Our Loan Programs | Quality Mortgage Corporation - Serving New Jersey Homeowners For 25 Years!

Conforming Loans
For 1-4 unit/condos, primary residences and second homes)
Conforming Loan Limits:
- 1-unit: Up to $417,000
- 2-unit: $533,850
- 3-unit: $645,300
- 4-unit: $801,950
Fixed Rate Mortgage
The interest rate on a fixed rate mortgage never changes throughout the life of the loan. You pay the same principal and interest payment each month until the loan is fully amortized and paid off. The most common fixed rate mortgage is the 30 year fixed rate loan. Fixed rates also come with terms of 10, 15, 20 and 25 years. The advantage of a fixed rate mortgage is that it provides maximum long term rate security. Typically, it's the best program for those people who do not plan to move or refinance their mortgage for at least 10 years. Otherwise, an adjustable rate mortgage (ARM) may prove to be more advantageous.
Adjustable Rate Mortgage (ARM)
An adjustable rate mortgage (ARM) offers an interest rate and payment that remain the same for a fixed period of time, usually 1, 3, 5, 7, or 10 years, and then adjusts at fixed intervals throughout the remaining term of the loan. For those who are not planning to be in their home more than 10 years you can save money by taking advantage of the ARMs lower interest rate.
Non-Conforming Loans/Jumbo Loans
Over $417,000+/single family residence

A jumbo or non-conforming mortgage loan is any mortgage that exceeds the conforming loan limit of $417,000. Jumbo loans, like conforming loans, are available as fixed rate mortgages or as ARMs. Typically, jumbo loans are priced slightly higher than conforming loans, due to the limitations of the jumbo secondary market.
Non-Conventional Loans /Investor Loans
These are loans on a 1-4 unit properties that are being purchased as rentals for investment purposes rather than as primary, owner-occupied residences. Traditionally, these mortgages required a 25% downpayment.
No Doc Loans
There are several varieties of the "no-doc" loan today. The type of loan best suited for a particular borrower depends on that borrower's unique situation. Some borrowers choose not to disclose employment, income or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose even income but select a program that doesn't calculate debt-to-income ratios allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. We will be more than happy to discuss your situation and find the best program to fit your needs.
Interest-Only Loans