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Frequently Asked Questions About Mortgages in New Jersey

Since 1985, Joe Ennis has helped people find the best solution for a mortgage in NJ & NY. 

Q) What is the interest rate?
A) Much like stock values, interest rates for a mortgage are subject to market conditions in addition to other factors about the transaction. “Shopping for a rate” is common but you must realize that the information you get that day could change tomorrow and may not pertain to your specific situation. I would much rather gather data about the mortgage transaction, the borrower and the property and understand the entire mortgage financing transaction so any rate is given accurately.

Q) How long will the transaction take to close?
A) A majority of what a lender needs to process and close a mortgage is provided by other people, such as documents from the borrower, appraisal, title insurance, and so forth. If the required information is available and can be provided in a timely manner, the process will move quickly. During my years in the mortgage industry,  I have seen clients want to close quickly and the process take a long time due to delays beyond everyone’s control. Conversely, I have been able to close mortgage loans quickly when people weren’t even looking to move quickly because everything was readily available.

Q) What do I need to provide in order to get approved for a mortgage?
A) Click here for a list of items you will need for your application.

Q) How much of a loan do I qualify for?
A) Many factors affect the loan amount you can obtain. Your gross monthly income, mortgage payment, taxes, insurance and monthly debt are just a few of the items that can affect qualifying for a mortgage.  Contact me so we can review everything and make sure you know the correct amount.

Q) How much money will I need for the down payment for a mortgage?
A) The amount of the down payment depends on the type of mortgage loan you’re seeking. There are programs that allow for no money down mortgage financing!  Contact me to learn more about these options.

Q) What are the closing costs?
A) The closing costs for your mortgage can be affected by how the transaction is structured. In addition, escrows are collected at closing and those are determined by when you close in the month, quarter, and year.  The closing costs are also affected by  the purchase price of the home (assuming a purchase transaction), the mortgage loan amount and the amount you’re paying for insurance. Contact me for a more specific discussion about your transaction so we can determine the cost of your mortgage.

Q) Can I add the closing costs into the loan?
A) Yes, when refinancing you can add the costs to your current mortgage loan balance assuming enough equity exists in the home. For a purchase transaction, adding closing costs to the loan is essentially reducing your down payment.

Q) Is there a way to obtain mortgage financing to do renovations to the property?
A) Yes, you can refinance your mortgage to do renovations to your home. Even if you don’t have enough equity now, certain programs will allow you to borrow against the future value of the home once the renovations are complete so you can get that money you need! You can also purchase a home and include the renovation costs in the purchase money mortgage.

To discover what options for mortgage financing are best for you, schedule a consultation with a mortgage loan officer serving NJ & NY. Call Joe Ennis at (201) 538-1140 today!