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    Residential Financing

    Can You Buy a Home?

    At First Equity Mortgage, we do whatever we can to make you a New Jersey homeowner.

    There are several loan programs at your disposal. We work with you to find the best residential financing option for your income, credit and home needs. Whether you are a first-time home buyer or an experienced investor, we have multiple programs to help, such as:

    • First-time home buyer loans
    • Investment purchases and refinances
    • Jumbo loans
    • Construction/home renovation loans
      • 203K loans upon purchase
      • 203K loans when refinancing
    • Cash out refinances
    • Debt consolidation loans
    • Reverse mortgages
    • Solar financing

    Our goal is to provide you with a customized solution that fits your specific needs. We would be glad to meet with you face to face to discuss the options that are available to you. Read below for more information on each of these programs. If you want more information on New Jersey home loans or just want to get started, please call or email us today!

    First Time Home Buyer Loans in NJ

    It’s never been easier to buy a home in New Jersey. With the New Jersey Housing & Mortgage Finance Agency, first time home buyers in NJ have several ways to finance their new houses. Depending on your income and where you are looking, you may be able to qualify for the HMFA low-interest, low down payment plan.

    Aside from this loan program, you have a range of other options to finance your first home:

    • Fixed-rate mortgages, which offer a steady interest rate through the life of your loan
    • Adjustable-rate mortgages, where the interest rate can go up or down depending on market trends
    • FHA home loans and VA home loans are government programs that help people buy houses with smaller down payments, fixed monthly rates, and less than perfect credit

    Investment Purchases

    Buyers flock to Monmouth County to purchase homes for a number of reasons – to live, to rent out or just to have a home in a beautiful area that will appreciate in value. The act of buying these investment properties can prove difficult to do on your own, especially if you already have a mortgage, given today’s credit market and lending practices. Through advising you on your down payment, tapping into strong bank relationships, pulling additional lines of credit or home equity loans on New Jersey properties, or even repairing your credit to get you a lower interest rate, First Equity can work with you to find the solutions you need to purchase your new home, whatever your motives.

    Refinances

    National and New Jersey mortgage rates are at an all-time low, and refinancing is on every homeowner’s mind. Refinancing your current mortgage loan to one with a lower interest rate may cost you a little money up front in appraisal, processing and other fees, but save you thousands before the close of your mortgage loan.

    Refinances are not just for lowering your mortgage rates, although that is the main draw. You can also refinance your home loan to switch from an adjustable-rate to a fixed-rate loan and lock in today’s rates for good. Refinancing can also reduce the term of your mortgage so you can pay off your house sooner, or you can elongate your terms so you have a lower monthly payment.

    Jumbo Loans

    Monmouth County has no shortage of sprawling estates and beautiful, grandiose homes and properties. If you are looking to purchase one of these, you may be looking for a jumbo loan or a super jumbo loan. These are simply comical names for loan amounts that exceed the conventional loan ceiling set by Fannie Mae and Freddie Mac; however, even these large home loans in NJ have limits. You may be able to get a loan up to $625,500 for homes in Ocean, Middlesex and Monmouth counties, but you may be facing higher interest rates and hefty down payments. With qualified New Jersey mortgage specialists at First Equity, we can work with you to find the options to help you get your dream home at the lowest incremental cost and/or the lowest total cost for you.

    Construction Loans / Home Renovation Loans / 203K Loans

    A big hit in today’s housing market, FHA 203k home loans – also known as construction, renovation and rehab loans – allow you to configure your mortgage to include the costs of updating your home. These loans consider the final value of your finished home and add those funds to your mortgage, so you can pay off the money you need to make major changes like tacking on an addition, or simpler renovations like revamping your kitchen into a party-hosting, gourmet-cooking paradise over time instead of all at once. A great option for NJ homebuyers looking to rebuild a fixer-upper and for homeowner who want a little more out of their refinance than a lower interest rate, First Equity can get you set up with the right funds set aside for the projects you plan to take on now or anytime in the future.

    Cash-Out Refinancing

    Cash-out refinancing is an easy way to get some extra cash in your pocket. Basically, cash-out refinancing is a means of refinancing your mortgage for a larger amount than you actually owe and collecting the difference as money in your pocket, similar to home equity loans in New Jersey. While this has the potential to net you a substantial amount of money now, it also can extend your loan period or raise your monthly payments – whichever is more feasible for you. Currently, this plan has the added bonus of allowing you to refinance your loan and lock in a low interest rate. In other words, you might be able to refinance for a lower rate, pay essentially the same amount you would have paid on your original mortgage loan, but have an extra several thousand bucks to show for it.

    Debt Consolidation

    Americans have a tendency to rack up the debt, but thankfully, we have some choices in how to regain control of our finances. One of these choices is a debt consolidation home equity loan, which draws on your equity to pay off pesky credit card debts, personal loans and other costs that are lingering around your bank account. Debt consolidation transfers several debts to one account so you only have to worry about paying one bill.

    Keep in mind that if you are consolidating debts with a new mortgage, you may be required to make a much larger down payment on your home so you can cover some of the additional financial burden less the cost of the house. Refinancing a mortgage and adding your other debts can reduce the interest rates on outstanding debts and allow you to repay over a longer period. Just be sure to lock in a monthly rate you can handle each month. In tying together all of your payments to your home, a default or missed payment may put your house in hot water. First Equity mortgage consultants can put your finances in perspective and help you find a repayment schedule you can live by.

    Reverse Mortgages

    If drawing on your home equity to free up funds sounds like a good idea, you are considering a reverse mortgage. Often used by retirees, reverse mortgages allow you to take out home equity loans – borrowing against your house – in a lump sum or monthly increments, to use this money as you wish. This amount gets repaid when you sell the house or pass away, meaning some of the proceeds go back to your NJ mortgage lender to replace the funds borrowed. One of the most popular reverse mortgages is the Home Equity Conversion Mortgage (HECM), backed by the Department of Housing and Urban Development.

    The allowable borrowing amount of your reverse mortgage depends on the value of your house, the interest rate of the reverse mortgage (the lower it is, the more you can stand to borrow), and your age. The older you are, the more you can take out at once. It is very important to talk with a New Jersey mortgage expert about your reverse mortgage rather than handling it alone. Reverse mortgages can be a great way to make your hard work in paying off your home work for you, but it is important to examine all long-term ramifications.

    Solar Financing

    A simple solution to saving on home expenses is to install solar panels. Good for the environment and your wallet, solar panels can harness natural energy to power your home. While the financial benefits to solar panels are clear, the ability to pay for them in the beginning may not seem so easy. However, there are several options open to you for solar financing:

    • Solar power purchasing agreements or solar leasing, in which another party owns the solar energy or equipment (respectively), but you reap the benefits
    • Selling your Solar Renewable Energy Certificates (SRECs) to utility companies, thereby offsetting the cost of installation over time. New Jersey SRECs are some of the most lucrative in the United States, but keep in mind this process is much more complicated than a simple one-line explanation
    • Home equity loans in New Jersey can also be used to pay for your solar project

    First Equity Mortgage has worked with some of New Jersey’s largest solar installers and understands the ins and outs of this unique residential financing opportunity.

    Financing your home and using your home loan to cover other personal expenses is in your reach. We look forward to meeting with you face to face to discuss the particulars of your NJ residential financing matters, including first time home buyer loans, general home loans and home equity loans.. Call or email First Equity Mortgage to get started!