The Best Mortgage Lenders in Franklin Lakes, NJ
Compare verified mortgage lenders serving Franklin Lakes, New Jersey. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Franklin Lakes
Featured Mortgage Lenders
Michael Izzo
CrossCountry Mortgage
Michael Izzo and his team at CrossCountry Mortgage are highly regarded throughout Bergen County for their exceptional service and expertise in the Franklin Lakes luxury housing market. With over 15 years of experience, they specialize in jumbo loans and complex financial scenarios common in this affluent area. Their 4.9-star rating reflects consistent customer satisfaction, personalized service, and competitive rates for both purchase and refinance transactions in one of New Jersey's most exclusive communities.
Loan Types:
Michael Shullo
Valley Bank
As a Vice President and Senior Mortgage Originator at Valley Bank, Michael Shullo brings extensive experience serving the Franklin Lakes and surrounding Bergen County markets. Valley Bank's deep roots in New Jersey since 1927 provide exceptional stability and local market knowledge. They offer specialized jumbo loan programs tailored to the high-value properties in Franklin Lakes, along with construction lending expertise for custom home builds. Their local decision-making process and relationship-based approach make them a top choice for sophisticated buyers.
Loan Types:
Brian Flood
New American Funding
Brian Flood with New American Funding has built a strong reputation throughout Northern New Jersey, including Franklin Lakes, for his comprehensive mortgage solutions and exceptional customer service. The company's diverse loan portfolio includes specialized programs for both first-time homebuyers and luxury property purchases. With competitive jumbo loan options and innovative technology that streamlines the mortgage process, they've earned consistent high ratings from Franklin Lakes area clients. Their local expertise combined with national lending capabilities provides optimal flexibility for buyers in this competitive market.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Franklin Lakes, NJ
Are mortgage rates in Franklin Lakes, NJ, typically higher than the national average?
Yes, due to Franklin Lakes' status as an affluent borough with very high property values, jumbo loans are common. Rates for these larger loan amounts can be slightly higher than conforming loan rates seen nationally. However, competitive rates are available for borrowers with excellent credit profiles, which are typical in this market.
What local or county-level down payment assistance programs are available for first-time homebuyers in Franklin Lakes?
While Franklin Lakes itself does not offer a municipal program, Bergen County homebuyers may qualify for the "Homes for Heroes" grant program or NJHMFA's First-Time Homebuyer Mortgage Program. It's important to note that these programs have strict income and purchase price limits, which may be challenging to meet given Franklin Lakes' high median home prices.
How does the property tax rate in Franklin Lakes impact my mortgage qualification and monthly payment?
Franklin Lakes has relatively high property taxes (approximately 2.3% as of recent data), which significantly affects your debt-to-income (DTI) ratio and required monthly escrow payment. Lenders will carefully underwrite with this major expense in mind, and you should budget for an escrow payment that could add $1,500-$3,000 or more to your monthly mortgage bill, depending on the home's assessed value.
Is a jumbo loan required to buy a home in Franklin Lakes, and what are the specific requirements?
Given the median home price well above the conforming loan limit ($1,149,825 for Bergen County in 2024), a jumbo loan is almost always necessary. Requirements are stringent, often requiring a credit score of 720+, a down payment of 20-30%, significant cash reserves (6-12 months of payments), and thorough documentation of income and assets.
Are there specific mortgage considerations for buying one of the many older, luxury homes on large lots in Franklin Lakes?
Absolutely. Lenders will often require a more rigorous appraisal and may mandate specific inspections (like for septic systems or wells, which are common) before approval. For very high-value estates, you may need to work with a private bank or wealth management division that specializes in financing unique, high-end properties with non-standard features.
Nearby Cities
Explore mortgage lenders in cities near Franklin Lakes, NJ
Why Choose a Mortgage Lender in Franklin Lakes?
Local Market Knowledge
Lenders who understand Franklin Lakes's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in New Jersey.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Franklin Lakes and get competitive rates on your home loan.