| Congratulations on the purchase of your new | | | | the US. Mortgages started in 1934, when the |
| home! If you live in New Jersey, the Garden | | | | Federal Housing Administration (FHA) lowered |
| State, you understand that with the purchase | | | | down payment requirement on loans and allowed |
| of your home makes you part of a community | | | | 80 loans-to-value loans. The FHA also |
| that is convenient to all of the major | | | | increased loan terms to 15 years compared to |
| attractions in the area: the Meadowlands, | | | | 3, 5, 7 year loans that ended in balloon |
| Rutgers, the Jersey Shore, New York City, and | | | | payments. This led to a flurry of activity |
| Philadelphia. Now for the hard part: finding | | | | and spurt in mortgages. |
| New Jersey Mortgage Companies to finance your | | | | |
| home. Thankfully, you have plenty of options | | | | Compared to 1940, when only 40 percent of |
| so let's take a look at some important ways | | | | households owned homes, the mortgage business |
| you can learn more about New Jersey Mortgage | | | | boom has resulted in 70 percent ownership in |
| Companies. | | | | 2000. In 2003, total U.S. residential |
| | | | mortgage production reached a record level of |
| Search Online - You can find just about | | | | $3.8 trillion through record low interest |
| anything online. By entering keywords such as | | | | rates. |
| "New Jersey Mortgage Companies" in your | | | | |
| search parameters, you can uncover a bevy of | | | | New Jersey Mortgage companies offer finance |
| providers willing to extend a mortgage to | | | | for new home purchases, debt consolidation |
| you. Great sites for searching include | | | | loans, refinancing loans, home equity loans |
| Bankrate.com, Quicken Loans, and Lending | | | | and commercial property mortgages. |
| Tree. Search via Google to obtain excellent | | | | |
| sponsored searches too. | | | | In each case, the debtor needs to prove |
| | | | creditworthiness. There are two basic types |
| The Yellow Pages - Don't discount your | | | | of amortized loans. ARM or Adjustable Rate |
| telephone book's yellow pages for a list of | | | | Mortgage has a fixed interest fate for a |
| New Jersey Mortgage Companies. Although the | | | | certain period that is eventually adjusted |
| information may be a bit dated, likely you | | | | according to market rates. FRM or Fixed Rate |
| can find what you want by allowing your | | | | Mortgage has a fixed interest in monthly |
| fingers to do the walking! | | | | payments until the end of loan period. A |
| | | | third kind called a Balloon loan calculates |
| Neighbors, CoWorkers - Sometimes the people | | | | interest for a certain period but the |
| you "hang" with the most have the best | | | | outstanding principal is made payable at some |
| advice. Check with family members, friends, | | | | date within this period. |
| and co-workers to find out which New Jersey | | | | |
| Mortgage Companies have the best deals and | | | | To start the mortgage process, a borrower |
| the most qualified mortgage brokers around. | | | | submits a credit report to an under writer. A |
| | | | mortgage broker may select the best company |
| Your Local Bank - Whether you shop at a big | | | | suited to the borrower's needs. Next a lender |
| regional bank or a small community savings | | | | is chosen. The lender charges various fees |
| and loan, your New Jersey Mortgage Companies | | | | including entry, exit, administration and |
| could be someone you already do business | | | | lender mortgage insurance fees. |
| with. If you know your loan officer, you | | | | |
| could get a favorable rate or at least find | | | | Mortgage lending is big business in the US. |
| out information about other loan options not | | | | In New Jersey there are numerous companies |
| readily publicized including loans for low | | | | offering mortgage services including |
| and moderate income homeowners. | | | | |
| | | | Go Apply.com, Lending Tree, 4Low rates, |
| Business Association - Are you a member of a | | | | Abacus Mortgage, All Options, America's |
| lodge, a business group, a civic | | | | Lending partners, Ameriquest Mortgage, |
| organization? If so, fellow members can share | | | | Champion Mortgage, Circle lending, |
| with you qualified New Jersey Mortgage | | | | Countrywide loans, E-loan, Fast Find, |
| Companies that are willing to extend a loan | | | | Featured Bank, Greenpoint Mortgage, |
| to you. Check with your local Chamber of | | | | GuidetoLenders, Home123, Household Finance |
| Commerce, SCORE, Women's Club, your house of | | | | Corporation, ING Direct, Loan Web, Loan |
| worship, or any other group to which you | | | | Atlas, Loanapp, Low cost Lending, Low rate |
| belong. In some cases members can even | | | | Source, Money Nest, Money Search, Mortgage |
| receive a discount from participating New | | | | Health Planning.com, National mortgage |
| Jersey Mortgage Companies because they are a | | | | Network, Princeton Mortgage, Reliable |
| member of a particular organization. | | | | resources inc., Respond.com, Savings path, |
| | | | Service Magic lending, The Loan page, Windsor |
| Yes, living in New Jersey has so many | | | | Financial Mortgage corporation, Shearson |
| conveniences that few other states can offer. | | | | Mortgage,1st Metropolitan Mortgage and |
| Search for quality New Jersey Mortgage | | | | American Real Mortgage Corporation. |
| Companies and make homeownership a reality | | | | |
| for you and your family. | | | | Mortgage companies have different rules and |
| | | | operating rates. The borrowers will do well |
| New Jersey Mortgage Companies | | | | to consult an experienced financial advisor |
| | | | to find the best deal. |
| Mortgages are a trillion dollar business in | | | | |