Jersey Mortgage Company

Jersey Mortgage Company

 4.6/5 (465 ratings)
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Written by Taylor Sansano
Edited by Sally Jones

About Jersey Mortgage Company

Jersey Mortgage Company (NMLS #2761) is a direct lender that offers a broad range of home loans to borrowers in Connecticut, Florida, New Jersey, New York and Pennsylvania. Its offerings include conventional and government-backed mortgages (like FHA, VA and USDA loans). The company also provides refinancing, reverse mortgages and renovation loans.

Overall Satisfaction Rating

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Pros

  • Offers a variety of traditional and specialty loans
  • Online application process
  • In-house underwriting
  • Program for first-time buyers

Cons

  • Only available in five states
  • Only has branches in New Jersey
  • Does not publish rates
  • May have strict credit requirements

Bottom Line

Jersey Mortgage Company provides loans for home purchases, refinancing and renovations. However, it only operates in a few states, and the borrower criteria it publishes tend to be higher than industry norms.

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Rated with 5 stars
Verified

Jersey worked with me to close my loan in a timely fashion and I’m happy with the service. ... The whole process took a month or so and it was done. My loan officer was Noury and ...

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Rated with 5 stars
Verified

They were able to help somebody who was getting affordable housing, whereas other lenders don’t. I gave the initial numbers that they needed ... over the phone but a lot of the ap...

Read full review
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Rates

Jersey Mortgage Company doesn’t publish its current rates. However, we looked at data compiled from Home Mortgage Disclosure Act submissions to see how Jersey Mortgage Company’s rates compared with national averages over the last few years.

Its average rate for home purchase loans was slightly higher than the national average in 2019 and 2021, but the company managed to dip just under the national average in 2020.

Jersey Mortgage Co. average home purchase rate vs. national average

YearDifference from national average
2021+0.14%
2020-0.01%
2019+0.22%
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

Jersey Mortgage Company offers loans with fixed rates and adjustable rates. An adjustable-rate mortgage (ARM) often has a low initial rate, but eventually that rate will reset based on market conditions, which can increase your monthly payment. Some ARM borrowers save money by taking advantage of the lower initial rate, then refinancing before the rate resets. Other borrowers prefer the consistent monthly payments that come with a fixed rate.

Application process

To get a mortgage with Jersey Mortgage Company online, you will be asked to first choose one of its loan officers to work with. If you wish, you can get to know its loan officers by reading their bios on the company’s website, or if you live in New Jersey, you can visit one of its three branch locations in person.

image of jersey mortgage company application process

Once you choose a loan officer, you’ll be prompted to create an online account, and you’ll then be guided through the application process and asked to upload documents to its portal.

The application will ask questions about you and the home you want to buy, including your marital status, housing history, estimated home purchase price, down payment amount and where that money is coming from. This process takes about 15 minutes.

Once completed, your application will automatically move forward through the process, and you’ll be able to track the status of your loan and upload any additional documents. The process is relatively straightforward and simple, as noted in many customer reviews.

Ida, a ConsumerAffairs reviewer from New Jersey, had this to say about working with Jersey Mortgage Company:

“Everything was super smooth with Jersey Mortgage and we had a good experience. The lending agent, Gina, was fantastic. She communicated well. If we had an issue, we emailed her and she got right back to us. ... We were able to do everything online and sign. … We could’ve gotten a better rate, but this was convenient. Gina worked well with our Realtor and made life easy. It was worth whatever we paid.”

Jersey Mortgage Co. application features

FeaturesAvailability
Online application
Mobile document uploadUndisclosed
Physical branches1 state
Publishes minimum rate on websiteX
Rate lock15 to 60 days or longer
Pre-qualification (no hard credit pull)Undisclosed
Certified approval letterUndisclosed

Loan types

Jersey Mortgage Company is a direct lender that originates many different types of loans, including:

  • Conventional loans
  • FHA purchase loans
  • FHA renovation loans
  • USDA loans
  • VA loans
  • Refinancing loans
  • Reverse mortgages
  • Live Where You Work (LWYW) loans

USDA loans are only available from Jersey Mortgage Company if you’re buying in certain rural areas of New Jersey.

In 2021, Jersey Mortgage Company saw 980 home purchase loan applications, and it closed 645 of them, denying about 13% of applications. That’s higher than the industry denial average of 8%. All told, about 66% of home purchase applications closed.

Loan applications for home purchases only by year

202120202019
Home purchase applications980912857
Home purchase loans closed645584578
Home purchase applications denied13113495
Home purchase preapprovals denied000
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

Refinancing

Despite high borrower demand for refinancing in 2020 and 2021, Jersey Mortgage Company still focused mostly on home purchase loans in that period.

However, it wasn’t immune to market trends. In 2019, refinancing (either cash-out or rate-and-term) represented about 21% of the company’s business. In 2021, about 35% of its loans were for refinancing.

Refinances will likely remain under 50% of the company’s business through 2022, though. Rates are rising and have already reached a 10-year high in 2022, so it’s unlikely there will be an increase in borrower demand. Still, it makes sense to consider refinancing if you can lock in a rate at least 1% lower than what you have.

Home purchase vs. refinance loans by year

202120202019
Home purchase loans64.50%49.96%78.64%
Refinance loans20.50%36.70%11.70%
Cash-out refinance15.00%13.34%9.66%
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

Requirements

Jersey Mortgage Company publishes some of its borrower requirements on its website, but these details don’t provide a complete picture.

The company states that most borrowers who qualify for its FHA loans have down payments of less than 15% and credit scores under 700. However, FHA loan lenders often require borrowers to have credit scores of just 500 and down payments as low as 10%. You can even qualify for a 3.5% down payment if you have a credit score above 580.

These requirements vary because minimum credit scores are set by lenders in most cases. For example, Jersey Mortgage Company says that its VA loans require a minimum credit score of 640, which is higher than what we’ve seen from some other lenders.

Conventional loan requirements are not readily available on Jersey Mortgage Company’s website, but typically conventional home loans require a minimum credit score of 620 and a down payment of at least 3%. Putting down 20% will help you avoid paying private mortgage insurance (PMI).

We’ve compiled some generic requirement guidelines for different kinds of mortgages below.

National mortgage requirements by type

Min. credit scoreMin. down paymentCompare with other lenders
ConventionalTypically 620Typically 3%Mortgage lenders
FHA5003.5% with 580 credit scoreFHA lenders
VASet by lender (often 580)0%VA lenders
USDASet by lender (often 640)0%USDA lenders

For information about other loan types, check out our guide to jumbo loans.

Cost and fees

Like many lenders, Jersey Mortgage Company doesn’t publish the fees it charges. However, after you send in your application, you will get a Loan Estimate that itemizes your estimated closing costs and other expenses. All told, closing costs for a home purchase generally range from 2% to 5% of the loan amount.

If you continue with the lending process, you’ll get a more accurate cost summary in your Closing Disclosure at least three business days before closing.

FAQ

What is Jersey Mortgage Co.?

Jersey Mortgage Company is a direct lender based in New Jersey. It offers a variety of home purchase and refinancing products to borrowers in New Jersey and four other states in the eastern U.S. You can start an application online, by phone or (if you’re in New Jersey) by visiting a branch location.

Is Jersey Mortgage Co. legit?

Jersey Mortgage Company is a licensed mortgage lender with a 4.6-star rating on our site at the time of publishing. It has no regulatory actions recorded against it in the NMLS Consumer Access database.

Where is Jersey Mortgage Co. available?

Jersey Mortgage Company is licensed to conduct business in Connecticut, Florida, New Jersey, New York and Pennsylvania. It only has physical branches in New Jersey, though. These branches are located in Cranford, Holmdel and Parsippany.

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How do I know I can trust these reviews about Jersey Mortgage Company?
How do I know I can trust these reviews about Jersey Mortgage Company?
  • 4,008,659 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 10
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Jan. 15, 2020

Everything was explain to me in detail. I understand that I may or may not get the loan but I am willing to try hoping that I will get the loan and able to move in my dream home soon. Mr. ** was very helpful.

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Rated with 4 stars
Verified Reviewer Verified Buyer
Original review: June 1, 2019

I was a first-time homeowner and I didn’t know anything prior to going into this so, it was a new experience. This would be the best way for me getting my first home. There’s a lot going into purchasing a house but with Jersey Mortgage, there was no major issues at all and everything worked out fine. Sharon and Chris, the people I worked with, were helpful. They did a great job and they were very professional the whole time in the process. Overall, it was pleasant although the application and underwriting process took three months. It’s not that the people in Jersey Mortgage didn’t do their job but as the buyer, you're like that middleman, and you're trying to relay certain messages from that person to that person to this person. There should be a better communication between the Realtor, lawyer and Jersey Mortgage.

Moving forward, if I were to buy a home again, I would like to be more fluent in terms of having chain emails and to make sure I have more direction as the Jersey Mortgage and their loan officer, the real estate and the lawyer. So that when I'm not there, it would be easier for them to get in touch with each other and vice versa. Even the lawyer from the selling point of view has to maintain constant communication with the seller. Everybody should have that constant communication across the board so that there's no confusion for certain things but overall, they were informative. They told me what I needed to know, so I was able to get documents, and they were timely. Also, my interest rate wasn't too bad, but I understand I got a 203k loan which incurred a slightly higher interest rate than normal.

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    Rated with 3 stars
    Verified Reviewer Verified Buyer
    Original review: May 30, 2019

    The process with Jersey Mortgage was very convoluted. Being a first-time homebuyer, I expected a little more hand-holding and to be walked through it. It was not that they didn’t walk us through it but I felt like I was constantly following up. It was nearly everyday. I was making sure things were getting done and that my questions were getting answered. I felt like I was facilitating it myself and it was a little irritating. They also asked me for documents that I provided more than once, which was a little annoying.

    I didn’t even have to go with them. I didn’t need a mortgage broker. We got really good credit. I could’ve gone through my bank. But my realtor recommended them and I was trying to honor the referral. I chose to go with them so I expected a higher level of service. They could’ve been better with the way that they handled it and responded. For them, maybe it’s an everyday thing but it wasn’t for us. So I was a lot annoyed by the end. They weren’t bad people. It’s just that the process didn’t go the way that I would have preferred. It was a big headache and I wasn’t satisfied at all.

    I also don’t think it was just the company. I don’t know if it was just the nature of things but the process felt very fractured. It didn’t feel very seamless. In terms of the whole signing of the documents, from end to end in getting the final approval, it was probably 45 days, maybe a little more. I also could’ve gotten a slightly lower rate with my bank but it was reasonable and I’m fine with it.

    2 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 19, 2019

    Everything was super smooth with Jersey Mortgage and we had a good experience. The lending agent, Gina, was fantastic. She communicated well. If we had an issue, we emailed her and she got right back to us. I thought getting any mortgage was a pain but everything was simple. We were able to do everything online and sign. There were a million things we had to fill out and every time we thought we were done, they had other stuff for us. But I think that’s any lender and I don’t think it was a horrible experience.

    The rate was good but we could’ve done better. I had gone to my bank to get paperwork for the mortgage, and they had a much lower rate for us. But at the end of the day, we felt like we were already done, like we were at the end of the process, and we wouldn’t have wanted to start over for a cheaper rate. We could’ve gotten a better rate, but this was convenient. Gina worked well with our Realtor and made life easy. It was worth whatever we paid.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 15, 2019

    Jersey Mortgage's reps were upfront with all the costs. They were sincere in terms of what the process was and what they can do for me. I went with them and got a regular fixed rate, 30-year loan program. They had a list of all the paperwork that they needed upfront. Once those were provided, if any additional information was necessary, they came back to me with what additional information they might need. The whole process took two months and during that time, there some doubts in terms of the process and if the loan was gonna go through. My rep Garth communicated up front that everything was okay and told me to forward the additional paperwork I needed. I was really impressed with the communication. Jersey did the best they could for me given the circumstances.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 11, 2019

    I was purchasing a new home and Jersey Mortgage Co. was recommended to me. They were able to help somebody who was getting affordable housing, whereas other lenders don’t. I gave the initial numbers that they needed to know to see if I would qualify over the phone but a lot of the application was online. I've been down this road a whole bunch of times but this was my best experience. Randolph, the rep, was wonderful and great. I would give him a big thumbs-up.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 3, 2019

    I was buying a new home and used Jersey Mortgage Co. They did very well on a previous mortgage. The application process was easy. I did it in person, online, and over the phone. The loan officer was good and knew her stuff. She could explain everything clearly. She didn't leave anything behind and clarified everything before we started the loan. A lot of paperwork was pending at the same time though. But the rates and terms that I received were okay and fair. And so far, I'm satisfied with the experience.

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    Rated with 1 star
    Verified Reviewer Verified Buyer
    Original review: May 1, 2019

    I wanted to buy a house and Jersey Mortgage was recommended to me by a friend of mine. The process of obtaining my mortgage was a complete disaster. We began the process back in November 2018 and I told the mortgage company, “This is what I make. This is what I can afford. This is what the budget is.” They said that everything looked good and they kept riding it on. However, they kept on giving me and the realtor the runaround. We could never get a commitment letter. We were 90 days from when we were in contract to the last extension, which was absolutely ridiculous, and I paid an extra 4,000 in per diem fees.

    My experience with Jersey Mortgage was the absolute worst. They were highly recommended, but I don’t know if they were in tune with the type of mortgage that I was getting out or they were just incompetent. Even from the first closing date, they were oblivious to everything. The 24 hours before we had the first closing date was when everybody started questioning, “Oh, no. We’re not gonna be able to close.” And then from there on, the expenses began. Jersey Mortgage recommended me to the attorney, but my attorney was oblivious to the closing date. It was almost like no one read any of the contracts and they were not doing everything that I was paying everyone should do.

    Towards the middle and towards the end, the attorney really stepped it up. It got to the point where there was a correction and I said that I would probably lose the deal with the house and that I was gonna wind up suing everybody because it was not my fault. My numbers hadn’t changed from the very beginning and I put everything on the table from the very beginning. Ultimately, we closed, which was a good thing, and now, we are in the process of renovating and looking to move in soon. Nevertheless, I would never recommend this mortgage company to anyone. I am that fed up with them.

    5 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 29, 2019

    I was looking into getting a mortgage as a first-time home buyer and I ran into one of Jersey Mortgage's representatives. He was very approachable and confident in what he was doing. The online application process was easy and the rates and terms of the mortgage that I received were fair. It was a VA loan and they had different requirements, so they were not so regular. Jersey Mortgage needed proof of termite inspection and it was a very specific form number that was needed. Jason, the rep, told us what he needed many times, but if someone had mentioned the form number, things would have progressed a little quicker and it would have been helpful.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 25, 2019

    I highly recommend Jersey Mortgage. They are an excellent lending institution and I am very satisfied with them. When I was looking into a mortgage for investment, I saw them and I signed up. Their application process was not too hard and it was pretty much a cut deal. Jersey worked with me to close my loan in a timely fashion and I’m happy with the service because I did not wait around that long. The whole process took a month or so and it was done. My loan officer was Noury and he was good. He kept in touch with me and he did well. He took the time to explain everything and was very informative. Whatever question I had, he answered them and he was really knowledgeable with them. I also felt very comfortable working with him. The rate I got was decent as well. I got 4.7 while I bought the house at 15.5%. Jersey Mortgage gave me the right mortgage which was what I needed at the moment and I am happy with their service.

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    ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
    1. Federal Financial Institutions Examination Council (FFIEC), “HMDA Dataset Filtering.” Accessed September 12, 2022.
    2. Federal Reserve Bank of St. Louis, “30-Year Fixed Rate Mortgage Average in the United States.” Accessed September 14, 2022.
    3. NMLS Consumer Access “Jersey Mortgage Company of New Jersey, Inc.” Accessed September 15, 2022.

    Jersey Mortgage Company Company Information

    Company Name:
    Jersey Mortgage Company
    Company Type:
    Public
    Year Founded:
    1988
    Address:
    511 South Avenue East
    City:
    Cranford
    State/Province:
    NJ
    Postal Code:
    07016
    Country:
    United States
    Website:
    www.jerseymortgage.com