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Andover, NJ Mortgage Refinance in New Jersey

We make it easy to get the lowest mortgage refinance interest rate in Andover, NJ.

Our loan specialists can customize a loan that is perfect for your needs. In no time at all, Andover, NJ residents can be on the way to a lower interest rate, a lower monthly payment, or switching from an adjustable rate mortgage to a fixed rate mortgage.

When Should I Refinance?

The best time to refinance is when interest rates in Andover, New Jersey drop below the rate of your current mortgage.  With a lower interest rate, you'll save money on your mortgage payment every month.  Be sure to read our article titled Reasons to Refinance Now.

Turn Your Adjustable Rate into a Fixed Rate

With adjustable rates on the rise Andover, NJ residents can benefit greatly from refinancing your home for a low fixed rate.  These benefits include a lower monthly mortgage payment, and the security of knowing your mortgage payment won't increase.

Cash-Out Refinancing

Using the equity in your home, you can refinance your mortgage for a higher amount than your current principal balance and receive the extra funds as cash.  You can use this money however you would like, including, remodeling your home, paying off high-interest rate credit cards, paying off student loans, or consolidating all your debt.  How much cash out you can receive by refinancing depends largely upon the principal balance remaining on your mortgage and the amount of equity in your home.

Eliminate PMI

Private Mortgage Insurance is usually required if your downpayment on your home was less than 20 percent.  If your home equity has increased since your purchase, you may have enough equity to elimate that PMI payment by refinancing your mortgage.

Save Thousands in Interest

When you refinance your home you can decide to switch your mortgage to a shorter term, such as 10, 15, or 20 years.  Depending on how much lower the refinance rate is, you will likely pay more per month for this shorter term home loan.  However, in the long-term you are saving thousands in interest.  And because more of your monthly mortgage payment goes towards the principal, your home equity will increase much quicker.

Mortgage Refinance Calculators

Mortgage Payment Calculator
Refinance Savings Calculator
Refinance APR Calculator
Refinance Points Calculator 

Refinance Articles

Reasons to Refinance Now
Beat the Subprime Mortgage Crisis 
Understanding Your Credit
Your Interest Rate

" Traditional banks make their customer fit the loan; at Somerset Mortgage Lenders we make our loan fit the customer. "

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Andover, New Jersey News
Housing rules spark debate

Affordable housing advocates have taken the offensive in the ongoing war of residency and status in the state.


Cops: Man crashed stolen truck into pole in Washington Twp.

WASHINGTON TWP. -- An Andover man who led police on a chase through Hackettstown and Washington Township crashed a stolen pickup truck into a utility pole on Schooley's Mountain Road late Sunday night, ...


Dentist's sex abuse trial may be delayed

Jury selection could begin today in the civil trial of an Andover oral surgeon accused of sexually abusing women while they were under anesthesia.


Local briefs for 8/27: Andover delays vote on development

At its Monday meeting, the Township Committee decided again to put off a decision on its controversial constraints ordinance.


Sussex-Wantage merger study under way

The Sussex-Wantage joint consolidation study commission hired former Sussex County administrator Greg Fehrenbach of Government Management Advisors LLC to serve as its study consultant.


Power lines put Fredon home in jeopardy

The house is a first and an only -- first frame house in Fredon and the only house in New Jersey that sits right under major electric transmission lines and in the path of a planned 500-kilovolt power line ...


Newton woman avoids serious injury in airborne Limecrest Road crash

A 79-year-old Newton woman avoided serious injuries Thursday afternoon when her Toyota Tercel ran off Limecrest Road and into a large drainage ditch during a heavy downpour, police said.


7 hurt in Andover wreck

Police say the driver of a SCARC bus lost control on Old Creamery Road and slammed into a wall.


Andover crash injures SCARC students

Seven developmentally disabled passengers complained of pain Wednesday after their bus struck a retaining wall on Old Creamery Road, police said.


Local briefs for : Andover Borough names senior of year

Doris Lewis, a longtime volunteer and Andover employee, is the Senior Citizen of the Year.


7 people with developmental disabilities hurt in Sussex County bus crash

Seven people with developmental disabilities suffered minor injuries this morning when their bus crashed into a retaining wall in Sussex County, police said.


Field report: Route 206

Here are the field reports from our Route 206 Munchers, who included six librarians from the Newark Public Library and two lifelong friends.


Freebie fest on Newton Green

Imagine a marketplace where everyone shared their skills -- be it a service, food or musical performance -- for free.


Teen confesses to stabbing

A Newton teenager admitted he repeatedly stabbed a 57-year-old woman in her face, neck and arm with a knife while he stole her purse in her Lincoln Place driveway three years ago.


Marion Kline Donnelly

MORRIS PLAINS -- Marion Kline Donnelly of Morris Plains, N.J., passed away on Wednesday evening, July 30, 2008, at the Morris View Healthcare Center.


Man gets 13 years for attack on Newton resident

Newton resident Doris Zayacz said she'll never understand why she was targeted for a April 30, 2005, knife attack in her Lincoln Place driveway.


Man gets 13 years for attack on Newton resident

Newton resident Doris Zayacz said she'll never understand why she was targeted for a April 30, 2005, knife attack in her Lincoln Place driveway.


Man gets 13 years for attack on Newton resident

Newton resident Doris Zayacz said she'll never understand why she was targeted for a April 30, 2005, knife attack in her Lincoln Place driveway.


Man gets 13 years for attack on Newton resident

Newton resident Doris Zayacz said she'll never understand why she was targeted for a April 30, 2005, knife attack in her Lincoln Place driveway.


Man gets 13 years for attack on Newton resident

Newton resident Doris Zayacz said she'll never understand why she was targeted for a April 30, 2005, knife attack in her Lincoln Place driveway.


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