Compare Morris, NJ mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Morris.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Morris. Plus, shopping lenders is free and there is no obligation.
December 1, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Morris. Understand how much you need to earn to afford a home in Morris, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Morris fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Morris is right for you.
The median home value for Morris, NJ is $584,896
Based on current mortgage rates and a 10% down payment, you need to make $95,833 per year to buy the median priced home in Morris
With this income, you could qualify for a $526,406 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Morris is $2,219
The median household income for Morris, NJ is $125,687
Based on this income, you can afford a home valued at approximately $767,105
The home price you can afford to buy based on household income in Morris is 131% of the median home value which means housing prices are average. Morris ranks 14 out of 21 counties in New Jersey and 2,790 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Morris, NJ is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Morris below.
Conforming loan limits for Morris, NJ
FHA loan limits for Morris, NJ
VA loan limits for Morris, NJ