The same program and lock
Ask each lender for a Loan Estimate on the same program, the same loan amount and the same lock period. Otherwise you are comparing two different loans.
Ridgewood, Bergen County
Comparing mortgage offers in Ridgewood, NJ: what to set side by side
For Ridgewood buyers and owners holding more than one quote: how to compare offers on equal terms, when points or a lender credit make sense, and what to get in writing before you choose. 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
What are you weighing?
Pick the closest, or call and talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Ridgewood housing
Older single houses, mostly owned
Ridgewood counts about 26,300 residents and about 9,200 homes in the American Community Survey for 2020 to 2024, and owners live in an estimated 82.5 percent of the occupied ones.
About 5,100 of the roughly 7,300 owner-occupied homes carry a mortgage, an estimated 69.3 percent. The median value the Census Bureau estimates for those homes is about $891,200.
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 Ridgewood, and we lend across New Jersey.
The houses
- Single detached houses: an estimated 79.0 percent of homes
- Before 1960: about three homes in four were built before 1960, an estimated 74.4 percent
- Since 2000: an estimated 5.6 percent of homes were built in 2000 or later
- Values: an estimated 55.2 percent of owner-occupied homes are valued from $500,000 to $999,999, and 35.9 percent at $1,000,000 or more
- Families: children under 18 live in an estimated 43.6 percent of households
Source: US Census Bureau, American Community Survey 5-year estimates, 2020 to 2024. Estimates, not counts.
Comparing offers
Set the offers side by side on equal terms
Two quotes for what sounds like the same loan can differ for reasons that have nothing to do with the lender. Line them up first, then compare.
Rate, charges, points or credit
Read the rate together with the lender’s own charges and any points or credit. A low rate that comes with points is a different offer from the same rate without them.
An advertised rate is not a quote
An advertised rate may assume points, a short lock or a flawless file. An estimate built on your own file is what shows what you would pay.
Ask beyond your own servicer
Your current lender will usually need the same documents as any other, so it is worth asking more than one before you refinance.
To set two offers against each other, try the loan comparison calculator.
Points or a credit
Paying to lower the rate, or the other way round
Points. You pay a charge at closing in return for a lower rate. It pays off if you keep the loan long enough for the lower payment to earn the charge back.
A lender credit. The lender pays some or all of your closing costs and you take a higher rate. It can make sense if you expect to sell or refinance within a few years, or if cash for closing is short.
A no-closing-cost loan? The costs do not disappear: they are paid through the higher rate, over time. Check that they are covered by a credit and not simply added to the loan amount.
Working out the break-even
- Add up: what the points, or the refinance, would cost you
- Divide: by how much the monthly payment would drop
- Read the answer: that is roughly how many months it takes to earn the cost back
- Compare: with how long you expect to keep the home and the loan
A shorter loan, or a move from adjustable to fixed, needs a fuller comparison than this one.
Before you choose
Get the lock in writing
A quote becomes a price you can hold once the rate is locked. Ask for written confirmation of the rate, any points or credit, the program and the date the lock ends.
With us. Our rate lock policy sets out when a lock is possible: on a purchase, after an accepted offer, your signed application and documents, and underwriting’s first review. Lock requests are made in writing, and the lock should run at least through the scheduled closing date.
Later on. When the Closing Disclosure arrives, set it beside the Loan Estimate you chose and ask about anything that moved.
Questions
Questions from Ridgewood borrowers
Do you lend in Ridgewood?
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 Ridgewood?
No. Our office is at 121 NJ-36, Suite 230, West Long Branch, NJ 07764, in Monmouth County, and we lend across New Jersey. Call 732-686-9999 to talk with a licensed loan officer.
Why do two quotes for the same loan look so different?
Often they are not the same loan. An advertised rate may assume points, a short lock or a flawless file. Ask each lender for a Loan Estimate on the same program and lock period.
Should I pay points?
Work out how long the lower payment takes to earn the cost back. If you will keep the loan longer than that, points can pay off; if not, a lender credit or no points usually costs less.
Does a no-closing-cost loan cost nothing?
No. The costs are paid through a higher rate. Check that they are covered by a lender credit and not added to your loan amount.
When can I lock my rate?
With us, a purchase can be locked after an accepted offer, your signed application and documents, and underwriting’s first review. Choose a lock that runs through your closing date, in writing.
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.