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New Jersey Mortgage Information

Through the American Recovery and Reinvestment Act of 2009, loan limits on mortgages secured by Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) have been increased in high-cost areas. The following link will provide you with specific New Jersey mortgage information on loan limits: US Department of Housing.

Check the mortgage rates trends page for historical trending graphs on the 30 year fixed rate mortgage.

 

If you're like most buyers, a home is the most expensive purchase you'll ever make, and you'll probably need some form of financing.

There are many lending institutions in New Jersey that offer a variety of mortgage products and information. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get the mortgage that best meets your needs at the best price.

I would be happy to refer you to some very good mortgage contacts or to help you in any other way I can to secure the best possible rate for your home purchase. 

 

 

New Jersey Mortgage Information and Checklist:

1-   W-2 forms — or business tax return forms if you're self-employed — for the last two or three years for every person signing the loan.
2-   Copies of at least one pay stub for each person signing the loan.
3-   Account numbers of all your credit cards and the amounts for any outstanding balances.
4-   Copies of two to four months of bank or credit union statements for both checking and savings
accounts.
5-   Lender, loan number, and amount owed on other installment loans, such as student loans and
car loans.
6-   Addresses where you’ve lived for the last five to seven years, with names of landlords if
appropriate.
7-   Copies of brokerage account statements for two to four months, as well as a list of any other 8-major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.
8-   Copies of your most recent 401(k) or other retirement account information.
9-   Documentation to verify additional income, such as child support or a pension.
10- Copies of personal tax forms for the last two to three years.

 

 

Use the mortgage calculators below to assist you in making decisions:

Mortgage Qualification Calculator

This mortgage calculator will help you determine how much money you qualify to borrow. Keep in mind the results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables. Nevertheless, this is a good place to start.

Mortgage Payment Calculator

This mortgage calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage. Graphically shows impact of different interest rates.

 

   

                                   

You might also find interesting the   following articles:

 

How Much Can You Afford for a Home Loan?

3 Easy Steps To Getting a Mortgage

  

New Jersey Mortgage Information / Tip of the Month:

Raise the Score! Credit scores are very important to lenders. The  best way for buyers to improve their score is to pay their bills on time, even if they can afford only the minimum payment. 

 

"I just wanted to thank you [Cathy] for your time in helping us find the right home for our family. We are moving in on thursday and are extremely excited about the house...thanks again." -Ronika and Manish S. [First Time Home Buyers, New Jersey]