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 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

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.

Helpful Resources

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