Many work outside New Jersey
About 2,200 of some 6,800 workers, roughly one in three, work outside New Jersey, and the average trip to work takes an estimated 39.8 minutes.
Tenafly, Bergen County
Getting ready to buy in Tenafly, NJ: a file that holds up
For Tenafly buyers, including those who rent now: what to have ready before you write an offer, how underwriting conditions work, and the quiet things that can stall a loan between contract and closing. 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
Where are you?
Pick the closest, or call and talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Tenafly housing and work
Owners and renters, and long trips to work
The borough of Tenafly has about 15,300 residents and about 5,400 homes in the Census Bureau’s American Community Survey estimates for 2020 to 2024. About 1,500 households rent, an estimated 28.3 percent, and 71.7 percent own.
The estimated median value of owner-occupied homes is about $1,002,600.
One household in four
About 24 percent of households moved into their home in 2020 or later.
Around $1,000,000
An estimated 50.2 percent of owner-occupied homes are valued at $1,000,000 or more, and 41.3 percent between $500,000 and $999,999.
Before 1960
About 55 percent of homes were built before 1960.
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 office is at 121 NJ-36, Suite 230, West Long Branch, in Monmouth County; we do not have an office in Tenafly, and we lend across New Jersey.
Before the offer
Have the file ready before you write the offer
A letter from a lender is a first step, not a commitment to lend. A quick letter based on what you tell a loan officer is an estimate. A letter backed by a file in which your credit, income, assets and debts have already been checked is a different thing, and sellers often weigh its strength alongside the price.
Ask which kind you are holding, and send your documents early so the stronger kind is the one you take into an offer.
Have these clean and ready
- Income: recent pay stubs and W-2 forms, or tax returns if you are self-employed
- Statements: recent bank and asset statements, every page, not screenshots
- Deposits: a short written note tracing any large or unusual deposit to its source
- Identification: photo ID for everyone on the loan
- A gift: if a relative is giving money, a gift letter and proof of the transfer
Underwriting
Conditions: the proof still owed
Underwriting does not hand back a simple yes or no. It returns a list of conditions, the documents and answers still owed before closing. Many purchases that slip were never turned down; one item on that list was simply not cleared in time.
Answer the same day. The buyer who sends what is asked for quickly keeps the file moving. Documents also go out of date during a long search, so a statement that was fine when you started may need replacing before closing.
The appraisal. On some conventional files the automated underwriting system offers an appraisal waiver, which is settled when the file is run, not on request. Jumbo loans do not use appraisal waivers, and larger ones may need two appraisals.
Under contract
What can stall a loan between contract and closing
Usually something quiet. Each of these is easier to avoid than to fix late.
A deposit with no trail
A deposit that cannot be traced to its source holds the file up until it can be. A short note written at the time saves a search later.
New debt part way through
A new card or loan, a car or furniture bought on credit, or a credit check you did not mention at the start can change the numbers late.
A change of job
Changing jobs part way through is one of the quiet things that can derail a file. Talk to your loan officer before you change.
Documents that went stale
Statements and pay stubs age during a long search. Fresh copies sent early clear the condition before it can hold up closing.
Buying above the conforming limit as a first-time buyer? A jumbo loan can fit; some programs cap the loan size for a first-time buyer or ask for a larger down payment. See jumbo loans.
Questions
What Tenafly buyers ask
Do you lend in Tenafly?
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 Tenafly?
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.
Is a letter from a lender a commitment to lend?
No. It shows what the lender has reviewed so far. The home and the full file still go through underwriting, which returns the conditions still owed.
What should I have ready before an offer?
Recent pay stubs and W-2s, or tax returns if you are self-employed; bank and asset statements with every page; a note tracing any large deposit; photo ID; and, if a relative is helping, a gift letter with proof of the transfer.
Can a gift help with a jumbo down payment?
In most jumbo programs, yes. Expect to put in some of your own money as well, and to document the gift with a letter and proof of the transfer.
What can go wrong after I sign a contract?
Usually something quiet: a deposit that cannot be traced, new debt or a credit check not mentioned at the start, a job change, or documents that went out of date. Tell your loan officer before any change.
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.