Adjustable to fixed
If your rate can change after its fixed period, a refinance can replace the loan with a fixed rate, which keeps principal and interest the same for the life of the loan.
Fixed rate loans
Somerset County, New Jersey
Refinancing a mortgage in Somerset County, NJ
For Somerset County homeowners with a mortgage: changing the rate or the length of the loan, moving from an adjustable to a fixed rate, the FHA and VA streamlines, and how to weigh what a refinance costs. 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 would you change?
Pick the closest, or call and talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Somerset County housing
Houses and townhouses from the 1980s and 1990s, most of them mortgaged
In the Census Bureau’s American Community Survey estimates for 2020 to 2024, Somerset County has about 133,600 homes for about 349,800 residents. An estimated 74.3 percent of occupied homes are lived in by their owners, and the estimated median value of those homes is about $552,100.
Most owners carry a mortgage: of about 97,200 owner-occupied homes, an estimated 64.1 percent, about 62,300, have one.
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 Somerset County, and we lend across New Jersey.
The homes
- The 1980s and 1990s: about 36 percent of homes were built in those two decades, and the 1980s alone account for an estimated 19.7 percent, more than any other decade
- Townhouses: an estimated 14.5 percent of homes are attached to their neighbors, such as townhouses
- Stand-alone houses: an estimated 57.8 percent of homes
- Recent moves: about one household in five moved into its home in 2020 or later
- The 2010s: an estimated 38.5 percent of households moved in between 2010 and 2019
Source: US Census Bureau, American Community Survey 5-year estimates, 2020 to 2024. Estimates, not counts.
Rate-and-term
Changing the loan you have
A refinance replaces your mortgage with a new loan that pays the old one off. A rate-and-term refinance changes the interest rate, the length of the loan, or both, and you take little or no cash at closing.
Shorter or longer
Change the length of the loan: shorter, to pay it off sooner, or longer, to spread it out. A loan officer can show both side by side for your balance.
Refinance optionsStreamline refinances
An FHA loan can be refinanced through FHA’s Streamline, with less paperwork, no appraisal and a real benefit to you required. A VA loan can use VA’s Interest Rate Reduction Refinance Loan, which usually needs no appraisal or income check, must pass VA’s benefit test and pays no cash back.
Refinance optionsWant cash from your home as well? A cash-out refinance replaces your mortgage with a larger one and pays you the difference at closing.
Is it worth it?
Weigh the cost first
Divide what the refinance would cost by the amount your monthly payment would change, and you have a rough count of the months it takes to break even. If you expect to keep the home and the new loan for longer than that, a refinance may be worth doing.
Try the “Should I refinance?” calculator with your own figures; it is an estimate, not an offer.
Common reasons to refinance
- Stability: you want a fixed rate instead of an adjustable one
- The length: you want to pay the loan off sooner, or spread it out
- The rate: rates have moved since you took your loan, and a new loan may change your payment enough to be worth the cost
- FHA mortgage insurance: refinancing into a different loan is one way some owners remove it
- A balloon payment: a loan with a balloon payment is coming due
How it works
The steps to a refinance, and what to gather
Your goal. Tell a loan officer what you want the refinance to do. The loan officer estimates the home’s value and checks it against the program’s limits.
Application and income. You apply and allow a credit report. Income is documented with pay stubs and tax returns, or with bank statements, assets or rental income for some programs.
Title and value. Title is checked for who owns the home and any liens. The current value comes from an appraisal, though some conventional loans receive a waiver and the streamlines usually skip it.
Closing. An underwriter confirms the loan fits the program, and the old mortgage is paid off from the new loan. When the home is your main residence, federal law gives you a right to cancel before the money is released.
To gather: your latest mortgage statement for every loan on the home, recent pay stubs and W-2 forms, tax returns or the statements your program uses instead, your homeowners insurance policy page, and photo identification for everyone on the loan.
Questions
Questions from Somerset County homeowners
Do you lend in Somerset 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 Somerset 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.
Do I need an appraisal for a streamline refinance?
Usually not. FHA’s Streamline needs none, and a VA streamline usually needs none either, though the lender may still ask for a value estimate. Most other refinances get an appraisal, unless the automated underwriting system offers a conventional loan a waiver.
How soon after buying can I refinance?
For a rate-and-term refinance, it depends on the program. For a cash-out refinance, most programs want you to have owned the home for some months, with exceptions for an inherited home, one received in a divorce, and a home you recently bought with cash.
Can I move from an adjustable to a fixed rate?
Yes. A rate-and-term refinance can replace an adjustable-rate loan with a fixed-rate one. Weigh the closing costs against the change in your payment before you decide.
Can refinancing end FHA mortgage insurance?
With a smaller down payment, the annual FHA premium lasts for the life of the loan. Refinancing into a different loan later is one way some owners remove it, so compare what the refinance costs with what it saves.
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.