Best Mortgage Lenders in New Jersey

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Contributor, Benzinga
November 28, 2023

If you're looking to buy a home or refinance your existing mortgage in the Garden State, it's crucial to find a reputable and reliable lender that offers competitive rates and excellent customer service. In this article, we will present a comprehensive list of the top mortgage lenders in New Jersey, highlighting their key features and benefits. You will have a better understanding of the options available to you and be well-equipped to make an informed decision when choosing the best mortgage lender that suits your needs in New Jersey. Read on so you don’t miss out!

Best Mortgage Companies in New Jersey

We’ve conducted hours of research to bring you the best mortgage companies in New Jersey. Our recommended lenders feature tailored loan solutions with competitive interest rates. Read on to learn more about how the best mortgage companies can help meet your needs. 

1. Best for First-Time Home Buyers: Citibank

You want a lender that’s attentive and caters to your needs. Let the mortgage professionals at Citibank help you find the perfect loan product for your home purchase.

First-time home buyers can choose from conventional, FHA or VA loans. You can get a jumbo loan if you’re looking to purchase a higher-priced home that exceeds the conventional loan limits. 

Citibank also offers the HomeRun Mortgage, which may be a good fit if you’d prefer a loan with a 3% down payment and flexible credit guidelines. 

Get a free, no-obligation rate quote today. 

2. Best for Bank Statements Only: CrossCountry Mortgage

Prefer to get approved for a mortgage using your bank statements? CrossCountry Mortgage offers a Simple Access Bank™ Statement Qualifier program that simplifies the home loan process for self-employed borrowers. 

You can provide 12 or 24 months of bank statements to prove your income. This means you won’t have to take a tax hit because the lender will not view your tax returns. You’ll also need a credit score of at least 600 to qualify. 

Home loans range from $300,000 to $3,000,000, and you can borrow up to 80% of the property value. 

Does that sound like a mortgage product that might work for you? Get an online quote today. 

3. Best Online Lender: Rocket Mortgage® by Quicken Loans®

Millions of customers have trusted Quicken Loans® to make their homeownership dreams a reality. Quicken Loans is the largest mortgage lender in the nation and offers a plethora of flexible solutions to choose from, including conventional, FHA, VA, USDA and jumbo loans. 

The entire mortgage process can be completed online with their tool: Rocket Mortgage® by Quicken Loans®. You won’t have to leave home until it’s time to close on the loan. You’ll never be in the dark about your mortgage, and you can check the status 24/7 directly from the dashboard. 

Experience Rocket Mortgage® by Quicken Loans®. Request a free online rate quote today

4. Best for FHA Loans: Guaranteed Rate 

FHA loans from Guaranteed Rate are an ideal option for those who seek flexible qualification criteria. To qualify, you’ll need a credit score of at least 620 and 3.5% of the purchase price for the down payment. You should also have 2 years of steady work history and a month of reserves in your account. 

Want to learn more? Reach out to speak with a loan officer or get a fast, free online rate quote. 

5. Best for VA Loans: Veterans United

Searching for a VA loan? Veterans United can assist. Its VA loans feature some of the most competitive rates among lenders. 

You can get approved for a loan with no down payment or PMI if you’re a service member, veteran or qualifying relative. Perfect credit isn’t required — a credit score of 620 or higher may be enough to secure a loan.

Retrieve an online quote today to learn more about how Veterans United can assist with your VA home loan needs. 

Mortgages Explained

Some mortgages are privately held and others are backed by the federal government. Lenders also offer various repayment periods. A shorter term means a higher payment but less paid in interest over the life of the loan. You can enjoy lower monthly payments with an extended loan term, but you’ll spend far more in interest if you don’t pay it off early.

Let’s take a closer look at what a credit union, bank or other mortgage lender can provide.

Mortgage Types

These are the various types of mortgages available to borrowers, each with its own unique features and benefits. Here are some of them:

  • Conventional mortgages are not backed by the federal government. 
  • FHA loans are insured by the Federal Housing Administration. They cater to borrowers who have lower credit scores, minimal reserves for a down payment or a combination of both. You may qualify for a loan with a 3.5% down payment if your FICO score is at least 580. If it’s between 500 and 579, you’ll need a 10% down payment. 
  • VA loans are for active service members or veterans that qualify for a VA loan. These loans are backed by the Department of Veterans Affairs and feature no down payment or mortgage insurance requirements. There’s no minimum credit score, but you want to have at least a 620 because this is the minimum most lenders will accept. You will also be subject to an initial VA funding fee. 

Mortgage Terms

Here are some examples of mortgage terms that are important to understand when navigating the home buying process:

  • 30-year fixed mortgages offer the same interest rate for a 30-year repayment term. 
  • 15-year fixed mortgages require a 15-year loan term and fixed interest rate. 
  • 5/1 ARMs offer an adjustable-rate mortgage product. The loan carries the same low interest rate for 5 years and it changes each subsequent year, depending on market conditions. They are best for consumers who plan to refinance in the first few years of taking out the loan or know they won’t be in the home for long. 

Which Mortgage Lender is Best for You?

You’ll quickly notice that there’s no shortage of mortgage lenders in New Jersey. In fact, there are several to choose from — narrowing down your options can be overwhelming. You can only consider lenders who exhibit these characteristics: 

  • Dedication: Is the lender dedicated to providing exceptional customer service? Does a lender have resources available on their website to help you navigate the mortgage maze? How does a lender interact with potential borrowers? You may have to reach out to the lender to answer these questions. Customer reviews also provide valuable insight. 
  • Stellar reputation: How is the lender perceived by others? Has it won any industry awards? Does it have a track record of success and exhibit solid financial health? 
  • Mortgage preapproval: Ensure that the lender will pre-approve you so that the shopping process is that much simpler.
  • Flexible loan options: Does the lender offer loan options for individuals from varying financial backgrounds? Is there a medley of privately-held and government-backed products to choose from? Are the loan terms flexible? 
  • Low lender fees: Are there loan origination, application processing or other administrative fees? Do closing costs seem reasonable? Remember, that will be origination fees, title insurance, closing costs, etc.  
  • Competitive interest rates: Is the rate quote comparable to those offered by other lenders for similar mortgage products? Does it seem much higher or lower? 
  • Easy closing process: Make sure that the types of loans you choose don’t impact the closing process. Loan programs should make it easy to close, and you should feel as though the thousands of dollars you’re spending to close are spent well.

Lender Credit Score Minimums in New Jersey

The lender wants assurance that the applicant can afford the monthly mortgage payment. Your income is weighed heavily in the decision-making process. Your credit score is equally important and determines what rate you receive for the loan. 

It’s determined by your credit history and sheds light on how you’ve handled debt in the past. If your score is lower, the lender will charge you more in interest to offset risk or deny your loan altogether. 

Here are the credit score minimums for the top mortgage lenders in New Jersey: 

LenderMinimum Credit Score Required
Luxury Mortgage600
Quicken Loans® 620
Guaranteed Rate580
Veterans United 620

Worried that your score is too low to qualify? Connect with the lender to discuss your situation. Lenders may be able to help devise a plan to boost your score so you can get approved. 

Current Mortgage Rates in New Jersey

Mortgage rates fluctuate daily. It depends on the housing market, economic growth, bond markets and the rate of inflation. The rates listed below are the latest from the top mortgage lenders in New Jersey. 

Loan TypeRateAPR
30-year fixed 6.402% 6.48%
15-year fixed 5.883% 6.018%
7/1 ARM (adjustable rate) 6.203% 7.194%
5/1 ARM (adjustable rate) 6.51% 7.562%
Rates based on an average home price of $250,000 and a down payment of 20%.
See more mortgage rates on Zillow

There’s no way to know what your rate will be unless you retrieve a rate quote from your lender.

Average Days to Close on a Loan

What happens during closing? The loan goes to underwriting to make sure all the information entered in the application checks out. The property also undergoes a home inspection and more. 

Here’s the average number of days it takes to close a home loan with our recommended lenders: 

LenderAverage Days to Close
Citibank30 days
Luxury MortgageVaries
Quicken Loans® 30 days 
Guaranteed Rate Varies 
Veterans United Varies 

What if the closing is delayed? The lender will work with you to resolve any outstanding issues and get you to the closing table as soon as possible. You must have patience and respond to their requests promptly. 

Secure a Mortgage in New Jersey Today

Instead of drowning in a sea of loan options, let Benzinga help you find the perfect mortgage lender in New Jersey. You can get fast, free quotes from our recommended lender and compare your options in just minutes. There’s no obligation to move forward if the loan offers don’t quite meet your needs.

Frequently Asked Questions


Do I need to have a good credit score to get a mortgage loan in New Jersey?


While a good credit score can improve your chances of getting approved for a mortgage loan, it’s not the sole determining factor. Lenders also consider your income, employment history, debt-to-income ratio, and other financial aspects when evaluating your application.


How much down payment do I need to buy a home in New Jersey?


The down payment requirement typically varies depending on the loan type and the lender. However, in general, a down payment of at least 3% to 20% of the home’s purchase price is recommended.


How long does the mortgage approval process take in New Jersey?


The mortgage approval process can vary depending on several factors, including the lender, the complexity of your application, and the current market conditions. On average, it takes about 30 to 45 days from application to closing.

Get Ready for Take Off

Rocket Mortgage® is an online mortgage experience developed by the firm formerly known as Quicken Loans®, America’s largest mortgage lender. Rocket Mortgage® makes it easy to get a mortgage — you just tell the company about yourself, your home, your finances and Rocket Mortgage® gives you real interest rates and numbers. You can use Rocket Mortgage® to get approved, ask questions about your mortgage, manage your payments and more.

You can work at your own pace and someone is always there to answer your questions — 24 hours a day, 7 days a week. Want a fast, convenient way to get a mortgage? Give Rocket Mortgage® a try.