Garden State Home Loans Mortgage Review 2023

How Bankrate scored Garden State Home Loans

To determine Garden State Home Loans’s Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors:

• Affordability: Garden State Home Loans’ rates are very competitive compared to Bankrate’s averages, especially if you’re able to purchase points upfront. The lender’s fees vary by loan type.
• Availability: This lender does business in 13 states, including Florida, New York, Pennsylvania and Texas.
• Borrower experience: Garden State Home Loans offers an accessible chat feature on its website, and its loan officers have a wide range of business hours. You’ll need to subscribe to learn what rates you might qualify for, however.

• Methodology

  Bankrate's expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate's reporters and editors have decades of experience covering the mortgage industry. They're skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here's how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender's lowest advertised annual percentage rate (APR) based on Bankrate's sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it's like to deal with the lender as a consumer. We look at the lender's application process and availability of customer service support. We also consider the results of J.D. Power's 2022 Mortgage Origination Satisfaction Survey.

  Bankrate's editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

  Bankrate's methodology page spells out our rating process in greater detail.

  Our editorial team confirms the accuracy of data at the time of publication and is dedicated to maintaining the timeliness of information.

Affordability: 5/5

Affordability differs from lender to lender, so comparing costs is key. Garden State Home Loans boasts attractively low rate offers on different kinds of mortgages. The lender charges fees, but you won’t receive all-in cost details specific to your situation unless you share your contact information.

Availability: 5/5

This factor can make the overall mortgage application process smoother or more challenging. Garden State Home Loans is based in New Jersey and works with borrowers in several East Coast states, Michigan, Tennessee and Texas. The lender offers both conventional loans and government-insured loans (FHA, VA and USDA), as well as jumbo loans for higher-priced properties. In addition, it offers some specialty products for investors like debt service coverage ratio (DSCR) loans and other non-qualified (non-QM) loans. Generally, you’ll need a credit score of at least 640 to be eligible for a conventional loan, but there are also loan options for those with scores as low as 580.

Borrower experience: 5/5

Know what to expect when you work with a specific lender. Since being established in 2011, Garden State Home Loans has funded $10 billion in mortgages for tens of thousands of borrowers. The lender is accredited by the Better Business Bureau and has an A+ rating from the organization. You can apply for a preapproval (and your loan) online through the Garden State Home Loans website. You can also track the progress of your loan through the lender’s online portal, and ask questions via chat. The lender is available Monday through Friday from 8 a.m. to 7 p.m. ET, and 10 a.m. to 2 p.m. ET on weekends. You can also make an appointment with a loan officer outside those hours, if needed.

How to apply for a mortgage with Garden State Home Loans

If you’re interested in a mortgage through Garden State Home Loans, you can request a quote and begin the preapproval process on the lender’s website. The lender’s loan officers often have flexible availability, so you can get in touch with yours outside of business hours. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Garden State Home Loans

You can refinance your existing mortgage through Garden State Home Loans, but similar to applying for a purchase loan, you’ll begin the process by providing your contact information so that a loan officer can assist you.