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Keller Williams City Life Realty

Know Your Mortgage Options Before You Buy

Mortgage Options for Hudson County NJ Buyers

If you’re thinking of buying a condo in Hoboken or Jersey City, your first step should be to speak with a lender. The lender will help determine how much you can realistically afford to pay and explain which of the many types of loans will work best for your financial situation.

Mortgage loans come in many different varieties. Some of the most common are listed below.

  • Fixed Rate Mortgage: One in which the interest rate remains the same over the course of the loan, generally 15, 20 or 30 years
  • Adjustable Rate Mortgage (ARM): Usually offers a lower interest rate than fixed rate mortgages; however, the rate will fluctuate at pre-determined intervals, rising or falling based on market conditions.
  • Federal Housing Administration (FHA) Loan: A government-backed loan that helps low-income buyers afford a home. FHA loans require a lower down payment than traditional loans and the property must meet certain conditions and be appraised by an FHA-approved appraiser.
  • Veterans Administration (VA) Loan: Guaranteed loans with low, or no, down payment for eligible veterans, active duty personnel and surviving spouses. Closing costs are limited by the VA and the loans may be pre-paid without a penalty.
  • Balloon Mortgage: A fixed rate loan which initially offers low monthly payments; at the end of a pre-determined period, the entire balance of the mortgage loan is due.
  • Interest Only Loan: For the initial period of the loan, only the interest is paid. After the period expires, your payment may increase to incorporate the principal or the entire balance may be due, depending on how the loan is structured.
  • Reverse Mortgage: A loan for senior citizens who have accrued equity in their homes. The lender pays the homeowner an amount up to the value of the equity in the house and there are no repayments required as long as the borrower lives in the house. If you are interested in this type of loan, be sure that it is federally insured and be leery of extravagant promises.

I work with a number of trustworthy, experienced lenders who will provide a no-obligation consultation before you start your Hoboken or Jersey City condo search. Please feel free to call 347-448-3766 or email me for their names and contact information. For a general idea of how much you can afford to spend on a home, visit the Living On The Hudson mortgage calculator.


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