It’s the perfect time to find out more about the current New Jersey mortgage rates that are at all time lows following the COVID-19 outbreak. Those looking to buy a home may have fewer options available now than were available in February of 2020.
In March 2020, The Federal Reserve took steps to keep money flowing through the mortgage financing system. Since the Federal Reserve pledged to cut short-term rates and buy billions of dollars’ worth of mortgage-backed securities, rates on home equity lines of credit and fixed-rate mortgages have fallen.
The rate reductions were designed to stimulate the economy once the worst of the pandemic passes, when people get back to work and get full paychecks again. If you’re in the position to refinance, be careful getting a cash-out refinance. At a time when you might want to keep that equity as a cushion in case of unemployment, it could reduce your equity.
To qualify for a forbearance, a client must claim a significant financial hardship as a result of COVID-19. It is our professional opinion that if you have the ability to make your mortgage payments, then you should continue to do so without question.
In today’s housing market, mortgage rates and affordability aren’t the most significant challenges; lack of affordable homes for sale is. We’re here to give you tactics that make you more likely to prevail in your purchase. Garden State Home Loans delivers a customer experience that completely separates us from other mortgage companies in New Jersey.
Our mission is to provide clients with a personalized mortgage lending experience by going above and beyond to make sure that all of your personal needs are met. We are staffed with hardworking, responsive, detail-oriented, well-trained experts at each position throughout the company.
Learn More About New Jersey Mortgage Rates
Not sure where to start? Our mortgage calculators will provide you understand the see different rates and available payment scenarios. See firsthand what you can expect to spend, the potential savings available from mortgage refinancing, compare different loan scenarios and more.
We are one team, with one mission and one vision, committed to providing high quality service combined with some of the lowest mortgage rates available.
If you want to learn more about the effects on New Jersey mortgage rates due to the current circumstances, contact Us or start chatting with a loan officer live on our site today.