Shorter or longer
A shorter loan means a higher monthly payment and less interest over the life of the loan; a longer one means a lower monthly payment and more interest in total. A loan officer can lay the two out for you.
Gloucester County, New Jersey
Fixed-rate mortgages in Gloucester County, NJ
For Gloucester County buyers who plan to stay: how a fixed rate works, choosing the length of the loan, the rate lock, the escrow part of the payment, and how a fixed rate compares with an adjustable one. Fidelity Residential is a direct, licensed mortgage lender with a New Jersey office on Route 36 in West Long Branch, in Monmouth County, and we lend across New Jersey.
- Direct, licensed mortgage lender
- NMLS #103098
- Equal Housing Lender
Which would help most?
Pick the closest, or call and talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Gloucester County housing
Owners with a mortgage, in newer and larger houses
In the Census Bureau’s American Community Survey estimates for 2020 to 2024, Gloucester County has about 307,000 residents and about 117,900 homes. Four occupied homes in five, an estimated 80.1 percent, are owned by the people who live in them.
Of about 90,200 owner-occupied homes, an estimated 67.9 percent, about 61,200, have a mortgage. Half the owner-occupied homes are valued above about $310,400 and half below, by the Census estimate.
Fidelity Residential is a direct mortgage lender licensed in New Jersey under a Residential Mortgage Lender License. Our office is at 121 NJ-36, Suite 230, West Long Branch, in Monmouth County; we do not have an office in Gloucester County, and we lend across New Jersey.
The homes
- Newer homes: about 23 percent were built in 2000 or later
- Detached houses: nearly three homes in four, an estimated 73.1 percent
- Four bedrooms or more: about 32 percent of homes
- Nine rooms or more: an estimated 21.9 percent
- Owners who stay: about 27 percent of households have been in their home since before 2000
Source: US Census Bureau, American Community Survey 5-year estimates, 2020 to 2024. Estimates, not counts.
How it works
How a fixed rate works
With a fixed rate, the interest rate is set when you close and stays the same until the loan is paid off. Each monthly payment of principal and interest is the same amount, and a little more of it goes to the balance as the years go by.
If your payment also covers property taxes and homeowners insurance through an escrow account, that part can still change when your tax bill or insurance premium changes.
A fixed rate is a feature, not a program of its own: conventional, FHA, VA, USDA and jumbo loans can all be set up with one.
Who a fixed rate suits
- Staying put: you plan to stay in the home for many years
- A steady budget: you want no change to principal and interest
- Rates later on: you would rather not take the chance that rates rise
Along the way
The length, the lock and the loan estimate
You apply the same way for a fixed or an adjustable rate; the fixed rate is a choice you make along the way.
Long enough to close
Lock the rate for long enough to reach your closing date, with room for delays. The rate is then fixed in your loan documents when you sign.
Compare like with like
Compare the rate and the costs on your loan estimates for the same program, then check your closing disclosure against the loan estimate and ask about anything that changed.
Fixed rate mortgages
Fixed or adjustable
How a fixed rate compares with an adjustable one
Both are common. Which suits you depends on how long you expect to keep the loan, and how much movement in the payment you could live with.
An adjustable rate is fixed for a set number of years, then can go up or down at set times, within limits called caps. People who expect to sell or refinance before or soon after that period ends often choose one; people who plan to keep the home and the loan for a long time often choose a fixed rate.
Things to weigh
- With a fixed rate: if rates fall later, the way to a lower rate is to refinance, which has closing costs
- With an adjustable rate: the payment can rise after the fixed period, so plan for the highest payment the caps allow
- Either way: ask for a fixed quote with an adjustable option beside it, and compare them for the same home
Questions
Questions from Gloucester County home buyers
Do you lend in Gloucester County?
Yes. Fidelity Residential is a dba of PFN Lending Group, Inc. (NMLS #103098), which holds a New Jersey Residential Mortgage Lender License, and we lend across New Jersey. You can check the licence on NMLS Consumer Access (opens in a new tab).
Do you have an office in Gloucester County?
No. Our office is at 121 NJ-36, Suite 230, West Long Branch, NJ 07764, in Monmouth County. Call 732-686-9999 to talk with a licensed loan officer.
Will my monthly payment ever change?
Principal and interest stay the same. Any part of the payment that goes to property taxes and homeowners insurance through an escrow account can rise or fall when those bills do.
How do I choose the length of the loan?
Weigh the monthly payment against the total interest. A shorter loan costs more each month and less over its life; a longer loan costs less each month and more over its life.
What if rates go down after I close?
Your rate stays where it is. To move to a lower rate you would refinance, which replaces your loan and has its own closing costs.
Do I apply differently for a fixed rate?
No. The application is the same for a fixed or an adjustable rate. You choose the program and the length of the loan along the way, and the rate is fixed in your loan documents when you sign.
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.