Guide to Refinance, Mortgage,
& Home Equity Loans in
Trenton, New Jersey (NJ)

Trenton, New Jersey, is the capital of the Garden State and is home to the minor league baseball team the Trenton Thunder. What better place could there be to raise a family than in the home of The New York Yankees farm team? If that isn’t enough for you, then check this out. Trenton is also home to the Trenton Titans, the minor league hockey affiliate for the Philadelphia Flyers. For the sports aficionado, there’s no better place to be.

But first, you will need a home. Or if you already live in Trenton, you probably need some extra cash to send the kids to college or to add on that deck. In that case, you’re going to need a loan. Let’s take a look at your options.

HOME EQUITY LOAN

You already live in Trenton, but you need some extra cash. A home equity loan may be your best bet. You have two options: A home equity lump sum loan or a home equity line of credit.

• A home equity lump sum is what you want if you want all the money up front. With this option, you begin paying interest on the full amount immediately.
• With the home equity line of credit, you only pay interest on the amount you’ve borrowed. But, you can borrow the money over a longer period of time.

But what if you already have a home, but don’t want to take out a home equity loan? What if you just want to lower your monthly payment? Well, there’s a loan out there for you too.

MORTGAGE REFINANCE LOAN

If, back when you bought your house, interest rates were at an all-time high and now you want to lower that rate, and your monthly payment, then a mortgage refinance loan may be for you. A mortgage refinance loan is very simply, a brand new loan on your existing house. You’ll have to choose a new loan, a new rate, and a new term (10-year note, 15-year note, 30-year note, etc…). You’ll also have to decide whether you want to cash out the existing equity you’ve built up in the house. You may need this cash at your new closing. But if you don’t, keep the equity in your home, it’s safer there.

But what if you are just moving to Trenton? You still have to get a house. This means you still need a loan, but a different type of loan. In order to get that loan, though, getting pre-approval should be your first line of thought.

PRE-APPROVED LOANS

Pre-approval before you even get a house is usually the way to go for two reasons:

• Pre-approval lets you know what you can afford.
• Pre-approval makes it far more likely that you’ll be able to get the house you want because it serves as a signal to everyone involved that you have financing in place to buy that property.

But, before you can even get pre-approved, you need to know what kind of loan is best for you. Again, there are two primary options:

• Fixed rate mortgages are very popular because, although the initial interest rate is sometimes higher than most homebuyers would like, the rate is fixed throughout the life of the loan. This type of loan is popular with consumers who want to know exactly what their monthly payment is going to be with no surprises.
• The second type of loan, the adjustable rate mortgage, is also popular. With this type of loan, the payment in the first few years is relatively low. But after that, the rate is subject to several factors: your lender’s index, the market fluctuations, and the caps set by your lender.

And if these two types of loans don’t meet with your fancy, check with your lender. In the last 10 years, a myriad of other loan options have become available.

Whether you’re looking for a Trenton mortgage, refinance, or home equity loan, we can help. Take a moment to fill out the form below, and a qualified lender will contact you right away.

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Last Updated: Wednesday, May 23rd 2012