BEST OF

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.

NerdWalletApr 9, 2021

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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.

Summary of Best New Jersey Mortgage Lenders of 2021

Lender	NerdWallet Rating	Min. Credit Score	Min. Down Payment	Learn More
Rocket Mortgage by Quicken Loans: NMLS#3030 Learn more at Rocket Mortgage by Quicken Loans	4.5/5 Best for online lender	620	3%	Learn more at Rocket Mortgage by Quicken Loans
New American Funding: NMLS#6606 Learn more at New American Funding	4.5/5 Best for weaker credit	620	3%	Learn more at New American Funding
Guaranteed Rate: NMLS#2611 Learn more at Guaranteed Rate	5.0/5 Best for refinancing	620	N/A	Learn more at Guaranteed Rate
loanDepot: NMLS#174457 Learn more at loanDepot	3.5/5 Best for first-time home buyers & online lenders	620	5%	Learn more at loanDepot
Chase: NMLS#399798 Learn more at Chase	4.5/5 Best for refinancing	620	N/A	Learn more at Chase
Citibank: NMLS#412915 Read review	5.0/5 Best for first-time home buyers	N/A	3%	Read review
Bank of America: NMLS#399802 Read review	5.0/5 Best for face-to-face experience	620	3%	Read review
PNC: NMLS#446303 Read review	4.5/5 Best for face-to-face experience	620	3%	Read review
Carrington: NMLS#2600 Read review	3.0/5 Best for weaker credit	620	3%	Read review

Learn more

at Rocket Mortgage by Quicken Loans

Rocket Mortgage by Quicken Loans: NMLS#3030

4.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

Learn more

at Rocket Mortgage by Quicken Loans

Why we like it

Good for: borrowers who appreciate smartphone and online convenience for a fully digital home loan experience powered by Quicken Loans.

Pros

Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary.
Estimates the loan amount you’ll qualify for within minutes.
Offers document and asset retrieval capabilities.

Cons

If you’re a “look me in the eye” type of customer, you’re out of luck.
Getting a customized interest rate requires a credit check, which can lower your credit score by a few points.

Read Full Review

Learn more

at New American Funding

New American Funding: NMLS#6606

4.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

Learn more

at New American Funding

Why we like it

Good for: borrowers who need to be evaluated on the basis of nontraditional credit and those interested in various down payment assistance programs.

Pros

Uses manual underwriting to evaluate creditworthiness.
Offers full online mortgage application, rate quotes, document upload and loan tracking.

Cons

Mortgage rates offered to borrowers are higher than the government-reported median of all lenders.

Read Full Review

Learn more

at Guaranteed Rate

Guaranteed Rate: NMLS#2611

5.0

NerdWallet rating

Min. Credit Score

620

National / Regional

National

Learn more

at Guaranteed Rate

Why we like it

Good for: homeowners who are looking to refinance conventional, FHA or VA mortgages.

Pros

Offers the ability to securely upload and digitally sign loan documents.
Displays detailed sample rates for many of its refinance loan products.

Cons

May charge an application fee.

Read Full Review

Learn more

at loanDepot

loanDepot: NMLS#174457

3.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

Learn more

at loanDepot

Why we like it

Good for: borrowers looking to refinance or who want to start the application process online.

Pros

Offers digital income, asset and employment verification.
Offers multiple renovation loan options.
Has over 200 affiliated loan stores nationwide for customers who prefer face-to-face service.

Cons

Mortgage rates aren't available online; you'll need to contact a loan officer.
Does not offer home equity loans or lines of credit.

Read Full Review

Learn more

at Chase

Chase: NMLS#399798

4.5

NerdWallet rating

Min. Credit Score

620

National / Regional

National

Learn more

at Chase

Why we like it

Good for: refinancers who want a name-brand bank, with offices in more than half the states, that charges lower rates and fees than many other lenders.

Pros

Fixed- and adjustable-rate refinance options.
Customized refinance rate quotes available online without providing personal info.

Cons

You have to speak with a home loan advisor to complete the application.

Read Full Review

Read review

Citibank: NMLS#412915

5.0

NerdWallet rating

National / Regional

National

Min. Down Payment

Read review

Why we like it

Good for: borrowers wanting to compare mortgage rates online for a variety of loan options.

Pros

Offers a wide variety of loan options, including low-down-payment mortgages and jumbo mortgages.
Provides customizable mortgage rates on its website.
Offers low rates and fees compared with other lenders.

Cons

Charges a mortgage application fee.
Requires help from a mortgage loan officer to complete the loan application online.

Read Full Review

Read review

Bank of America: NMLS#399802

5.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

Read review

Why we like it

Good for: first-time home buyers looking for low-down-payment options and existing customers who may get a discount on fees.

Pros

Allows borrowers to apply entirely online.
Offers down payment and closing cost assistance programs.
May give existing customers a discount on mortgage lender origination fees.

Cons

Does not offer renovation loans.

Read Full Review

Read review

PNC: NMLS#446303

4.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

Read review

Why we like it

Good for: borrowers with low-to-moderate incomes or limited down payments. PNC offers several low-down-payment loans, including one with no mortgage insurance.

Pros

Posts current mortgage rates on its website.
Has an online application for mortgage preapproval and a digital tool to track application progress.
Offers several affordable loan options, including FHA, VA, USDA and the PNC Community Loan.

Cons

Can't complete a full mortgage application online.
Doesn't offer renovation mortgages.
In-person service is not available in every state.

Read Full Review

Read review

Carrington: NMLS#2600

3.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

Read review

Why we like it

Good for: first-time home buyers or credit-challenged borrowers interested in government loan products.

Pros

Offers multiple low-down-payment loan programs.
May consider alternative credit data, like bank statements and rent payments.

Cons

To get sample rates, you'll have to speak with a loan officer.
Doesn't offer home equity loans or HELOC.

Read Full Review

Last updated on April 9, 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

Rocket Mortgage by Quicken Loans: Best for online lender
New American Funding: Best for weaker credit
Guaranteed Rate: Best for refinancing
loanDepot: Best for first-time home buyers & online lenders
Chase: Best for refinancing
Citibank: Best for first-time home buyers
Bank of America: Best for face-to-face experience
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.