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Our loan consultants average over 22 years of NJ Residential Mortgage Lending.

If you applied on-line or referred directly to us than why  not initiate a quick call and deal with the best that NJ lending has to offer you and your family.

 

 

Second Generation Mortgage Group offers a variety of loan programs designed to meet your needs. Choosing the right product for your specific situation is imperative in successfully moving forward financially.  We take product knowledge very seriously especially in an ever changing marketplace which can cause changes in lifestyle.

Below is a brief description in OUR own words about some of the more popular products and how they may fit with your current situation.  We tried to include some pros and cons about each loan product.

 
30 Year Fixed Rate
15 Year Fixed Rate
20 Year Fixed Rate
7 Year Fixed Libor Arm
5 Year Fixed Libor Arm
Interest Only Loans

30 Year Fixed Rate

Most common loan product.  This is a loan with a fixed rate for a term 30 years and the payments never change.  This is a satisfactory program for borrowers who feel they are going to be in their home for 12 years or longer or they feel their income will remain consistent.  Customers can budget better since they always know what their payment will be.  The downside of the program is that it takes almost 17 years to pay dollar for dollar principle to interest.  Please note that since the average American relocates or refinances aproximently every 4.8 years, the reality is that the majority of people do not stay in the loan long enough to capture its real benefits and security.  People often start over again from scratch on a 30 year loan when they refinance.

Term: 30 years   Maximum Amount: $417,000

15 Year Fixed Rate

The BEST fixed rate product because you are paying dollar for dollar principle to interest from day one.  This program is ideal for customers who feel without a doubt, this is the home they are going to live in at least 15 years and want it free and clear as soon as possible.  The downside is higher monthly payments with little breathing room. The shorter the term the more expensive the payments will be on a monthly basis. 

Term: 15 years   Maximum Amount: $417,000

20 Year Fixed Rate

A popular option of those who do not want to start over again on a 30 year loan and do not want the higher payment of a 15 year loan.


7 Year Fixed Libor Arm

This is a very popular product because it offers stability and below market interest rate compared to a standard 30 Year Fixed Rate loan.  This is conventional loan product that is ideal for cash flow and for those borrowers who are confident they will either refinance or relocate withing ten years.

Please call so we explain every little component about this product.


5 Year Fixed Libor Arm

-see 7 Year Fixed Libor Arm...

Same type of loan program just with two less years of security.  This loan would be ideal if an individual is adamant about relocating within 5 years.

Loan has no pre-payment penalty.


Interest Only Loans

Very popular in today's market.  All of these loans are amortized over 30 years and give you the benefit of an interest only (i/o) payment option.  Because you are not forced to pay the principle, there is a difference in payment from the regular principle and interest payment on a 30 year fixed.  You can always choose to pay extra and pay down the loan.  Most customers opt for these loans if they plan on being in their homes 10 years or less or they need some payment flexability. (college tuition, medical expenses, investments, loss of an income etc).  There are different types of these loans-PLEASE contact your experts at Second Generation to see which one works best for you.  The downside of the program is you do not pay principle down unless you pay extra each month and human nature tells us that quite often people will only pay their minimum payment.

Term: 30 years  



Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $424,100 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $424,100 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.

Please contact us directly at

732-741-1933   

 or

1-800-254-8200

We are a local New Jersey based company

788 Shrewsbury Avenue Tinton Falls, NJ 07724

New Jersey Licensed Mortgage Bankers, NJ Department of Banking and Insurance

 

NMLS 231019