Franklin Lakes NJ Mortgage Broker
Local Bergen County mortgage expert specializing in Franklin Lakes luxury estates. Jumbo, Conventional, and VA financing for Bergen County's premier residential community.
Licensed Mortgage Broker • NMLS #1577754 • Equal Housing Lender
Franklin Lakes Real Estate Market
Understanding the Franklin Lakes luxury housing market
$1,125,000
Median home price (2025)
$24,500
Avg. annual property taxes
A+ Rated
Top-tier school district
11,044
Affluent community
Why Buyers Love Franklin Lakes
- ✓Luxury Estates: Sprawling properties, private lakes, custom homes on large lots
- ✓Top Schools: A+ rated district with Ramapo Indian Hills Regional High School
- ✓Natural Beauty: Four lakes, nature preserves, hiking trails, scenic views
- ✓Privacy & Space: Large lots (1+ acres), gated communities, country club atmosphere
- ✓Lower Tax Rate: 2.18% rate, below Bergen County average despite luxury market
- ✓NYC Access: 40 minutes to Manhattan, suburban tranquility with urban proximity
Mortgage Programs for Franklin Lakes Estates
Financing options for luxury homes
Jumbo Loans
Most common financing for Franklin Lakes estates over $929,200. Competitive rates for qualified buyers with strong credit.
- • 10-20% down payment typical
- • 700+ credit score recommended
- • No maximum loan amount
Conventional Loans
Up to $929,200 conforming limit. Suitable for entry-level Franklin Lakes properties under the median price.
- • 3-20% down payment options
- • 620+ credit score required
- • PMI removable at 20% equity
VA Loans
0% down for veterans and active military. No PMI, no maximum loan amount with full entitlement. Excellent for luxury purchases.
- • Zero down payment option
- • No PMI at any LTV ratio
- • Unlimited loan amount available
Refinancing
Lower your rate, cash-out equity, or switch from adjustable to fixed. Jumbo refinancing for Franklin Lakes estates.
- • Rate & term refinancing
- • Cash-out refinancing available
- • Jumbo loan specialists
Franklin Lakes Mortgage FAQs
Common questions about buying a luxury estate in Franklin Lakes
What is the typical down payment for a home in Franklin Lakes, NJ?
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Down payments in Franklin Lakes vary by loan type. Jumbo loans (most common for $1.125M median) require 10-20% down ($112,500-$225,000). Conventional loans up to $929,200 need 3-20% down. VA loans offer 0% down for eligible veterans with no maximum loan amount. Many Franklin Lakes buyers put 20-25% down to secure optimal rates.
Can I get a Jumbo loan for a Franklin Lakes estate?
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Yes, Jumbo loans are the most common financing type in Franklin Lakes since most homes exceed the $929,200 conforming limit. Requirements include 10-20% down, 700+ credit score, low debt-to-income ratio, and significant reserves. Jumbo rates are competitive for well-qualified borrowers.
What are property taxes like in Franklin Lakes, NJ?
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Franklin Lakes has a property tax rate of approximately 2.18% with an average annual tax bill of $24,500 on the median $1,125,000 home. This translates to about $2,042/month. The rate is significantly below the Bergen County average of 2.73%, despite the high home values.
What is the best mortgage type for Franklin Lakes homes?
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For Franklin Lakes' $1.125M median, Jumbo loans are most common since they exceed the $929,200 conforming limit. Jumbo loans offer competitive rates for buyers with strong credit (700+) and 20% down. VA loans provide excellent terms for eligible veterans with no maximum loan amount and 0% down option.
Ready to Buy Your Franklin Lakes Estate?
Local Bergen County mortgage broker with deep Franklin Lakes luxury market expertise. Get pre-approved today and start your search in Bergen County's most prestigious community.
Licensed Mortgage Broker • NMLS #1577754
Proudly serving Franklin Lakes homebuyers since 2015