New Jersey’s Best Mortgage Lenders & Current Mortage Rates

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Ready to make a real estate move in the Garden State? With nearly 3.6 million housing units and a homeownership rate of 64%, according to the U.S. Census Bureau’s 2017 American Community Survey, you’ll be in good company.

New Jersey’s median housing value is $334,900, which is well above the national average of $217,600. But home values can vary by region, with some counties’ average home prices climbing as high as $451,200.

U.S. News’ Best New Jersey Mortgage Lenders

Flagstar Bank
Not disclosed Min. Down Payment
600 Min. Credit Score
Guild Mortgage
3% Min. Down Payment
600 Min. Credit Score
Chase
3% Min. Down Payment
620 Min. Credit Score
PNC Bank
3% Min. Down Payment
Not disclosed Min. Credit Score
Lender
U.S. News Rating
Not disclosed Min. Down Payment
600 Min. Credit Score
Lender
U.S. News Rating
3% Min. Down Payment
600 Min. Credit Score
Lender
U.S. News Rating
3% Min. Down Payment
620 Min. Credit Score
Lender
U.S. News Rating
3% Min. Down Payment
Not disclosed Min. Credit Score

Best for fair credit

Flagstar offers banking and lending products in every state. Borrowers can select from conventional or government-backed mortgages, such as FHA, VA and U.S. Department of Agriculture loans, and opt for adjustable-rate mortgages. Other choices include home equity loans and lines of credit.

Before You Apply

  • Mortgage types: ARMs, conventional, FHA, jumbo, refinance and USDA
  • Minimum FICO credit score: 600
  • Maximum loan amount: $3 million
  • Better Business Bureau rating: A+

Best Features

  • Provides a broad selection of mortgages and home equity loans

  • Offers some mortgages that don’t require a down payment

  • Allows borrowers to apply for loans online

See full profile

Best for VA loans

Veterans United Home Loans provides mortgages to veterans and military families in all 50 states and Washington, D.C., and specializes in VA loans. In 2019, Veterans United Home Loans generated the largest number of VA loans in the nation.

Before You Apply

  • Mortgage types: ARMs, conventional, FHA, refinance, USDA and VA
  • Minimum FICO credit score: 660
  • Maximum loan amount: $1.5 million
  • Better Business Bureau rating: A+

Best Features

  • Requires no military service

  • Sets no minimum loan amount

See full profile

Best for bad credit

Carrington Mortgage Services makes a range of mortgages, including refinancing, available to borrowers nationwide. The company, which provides conventional and government-backed mortgages, has funded $22 billion in home loans since 2011.

Before You Apply

  • Mortgage types: ARMs, conventional, FHA, home equity loans and HELOCs, jumbo, refinance, USDA, and VA
  • Minimum FICO credit score: 500
  • Maximum loan amount: $2.5 million
  • Better Business Bureau rating: A+

Best Features

  • Accepts applicants with credit scores as low as 500

  • Offers conventional loans with down payments as low as 3%

See full profile

Best for product selection

Guild Mortgage, founded in 1960, specializes in home loans and serves borrowers nationwide. The lender’s full suite of products includes conventional and government-backed mortgages and home equity loans.

Before You Apply

  • Mortgage types: ARMs, conventional, FHA, jumbo, manufactured home, refinance, reverse, USDA and VA
  • Minimum FICO credit score: 600
  • Maximum loan amount: varies
  • Better Business Bureau rating: A+

Best Features

  • Receives strong customer service ratings from the Better Business Bureau

  • Offers a broad range of mortgage products

  • Provides special mortgage programs for first-time buyers and manufactured homebuyers

See full profile

Best for low APR

New American Funding is a national mortgage lender with a variety of home loan options. The lender has processed more than $27 billion in mortgages.

Before You Apply

  • Mortgage types: ARM, cash-out refinance, conventional, FHA, HELOCs, jumbo, reverse, USDA and VA
  • Minimum FICO credit score: 500
  • Maximum loan amount: $3 million
  • Better Business Bureau rating: A+

Best Features

  • Provides multiple mortgage options, including low and no down-payment loans

  • Offers fixed- or adjustable-rate mortgages

See full profile

Best for online service

Caliber Home Loans of Coppell, Texas, offers mortgages nationwide, including conventional, refinance, jumbo and adjustable-rate loans. Government-backed options are FHA, USDA and VA. Caliber has been in business since 2008 and is solely focused on home loans.

Before You Apply

  • Mortgage types: conventional, FHA, jumbo, refinance, USDA and VA
  • Minimum FICO credit score: 580
  • Maximum loan amount: $3 million
  • Better Business Bureau rating: A

Best Features

  • Offers a first-time homebuyer program

  • Accepts mortgage applicants with FICO credit scores as low as 580

See full profile

Best for no down payment

Alliant Credit Union is a not-for-profit financial cooperative that serves customers in all states except Maryland. Borrowers can take out conventional, jumbo, refinance and home equity loans.

Before You Apply

  • Mortgage types: conventional, first-time homebuyer, HELOCs and refinance
  • Minimum FICO credit score: 620
  • Maximum loan amount: $2.5 million
  • Better Business Bureau rating: A+

Best Features

  • Issues no down-payment mortgages for first-time homebuyers with excellent credit

  • Offers mortgages to borrowers with FICO credit scores as low as 620

  • Allows a debt-to-income ratio of up to 50% for some loan programs

See full profile

Best for low costs

Chase, one of the nation’s largest banks, offers mortgage and refinance loans for qualified borrowers. Home equity loans and HELOCs are also available.

Before You Apply

  • Mortgage types offered: ARMs, conventional, FHA, jumbo, refinance and VA
  • Minimum FICO credit score: 620
  • Maximum loan amount: $3 million
  • Better Business Bureau rating: A+

Best Features

  • Accepts down payments as low as 3%

  • Receives high marks from the Better Business Bureau

See full profile

Best for low down payment

PNC Bank is one of the largest U.S. banks, serving more than 8 million customers in all 50 states. PNC offers most types of mortgages.

Before You Apply

  • Mortgage types: ARMs, conventional, FHA, first-time homebuyer program, home equity, HELOC, jumbo, refinance, USDA and VA
  • Minimum FICO credit score: undisclosed
  • Maximum loan amount: $5 million
  • Better Business Bureau rating: A+

Best Features

  • Offers multiple types of mortgages

  • Provides no or low down-payment mortgages

  • Supplies an online home ownership cost tool

See full profile

What Are the Mortgage Rates in New Jersey?

The average interest rate for a 30-year fixed-rate conforming mortgage in New Jersey is 3.04%.

Home interest rates range from 2.5% to 4.25% in New Jersey.

What Are Today’s Mortgage Rates?

Locking in a low mortgage rate today can save you thousands over the life of your loan. Compare your mortgage rate offers with national average trends.







Loan Types

This Week’s Rate

Last Week’s Rate

30-year fixed-rate mortgage 3.01% 3.03%
15-year fixed-rate mortgage 2.58% 2.56%
30-year fixed-rate jumbo mortgage 3.03% 3.09%
5/1 ARM 3.04% 3.06%
5/1 jumbo ARM 2.86% 2.87%

*Rates as of Oct. 28, 2020

Mortgage Calculator

Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.

What Are Some New Jersey Homebuyer Programs?

New Jersey homebuyers can get favorable mortgages and help with down payments and closing costs from these programs.

  • Available to: First-time homebuyers with a credit score of 620 or above.
  • Income limits: Vary by county.
  • First-time homebuyers only?: Yes.
  • Loan options: 30-year fixed-rate mortgages.
  • Down payment and closing cost assistance: You can use this along with the NJHMFA Down Payment Program for up to $10,000 in assistance.

  • Available to: First-time homebuyers using an NJHMFA first mortgage loan.
  • Income limits: Vary by county.
  • First-time homebuyers only?: Yes.
  • Loan options: 30-year fixed-rate mortgages.
  • Benefit: Provides $10,000 toward a down payment and closing costs. It’s an interest-free, five-year forgivable second loan with no monthly payment.

  • Available to: Active members of the New Jersey Police and Firefighter Retirement System with one year of creditable service.
  • Income limits: Vary by county.
  • First-time homebuyers only?: No.
  • Loan options: 30-year fixed-rate mortgages.
  • Down payment and closing cost assistance: N/A

Advertising Disclosure: Some of the loan offers on this site are from companies
who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
such as which loan products we write about and how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.



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