Best Mortgage Lenders in New Jersey in 2018
With over 1,600 mortgage lenders active in New Jersey, finding the right home loan requires a good understanding of how to evaluate lenders. Read for our top picks for lenders in the Garden State or use the table of rates below to get an idea of your local options.
These estimates reflect the costs of a 30-year fixed rate mortgage for $350,000 with 20% down payment and a credit score of 740 in New Jersey. You can also see our specific lender recommendations for different kinds of borrowers.
Best Mortgage Lenders in New Jersey
See Mortgage Rate Quotes for Your Home
Shopping for mortgages according to interest rate can be an easy way to rank lenders in terms of cost, but this approach can lead you to dismiss factors that can have long-term consequences in your borrowing experience—such as customer service and upfront fees. As a result, we chose to evaluate mortgage lenders on how well they matched up to borrower needs in areas that went beyond the estimated interest rate. Our criteria for evaluating the best lenders included the level of transparency about their products as well as the service features they provide in the origination process.
Best Mortgage Lender for First Time Homebuyers: Quicken Loans
Consider this if you're looking for a reliable online mortgage lender for your first home in New Jersey.
When you're considering your first home purchase in New Jersey, Quicken Loans is a great source of both mortgage financing and important information about the homebuying process. In particular, Quicken's Rocket Mortgage program is an informative online tool that keeps you updated on your progress right up to closing.
First-Time Purchase Mortgages in New Jersey
|Lender||Rate||APR||Monthly Payment||Down Payment|
|Bank of America||3.75%||4.21%||$1,655||5.0%|
Estimates for a $340,000 loan amount with minimum down payment and 740 credit score.
Not only does Quicken offer lower mortgage rates than most banks in New Jersey, it does so by employing a leaner, online-only lending platform that allows the company to offer a better experience for users while also reducing costs. The loan estimates we collected from the state's largest banks couldn't match the combination of interest rate and minimal down payment that Quicken was able to quote on an FHA loan for first-time buyers.
Even people who are skeptical of online home lending may find Quicken easier to work with than a traditional mortgage lender. You won't ever be meeting your loan officer in person if you apply through Rocket Mortgage, but Quicken has maintained a strong reputation for customer service both during and after the initial application. This can be helpful if you're getting a home loan for the first time, since you'll need reliable professional partners to keep you informed about your choices and their potential impact.
Best Online Mortgage Lender: Guaranteed Rate
Consider this if you'd prefer the convenience of an online mortgage lender.
Guaranteed Rate is a strong online mortgage choice available in New Jersey, with lower rates and cheaper fees overall than similar companies such as Quicken. While its FHA offers aren't as strong as those from Rocket Mortgage, Guaranteed Rate delivers better value in a range of other loan products that work better for people who need conventional mortgages.
Guaranteed Rate Mortgage Loans
|Loan Type||Rate||APR||Monthly P+I||Lender Credits|
|30-Year VA Loan||3.63%||3.96%||$1,981||$100|
Estimates for a $340,000 purchase loan with 20% down payment and 740 credit score. The APR and monthly costs for ARMs can increase based on changes in the index rate.
Guaranteed Rate's convenient online tool makes it clear that its closing costs are some of the cheapest in the state, with most estimates actually offering lender credits to reduce rather than add to your upfront costs. Lender credits are typically included as compensation for accepting a higher mortgage rate. However, Guaranteed Rate's loan interest rate figures start off low enough that even with the addition of lender credits, the final interest rates are equal to or lower than rates we received from competing lenders.
Aside from giving borrowers lower closing costs, Guaranteed Rate also provides a good range of financing options that you won't necessarily find with other online mortgage lenders. It's an active participant in the VA and FHA loan programs, but most people will find more use for the affordable deals it offers on conventional and jumbo home loans. And, as with most online lenders, Guaranteed Rate allows each applicant to upload documents and communicate with professionals through an online interface that makes the mortgage process an on-demand experience.
Best Lender for In-Person Service in New Jersey: PNC Bank
Consider this if you want in-person service from your home loan lender in New Jersey.
With over 160 branch locations serving New Jersey's 21 counties, PNC Bank is the most accessible mortgage lender for customers who find it important to meet with a real person as they negotiate their way through the home financing journey.
Mortgage Products at PNC Bank
|Loan Type||Rate||APR||Monthly Payment|
Estimates for a $340,000 purchase loan with 20% down payment and 740 credit score
PNC's main strength as a mortgage lender lies in the wide variety of its products and the convenient access to branch services throughout the state. If you already have an active checking or savings account with PNC, it's simple to begin a mortgage application at the same branch where you already bank. You may not find the sharpest deals by shopping for a mortgage at PNC, but you'll certainly ensure that you get support from a professional who's familiar with your neighborhood and finances.
Best Lender for a VA Home Loan: USAA
Consider this if you're a veteran or active servicemember searching for highly-rated customer service.
Thanks to its low mortgage rates and strong customer satisfaction ratings, USAA took the top spot in our comparison of New Jersey's many VA loan providers. Historically one of the first financial institutions to focus on serving veterans, USAA's mission is clearly reflected in the strong quality of its VA loan offers.
National VA Lenders in New Jersey
|Lender||Mortgage Rate||APR||Monthly P+I||Estimated Points and Fees|
Fixed-rate estimates for a 30-year VA loan of $225,000 with 0% down payment, 2.15% VA funding fee and credit score of 740.
USAA consistently places among the top-rated U.S. companies in terms of consumer satisfaction, and our analysis of the company's offered mortgage estimates seem to confirm that high reputation. USAA's VA loan rates were among the lowest for any lender operating in New Jersey, while its closing cost options revealed a good deal of flexibility in regard to discount points and financing options. If you're a current or former servicemember, USAA's affordability and quality of service make it a safe bet for funding your home purchase or refinance.