(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 ...
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 ...
These loans help homeowners complete renovations with a loan amount that is based on an appraiser's estimate of what the property value will be with completed improvements. This is also an option for aspiring homeowners who purchase properties that need repair. Whether a home purchase or a refinance, this option finances the renovations and mortgage in one loan.
Your bank may not be the best source for what color to paint your room or which walls to move, but it can help you identify your financial options. Each option has its associated benefits and considerations, and your bank can provide valuable information to help you make informed decisions about which options are right for you.
As you prepare for your renovation, it’s important to review your financing options based on the size of the project, your intended repayment plan and whether you plan to use a contractor or do it yourself. Some financing options to consider:
The 203k loan insured by the FHA is designed to make financing for properties in disrepair more accessible by combining the estimated costs of repairs and the home's purchase price in a single loan. Suggesting this option to buyers may help them see the possibilities in a property and lead to a sale.
The FHA 203k loan program offers a number of advantages:
- Unsafe homes can be made inhabitable, improving the ...
When buying a first home, most people are making one of the biggest purchases of their lives. Without home buying experience, it can be difficult to separate fact from fiction. Get the facts on these common first-time home buying myths:
Myth – It takes a 20 percent down payment to buy a home.
Reality – Required down payment amounts vary by type of loan and they are on average much smaller than people think. Last year, the median down payment for all first-time buyers was 6 percent, according to the National Association of REALTORS®. One reason is that many first-time buyers use FHA loans, which require down payments as low as 3 to 3.5 percent. VA loans require nothing down for qualified veterans or active military personnel. If you want to take out a conventional loan, many lenders do require 20 percent down, but you can lower that percentage with private mortgage insurance. There are also hundreds of down payment assistance programs that eliminate or reduce down payment requirements for qualified borrowers. Working with an experienced Mortgage Professional can help you to learn all of the programs available to you that best fit your homeownership goals.
Myth – If you owe a lot of student loan debt, there is no way you can get a mortgage.
Reality – Don't assume that having a lot of student loan debt automatically disqualifies you from ...
Wedding season is here. First comes love then comes marriage then comes home-hunting. It sounds simple but for many couples transitions from renting to owning is the first decision they face post-nuptials. Once you’ve found your perfect match and say “I-Do” you start thinking of the perfect home and you might need the perfect loan to help you make these dreams come true. If you or someone you know is getting married or recently so, here are some tips that can help the couple prepare for the mortgage process.
Check your credit.
There are several ways to get a free credit report but it’s important to make sure there are no mistakes. That’s the primary reason to annually review your credit because mistakes can happen and when they do your credit scores can be damaged and you won’t even know about it until you apply for a mortgage. If you do find a mistake, document the error and let your loan officer help get the mistake fixed for you. Mortgage companies have business relationships with credit agencies and when the error is properly documented the mistake can be fixed within a matter of hours when it might take you 30 days or more if you deal directly with the credit bureaus.
Make a Match with a Lender
Speak with a loan officer over the phone to get an idea how much you can qualify for. Sure, there are lots of online resources that ...