The Best Mortgage Lenders in Paterson, NJ
Compare verified mortgage lenders serving Paterson, New Jersey. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Paterson
Featured Mortgage Lenders
CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage is a top-rated national lender with a strong local presence in New Jersey, including service to Paterson. Known for competitive rates and exceptional customer service, they offer a wide range of loan products and have hundreds of positive reviews highlighting their efficiency, transparency, and personalized support. Their experienced team and extensive industry knowledge make them a reliable choice for homebuyers in the area.
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Garden State Home Loans
Garden State Home Loans, LLC
Garden State Home Loans is a highly regarded local mortgage broker serving Paterson and surrounding areas, praised for its deep community roots and personalized approach. With nearly two decades of experience, they excel in providing tailored solutions, competitive rates, and seamless processes, earning a near-perfect rating from clients for their responsiveness, expertise, and dedication to customer satisfaction.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a reputable national lender with a significant presence in New Jersey, including service to Paterson. Recognized for its competitive rates and strong customer service, they have a long track record of helping borrowers with various loan types. Their high review counts and ratings reflect a commitment to transparency, reliability, and community involvement, making them a trusted option for mortgages in the region.
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Frequently Asked Questions
Common questions about mortgage lending in Paterson, NJ
Are there any special first-time homebuyer programs available specifically for Paterson, NJ?
Yes, Paterson homebuyers can access the New Jersey Housing and Mortgage Finance Agency (NJHMFA) programs, which offer down payment assistance and competitive interest rates. Additionally, the City of Paterson may offer local grant programs through its Community Development Block Grant (CDBG) funds for income-eligible buyers purchasing within city limits, which can help with closing costs.
How does Paterson's property tax rate affect my mortgage qualification and monthly payment?
Paterson has one of the highest property tax rates in New Jersey, often exceeding 4%. Lenders will include this significant escrow payment in your debt-to-income ratio, which can reduce your purchasing power. It's crucial to factor in an estimated $8,000-$12,000+ annually in taxes when calculating your total monthly mortgage payment for a typical Paterson home.
What are common challenges with home appraisals in Paterson's historic housing market?
Paterson's many historic homes, including those in the Great Falls Historic District, can present appraisal challenges due to unique architectural features and the need for comparable sales. Appraisals may come in lower than the purchase price if recent sales of similar, well-maintained historic properties are scarce, potentially affecting loan approval. A lender familiar with the local market is essential.
Are there specific loan programs or considerations for multi-family properties in Paterson?
Yes, given Paterson's high number of two-to-four-family homes, many buyers use FHA or conventional loans with higher down payments for investment properties. Local lenders are experienced with the rental income from an in-law suite or additional units being used to help qualify for the mortgage, which is a common strategy in this market.
How do Paterson's flood zones, particularly near the Passaic River, impact the mortgage process?
Homes in designated flood zones (like Zones A or AE) will require mandatory flood insurance as a condition of the mortgage. This can add $500-$2,000+ annually to your housing costs. Your lender will order a Flood Zone Determination, and it's highly recommended to investigate this early in the home search, as it affects both cost and insurability.
Why Choose a Mortgage Lender in Paterson?
Local Market Knowledge
Lenders who understand Paterson'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 Paterson and get competitive rates on your home loan.