Most New Jersey mortgage companies offer a wide variety of mortgage products that are designed to meet the needs of all borrowers. In addition to the standard fixed rate products, most offer programs tailored to self-employed borrowers and borrowers that have little of no available cash to put down for a down payment.
• 15 & 30 Year Fixed Rate Loans
The traditional mortgage loan. Principal and interest payments are fixed for the loan term.
Advantages : Payment stability & predictability.
• 10/1 Year ARM Adjustable Rate Loans (30 year term)
Variation of 30 year loan. Principal and interest payments fixed for 10 years converting to a one-year adjustable.
Advantages : Lower monthly payments than 30-year fixed. Overall, an excellent program. Good program for younger borrowers who expect to move within 10 years.
• 5/1 & 7/1 Year ARM Adjustable Rate Loan (30 year term)
Principal and interest payments fixed for 5 or 7 years converting to a one-year adjustable after the term.
Advantages: Lower monthly payments than 10/1 program. Good program for those looking for lower near-term payments and/or those expected to move or move up to another home within 5 to 10 years.
• 3/1 Year ARM Adjustable Rate Loan (30 year term)
Principal and interest payments fixed for 3 years converting to a one-year adjustable after 3 years.
Advantages: Lower monthly payments than 5/1 and 7/1 program. Good program for those looking for lower near-term payments and/or those expected to move or move up to another home within 3 to 5 years.
• 1 Year ARM Adjustable Rate Loan (30 year term)
Principal and interest payments adjusted annually.
Advantages: Lower monthly payments than 3/1 program. Generally good program for those looking for lowest near- term payments and/or those expected to move or move up to another home within 3 to 5 years.
• Blended Mortgages!
Payments are based on a combination of fixed rate and adjustable rate mortgage.
Advantages: You can create your own financing package to satisfy your needs and your individual risk comfort level. Decrease your payment to a level you feel comfortable with!
• Builder Loans
If you are a builder you know what it can be like to finance your own subdivision. Hoping for your next contract deposit while you are running out of money on the home you are currently studding is not fun. At NewJerseyRates.com our lenders offer a variety of new construction options to help finance your project as it progresses. Some specialize in everything from financing the road and sewer improvements right up to your models. They will then even go beyond, financing your contracts on each lot as they come in. E-mail us to let us show you how we can support your next project. When you think New Jersey real estate construction, think NewJerseyRates.com.
• Construction Permanent Loans
So you are a homeowner buying a piece of New Jersey real estate from which you will build your dream home. Turn to NewJerseyRates.com for some of the best Construction/Permanent financing options on the market. Our New Jersey mortgage lenders specialize in walking first time construction buyers through the process from getting their architectural plans, to choosing a builder, right through to final construction. Building a new home from scratch can be an overwhelming experience. Let their expertise in the business help alleviate the stress so that you can sit back and enjoy as your masterpiece come together.
• Long Term Rate Locks
Once you have picked out your home and the construction contract is signed the last thing you want to worry about are fluctuations in the interest rate market that can affect your payment for your New Jersey mortgage. The challenge of figuring out what you can afford is hard enough when rates are not moving. In a constantly moving rate environment this task is made almost impossible. Fortunately, our New Jersey mortgage lenders offer a variety of programs that allow you to protect and secure an interest rate while the building of your home is in progress for up to one full year. Why lose sleep at night over interest rates? Let NewJerseyRates.com put your focus back where it should be, on building your home.
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