Most owners have a mortgage
Of about 13,400 owner-occupied homes, an estimated 63.5 percent, about 8,500 homes, have a mortgage.
Marlboro Township, Monmouth County
Refinancing a home in Marlboro, NJ
For Marlboro homeowners with a mortgage: a refinance can change the interest rate, the length of the loan or both, move you from an adjustable to a fixed rate, or turn some of your home’s equity into cash. 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 should the refinance do?
Pick the closest, or call and talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Marlboro housing
A town of owners, many with a mortgage
Marlboro Township has about 41,600 residents and about 14,700 homes, according to the Census Bureau’s American Community Survey estimates for 2020 to 2024. An estimated 93.1 percent of occupied homes are lived in by their owners.
Mostly from the 1980s and 1990s
About 48 percent of homes were built in the 1980s and 1990s, and the 1980s alone account for an estimated 27.3 percent, more than any other decade.
Larger single houses
An estimated 79.3 percent of homes are single detached houses, and about six homes in ten have four or more bedrooms.
Settled households
About half of households have lived in their home since before 2010.
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.
Rate-and-term refinance
Change the rate, the length of the loan, or both
Every refinance pays off the mortgage you have with a new one. A rate-and-term refinance changes the loan itself, and you take little or no cash at closing.
Adjustable to fixed
For the stability of a fixed rate instead of an adjustable one: the new loan’s rate is set at closing and principal and interest stay the same until it is paid off.
Fixed rate loansShorter or longer
Shorter to pay it off sooner, or longer to spread it out. A shorter loan has a higher monthly payment but less interest paid over its life; a longer loan has a lower monthly payment but more interest paid overall.
Refinance optionsStreamline refinances
Already have an FHA loan? The FHA Streamline refinance needs less paperwork and no appraisal, and it must give you a real benefit. A VA streamline refinance usually needs no appraisal or income check, must pass VA’s benefit test and gives no cash back.
VA loansWeigh the cost first. Add up what the refinance would cost and divide it by how much your monthly payment would change. That is roughly the number of months it takes to break even. If you plan to keep the home and the loan longer than that, refinancing may make sense. Try the “Should I refinance?” calculator.
Using your equity
Take cash out, or keep the mortgage you have
A cash-out refinance replaces your first mortgage. If you would rather keep the mortgage you have, a second loan behind it may fit better.
Cash-out refinance
One new, larger mortgage in place of the old one, with the difference paid to you at closing. The new loan is limited to a share of the home’s current value, so some equity stays in the home.
Cash-out refinanceHome equity line of credit
A line up to a set limit that you draw on as you need it during a draw period, then repay. The rate is variable, so the payment can change. Your first mortgage stays as it is.
HELOCs and home equity loans in New JerseyFixed-rate second mortgage
One lump sum at closing, repaid in equal monthly payments at a rate that does not change. Your first mortgage stays exactly as it is.
Home equity loansCombining debts into a mortgage spreads them over a longer time and secures them with your home, so compare the total cost, not just the monthly payment. On your main home, a federal right to cancel applies before the money is released.
Be ready
What to gather for a refinance
The underwriting findings list exactly what your loan needs. Most homeowners can start with these.
- Your latest mortgage statement for every loan on the home
- Recent pay stubs and your W-2 forms
- Tax returns, or for some programs bank statements, asset statements or rental income instead
- Your homeowners insurance policy page
- Statements for any debts you want to pay off with the new loan
- Photo identification for everyone on the loan
Title is checked for who owns the home, for how long, and any liens. An appraisal sets the current value; some conventional loans get a waiver, and streamline refinances usually need none.
Questions
Questions from Marlboro homeowners
Do you lend in Marlboro?
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.
When can refinancing make sense?
Common reasons are the stability of a fixed rate instead of an adjustable one, a shorter loan to pay it off sooner or a longer one to spread it out, a new loan that changes your payment enough to be worth the cost, and using your equity. Add up what the refinance would cost and weigh it against the change in your payment.
Will I need an appraisal?
Usually, yes. On some conventional loans the automated underwriting system offers an appraisal waiver. An FHA Streamline refinance needs no appraisal, and a VA streamline usually needs none, though the lender may still ask for a value estimate.
How much cash can I take out?
It depends on the home’s current value, what you owe, the program and your credit. Each program lets you borrow up to a set share of the home’s value, so some equity stays in the home, and some programs also cap the cash you receive. A loan officer can work out the figure for your home.
Can I use a refinance to consolidate debt?
Yes. Credit cards, student loans and other debts can be paid off from a cash-out refinance at closing, leaving one loan to pay. Because the debts move into a longer loan secured by your home, compare the total cost, not just the monthly payment.
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.