9 Best New Jersey Mortgage Lenders of 2022
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.
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- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
9 Best New Jersey Mortgage Lenders of 2022
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Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Min. credit score ▾ ▾ | Min. down payment ▾ ▾ | Learn more |
|---|---|---|---|---|
 New American Funding: NMLS#6606 Top 3 most visited 🏆 See Offers at New American Funding | 580 | N/A | Top 3 most visited 🏆 See Offers at New American Funding | |
 Rocket Mortgage, LLC: NMLS#3030 Top 3 most visited 🏆 See Offers at Rocket Mortgage, LLC | 620 | 1% | Top 3 most visited 🏆 See Offers at Rocket Mortgage, LLC | |
580 | 3% | See Offers at Rate | ||
 loanDepot: NMLS#174457 Compare More Lenders on NerdWallet | 620 | 3% | Compare More Lenders on NerdWallet | |
 PNC Bank: NMLS#446303 Compare More Lenders on NerdWallet | 620 | 3% | Compare More Lenders on NerdWallet | |
 Bank of America: NMLS#399802 Compare More Lenders on NerdWallet | 660 | 5% | Compare More Lenders on NerdWallet | |
 Citibank: NMLS#412915 Compare More Lenders on NerdWallet | N/A | 3% | Compare More Lenders on NerdWallet | |
 Carrington: NMLS#2600 Compare More Lenders on NerdWallet | 620 | 3% | Compare More Lenders on NerdWallet | |
 Chase: NMLS#399798 Compare More Lenders on NerdWallet | 620 | 3% | Compare More Lenders on NerdWallet |
- Why we like itNew American Funding offers a large menu of loan products, as well as programs like first-time home buyer assistance, but personalized mortgage rates aren't available on its website.Pros
- Offers a wide variety of purchase and refinance mortgages, as well as unique buyer assistance programs.
- Its home equity line of credit can be used for a primary residence or second home.
ConsRead full review- Average origination fees are on the high side, according to the latest federal data.
- Personalized mortgage rates are not available on the website without providing contact information.
- Why we like itRocket Mortgage is the largest mortgage lender by volume, standing out for its range of affordable borrowing options, down payment assistance and closing cost credits.Pros
- Reported average time to close is 15 days faster than industry average.
- FHA and VA loans make up 40% of Rocket Mortgage’s total loan volume.
- Borrowers can apply via mobile app.
ConsRead full review- Origination fees are on the higher end, according to the latest federal data.
- No construction or renovation loans.
- Physical branches are only available in Detroit, Cleveland, and Phoenix.
- Why we like itRate has a wide variety of refinance loan options and a streamlined application process, though refinance origination fees are on the high side.Pros
- Excellent variety of refinance mortgage types.
- Easy to shop for rates on the lender's website.
- Fully underwritten mortgage approval in as little as one day for qualified borrowers.
ConsRead full review- Origination fees for refinances are on the high side, according to the latest federal data.
- Why we like itLoanDepot is a large nonbank lender that offers the potential for a streamlined mortgage process and cash back, but to start an application or get a rate quote you must work with a loan officer over the phone.Pros
- Offers a variety of repayment terms for fixed-rate loans.
- Does a substantial amount of business in FHA lending.
- mello smartloan product can streamline mortgage application, appraisal and title search.
ConsRead full review- Interest rates are not available on the website.
- Origination fees are on the higher end, according to the latest federal data.
- Why we like itPNC Bank has a variety of appealing mortgage options, including jumbo loans, programs for first-time home buyers and home equity lines of credit.Pros
- Low-down-payment loan options include FHA, VA, USDA and PNC Community Loan.
- Jumbo loans available with minimum down payments of 5%.
- Customizable mortgage rates are posted online.
ConsRead full review- Average mortgage rates are on the high side, according to the latest federal data.
- In-person service is not available in every state.
- You’ll have to supply personal data or account info to get answers by phone.
- Why we like itBank of America offers low interest rates, in-person service and plenty of loan options. Current banking customers may be eligible for additional perks.Pros
- Interest rates are lower than most lenders, according to the latest federal data.
- Offers up to $10,000 in down payment assistance to qualified borrowers.
- Banking customers can get discounted interest rates or fees.
ConsRead full review- Mortgage origination fees are on the high side, according to the latest federal data.
- Rate estimator tool doesn’t personalize by credit score.
- Why we like itCiti offers solid customer support and a highly rated mobile app. Borrowers need to contact the lender for a customized rate quote or preapproval — but average mortgage rates are among the lowest of lenders we review.Pros
- Very low average interest rates compared to other lenders, according to the latest federal data.
- Closing cost credits and interest rate discounts available.
- Highly rated mobile app.
ConsRead full review- Preapproval and application require a phone call to complete.
- Must contact the lender for customized rate quote.
- Doesn’t offer renovation or construction-to-permanent loans.
- Why we like itCarrington Mortgage offers loans for people who might have trouble qualifying for a mortgage elsewhere, like self-employed borrowers or those with heavy debt. However, its interest rates are on the high side.Pros
- Considers borrowers with bad credit, foreclosure or bankruptcy.
- Accepts self-employed borrowers.
- Mortgage origination fees are on the low side, according to the latest federal data.
ConsRead full review- Interest rates are on the high side, according to the latest federal data.
- Doesn’t post interest rates online.
- No online chat for customer service.
- Why we like itGood for: borrowers who want a wide selection of loan products, an in-person experience and comparatively low interest rates.Pros
- Carries a wide variety of mortgage types and products, including mortgages with down payments as low as 3%.
- Offers low rates compared with other lenders, according to the latest federal data.
- Offers a customizable mortgage calculator for personalized rate and payment estimates.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
ConsRead full review- Doesn't offer home improvement loans, such as FHA 203(k) and HomeStyle.
- You have to speak with a home loan adviser to complete the application.
- Home equity lines of credit (HELOC) are currently unavailable.
Last updated on January 6, 2022
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, 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.
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.
NerdWallet's Best New Jersey Mortgage Lenders of 2022
- New American Funding: Best for weaker credit
- Rocket Mortgage, LLC: Best for online lender
- Rate: Best for refinancing
- loanDepot: Best for first-time home buyers & online lenders
- PNC Bank: Best for face-to-face experience
- Bank of America: Best for face-to-face experience
- Citibank: Best for first-time home buyers
- Carrington: Best for weaker credit
- Chase: Best for refinancing
