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Securing the best mortgage rate possible is key when buying a home in New Jersey. Your credit score, the size of your down payment, your debt-to-income ratio, and your level of income all play a role in determining your rate.
Help yourself get the best mortgage rate in New Jersey by checking your credit before you apply for a home loan, making sure all of your documentation is in order, and getting preapproved by a reputable mortgage lender.
Here’s a quick look at current New Jersey mortgage rates:
|Loan Program||Mortgage Rate||APR*||1 Day Change|
|Conventional 30 year fixed||5.693%||5.79%||-0.07%|
|Conventional 20 year fixed||5.711%||5.874%||+0.05%|
|Conventional 15 year fixed||4.828%||4.957%||-0.03%|
|Conventional 10 year fixed||4.679%||4.906%||-0.24%|
|Conventional 7 year ARM||5.586%||6.418%||Unchanged|
|Conventional 5 year ARM||5.5%||6.536%||-0.1%|
|FHA 30 year fixed||5.65%||6.432%||+0.09%|
|VA 30 year fixed||5.312%||5.621%||Unchanged|
|VA 15 year fixed||5.333%||5.824%||+0.39%|
|VA 5 year ARM||5.188%||6.365%||-0.05%|
Thinking about buying a home in New Jersey? This could be a great time to find your dream home in the Garden State. Here’s what you need to know:
The state capital of New Jersey is Trenton. The state has a total population of nearly nine million people, and one in ten of those live in the biggest five cities:
Next, find out how much home you can afford. New Jersey ranks 11th in US homes for sale at average price, and 5th for homes over $1,000,000. Getting preapproved can help you know what your budget is before you go house hunting.
There are several first-time homebuyer loan programs through programs administered by the New Jersey Housing and Mortgage Finance Agency (NJHMFA).
Mortgage assistance provides competitive terms on a 30-year, fixed-rate mortgage backed by the government, which can be combined with the agency’s down payment assistance.
NJHMFA’s Down Payment Assistance (DPA) program can provide you with $10,000 to use toward a down payment or closing costs. The funds come in the form of a five-year, forgivable second mortgage. There’s no interest charged on the loan, and you won’t have to make a monthly payment.
To qualify, borrowers must meet these requirements:
There are several options for buyers looking to refinance a home in New Jersey and take advantage of favorable New Jersey mortgage rates:
You may qualify for a streamlined refinance if you have a certain type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.