What is a Jumbo Loan in New Jersey?
A good deal of New Jersey is classified as a high-cost area which is the case for the majority of homes within the tri-state area. Due to this fact, mortgage loan limits are higher in many parts of northern New Jersey, reaching maximum conforming loan limits of $729,250 in many neighborhoods. Therefore, loans over this amount will have jumbo rates.
New Jersey holds some of the most expensive areas of real estate for homeowners in the US. As an example, Forbe.com's list of "America's Most Expensive ZIP Codes" are in the cities of Saddle River, Far Hills, Brookside, Alpine, Mantoloking, and New Vernon. If you live in these zip codes or other high cost areas in the garden state, you will more than likely be searching for a New Jersey jumbo mortgage (loan amounts over $729,250 and up to $2.5 million).
For Second Mortgage Loans, please contact us as these programs are very hard to access!
Check » Jumbo Rates in Northern NJ:
Check » Jumbo Rates in Central NJ:
° Interest rates are subject
to change, without notice, until locked.
° Interest rates are updated
weekly.
° All programs reflect owner-occupied properties. And illustrate
20% or more equity for refinancing.
° Jumbo loan interest rate and APR’s are based on loan
amounts from $417,001 to $650,000. Slightly higher rates for loans up to $3 Million
° “Cash-out” refinances may have a different interest
rate than other programs, please call to verify.
° “No Doc” and No Income loans may have a different interest
rate than other programs and 30% or more minimum equity or down payment, please contact us to verify.
° Credit Scores Borrowers should have a minimum credit score of 680 for loans under $1.5 Mil and 720 if loan is > than $1.5 Million.
° ARM (adjustable rate mortgage) loan APR’s reflect
APR for fixed period only.
° ARM (adjustable rate mortgage) interest rates can increase
after specified fixed period, please review all applicable disclosures.
* Payment
Choice Program Disclaimers: (Discontinued Product)
° Payment Choice Program provides several payment options each month.
° Choosing the minimum payment one month, may not always cover the total
interest due.No Longer available
°
The unpaid portion, called "deferred interest," is added to your
loan balance; and itemized on monthly statements.
°
We highly recommend that you reimburse any "deferred interest" as
quickly as possible.
° Ask about the equity builder program that limits “deferred
interest”
° Rate shown based on loan-to-value of 80% or less; and must
credit score qualify.
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