Home equity loans nj
Home equity loans are quite popular in New Jersey. In past few years, appreciation in values of home has allowed many people in fulfilling their different types of needs through home equity loan. Home equity loans are those loans that are taken against the equity a person has in his home and is secured against the mortgage of home. As far as purposes for which home equity loans have been taken in New Jersey is concerned, most common are home improvements, college expenses, buying car, enjoying vacation etc.
Interest rate is one factor that has helped home equity loans to become so popular. As compared to other debts like credit card, personal loans etc, interest rate charged on home equity loan is much lower and this enables a person in saving some amount each month. Also, home equity loans can be obtained for longer repayment periods, unlike personal loans, credit cards etc. Longer repayment period and low interest rate makes these loans affordable. Amount of loan depends upon the equity borrower has in his home.
Most of home equity loan lenders in New Jersey allow a person to take up to 80% of equity as loan. However, there are also some lenders that provide 100% or up to 125% home equity loans in New Jersey. For getting these loans, it is required that a person has good or excellent credit. Since these loans are provided as secured loans, a person is able to get required amount in a fast and hassle free manner. Various types of home equity loans provided in New Jersey include second mortgage loans, low rate home refinancing loans, debt consolidation loans, first time home buyer loans etc. Interest rates attached with these loans differs.
Home equity loans in New Jersey also carry great risk. This is because if a person is not able to repay the loan amount in time, he might loose his home. There are some lenders that impose heavy penalty on non-repayment of installment in time. In some cases, ballooning of payments has also occurred in New Jersey, that is, outstanding loan amount becomes equal to or more than value of home due to interest application and penalties. This is the reason why a person should be careful while taking 125% home equity loans. Let us discuss some of sources of home equity loans in New Jersey.
Gibraltar Savings Bank is one of leading providers of home equity loans in New Jersey. It can be approached at 2 Rail Road Plaza, Whippany NJ 07981. Its contact number is 973-515-0885. Home equity loans are provided for a maximum amount of $500000. Interest Only and No Income Programs are also available. Interest deducted in home equity loan account may be tax deductible. Approvals are provided in fast manner so that borrower can get the loan amount in quick manner. Interest rates applied are also one of lowest in industry. On a 5 year home equity loan, fixed interest rate applied is 5.5% APR. In case of 10 year loan, interest rate is 5.875% whereas in case of 15 year home equity loan, interest is applied at a rate of 6.0%. 20 year home equity loans attract 6.25% interest rate. Maximum LTV or Loan to Value allowed by this home equity loan lender in New Jersey is 80%.
Ocean First is also one of various lenders of home equity loans in New Jersey. It can be approached at 1700, Galloping Hill Road, Kenilworth NJ 07033. Its contact numbers are 800-974-6678 and 732-501-4249. Fixed rate loans are provided for consolidation of debt, making large purchases, making tuition payment, enjoying vacations etc. There is no loan fee charged. Minimum and maximum home equity loan amounts are $2500 and $250000. LTV allowed is 80%. Interest rates in APR terms attached with 10, 15, and 20 year fixed rate home equity loans are 6.25%, 6.375%, and 6.625% respectively.
Clifton Savings Bank is another source of home equity loans in New Jersey. It can be approached at 1433 Van Houten Ave, Clifton NJ 07013. Its contact number is 1-888-562-6727. A person can get home equity loan for accomplishing purposes like home improvement, bill consolidation etc. Maximum amount of home equity loan provided by this lender in New Jersey is $250000. These loans are provided at fixed rate and interest rates are one of best in industry. All loans are provided in house along with excellent customer service. Maximum repayment period allowed is 20 years which is bifurcated in 15 years draw period and 5 year repayment period. LTV is 80%. Minimum amount of home equity loan is $5000. 20 year home equity loans are provided at an interest rte of 6.625% whereas 15 year loans are charged with 6.375%. Interest rate attached with 10 year home equity loan is 6.125% and with 5 year loan is 5.875%. Application fee of $150 is also charged, which is refunded at the time of closing of loan.
Another lender of home equity loans in New Jersey is Lakeland Bank. It is located at 250 Oak Ridge, New Jersey 07438. Contact number of this lender is 973-697-2000. Home equity loans are provided at fixed interest rates for a fixed period of time. Maximum loan amount depends upon the equity borrower has in his home, credit rating and income. No fee is charged for providing this loan and loan approval or decision is granted within 24 hours of applying. 5 year home equity loan is provided at an APR or 5.4%. Rates charged for 10, 15, and 20 year fixed rate home equity loans are 5.75%, 6.25% and 6.5% APR respectively. Loans are provided through offices located in Essex, Bergen, Sussex, Essex, Warren and Passaic Counties. If repayment installment is deducted automatically from the savings or checking account maintained at Lakeland, a discount of 0.25% is also offered. Maximum home equity loan amount is $500000 and LTV allowed is 75%.
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