Large houses
An estimated 62.5 percent of homes have nine rooms or more, and about three homes in four have four or more bedrooms.
Colts Neck Township, Monmouth County
Colts Neck, NJ mortgages for your next home
For Colts Neck owners who have been in their home a long time and are thinking about the next one: buying before you sell, bringing the payment down after the sale, and choosing the loan for the next home. Fidelity Residential is a direct, licensed mortgage lender with a New Jersey office on Route 36 in West Long Branch.
- Direct, licensed mortgage lender
- NMLS #103098
- Equal Housing Lender
What is next for you?
Pick the closest, or call and talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Colts Neck housing
Large houses, owned a long time
Colts Neck Township has about 10,000 residents and about 3,700 homes, according to the Census Bureau’s American Community Survey estimates for 2020 to 2024. An estimated 94.3 percent of occupied homes are lived in by their owners.
Single houses from the 1960s to the 1990s
An estimated 92.5 percent of homes are single detached houses. About 78 percent were built between 1960 and 1999, and the 1990s alone account for an estimated 25.5 percent, more than any other decade.
Households that stay
More than half of households, about 57 percent, have lived in their home since before 2010, and an estimated 26.1 percent moved in during the 1990s.
Many own outright
Of about 3,400 owner-occupied homes, an estimated 41.0 percent have no mortgage at all.
Source: US Census Bureau, American Community Survey 5-year estimates, 2020 to 2024. Estimates, not counts.
Fidelity Residential is a direct mortgage lender licensed in New Jersey under a Residential Mortgage Lender License. Our local office is at 121 NJ-36, Suite 230, West Long Branch.
Timing two homes
Buying the next home before this one sells
Buying first lets you move once, but for a time you own both homes. The new loan is underwritten at its full payment, and the lender looks at how you will carry the old home in the meantime.
Your current home. In some programs, its payment can be left out when the home is under contract to be sold, or rented with a lease. Tell your loan officer at the start which applies to you.
The money to close. Bank and investment statements show the down payment, closing costs and any savings left after closing.
After the sale: a recast. When the old home sells, the proceeds go to principal and a recast brings the payment down. The servicer works out the payment again on the new, lower balance, at the same rate and over the time left on the loan. The end date stays the same and the required principal and interest payment goes down. There is no new loan and no appraisal; servicers usually charge a fee.
Ask before you make the offer. Ask whether the new loan can be recast and who will service it, and keep the sale money set aside until the recast is done. Not every loan can be recast: it depends on the kind of loan, who holds it and the servicer’s own rules, and many government-backed loans can be re-figured only to cure a missed payment.
For more on the recast, see Paying your mortgage off faster, honestly.
The next home
Choosing the loan for the next home
Each program has its own rules for the down payment, mortgage insurance and the kind of home. A loan officer can compare them for your situation.
Conventional loans
A loan that is not insured by the government. It can buy a main home or a second home, with a fixed or an adjustable rate.
Home purchase loansJumbo loans
For a loan larger than the conforming limit set each year for the county; compare the loan amount, not the price, with the limit. Each program sets its own rules for the down payment, credit and the savings you keep after closing.
Jumbo loans for higher-priced homesAsset-based loans
Your verified savings, investments and retirement accounts can count in place of, or as well as, a paycheck, on their own or alongside a pension. Your accounts stay in your name; nothing is pledged and nothing has to be sold.
Asset-based loans in New JerseyA fixed rate keeps principal and interest the same for the life of the loan. An adjustable rate is fixed for a set number of years and then can change, so the payment can rise; before you choose one, ask for the highest payment the caps allow. See fixed rate loans and how adjustable rates work.
Questions
Questions from Colts Neck homeowners
Do you lend in Colts Neck?
Yes. Fidelity Residential is a dba of PFN Lending Group, Inc. (NMLS #103098), which holds a New Jersey Residential Mortgage Lender License. You can check the licence on NMLS Consumer Access (opens in a new tab).
Where is your office?
Our office is at 121 NJ-36, Suite 230, West Long Branch, NJ 07764. Call 732-686-9999 to talk with a licensed loan officer.
Can I buy my next home before I sell this one?
Often, yes. The new loan is underwritten at its full payment, and the lender looks at how you will carry the old home in the meantime. In some programs, the old home’s payment can be left out when it is under contract to be sold, or rented with a lease. Talk to a loan officer before you make an offer.
What is a mortgage recast?
After you send a lump sum to principal, the servicer works out your payment again on the lower balance, at the same rate and over the time left on the loan. The end date stays the same and the required principal and interest payment goes down. There is no new loan and no appraisal; servicers usually charge a fee.
Can every mortgage be recast?
No. It depends on the kind of loan, who holds it and the servicer’s rules. Second mortgages, lines of credit, a loan in an interest-only period and a loan that is behind usually cannot be recast, and many government-backed loans can be re-figured only to cure a missed payment. Ask your servicer for its written policy.
Do I have to sell or pledge my investments for an asset-based loan?
No. The lender reads your statements; it does not hold your accounts. The home secures the loan, as with any mortgage.
Talk with a loan officer near you
Get a quote online, or call us and talk it through with a licensed loan officer.
What happens next
- Tell us about your loan. A few quick questions about the property and the loan you want. No credit check to start and no obligation.
- A licensed loan officer reviews your answers and follows up with you, usually within one business day.
- This is a request for a quote, not a loan application and not a commitment to lend.
This page is general information, not a commitment to lend. Programs, terms and eligibility depend on credit, income, property and underwriting review and are subject to change without notice.
Reviewed by Robert Shamie, CEO, NMLS #241428 · Last reviewed:
Fidelity Residential (PFN Lending Group, Inc., NMLS #103098) is a direct mortgage lender licensed in 40 states and the District of Columbia, with 26 years in business.