NVE Bank is a mortgage lender that services homebuyers and homeowners in the state of New Jersey. Originally named the Englewood Mutual Loan and Building Association, NVE Bank opened in 1887, operating as the area’s first savings and loan association.
NVE is headquartered in Englewood, New Jersey, and offers a range of financial services, including residential mortgages, home equities, commercial and business loans, consumer loans, checking, savings, and retirement accounts, among others.
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Background of NVE Bank
Established in 1887, NVE Bank has increased its business exponentially in Bergen County since its founding. This financial institution has 11 branches, over 30,000 customers, and total assets over $700 million. The bank offers a variety of mortgage and loan products for both new and experienced home buyers living in the Garden State.
NVE has received multiple awards for its excellent work in providing financial services to consumers residing in the state of New Jersey. In addition, the company has been praised for its dedication to giving back to the community.
NVE Bank Mortgage Rates
NVE Bank Loan Specifics
NVE Bank offers its customers competitive rates on both standard and less conventional home loans. Since NVE only has locations in Bergen County, this lender is limited to New Jersey homebuyers. Their home loan offerings include the following:
Fixed-Rate Loans
NVE offers these common types of mortgages, which are typically the best choice for homebuyers who plan on staying put for a long time. Fixed-rate loans are also beneficial for buyers who want a predictable monthly rate that offers interest rates and payments that do not change throughout the lifetime of the loan. NVE offers fixed-rate terms of 30, 25, 20, 15, 10, or 7 years.
Adjustable-Rate Loans
These types are home loans that are typically the best fit for homebuyers who plan on living in their new dwelling for a short period of time, likely five years or less. The loans are also a suitable option for buyers with the funds to pay their loans off quickly.
Adjustable-rate mortgages begin with a fixed rate for a specific amount of years. After this initial period, the monthly payments begin to fluctuate based on market rates.
Community First Loans
NVE offers these lower-priced home loans to help make the home buying or refinancing process more affordable for individuals working in certain areas of the public sector in Bergen County. Those who qualify for these loans can expect discounted fees and interest rates.
First-Time Homebuyer Loans
First-time homebuyers who cannot pay a large down payment can feel empowered to purchase a residential property with NVE. This program allows qualified buyers to buy a home with a down payment of as little as 5 percent.
Residential Construction Loans
If you are planning on building a new home, you can use one of NVE’s construction mortgages to help finance the building costs. NVE wants its homebuyers to purchase or build the homes of their dreams. This hope can become a reality with a construction mortgage from NVE Bank.
Loan Offerings by NVE Bank for New Jersey Homebuyers
| Loan Type | Loan Type |
|---|---|
| Fixed-Rate Loans | • Ideal for Long-Term Homebuyers • Predictable Monthly Rates • Terms: 30, 25, 20, 15, 10, or 7 Years |
| Adjustable-Rate Loans | • Suitable for Short-Term Homebuyers • Initial Fixed Rate, then Fluctuates Based on Market Rates |
| Community First Loans | • Lower-Priced Loans for Public Sector Workers in Bergen County • Discounts on Fees and Interest Rates |
| First-Time Homebuyer Loans | • Enables Purchase With as Little as 5% Down Payment • Empowers First-Time Homebuyers to Enter the Market |
| Residential Construction Loans | • Finance New Home Construction • Fulfill the Dream of Building Your Ideal Home With NVE Bank |
NVE Bank Mortgage Customer Experience
NVE Bank offers a few different ways for customers to apply for home loans. They have an intuitive online application form that homebuyers can fill out on their own time. Once the potential borrowers submit their application, they can expect to hear from an NVE loan professional in no time.
This reduces the amount of time spent on hold on the phone and allows the mortgage process to work around your own schedule, not the other way around.
NVE provides a few helpful resources on its website to help potential homebuyers understand the mortgage process. The bank has an online mortgage calculator that can help you calculate your monthly payment, decide the cost difference between renting and buying a home, determine how soon you can pay off your mortgage by making a prepayment, and find the annual percentage rate (APR) for both fixed-rate and adjustable-rate loans.
NVE Bank’s blog includes a variety of different information related to the bank, including volunteer initiatives and employee spotlights, as well as relevant details on the mortgage process. There are also plenty of blog articles that assist consumers with overall personal financing.
NVE Bank Lender Reputation
NVE Bank is a financial services company that has been serving the state of New Jersey since 1987. NVE has a Nationwide Mortgage Licensing System number of 733094.
NVE places a large emphasis on social responsibility, both in its product offerings and corporate goals. They strive to provide exceptional customer service to their clients, as these individuals are their neighbors, friends, and community members. What sets it apart from the other large banks servicing the state of New Jersey is its priority to get to know every customer.
It has earned a five-star Superior rating for 23 consecutive quarters from BauerFinancial Inc., a bank and credit union rating and research firm. In July 2018, NVE Bank was awarded first place in the Community Bank category of the Jewish Standard Publications annual Readers’ Choice Awards.
In addition to their achievements, NVE Bank has been widely praised for its contributions to the local community. NVE coordinated a Thanksgiving food drive in Nov. 2018 to assist families in Englewood by donating bags of food to the Office of Concern Food Pantry and distributing turkeys to families in need in the days leading up to Thanksgiving.
NVE also grants $1,000 scholarships to 10 students in Bergen County to assist them with meeting their educational goals.
- Information collected on Jan. 25, 2019
NVE Bank Mortgage Qualifications
NVE Bank has the same mortgage qualifications as many other mortgage lenders in the U.S. When they qualify customers in Bergen County for home loans, they take a borrower’s credit score into account over anything else. If you have bad credit, you may have more trouble acquiring a loan.
Individuals with credit scores above 700 should have no trouble getting approved for a home loan. However, borrowers with credit scores above 760 should expect the best mortgage rates.
| Credit Score | Quality |
|---|---|
| 760+ | Excellent |
| 700-759 | Good |
| 621-699 | Fair |
| 620 and below | Poor |
| n/a | No credit score |
NVE Bank Phone Number & Additional DetailsBorrowers with a good credit score, adequate savings, a debt-to-income ratio of approximately 36 percent or less, and the ability to put 20 percent down on their home (unless they qualify for first-time homebuyer loans) have the best chances of being approved for a mortgage by NVE Bank.
- Homepage URL: https://www.nve.bank/
- Company Phone: 1-201-816-2800
- Headquarters Address: 76 Engle Street, Englewood, NJ 07631
The Bottom Line – NVE Mortgage Review
NVE Bank, with its storied history dating back to 1887, has firmly established itself as a cornerstone in New Jersey’s mortgage sector. Its diverse range of mortgage products, commitment to community service, and emphasis on customer-centric experiences underscore its prowess in the financial domain.
The bank’s digital adaptability, coupled with its award-winning services, makes it a go-to choice for over 30,000 customers. With accolades and a strong community reputation, NVE Bank truly exemplifies what it means to be a leading, modern financial institution while maintaining deep community ties and values.
How We Review Mortgage Lenders:
Good Financial Cents evaluates U.S. mortgage lenders with a focus on loan offerings, customer service, and overall trustworthiness. We strive to provide a balanced and detailed perspective for potential borrowers. We prioritize editorial transparency in all our reviews.
By obtaining data directly from lenders and carefully reviewing loan terms and conditions, we ensure a comprehensive assessment. Our research, combined with real-world feedback, shapes our evaluation process. Lenders are then rated on various factors, culminating in a star rating from one to five.
For a deeper understanding of the criteria we use to rate mortgage lenders and our evaluation approach, please refer to our editorial guidelines and full disclaimer.
Product Name: NVE Bank Mortgage Product Description: NVE Bank Mortgage, rooted in Englewood, New Jersey since 1887, provides a comprehensive suite of home loan products catering to diverse clientele needs. From first-time homebuyers to construction loans, they offer tailored solutions backed by robust customer support. Summary With a legacy spanning over a century, NVE Bank Mortgage stands as a testament to resilient and adaptable financial services. Their diverse range of mortgage products, including fixed-rate, adjustable-rate, and special programs for community service members, ensures every homebuyer finds a fitting solution. What distinguishes NVE further is its commitment to community-centric services and an integrated digital approach, ensuring customers receive timely and efficient support throughout their mortgage journey. Pros Cons
NVE Mortgage Review
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