Mention the phrase “mortgage company,” and many home buyers and homeowners think of the big national and multinational corporations.
But a local New Jersey mortgage company might offer a number of advantages you don’t find on the bigger stage. As a recent Wall Street Journal article points out, a local lender could even help you win a bidding war in a hot real estate market.
‘Going Local’ With Your Mortgage Needs
The “shop local” movement has grown steadily in recent years. These days, mindful consumers shop locally for everything from books to produce. It supports local businesses, and puts money and jobs into the local economy. It’s an economic win-win.
So why not shop locally for a mortgage loan? For home buyers and homeowners in New Jersey, working with a local mortgage company can offer several advantages.
Consumer advocates and housing experts have long encouraged mortgage shoppers to consider local lenders based in their city or state. There are several key advantages to this, and one of them has to do with the sheer size of the “big banks.”
Large, multinational mortgage companies are, well, large. The bigger the company, the more business they do. This means that you, as a borrower, might be one of thousands of customers working your way through the pipeline at a given time. So you might not get the attention or efficiency you would receive from a local ...
As a home buyer or homeowner in New Jersey, you have a lot of options when it comes to choosing a mortgage company. In fact, the idea of choosing one company out of many can seem overwhelming at first. Where do you even begin? Customer reviews are a great place to start.
Using Customer Reviews to Choose a Mortgage Company
As a mortgage shopper, you have several tools that can help you choose a New Jersey mortgage company. Customer reviews should be at the top of your research list, and for several reasons.
Unbiased reviews from current and previous customers can give you a better sense of how a particular mortgage company operates — and how it treats its customers. That’s something you can’t get from advertisements or other marketing materials, which are typically written by the company itself.
NJ Lenders Has Thousands of Positive Reviews
For nearly 30 years, NJ Lenders Corp. has been meeting the mortgage financing needs of home buyers and homeowners across New Jersey. And in that time we’ve earned a large number of positive reviews from our customers (home buyers and homeowners).
“Earned” is the key word in that last sentence. Good reviews don’t come easy. They have to be earned. A mortgage company earns favorable reviews from its customers by helping them accomplish their home financing goals in a timely fashion and with good communication.
Thousands of our customers have taken the time ...
The New Jersey real estate market has undergone many changes over the last few years, and this has many would-be home buyers asking the same questions: Is now a good time to buy a home in New Jersey? From a cost perspective, would it be better to buy in 2018 or wait until 2019?
Here’s an updated look at real estate and economic trends in the state, to help you answer these important questions.
New Jersey House Values Expected to Rise
Statewide, home prices in New Jersey have risen over the last few years. They are expected to continue rising, in most parts of the state, over the coming months. These trends are important to all home buyers, whether you end up buying a house in 2018 or 2019.
The research team at Zillow, for example, recently predicted that the median home value for New Jersey would rise by around 2.1% over the next 12 months. Granted, this is just one forecast. But the general consensus among economists and housing analysts appears to be that home prices in the state will likely continue to rise.
So, purely from a cost perspective, now might be a very good time to buy a house in New Jersey. Buyers who postpone their purchases until later in 2018, or 2019, could encounter higher housing costs.
Mortgage Rates Level Off in Spring
Mortgage rates have settled down a bit, following a steady upward climb during the first two months of the year. This is another trend that could affect many home ...
Home values in most New Jersey towns and cities rose steadily during 2017. This prompted the Federal Housing Finance Agency (FHFA) to raise the conforming loan limits for all counties in New Jersey, for 2018. So the jumbo mortgage threshold went up as well. Additionally, the Department of Housing and Urban Development (HUD) increased the limits for FHA loans in New Jersey.
2018 Conforming & VA Loan Limits for New Jersey
A conforming loan is one that meets or “conforms” to the size restrictions used by Fannie Mae and Freddie Mac, the government-sponosored corporations that buy mortgages from lenders. Veterans Affairs (VA) home loans have the same limits as conforming mortgage products, at least for 2018.
Here are the 2018 VA and conforming loan limits for all New Jersey counties: