9 Best New Jersey Mortgage Lenders of 2021
Here are some of the best NJ mortgage lenders, whether you're a first-time home buyer, a refinancer or a borrower with imperfect credit.
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Buying a home in New Jersey is the fun part. Shopping for a mortgage? Not so much. But don’t worry, we’ve cut through the clutter, vetting NJ mortgage lenders to discover which are the best for borrowers' particular needs.
From the hills of Sussex County to the beaches of Cape May, here are some of the best lenders in New Jersey, whether you're a first-time home buyer, a refinancer, a borrower with bad credit, an aficionado of face-to-face transactions or a digital native.
Buying a home in New Jersey is the fun part. Shopping for a mortgage? Not so much. But don’t worry, we’ve cut through the clutter, vetting NJ mortgage lenders to discover which are the best for borrowers' particular needs.
From the hills of Sussex County to the beaches of Cape May, here are some of the best lenders in New Jersey, whether you're a first-time home buyer, a refinancer, a borrower with bad credit, an aficionado of face-to-face transactions or a digital native.
Summary of Best New Jersey Mortgage Lenders of 2021
| Lender | NerdWallet Rating | Min. Credit Score | Min. Down Payment | Learn More |
|---|---|---|---|---|
 New American Funding: NMLS#6606 Learn more at New American Funding | Best for weaker credit | 620 | 3% | Learn more at New American Funding |
 Rocket Mortgage by Quicken Loans: NMLS#3030 Learn more at Rocket Mortgage by Quicken Loans | Best for online lender | 620 | 3% | Learn more at Rocket Mortgage by Quicken Loans |
 Guaranteed Rate: NMLS#2611 Learn more at Guaranteed Rate | Best for refinancing | 620 | N/A | Learn more at Guaranteed Rate |
 Chase: NMLS#399798 Learn more at Chase | Best for refinancing | 620 | N/A | Learn more at Chase |
 loanDepot: NMLS#174457 Learn more at loanDepot | Best for first-time home buyers & online lenders | 620 | 5% | Learn more at loanDepot |
 Bank of America: NMLS#399802 | Best for face-to-face experience | 620 | 5% | Read review |
 Citibank: NMLS#412915 | Best for first-time home buyers | N/A | 3% | Read review |
 PNC: NMLS#446303 | Best for face-to-face experience | 620 | 3% | Read review |
 Carrington: NMLS#2600 | Best for weaker credit | 620 | 3% | Read review |
at New American Funding
New American Funding: NMLS#6606
Min. Credit Score
Min. Down Payment
at New American Funding
at Rocket Mortgage by Quicken Loans
Rocket Mortgage by Quicken Loans: NMLS#3030
Min. Credit Score
Min. Down Payment
at Rocket Mortgage by Quicken Loans
at Guaranteed Rate
Guaranteed Rate: NMLS#2611
Min. Credit Score
National / Regional
at Guaranteed Rate
at Chase
Chase: NMLS#399798
Min. Credit Score
National / Regional
at Chase
at loanDepot
loanDepot: NMLS#174457
Min. Credit Score
Min. Down Payment
at loanDepot
Bank of America: NMLS#399802
Min. Credit Score
Min. Down Payment
National / Regional
Citibank: NMLS#412915
National / Regional
Min. Down Payment
Carrington: NMLS#2600
Min. Credit Score
Min. Down Payment
Last updated on August 30, 2021
Methodology
NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.
To recap our selections...
NerdWallet's Best New Jersey Mortgage Lenders of 2021
- New American Funding: Best for weaker credit
- Rocket Mortgage by Quicken Loans: Best for online lender
- Guaranteed Rate: Best for refinancing
- Chase: Best for refinancing
- loanDepot: Best for first-time home buyers & online lenders
- Bank of America: Best for face-to-face experience
- Citibank: Best for first-time home buyers
- PNC: Best for face-to-face experience
- Carrington: Best for weaker credit
Frequently asked questions
The credit score you need to buy a house in New Jersey depends on the type of mortgage you're planning to use. Home loans backed by the Federal Housing Administration tend to have the lowest required minimum credit scores, but individual lenders can ask for higher scores. For most conventional loans, you'll need a credit score of at least 620.
The median monthly housing payment for New Jersey homeowners was $2,413 in 2019 (the most recent year for which data is available), according to the U.S. Census Bureau’s American Community Survey. That number includes principal, interest, insurance, taxes, utility costs and homeowners association or other fees. You can use a mortgage calculator for NJ to get a more specific estimate of what your monthly mortgage payments would be.
Your down payment amount depends less on where you live, and more on the type of mortgage you're using and how your offer shapes up. With a conventional loan, you can make a down payment that's as low as 3%. However, in a competitive housing market, it may help your offer stand out if you can make a down payment that's beyond the bare minimum. If you need down payment assistance, you may want to look into New Jersey first-time home buyer programs.
