VA home loan programs may be used to finance the purchase of homes, condominiums or manufactured homes, refinance an existing home loan, or install energy-saving improvements. These flexible, no-down payment loans have helped more than 21 million service members become homeowners since 1944. NJ Lenders Corp is proud to be a direct lender of VA Loans. The three main types of guaranteed home loan benefits are:
- Purchase Loans
- Cash-Out Refinance Loans
- Interest Rate Reduction Refinance Loans
Most members of the military, veterans, reservists and National Guard members are eligible to apply for a VA loan. Spouses of military members who died while on active duty or as a result of a service-connected disability may also apply.
Active-duty members generally qualify after about 6 months of service. Reservists and members of the National Guard must wait 6 years to apply, but if they are called to active duty before that, they gain eligibility after 181 days of service.
Qualified vets need suitable credit, sufficient income and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. Private lenders underwrite and fund VA home loans according to VA standards. VA’s partial guaranty for these loans means that ...
"Seller-paid points" are where the seller pays points to reduce the interest rate on your mortgage. Consider a home where the list price is $300,000 and the seller is willing to accept a bottom line of $291,000. If the seller reduces the price by $9,000, you would be able to purchase the home for $291,000. Both you and the seller would be happy.
However, what if you purchase the home for $300,000 and ask the seller to contribute $9,000 toward your closing costs? The seller still walks away with his/her bottom line of $291,000. However, there are four extra benefits to you in this scenario:
#1 - Lower Interest Rate and Lower Monthly Payment
Your mortgage interest rate would likely be 0.5% - 0.75% lower if the seller pays 2 or 3 points on your behalf. This means that your monthly payment will likely be lower as well. This is true even though your mortgage balance would be slightly higher, and based on a $300,000 purchase price vs. $291,000 purchase price.
#2 - Less Interest Cost Over the Life of the Loan
Your total savings over the life of the loan is likely be significantly more with seller-paid points vs. a reduction in purchase price. In our example, if you purchase the home for $291,000, you would save $9,000 vs. the list price. ...
According to a new joint survey on student loan debt and housing released by the National Association of REALTORS® and SALT®, a consumer literacy program provided by nonprofit American Student Assistance®, 71% of non-homeowners repaying their student loans on time believe their debt is impeding on their ability to purchase a home.
The results also revealed that student debt postponed four in 10 borrowers from moving out of a family member’s household after graduating college. A little over a majority of those polled (52 percent) expect to be delayed by more than five years from purchasing a home because of repaying their student debt.
In the last 10 years, students themselves have gone from paying 30% of college costs, to paying close to 50% of their own college costs. This has resulted in driving up the outstanding student loans in the US from $350 billion to a staggering $1.2 trillion over the past 10 years.
Here are three things you can do right now to help your children or grandchildren prepare for the first major investment of their lives:
- Engage the student early on so that they start thinking of college as more of an investment in their future vs. simply another life experience. Otherwise, it could be one heck of an expensive experience for them and for you! Talk to them ...
(Published June 14, 2016) RIS MEDIA - New Jersey and New York residential mortgage banker NJ Lenders Corp. recently announced 11 mortgage originators were ranked as the best in the industry nationwide by Mortgage Executive Magazine. Steven Grossman (Little Falls, N.J.), Christopher Gallo (Ho-Ho-Kus, N.J.) Mark Casamassina (Little Falls, N.J. ) and Charles Shulman (Ho-Ho-Kus, N.J.) were the four NJ Lenders Corp. Senior Loan Originators who ranked in the on the list of the “Top 200 Mortgage Originators in America” for their production and volume in 2015.
“I am thrilled that Mortgage Executive Magazine recognized so many NJ Lenders Corp. loan originators in the annual Top Originators issue,” says Glen Durr, NJ Lenders Corp. President. “These individuals are great examples of how consistently delivering service beyond expectations is the best model to ensure satisfied customers and continued success. Congratulations and thank you for your outstanding performance”. According to Mortgage Executive Magazine, the list seeks to recognize and celebrate the service, dedication, and hard work which leading Mortgage Loan Originators put into serving their clients.
Ranking highest on the list, Steven Grossman of the Little Falls corporate office, was named No. 62, loan originator in the nation, according to the prestigious top 200 mortgage originator list, with a total closed volume of $130,120,248 and 256 successful closed loans. As a top producing loan officer for more than 24 years, ...
Research estimates more than 50 percent of households lack enough retirement funds to maintain their pre-retirement standard of living—even if they work until 65.
The good news? If you’re a homeowner, you have options:
Reverse Mortgage – A reverse mortgage is a loan that homeowners aged 62 or older can use to convert part of the equity in their home into a usable asset, without giving up title or ownership of the house.
The reverse mortgage option should be viewed as a method for responsible retirees to create liquidity from an otherwise illiquid asset. Reverse mortgages require no monthly payment and do not have to be paid off until the last borrower permanently leaves the home. You have the option of taking the loan proceeds as a lump sum, a fixed monthly or tenured payment, or as a line of credit.
Reverse mortgages also feature a non-recourse provision that protects you from ever owing the lender more than the value of your home, even if the house is "underwater" when you are ready to sell.
You are still responsible for paying your property taxes, homeowner's insurance and upkeep expenses, or risk the loan being called due and payable.
Home Equity Line of Credit (HELOC) – A HELOC establishes a line of credit based on a percentage of the value of your home. You can access this credit during a predetermined amount of time called a ...