New Jersey Mortgage Rates

October 10, 2015 03:40 PM Eastern

Refinance rates now in NEWARK, NJ [Change this]

Home Price (Purchase)
When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
Home Value (Refinance)
This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
Down Payment
The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
Credit Score
Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.

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Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

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New Jersey Mortgage Rates: Getting a Deal Buying a Home
Nearly nine million people already call the Garden State home, many of them commuting to nearby New York City on a daily basis via easily-accessible and frequent public transportation. Whether you're looking for the bustle of Trenton or Atlantic City, or you prefer something more rural, you can find it in New Jersey, and low NJ mortgage interest rates can help make it happen.

Mortgage Rates from New Jersey's Live Where You Work Program
It's possible to get great New Jersey mortgage interest rates via the Live Where You Work Program, a housing assistance program that offers incentives for New Jersey residents to purchase homes in the towns where they work.  The Live Where You Work Program is designed to:

• build strong communities
• help locals cut down on commuting costs
• help people become homeowners in New Jersey

This program offers attractively low NJ mortgage interest rates and flexible loan application reviews.

Current NJ Mortgage Interest Rates and Your Budget
If you have less-than-perfect credit, or little money for a down payment, you can still get current NJ mortgage rates that fit your budget.

Several New Jersey-based programs help potential homeowners to secure low NJ mortgage rates and finance their home purchases. These programs include:

• Smart Start: This program helps first-time homebuyers in eligible areas with down payment and closing costs of a low percentage of their mortgage price.

• The Home Plus Program: For those who meet income guidelines, this program offers a fixed interest rate and up to a certain amount of financing rolled into their first mortgage for homes that need immediate improvement.

New Jersey's Police and Fireman's Retirement System Mortgage Program
This program helps qualified, retired police and firefighters finance home purchases in New Jersey. Mortgage interest rates through this program are competitively low, and fixed for 30 years. To learn more about this program, including current limits and rates, please visit: