Residential Mortgages

Home Consumer Services Residential Mortgages

Why choose Brunswick Bank for your mortgage

Brunswick Bank has been serving the community for more than 114 years. And the same quick and friendly service you’ve come to know and trust is now available whether you’re a first-time homebuyer, looking to refinance your existing home or considering moving up to the house of your dreams. We offer a variety of options: Conventional Loans, FHA, VA, USDA programs, and Jumbo Loans up to $5,000,000. Our mortgage expert is available to help you get started, or answer any up-front questions you may have.

Advantage of a 30–year mortgage

Sure 15-year loans have lower rates than a 30-year. But a longer term offers you valuable financial flexibility. A 15-year loan offers a shorter timeline, you’ll pay substantially less in interest overall, build equity faster, and be debt-free sooner. But, your monthly payments will be much larger than with a 30-year mortgage. Having the flexibility is key — you can always make extra payments on the 30-year loan and easily turn it into a 15-year or less. Plus, you have the option if times get tough you have the flexibility or reducing your payments, and then resume higher payments later. Financial flexibility has many advantages and the 30-year mortgage may just be the right loan for you.

KEY TAKEAWAYS

  • Most homebuyers choose a 30-year fixed-rate mortgage, but a 15-year mortgage can be a good choice for some
  • A 30-year mortgage can make your monthly payments more affordable and flexible
  • While monthly payments on a 15-year mortgage are higher, the cost of the loan is less in the long run

One stop source: Title and Settlement services

Brunswick Title Agency, LLC, is the premier full-service title insurance agency for all your real estate transactions ranging from Home Purchases or Refinances to Commercial transactions. We have set a new standard for professional and courteous service, with total attention to detail. Providing our customers with an unmatched combination of a highly experienced staff and exemplary customer service has been the foundation of our operations.

  • Fast, accurate, on-line status, on-line ordering, evening and weekend closings
  • We are ready to close when YOU are and HOW you want to close
Apply for your mortgage today!

Call 908-963-5600 or contact us for current rates.

Fixed Rate Mortgage Loans

There are many kinds of mortgage products available today to meet your comfort level and budget. The most common loans offered are fixed-rate, variable, or adjustable-rate-mortgages. (ARM).

With fixed-rate mortgages, they carry the same interest rate throughout the entire length of the loan. They do not fluctuate with the market. On the other hand, variable-rate loans, the interest rate isn’t fixed. Instead, rates are adjusted above a specific benchmark. (e.g.., Treasury Bill) These rates tend to change at certain periods.

If you prefer predictability and plan on buying a home for the long term, locking in an interest rate with a fixed mortgage is just right for you.

KEY TAKEAWAYS

  • A fixed interest rate for the entire term of the loan.
  • Once locked-in, the interest rate does not fluctuate with market conditions.
  • Borrowers who want predictability and tend to hold property for the long term tend to prefer fixed-rate mortgages.
  • In contrast to fixed-rate mortgages, there exist adjustable-rate mortgages, whose interest rates change over the course of the loan.

Jumbo Mortgage Loans

A Jumbo Mortgage is a larger loan for the purpose of purchasing or refinancing a home. It’s ideal if you are planning to purchase a property with a high value and you have the income that can support a larger monthly payment.

KEY TAKEAWAYS

  • Loan amounts greater than $548,250
  • Access larger loan amounts at competitive interest rates
  • Fixed or Adjustable-Rate Mortgages for primary residences, second homes and investment properties including condominiums.

Adjustable-Rate Loans

With an adjustable-rate mortgage (ARM) your initial interest rate will generally be lower than a fixed-rate mortgage. As time goes on, your interest rate may change depending on market fluctuations. If you plan to sell or refinance your home within the first few years, this may be the right loan for you.

KEY TAKEAWAYS

  • Lower initial interest rate – typically lower than a fixed rate mortgage
  • Rate and payment are fixed for an initial period – typically 5,7,10 or even 15 years.
  • Rates may adjust annually after an initial fixed period, which changes your monthly payments.
  • Interest rate caps are in place to limit how high the interest rate can go, which lets you know your maximum rate.
  • Lower interest rates increase your purchasing power.

Veterans Administration Loans

Thank you for serving our country! As an approved lender for the VA Home Loan Guarantee Program, we are pleased to offer VA loans backed by the Department of Veterans Affairs. A VA loan is available to eligible veterans, military members currently serving in the U.S. military, reservists and select surviving spouses.

KEY TAKEAWAYS

  • How much mortgage might I qualify for?
  • How much home can I afford?
  • Should I refinance?
  • How much will my fixed rate mortgage payment be?
  • How much will my adjustable rate mortgage payments be?
  • How much will my payments be for a balloon mortgage?
  • Which mortgage is better for me?
Testimonials

Purchasing a home is stressful enough. But Bill at Brunswick Bank was always there to answer our questions and walk us through every step of the way.
John & Rachel R. – Freehold NJ

As first-time home buyers, my husband and I had a lot to learn about the process of buying a home. Brunswick Bank’s attention to detail, simplified process and keeping us informed made it easier when it was time to close.
Debbie & Frank G.- Monroe, NJ