New Jersey at a Glance
Population
9,261,699
9,261,699
Average Household Income
$124,626
$124,626
#1 in U.S. for K-12 Education
Top 3 Industries: Pharmaceuticals,
Life Science, & Finance
Life Science, & Finance
The first step in having a successful home loan experience is finding the right mortgage lender.
Financing a home in New Jersey can be a smart financial decision for several reasons. Firstly, New Jersey is a popular state with a strong economy, which can provide stability for homeowners and potential for growth in property values. Additionally, there are a variety of financing options available, including traditional mortgages, FHA loans, and VA loans, which can make it easier for buyers to find a financing option that works for their budget and financial goals. NewFed Mortgage Corp. is a reputable mortgage lender that offers a variety of loan products to help homebuyers achieve their dream of homeownership. If you’re looking to refinance your mortgage, consider working with NewFed Mortgage Corp. to explore your options and potentially save money on your monthly payments. Finally, owning a home in New Jersey can provide significant tax benefits, including deductions for mortgage interest and property taxes, which can help offset the costs of homeownership and potentially save money in the long run.
New Jersey offers diverse options for great places to live, from bustling cities to quiet suburbs and beachfront towns. including Hoboken, which is a vibrant city just across the river from New York City, with stunning views of the Manhattan skyline and a strong sense of community, and Montclair, a charming town with tree-lined streets, cultural attractions, and a diverse population. Montclair has a diverse population and a strong sense of community, with many events and festivals throughout the year. It’s also home to Montclair State University. Both places offer a range of housing options and are great places to call home for those looking for a mix of city and suburban living.
No matter what your mortgage-related needs, the NewFed Mortgage Corp. team is ready to help. From your very first home loan to refinancing a property you’ve lived in for years, we are here for you. Our experienced and knowledgeable team is always ready to answer any questions that you have.
Mortgage Property Types
The most common property types available in New Jersey are townhouses, single-family residences, and condominiums, but you’ll also find some manufactured homes, multi-unit properties, and cooperatives (co-ops). Let’s run through the definition of each.
Townhouses
single-family, multi-floor homes that are attached to one another. They are typically uniform in design and are part of a homeowner’s association.
Single-family residences
freestanding homes on a piece of property, or independent residential structures that act as dwellings.
Condominiums
properties that are split into distinct units in one or more buildings. These are individually owned and can either be attached or detached (condex is an alternate term for a detached condo).
Manufactured homes
homes that are built piece-by-piece off-site in factories and then transported to a lot for final assembly.
Multi-unit properties
houses that can shelter more than one family living separately. They consist of duplexes (multi-unit homes with two attached units) or apartment buildings with a maximum of four units.
Cooperatives (co-ops)
multi-family properties where a legal entity owns the title. Residents accrue equity in the building by purchasing shares, allowing them to own a portion of the property (although their names will not be on the deed).
Refinancing
If you’re interested in revising or replacing the terms of an existing loan agreement, then you might want to consider refinancing. Usually, the decision to refinance is as simple as wanting to secure a lower interest rate, while another common motivation is to take advantage of the equity one has built in their property and convert some of it to cash. Some borrowers may even want to change the terms of their loan (for example, from a variable interest rate to a fixed), or to change the length of their loan agreement. Since loans with shorter terms usually have lower interest rates, the borrower can save a lot of cash by paying it off earlier and by paying less interest. Not only that, but refinancing is also a good way to bundle any outstanding debts into a single loan at a lower rate. For a more comprehensive overview of refinancing and what it entails, feel free to get in touch with one of our loan officers today.
Reverse Mortgages
Reverse mortgages are becoming increasingly popular among eligible people who are 55 or older. Essentially, a reverse mortgage is a special type of home equity loan that is available to homeowners 55 and up who have built up considerable equity in their primary property and want to draw it out as cash either monthly, as a lump sum, or as a line of credit. It’s a form of loan, and the money received is non-taxable and will be paid back when the mortgagee dies or sells the home. To find out more about reverse mortgages, check out our online overview.
