How To Find The Right HELOC in New Jersey

Welcome students. Today we are in the state of New Jersey how to find the right home equity liner credit in the second position in the state of New Jersey. I'm going to share with you my dedicated research that I did for you in advance. I'm going to boil it down to a few banks that we will identify together. Then I'm going to give you my top picks along with sharing with you the pregame work that you need to do in advance before you apply for a home equity line of credit on your primary residence. In this series on how to find the right home equity line of credit, we are focusing primarily on those who have a primary residence and you have at least 20% or more equity in your home. You are going to be positioned for, especially if you do the pregame work, you're going to be positioned just right to get the best offers in the current economic environment today. With that being said, let's take a look at the whiteboard on the left hand side of the board. In this series, everything will remain the same. This is our framework. This is, these are our rules that we follow. These are, this is a checklist. You want to be able to check all these boxes off before you apply. As of October 24, 2025, as I'm recording this video, prime is 7.25%. So we're looking for home equity liner credits in each and every state that are at a prime, 7.25 or prime minus. Those are going to be the best rates. Anything that's prime plus it's going to be less attractive. With that being said, I found you 1, 2, 3, 4, 5 solid banks in the state of New Jersey. Keep in mind, some of these banks and in general when we're doing our research, you might hear the same bank said twice because certain banks do cover maybe three or four or five, maybe 10 states or maybe the whole east coast. So there's banks that will accommodate multiple states. Typically wherever you reside, that smaller credit union, community bank is typically going to offer the best rates, incentives, deals, etc. For those that live in that state. With that being said, I have two quick announcements. I'm going to share my screen real quick. The Finance Geek Ministry, which is a service that I've been providing for years now. I simply coach people for free or at very, very low cost. And it's a way for me to serve, it's a way for me to help those that are in negative cash flow positions, zero cash flow, paycheck to paycheck, giving them that confidence and being Their biggest cheerleader in really, really tough financial situations and certain hardships. And so that ministry, that community that I've been able to build over the last few years has officially moved over to a new community. A new platform called the Increase Academy is another community. So Finance Geek Community and Increase Academy are coming together as one community. It's faith and finances coming together. And the platform that is being hosted on is called School and it operates kind of like a small Facebook group in my opinion so far. So you're able to actually interact with like minded, faith driven entrepreneurs, those that want to become entrepreneurs, W2 people that are just looking to get out of debt, become debt free and be cheerful givers. That community is literally starting at only $15 a month and you're able to join for free. When you go to my website, check this out here under Finance Geek Ministry and you'll just click on this right here, it'll take you. It's literally just 15 bucks a month takes you right to the platform. So if you click on it, takes you. Right here is what the platform looks like. And I am in there continuing my ministry work where I coach people for free or very, very low cost being that $15 a month plus there's going to be material, workshops, classes that I'm actually going to be building on there. So, so the material, the workshops are going to be stored on that platform. The platform that I was using before is Kajabi and I still use that platform for my paid clients. But all of my free material is going to be moving over to this platform. So that's just a quick announcement there. And my second one is my mentor, friend, business partner, Steve Parisi. Just dropped a wonderful book here. I have yet to read it. I just got it in the mail literally and I have it on my list, on my to do list to begin reading. But because I've been studying and learning under him for so many years, I know a lot of the foundations that are that are in this book. But it's really cool to actually see it all written out. I get to witness, I want to say over 10 years that he's been in the industry and seven years of those 10 or longer, I've been a part of growing within his agency and his team. So it's really cool to see all of that coming together. You're going to want to order that book if you are discovering whole life insurance and the unique strategies that get applied to it and how that can improve your overall financial portfolio and leaving an inheritance behind for your Family. Let me share my screen again and we're going to begin our work together. So here we go. Credit unions in the state of New Jersey that offer a home equity line of credit. I'm just going to take you one by one with each and every bank that I've researched so far, starting with Jersey Shore Federal Credit Union. They're offering 85% LTV with a max credit line of $250,000. They have a 10 year draw period with interest rates as low as 7% which means prime minus 0.25%. They have an annual fee of 99 bucks per year, although first year is waived. And I wasn't able to see if they have closing costs. It did not disclose that on the site. One thing I found pretty interesting right over here it says rates listed are based on the prime rate as listed in the Wall Street Journal, plus or minus basis points as established by the board of directors. So maybe potentially like it could be maybe more than minus 0.25%. I think maybe if I'm reading that correctly, probably not just because it's, it's saying that right there and then it doesn't look like there is any advance requirements. So not a whole lot of information but enough to make it to the whiteboard simply because of that prime minus. Next bank I found you was Financial Resources Credit Union or Federal Credit Union. They offer a home equity line of credit, 10 year draw, can borrow up to 100% max credit line 250. Oh, coming back to here, closing costs. Don't know if there's any closing costs or not here, but on this site there is no closing costs, no application fees. That's pretty cool. It says plus or minus a margin but when I looked a little further it says home equity line of credit and then it says 7.25% adjust to the current prime rate as listed in the Wall Street Journal, plus or minus. So that's what it was with this bank. It's possible that you could get a prime minus rate potentially that's from what I'm reading here. But then when I come over here in this sentence, home equity line of credit will be based on the current prime rate plus a margin based on the individual credit circumstances. So that's a little confusing. That's going to require a phone call to get clarity on that. They have an annual fee of $49. So slightly cheaper than the First Bank. And based on that I put it on the whiteboard. Next bank is Princeton Federal Credit Union. They do a 6.99 insure rate for the first 12 months. So that's basically prime minus 0.25. There's a five year draw period. Don't love that. Keep reading. Let's see. Home equity. Yeah. So prime based. So. Right. Prime rate based, plus or minus. There you go saying plus or minus again. But if we keep reading, then it says 80% LTV is as low as prime plus 0.25% for 80.01 to 85. So then maybe as long as it's under 80% LTV, there could potentially be a prime minus rate there. So it's an honorable mention. I didn't put it on the board because it just wasn't clear. It's not clear. And then these are all home equity loan rates. So if I go to home equity line. Yeah, and then it just goes to home equity loan rates. Not fully clear, but worthy of your time. If you live in New Jersey, give them a call and get clarity. So so far what I'm seeing is the languaging is a little bit confusing with. With New Jersey so far. Here's another bank called Alliant. It's a bigger bank, 3.99 for the first six months. But then it's prime plus 0.25%. It's an honorable mention. Firefighters first credit union. Specifically for firefighters. They have a home equity line of credit. It says 7.75%, but honestly, I believe there might be some additional incentives for being a firefighter. You get some kind of a discount. So it's worth looking into to get more facts. Honorable mention, next here we got North Jersey Federal Credit Union. Rates as low as 6.75%. So that's prime minus 0.5 with an eight year draw. All right. And that's about the most amount of info that I was able to capture on this site. There is an initial draw of 5,000 and a minimum of 2,500 for additional draws. Ooh, that might be a bit of a deal breaker. I have to withdraw 2,500 each and every time. So I did put this on the board, but I might be a little. Susan, I just read that detail right there. I missed that earlier when I was doing my research. Don't know if I love that. The other thing I don't love is the rate can only go as low as 5.5%. Don't know if I love that. This actually might get taken from the board, honestly. But moving right along, got Garden Savings Federal Credit Union. No closing costs, 4.99% for the first six months. But if we keep reading then it says APR as low as 5.47 as like maybe the 6 month intro with a 10 year draw. A little confusing there says promotional rate limited 4.99 home equity line of credit for six months. So it's not clear. Then you look at this as promotional rate limited time only 5.9 APR on any home equity line of credit for first six months. So which is it? 4.99 or 5.99? Kind of confusing me. And then notice how they do cover New Jersey, New York and Pennsylvania. We click on this, we go to rates says it again 5.99 home equity line of credit 80% LTV. But what is still confusing me is this number. What Is this number? 5.47. Could that be the potential lowest rate after the intro period? Again, those of you who are resident of New Jersey, it's worth putting this on your list to call and get clarity on that. Either way, it made it to the whiteboard. Good enough for me. Next bank is Raritan Bay Federal Credit Union. Didn't make it to the board. Pretty simple, nothing too attractive. Variable rate home equity line of credit, 10 year, 15 year term prime. So honorable mention. Next is Credit Union of New Jersey. Figured it was worth mentioning just because they do offer HELOCs up to 500k. Most of the other banks are only going to 250 but you will pay for that prime plus 54%. So not the biggest fan or prime plus 0.5. So yeah, 100 LTV. I. I didn't put it on the board. Another bank called Palisades Credit Union Home Equity line of credit, 10 year draw literally didn't make it to the whiteboard because it has a floor rate of 7.4% and a ceiling of 15%. Apparently there's an introductory rate period, but don't know what that is. And whatever that introductory rate is and for however long it goes to 7.4 which is prime plus. Don't love that it does say no closing costs. That's not not bad with a 10 year draw. Just not loving it enough to put it on the board. But it was worth mentioning. Last bank ended strong. LM Federal Credit Union. I was glad I kept researching. So here we have a bank that's doing an intro rate of 2.49% for the first 12 months. Then it can go to as low as prime minus 0.5% with the floor rate of 3% 85% LTV. Cool. Guess what gets even better. No application fees, no credit report fees, no Annual fees, closing costs are waived for loans with a credit limit of 25,000 or greater. Just got to keep it open for three years. That's not going to be a problem for most of us that are doing velocity banking that are accelerating debt. Not an issue. So really, really strong, not upset at all. All right, so now let's take it to the whiteboard and give you my top picks. So number one is going to be easy. I'm going with LM FCU Bank. It's just too good to not consider that to be your number one bank with the research that we did so far. Now granted, if you live in New Jersey, trust what I'm saying, but verify it, do your own research, see if you can beat what my top picks are. So I'm going with LM Federal because I get the prime minus. I get 2.49% for the first 12 months. That's game changer. I can consolidate a lot of debt in there, recover a lot of interest costs, increase my cash flow very quickly. By the time the rate expires 12 months from now, and let's say rates went down another quarter point, you're going to be at six and a half percent coming out of this. And most of your credit cards are double digits. Your loans double digits, your car loans high single digits, you know, your student loans high single digits right now for those of you that do have those debts. So I think that's, that's awesome. And practically no cost to get in. Max credit line at 300,000. That's valuable and you know, mobile banking friendly. Cannot complain. Number two, top pick. I am really liking the Garden Savings North Jersey. I was a little bit weird about, I didn't, I didn't really know. The only thing I don't know about Garden Savings is if there's an annual fee. It does have no closing costs. We do get another, a nice intro rate 6 months and it's just not clear about what the prime minus rate would be. But just based on that information, I'm putting Garden as my number two. And then I would say number three, probably going to go with Jersey Shore. I don't know if there's closing costs. 250,000 max credit line prime minus 0.25 10 year draw, $99 annual fee. Financial resources is about the same. No closing costs, a cheaper annual fee. Don't know what the prime minus rate is. So these could be a draw. But I'll just write Jersey Shore for now. And that concludes our research for the state of New Jersey So a quick question come in. JR says, have you checked North Point? So for those that are curious, huh, what is NorthPointe? Well, NorthPointe is a bank that offers first position home equity line of credit and they cover the majority of the United States, if I'm not mistaken, all 50 states they cover. In this series, we're focusing on second position home equity line of credit. NorthPointe specializes in the all in one loan, which is a first lien heloc. Totally different conversation, but still going to show it to you. So you have that knowledge and understanding. Go. We got North Point right here. Let's see. North. Yeah, you see that? All in one loan. So that's referring to their first lien position heloc, not a second. So that would be not relevant to the conversation in this series. But still, great question. For those of you that live in the state of New Jersey, let this video be your framework and reference. Please also watch the full playlist on how to find the right home equity line of credit. You go to my YouTube channel directly go over to playlists and you're going to see every state that we're covering because I'm giving insights and details with each and every video just to help you become a better borrower, become more educated on prime rates. The economic environment that we're in, the opportunity that's at hand right now. For those who are carrying a lot of debt, we're in a declining interest rate environment now. You can take advantage of that. For those who set themselves up properly, who do the pregame work, get your credit scores in line, get your DTI where it needs to be, get your equity where it needs to be to get the proper approval and do the right research so you don't pay all this extra money just to get a heloc. Have a wonderful day, God bless, and we'll be talking soon. Bye now.