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New Jersey Mortgage New Jersey home mortgage rates became more affordable than ever so East Coast applicants should feel confident they are getting the best rate possible for buying or refinancing a home. If you are tired of dealing with loan brokers that do not understand your local housing market, then you will enjoy the lending process at Nationwide. New Jersey mortgage loans of all types are available to qualified borrowers. If you are buying a home, talk with a New Jersey lender who can help you get a pre-approval letter quickly and that may help your offer get accepted.
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Mortgage Terms to Know for the Loan Process |
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Conventional Loan |
Second Mortgage |
Escrow |
A mortgage loan not insured by FHA or guaranteed by the VA. Fannie Mae sets the conforming loan amounts and for 48 states any loan amount under $417,000 for 1-4 unit properties. For more information and guidelines by state, please visit www.fanniemae.com |
A fixed or adjustable rate loan, secured by the equity in your home. Interest is usually tax-deductible to 100% CLTV. Often used for home improvement or freeing of equity for investment in other real estate or investment. Great loan for refinancing to replace or substitute for consumer loans whose interest is not tax-deductible like credit card debt and personal loans. | An account held by the mortgage lender into which the homebuyer pays money for tax or insurance payments. Also earnest deposits held pending loan closing by a 3rd party. |
| Index | Closing Costs | Refinance |
A number, usually a percentage, upon which future interest rates for adjustable rate mortgages are based. Common indexes include the Cost of Funds for the Eleventh Federal District of banks or the average rate of a one year Government Treasury Security. |
Any fees paid by the borrowers or sellers during the closing of the mortgage loan. This normally includes an origination fee, discount points, attorney's fees, title insurance, survey, and any items which must be prepaid, such as taxes and insurance escrow payments. | Obtaining a new mortgage loan on a property already owned. Often to replace existing loans on the property. |
| Deferred Interest | Impound |
Negative Amortization |
When a mortgage is written with a monthly payment that is less than required to satisfy the note rate, the unpaid interest is deferred by adding it to the loan balance. This is common with negative amortization loans. |
Reserves of a borrower's monthly payments held by the lender to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. |
Occurs when your monthly payments are not less than the interest due. This unpaid interest is added to the unpaid balance of the loan. The danger of negative amortization is that the homebuyer ends up owing more than the original amount of the loan. |
40-Year Amortization Term
Interest Only
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| Recommended Mortgage Pages: |
Nationwide Mortgage Lender | Company Profile | Loan Programs | Bad Credit Mortgage News | Contact Us | Apply Now | Privacy Nationwide Mortgages 701 Palomar Airport Road, Carlsbad, CA 92009 |
