Hard Credit Inquiry vs. a Soft Credit Inquiry?

A “soft credit inquiry” is a financial background check that does not affect your credit score. A “hard credit inquiry” is a more involved investigation of a buyer’s credit and finances. Additionally, hard credit inquiries also can reduce a buyer’s credit score by three to five points or so.

Can You Get Multiple Pre-Approvals for a Mortgage From Different Lenders?

Yes, you can have multiple pre-approvals from different lenders. Each pre-approval letter has an expiration date, so be mindful of that as you continue your house hunt.

How Do Seller Concessions Affect the Appraisal?

Seller concessions will not affect an appraised value, however they can affect the purchase price of the home if the amount of the concessions exceeds the closing costs of the buyer. Since the lender will calculate their loan to value off the lower of the appraised value or the purchase price, it can have an impact on the loan if

What Can’t Seller Concessions Be Used For?

Seller concessions cannot be used for any other purpose than reducing the closing costs of the buyer. As such, they cannot be applied to down payments, home furnishings, or used as a way to receive a concession for a cure to an inspection issue. If the concessions exceed the amount of the closing costs, the lender will start deducting the

Helpful Resources

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