New Jersey Mortgage Refinance

The “Garden State” has plenty of mortgage refinance options to offer home owners. New Jersey, population 8,724,560, has a myriad of lenders ready to assist home owners with lowering their monthly mortgage payment through refinance. Currently New Jersey lenders offer rates of 4.75% APR to 5.33% APR on a 30 year fixed product; 4.22% APR to 4.79% APR on a 15 year fixed mortgage and 4.18% APR on a 7/1 ARM. When it comes to comparing New Jersey mortgage rates, establish a budget before going rate shopping. Create a refinance goal and identify an ideal monthly payment. Also, compare similar products, rates and terms. Understand that a fixed rate product has rate that stays the same through the life the loan and that an adjustable rate mortgage (ARM) offers a lower initial rate that later fluctuates based on market conditions. Also, it’s important to understand New Jersey home values. The median home value in New Jersey is $289,900. Home values vary based on city. For example, average home values in Atlantic City (08401) are $197,200. In Princeton (08540), home values are between $444,303 and $521,573. The median sale price in New Jersey is $288,000. Travel to Hoboken (07030) where homes have sold for $$296,000 and $695,000. Homes have sold in Mullica (08062) for $315,000 and $328,000.