What Type of New Jersey Home Loan Should I Get?
Deciding what type of New Jersey home loan to get is a major decision in the mortgage process. You will need to choose between a New Jersey fixed rate mortgage and an New Jersey adjustable mortgage. In addition, you will need to determine what type of loan term you would like.
| ● If you are planning on moving in a few years, you may want to go with an New Jersey adjustable loan, which will offer you a much lower mortgage rate. However, if you plan to stay in your home for a long time, it is much safer to choose a fixed loan at a higher mortgage rate. |
| ● Fill out our secure mortgage application to see if you qualify for a New Jersey Home Loan, and a New Jersey mortgage specialist will contact you and help you determine which type of loan is best for your situation. |
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New Jersey 30 Year Home Loan |
| Advantages: Your monthly payments are low, since they are spread out over a long period of time. If you have low monthly payments, you also have the opportunity to pay additional money that would be applied directly to the principal. This could allow you the flexibility to have low payments if you are having cash flow problems, but you could also pay the loan off quicker, which would save you a great deal of money over the term of the NJ home loan. |
| Disadvantages: If you do have the cash flow to consistently pay the extra money each month, you could do a 15 year mortgage, which would give you a lower interest rate over the term of the New Jersey loan. |
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New Jersey 15 Year Home Loan |
| Advantages: You will get a lower mortgage rate with a New Jersey 15 year loan compared to the New Jersey 30 year loan. This will save you a great deal of money in interest. |
| Disadvantages: You will be required to pay higher monthly payments, which gives you less flexibility. If you have money problems due to unforeseen circumstances, it may create problems. |
If you would like information on New Jersey VA Loans, you may apply online today to see if you qualify for a VA Loan or you may visit the offical VA Loan Site.
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Equal Housing Lender. Some products may not be available in all states. Restrictions apply.
All rights reserved. Pre-qualification is neither pre-approval nor a commitment to lend; you must
submit additional information for review and approval. Approval may be subject to rate increases,
satisfactory title and appraisal review, and no change in financial condition. *Refinancing
or taking out a home equity loan or line of credit may increase the total number of monthly
payments and the total amount paid when comparing to your current situation.