Morris County is at the head of the class for mortgage approvals in New Jersey, followed by Somerset, Cape May, Hunterdon, Monmouth, Ocean and Bergen counties, according to a SmartAsset report.
Counties were ranked based on the ratio of mortgage applications to mortgage approvals, as well as borrowing costs, property taxes and mortgage payments.
To calculate the overall borrowing costs, the study looked at expected costs over the first five years of a $200,000 mortgage with a 20 percent down payment, including closing costs.
Homes in New Jersey are pricier than the nation’s average. In the state, the average home sells for $303,350, which is above the nation’s average of $236,450, according to Zillow.