Getting the Best Mortgages for First Time Home Buyers in NJ
With the bustling economies of Philadelphia and New York City within easy reach, New Jersey real estate will always be in high demand.
Luckily for first time home buyers in New Jersey, current mortgage interest rates have remained relatively stable. According to Zillow, the average 30-year fixed mortgage rate is 3.68 percent, a full three basis points lower than the national average.
If you’re considering buying a house in NJ for the first time, you’ll want to make sure that you are getting the best rates and terms for your unique financial situation.
Home loans for New Jersey first time home buyers represent a long-term financial decision, which makes finding the best mortgage rates an integral part of ensuring that you are getting a manageable, affordable loan for a New Jersey first time home buyer.
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How to Get the Best Rates for NJ First Time Home Buyers
Finding the best rates for first time home buyers in NJ won’t happen immediately. It takes time and research to find what works for your unique financial situation.
Before buying a house in NJ, consider using the tips below to find the best rates for first time home buyers in New Jersey.
Boost Your Credit Score
Just as with any loan, better credit scores will provide better interest rates. If you can improve your credit score, you’ll be in a good position to get an affordable mortgage as a New Jersey first time home buyer.
This is particularly true for first time home buyers in NJ that may want to refinance their loan later on. For example, according to myFICO, refinancing with a credit range of 760-850 can make borrowers eligible for rates of 3.5 percent.
Compare that to 5.1 percent rates for credit scores between 620-639, and New Jersey first time home buyers could potentially be looking at savings of 1.5 percent or more.
Even if it’s just a few points, an improved credit score could certainly help you get the best mortgage rates when buying a house in NJ.
Cape May, NJ
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Save Up for a Down Payment
Saving up for a significant down payment may not be fun, but it can go a long way in boosting your chances at getting a better NJ first time home buyer loan rate.
Most mortgage lenders require at least 3 percent, but putting 20 percent down is the best way to provide long-term savings.
A larger down payment will not only affect rates for NJ first time home buyers, but it can also eliminate additional fees and waive the requirement for mortgage insurance, saving money over the life of the loan.
Compare Prices
Comparing multiple loan rates and terms for New Jersey first time home buyers can be tedious, but it’s the best way to ensure that you get an affordable mortgage.
Be sure to check multiple lenders for NJ first time home buyer products, including online lenders, banks, and credit unions before committing to a mortgage.
This is particularly relevant for first time home buyers in New Jersey, since many mortgage lenders will offer special rates and terms for New Jersey first time home buyers.
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Conclusion – Finding the Best Mortgage for New Jersey First Time Home Buyers
Finding a great mortgage as a New Jersey first time home buyer may take time, but the payoff is certainly worth the effort.
As you examine options for NJ first time home buyers, you may want to ask yourself the following questions:
- Do the best loans for New Jersey first time home buyers come from banks or credit unions?
- Can I get better refinance or NJ first time home buyer rates from online-only lenders?
- Which lenders offer competitive rates for New Jersey first time home buyers in Newark, Paterson, Clifton, Trenton, or Camden?
Ultimately, finding the best loans for first time home buyers in New Jersey is a combination of evaluating long-term affordability and partnership.
No matter what mortgage lender you choose, it’s important to partner with a financial institution that you trust and are comfortable working with for the next few decades.
There are plenty of ways to identify the best providers of loans for first time home buyers in New Jersey, including fees, quality of customer service, competitive mortgage rates, and how they provide support for first time home buyers in New Jersey.
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