Compare mortgage rates and fees for leading lenders in Passaic, NJ. 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 lender offering the best mortgage rates in Passaic.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Passaic. Plus, shopping lenders is free and there is no obligation.
October 19, 2019
The current average rate for a 30 year fixed rate mortgage in Passaic is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
The median home value for Passaic, NJ is $349,135
The median household income for Passaic, NJ is $65,275
Based on current mortgage rates and a 10% down payment, you need to make $64,775 per year to buy the median priced home in Passaic
The home price you can afford to buy based on household income in Passaic is 101% of the median home value which means housing prices are average
Passaic ranks 19 out of 21 counties in New Jersey and 3,000 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Passaic, NJ is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Passaic below.
Conforming loan limits for Passaic, NJ
FHA loan limits for Passaic, NJ
VA loan limits for Passaic, NJ
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index