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November 15, 2013

Is it that New Jerseyans are careful with money or is it the high rate of foreclosures in the Garden State? Lending Tree, the website that provides an online marketplace for mortgages, reported that New Jersey is first in the country when it comes to the size of the down payments put on homes -- 18.8 percent.

The average mortgage loan amount in New Jersey is $246,158, which is less than the average for a number of other states, including Hawaii, California, New York, and Massachusetts.

Nebraska was ranked lowest in terms of the percentage put toward a home mortgage -- 12.49 percent. Nationally, the rate was 15.73 percent.

On the one hand, low down payments indicate that lenders are less afraid of foreclosures and are willing to allow people to buy homes with less cash on hand. On the other, New Jerseyans are frequently cited in rankings as being smart about managing their money.

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