What can we expect this year, in terms of product and services, from your Company?
NJ Lenders has initiated a program that will take perspective buyers through the entire mortgage approval process and provide them with a solid mortgage Credit Approval subject to an appraisal. We found that this is a necessary tool for a buyer to have when bidding on a home in this highly competitive housing market. In essence, the borrower is in the same position as an all cash buyer (subject to an appraisal).
What is your forecast for the Bergen County Market?
Bergen County is not one market. Certain towns will outperform others. From a number of transaction perspective I believe the market will be similar to 2013. Because of the lack of quality inventory I do not believe the total number of sold units will exceed the spring market of 2013.
What new changes in your industry should REALTORS be aware of right now?
QM. On January 10th the federal regulators (CFPB) introduced new legislation that requires lenders to adhere to specific underwriting guidelines to determine a borrower's Ability To Repay. In order for a loan to be classified under the Safe Harbor protection, a loan must have an Automated Underwriting Approval (AUS) from either Fannie Mae, Freddie Mac or FHA. If the loan is manually underwriting the debt to income ratios cannot exceed 43%. The gravitational changes in underwriting guidelines require lenders to be more conservative during the underwriting process which in turn increases the level of documentation needed to get a loan approved.
What is your company’s goal for 2014 as it relates to assisting clients in Bergen County?
Since our inception 23 years ago NJ Lenders prides itself on educating perspective borrowers on the entire mortgage process. As mentioned above we have introduced a new program that is giving borrowers the confidence of knowing they are already fully approved for a loan prior to putting in an offer (subject to an appraisal).
How is your company preparing for Spring selling season?
The mortgage industry experienced a lull for the past two quarters. NJ Lenders as spent a lot of time and money improving our technology, processing and underwriting systems. As a company we are very well position to efficiently move the loan from origination to closing while adhering to all the recent compliance laws lenders are faced with.
What is the best program you have for luxury buyers, first-time buyers or move-up buyers?
Our company tries to offer almost every product in the marketplace. NJ Lenders is one of the few bankers in NJ that is still has interest only programs. Even though interest rates are relatively low, the upper end buyer still desire Adjustable Rate Mortgages with payment flexibility. With wages being stagnant for the past 8 years coupled with high rental rates in the Tri State area many consumers have not had the ability to save. NJ Lenders offers mortgage products where a client can borrower up to $625,250 with as little as 3.5%. For clients looking at home purchases in excess of this amount NJ Lenders financing 90% up to $1.1M and 85% up to $1.6M. Under these scenarios the total debt is typically split into a first mortgage and a home equity line. This strategy can also be used for the "move up" buyer as a form of bridge financing with the intend to pay off the second mortgage once their departing residence is sold.
NJ Lender's goal is to provide our clients with a mortgage program that best suits their financial objectives while keeping with the monthly payment within their comfort range and affordability level.
219 Paterson Avenue
Little Falls, NJ 07424
Phone: (973) 435-3504
E-Fax: (973) 200-3305
Cell: (201) 410-2114