Refinancing in New Jersey: who gets approved and who gets turned down
Refinances follow rates, not seasons. Eight years of New Jersey data show the boom, the collapse, and how refi approval differs from buying.
Refinancing follows a very different rhythm than home buying — it surges when rates fall and vanishes when they rise. Across New Jersey, refinances were approved 80.9% of the time over 2018–2025, compared with 90.2% for home purchases.
| Year | Refinance decisions | Approval rate |
|---|---|---|
| 2018 | 57,216 | 68.5% |
| 2019 | 95,943 | 79.4% |
| 2020 | 251,733 | 85.4% |
| 2021 | 266,138 | 84.7% |
| 2022 | 67,974 | 73.3% |
| 2023 | 21,753 | 65.9% |
| 2024 | 31,597 | 71.4% |
| 2025 | 43,886 | 76.3% |
The boom is unmistakable: refinance volume exploded in 2021 (266,138 decisions) as rates hit bottom, then collapsed when they spiked. Denials in refinancing lean toward different reasons than purchases — often insufficient equity or income verification rather than down-payment cash. If you’re weighing a refinance, the same lenders don’t treat every borrower alike; check the approval tool and set the purpose to refinance.
Check it against your own situation
Every figure here is from the federal record — and free to download.
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