The Best Mortgage Lenders in Medford, NJ
Compare verified mortgage lenders serving Medford, New Jersey. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Medford
Featured Mortgage Lenders
Michael D. Garrity
OceanFirst Bank
OceanFirst Bank stands out as a premier local mortgage lender in Medford with deep community roots spanning over 120 years. As a New Jersey-based institution, they offer personalized service and deep understanding of the local real estate market. Their Medford branch features experienced mortgage specialists who provide competitive rates and flexible loan options. Customers consistently praise their responsive communication, streamlined application process, and commitment to finding the right mortgage solution for each borrower's unique situation.
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Steven Abt
Cherry Hill Mortgage Corporation
Located just minutes from Medford in Cherry Hill, this established mortgage company has been serving South Jersey homebuyers for over 30 years. Cherry Hill Mortgage Corporation receives exceptional reviews for their expertise in navigating complex loan scenarios and providing competitive rates. Their team of experienced loan officers offers personalized guidance throughout the entire mortgage process, with particular strength in first-time homebuyer programs and jumbo loans. The company maintains an A+ BBB rating and is known for their transparent communication and reliable closing timelines.
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Brian Cohee
Guaranteed Rate
Guaranteed Rate's South Jersey office, located conveniently near Medford in Voorhees, features top-producing mortgage advisors with extensive experience in the Burlington County market. This nationally recognized lender combines digital efficiency with local expertise, offering their innovative digital mortgage platform alongside personalized service. They consistently receive outstanding customer reviews for their competitive rates, fast closing times, and exceptional communication. The local team specializes in both purchase and refinance transactions, with particular expertise in conventional and jumbo loans for Medford-area properties.
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Frequently Asked Questions
Common questions about mortgage lending in Medford, NJ
What are the current mortgage rates like in Medford, NJ, and how do they compare to the national average?
Mortgage rates in Medford are generally competitive with national averages but can be slightly influenced by the high property values and strong demand in Burlington County. As of recent trends, rates for a 30-year fixed mortgage in Medford often run within 0.125% to 0.25% of the national average. It's crucial to shop locally, as lenders familiar with the Medford market may offer specific programs or incentives.
Are there any special down payment assistance programs for first-time homebuyers in Medford?
Yes, first-time homebuyers in Medford can access New Jersey's statewide programs, such as the NJHMFA Down Payment Assistance Program, which offers up to $10,000 as a forgivable loan. Additionally, the NJHMFA First-Time Homebuyer Mortgage Program provides competitive fixed-rate loans. Burlington County may also have local initiatives, so consulting with a Medford-based mortgage advisor is recommended to explore all options.
How does Medford's property tax rate affect my mortgage qualification and monthly payment?
Medford has a relatively high effective property tax rate, typically around 2.3% to 2.5%, which significantly impacts your debt-to-income ratio and monthly escrow payment. Lenders will factor these taxes into your qualification calculations, so you may qualify for a lower mortgage principal than in areas with lower taxes. It's essential to budget for this when determining your affordable home price in Medford.
What types of properties in Medford might require a jumbo loan, and are they readily available?
Given Medford's desirable neighborhoods and higher median home prices, properties priced above the conforming loan limit (currently $766,550 in Burlington County) often require jumbo loans. These are readily available through local and national banks but typically require stronger credit scores (often 700+), larger down payments (usually 15-20% or more), and more extensive reserve requirements.
Are there specific mortgage considerations for buying a home in Medford's historic districts or older neighborhoods?
Yes, purchasing in Medford's historic districts or older homes may involve additional steps. Lenders might require specialized inspections (like a thorough septic system check for properties not on public sewer) and could have stricter appraisal requirements. Some renovation loans, like the FHA 203(k), can be useful for updating older homes while keeping the mortgage process streamlined.
Nearby Cities
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Why Choose a Mortgage Lender in Medford?
Local Market Knowledge
Lenders who understand Medford'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 Medford and get competitive rates on your home loan.