9 Best NJ Mortgage Lenders of October 2022 - NerdWallet Advertiser disclosure
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Here are some of the best NJ mortgage lenders, whether you're a first-time home buyer, a refinancer or a borrower with imperfect credit.NerdWallet Jan 6, 2022 Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money. Buying a home in New Jersey is the fun part. Shopping for a mortgage? Not so much. But don’t worry, we’ve cut through the clutter, vetting NJ mortgage lenders to discover which are the best for borrowers' particular needs. From the hills of Sussex County to the beaches of Cape May, here are some of the best lenders in New Jersey, whether you're a first-time home buyer, a refinancer, a borrower with bad credit, an aficionado of face-to-face transactions or a digital native. Buying a home in New Jersey is the fun part. Shopping for a mortgage? Not so much. But don’t worry, we’ve cut through the clutter, vetting NJ mortgage lenders to discover which are the best for borrowers' particular needs. From the hills of Sussex County to the beaches of Cape May, here are some of the best lenders in New Jersey, whether you're a first-time home buyer, a refinancer, a borrower with bad credit, an aficionado of face-to-face transactions or a digital native. Best New Jersey Mortgage Lenders
LenderNerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.Min. credit score Minimum credit score on top loans; other loan types or factors may selectively influence minimum credit score standardsMin. down paymentLearn more New American Funding NMLS#6606Learn more at New American Funding 4.5/5 Best for weaker credit620 FHA:500JUMBO:N/AUSDA:640VA:500CONVENTIONAL:6203%New American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois.Learn more at New American Funding PNC NMLS#446303Learn more at PNC 5.0/5 Best for face-to-face experience620 VA:VariesUSDA:640JUMBO:680FHA:620CONVENTIONAL:6203%Minimum down payment varies by mortgage loan type.Learn more at PNC Rocket Mortgage LLC NMLS#3030Learn more at Rocket Mortgage, LLC 4.0/5 Best for online lender620 VA:580JUMBO:N/AFHA:580CONVENTIONAL:6203%Rocket Mortgage offers conventional mortgages with as little as 3% down.Learn more at Rocket Mortgage, LLC Guaranteed Rate NMLS#2611Learn more at Guaranteed Rate 5.0/5 Best for refinancing620 FHA:600VA:600USDA:620JUMBO:N/ACONVENTIONAL:620N/ALearn more at Guaranteed Rate loanDepot NMLS#174457Read review 4.0/5 Best for first-time home buyers & online lenders620 JUMBO:N/AVA:620FHA:580CONVENTIONAL:6205%LoanDepot offers conventional loans with as little as 5% down.Read review Bank of America NMLS#399802Read review 4.5/5 Best for face-to-face experience660 CONVENTIONAL:660FHA:600JUMBO:720VA:6205%Bank of America offers down payments as low as 3% through its Affordable Loan Solution mortgage program.Read review Citibank NMLS#412915Read review 4.5/5 Best for first-time home buyers N/A3% Citibank offers down payments as low as 3% through its HomeRun loan program.Read review Carrington NMLS#2600Read review 4.5/5 Best for weaker credit620 VA:500CONVENTIONAL:620FHA:500JUMBO:N/AUSDA:5505%Carrington Mortgage Services offers conventional loans for as little as 5% down.Read review Chase NMLS#399798Read review 4.0/5 Best for refinancing620 CASHOUT:N/ACONVENTIONAL:620FHA:620JUMBO:N/AVA:620N/ARead reviewLearn more at New American Funding New American Funding NMLS#6606
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 FHA:500JUMBO:N/AUSDA:640VA:500CONVENTIONAL:620 Min. down payment3% New American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois. View details Learn moreat New American Funding View details Why we like it Good for: First-time home buyers and other borrowers looking for a broad array of loan choices. Pros Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities. Its home equity line of credit can be used for an owner-occupied or second home. Offers a program to enable buyers to make cash offers. Cons Mortgage origination fees tend to be on the high end, according to the latest federal data.Read Full ReviewLearn more at PNC PNC NMLS#446303
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:VariesUSDA:640JUMBO:680FHA:620CONVENTIONAL:620 Min. down payment3% Minimum down payment varies by mortgage loan type. View details Learn moreat PNC View details Why we like it Good for: borrowers with low-to-moderate incomes or limited down payments. PNC offers several low-down-payment loans, including one with no mortgage insurance. Pros Posts current mortgage rates on its website. Has an online application for mortgage preapproval and a digital tool to track application progress. Offers several affordable loan options, including FHA, VA, USDA and the PNC Community Loan. Cons Doesn't offer renovation mortgages. In-person service is not available in every state.Read Full ReviewLearn more at Rocket Mortgage, LLC Rocket Mortgage LLC NMLS#3030
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:580JUMBO:N/AFHA:580CONVENTIONAL:620 Min. down payment3% Rocket Mortgage offers conventional mortgages with as little as 3% down. View details Learn moreat Rocket Mortgage, LLC View details Why we like it Good for: borrowers who appreciate convenience online and on the go for a fully digital home loan experience with consistently acclaimed customer service. Pros Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary. Estimates the loan amount you’ll qualify for within minutes. Streamlines the online process with document and asset retrieval capabilities, including the ability to edit your preapproval letter. Cons Getting a customized interest rate requires a credit check, which can affect your credit score. Doesn't offer home equity loans or lines of credit. Lender fees are on the high side and the fees aren't offset by particularly low mortgage rates, according to the latest data.Read Full ReviewLearn more at Guaranteed Rate Guaranteed Rate NMLS#2611
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 FHA:600VA:600USDA:620JUMBO:N/ACONVENTIONAL:620 National / regionalNational View details Learn moreat Guaranteed Rate View details Why we like it Good for: borrowers seeking a solid variety of loan types, including jumbo and interest-only options, and a totally online experience. Pros Displays detailed sample rates for many of its loan products. Offers a wide variety of loans, including jumbo and interest-only products. Offers low rates compared with other lenders, according to the latest federal data. Cons Doesn't offer home equity loans.Read Full ReviewRead review loanDepot NMLS#174457
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 JUMBO:N/AVA:620FHA:580CONVENTIONAL:620 Min. down payment5% LoanDepot offers conventional loans with as little as 5% down. View details Read reviewView details Why we like it Good for: borrowers who want an easy online application and a variety of loan types to explore. Pros Has branches across the country for customers who prefer face-to-face service. Receives high marks for customer satisfaction, according to J.D. Power and Zillow. Mortgage interest rates tend to be on the lower end, according to the latest federal data. Cons Mortgage rates aren't available online; you'll need to contact a loan officer. Doesn't offer home equity loans or lines of credit.Read Full ReviewRead review Bank of America NMLS#399802
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score660 CONVENTIONAL:660FHA:600JUMBO:720VA:620 Min. down payment5% Bank of America offers down payments as low as 3% through its Affordable Loan Solution mortgage program. National / regionalNational View details Read reviewView details National / regional National Why we like it Good for: first-time home buyers looking for low- or no-down-payment options and homeowners interested in a home equity line of credit. Pros Offers down payment and closing cost assistance programs. May give existing customers a discount on mortgage lender origination fees and HELOC interest rates. Receives high marks for customer satisfaction, according to J.D. Power and Zillow. Cons Doesn't offer renovation loans that roll costs into a mortgage.Read Full ReviewRead review Citibank NMLS#412915
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.National / regionalNational Min. down payment3% Citibank offers down payments as low as 3% through its HomeRun loan program. View details Read reviewView details Why we like it Good for: Buyers who want to explore low down payment mortgages, including government-backed loans and Citi’s proprietary option. Pros Offers a wide variety of loan options, including low-down-payment mortgages and jumbo mortgages. Offers low rates compared with other lenders, according to the latest data. Receives high marks for customer satisfaction, according to J.D. Power and Zillow. Cons Requires help from a loan officer to complete an online mortgage application. Customized mortgage rates not available without making contact. Doesn’t offer renovation loans.Read Full ReviewRead review Carrington NMLS#2600
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:500CONVENTIONAL:620FHA:500JUMBO:N/AUSDA:550 Min. down payment5% Carrington Mortgage Services offers conventional loans for as little as 5% down. View details Read reviewView details Why we like it Good for: first-time home buyers or credit-challenged borrowers interested in government loan products. Pros Offers multiple low-down-payment loan programs. May consider alternative credit data, such as bank statements. You can view customized rates for purchasing a home and apply online. Cons Doesn't offer home equity lines of credit. Lender fees are on the high side, according to the latest Federal data.Read Full ReviewRead review Chase NMLS#399798
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 CASHOUT:N/ACONVENTIONAL:620FHA:620JUMBO:N/AVA:620 National / regionalNational View details Read reviewView details Why we like it Good for: borrowers who want a wide selection of loan products, an in-person experience and comparatively low interest rates. Pros Carries a wide variety of mortgage types and products, including DreaMaker and Standard Agency mortgages, with down payments as low as 3%. Offers low rates compared with other lenders, according to the latest federal data. Offers a customizable mortgage calculator for personalized rate and payment estimates. Cons Doesn't offer home improvement loans, such as FHA 203(k) and HomeStyle. You have to speak with a home loan adviser to complete the application. Home equity lines of credit (HELOC) are currently unavailable.Read Full ReviewMore from NerdWallet Estimate your payment with our mortgage calculator for NJ Compare today's mortgage rates in NJ Find New Jersey first-time home buyer programs Last updated on January 6, 2022 Methodology
NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team. To recap our selections... NerdWallet' s Best New Jersey Mortgage Lenders of 2022
New American Funding: Best for weaker creditPNC: Best for face-to-face experienceRocket Mortgage, LLC: Best for online lenderGuaranteed Rate: Best for refinancingloanDepot: Best for first-time home buyers & online lendersBank of America: Best for face-to-face experienceCitibank: Best for first-time home buyersCarrington: Best for weaker creditChase: Best for refinancing Frequently asked questions
What credit score do I need to buy a house in NJ? The credit score you need to buy a house in New Jersey depends on the type of mortgage you're planning to use. Home loans backed by the Federal Housing Administration tend to have the lowest required minimum credit scores, but individual lenders can ask for higher scores. For most conventional loans, you'll need a credit score of at least 620.How much is the average mortgage in NJ? The median monthly housing payment for New Jersey homeowners was $2,413 in 2019, according to the U.S. Census Bureau’s American Community Survey. That number includes principal, interest, insurance, taxes, utility costs and homeowners association or other fees. You can use a mortgage calculator for NJ to get a more specific estimate of what your monthly mortgage payments would be.What is the average down payment on a house in New Jersey? Your down payment amount depends less on where you live, and more on the type of mortgage you're using and how your offer shapes up. With a conventional loan, you can make a down payment that's as low as 3%. However, in a competitive housing market, it may help your offer stand out if you can make a down payment that's beyond the bare minimum. If you need down payment assistance, you may want to look into New Jersey first-time home buyer programs. About the author
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