(Little Falls, N.J.) – Little Falls-based residential mortgage bankers, NJ Lenders Corp. (NMLS: 35286), announced today that fourteen loan officers received the “Five Star Professionals” award for 2015. Loan Officers Lisa Aflalo, Dominick Angotti, Richard Alashaian; Chad Barris, Ryan Barry, Mark Casamassina, Luke Chamberlin, Glenn Durr, Christopher Gallo, Steven Grossman, Susan Lake; Donald Maita Edward Pascocello, and Nick De Simone were each awarded recognitions for their success in helping their clients achieve homeownership.
The Five Star Mortgage Professionals is awarded to identify mortgage professionals in a given market who meet the criteria in providing quality service to clients. Each award recipient is nominated by past and present clients and the designation is given to less than seven percent of all lenders in the state of New Jersey.
“It is truly our pleasure, to help hundreds of families secure funding for new home purchases and drop monthly payments with custom refinancing options. Acquiring a mortgage is a making undertaking- a home purchase is often the largest purchase someone makes in their lifetime. That is why throughout our 25 years in business, NJ Lenders Corp. remains committed to trusted relationships and the highest level of attention and service.” said Durr.
The Five Star Mortgage Professional award ...
April 15th is quickly approaching and it is time to ask yourself, what has your apartment done for you lately? When it comes to evaluate the benefits of owning versus renting, the benefits you reap or don’t can easily indicate which is better for you in the financial long-term. One of the main advantages of owning instead of renting is when it’s time to file your income taxes. It’s quite an impact and so much so you may wonder why you didn’t buy sooner. Note however, for personal income tax advice you need to speak with your tax preparer but here are some general tax advantages you’ll soon discover.
Mortgage interest is a tax deduction. That means when you begin calculating your taxable income, mortgage interest is deducted from that amount, lowering your overall income tax bill. Your lender will send you a 1099-INT form that will show how much interest you paid over the previous year and you use that amount when figuring your taxes. And because most of the monthly payment in the early stages of a home loan is dedicated toward interest, most of your payment will be tax deductible. For example, say you have a 30 year loan and borrow $250,000 at 4.00%. Your payments are just shy of $1,200. Your first payment of $1,193 includes $360 toward the loan balance and $833 to interest. Over just the first year alone your mortgage interest tax deduction is $9,919.
Now compare that mortgage payment ...
Many people aren’t aware of the fact that, in most situations, there really is no gift tax. Here’s why…
$14,000 Annual Exclusion
The federal government gives each of us an allowance to gift anybody $14,000 per year without incurring any gift tax. This $14,000/year replenishes every year, and it’s $14,000 per person. So, theoretically, I could gift every person that I know $14,000 today, and then another $14,000 next year and the year after, and there would be NO gift tax.
$5,450,000 Lifetime Exclusion
What most people don’t realize, is that there’s a second allowance of $5.45mm! In other words, let’s say that I want to give you $114,000. That’s $100,000 more than what I can give you out of my $14,000 annual bucket. That’s not a problem at all, because I also have the $5,450,000 bucket. The $5.45mm bucket is called my “Lifetime Exclusion.” If I use any of it during my lifetime, I simply reduce my estate tax exclusion by that amount.
So in our example, if I gift you $114,000, I would take $14,000 out of my annual bucket and $100,000 out of my lifetime bucket. My annual bucket replenishes each year. But my lifetime bucket does NOT replenish. In fact, I must reduce my lifetime ...
Did you just close on your new home? It was a fun journey, wasn’t it? You applied for your mortgage and with your preapproval letter in hand you went shopping and found the perfect home. You now have a place to call your very own and you’re no longer paying your landlord’s rent. But now that you’re all moved in and settled, it’s also time to start thinking about income taxes and as a homeowner, there are some tax advantages you now have that you didn’t when you were a renter.
You probably know this already but perhaps the single biggest advantage is the mortgage interest deduction. What you probably didn’t know is that very early on with a new mortgage, the bulk of your monthly payment goes toward interest to the lender and less to the principal balance. That means almost all of your monthly payment in the early years is an income tax deduction. Interest is deducted from your gross income, reducing your income tax obligation. For example, with a 30 year term on a $300,000 loan at 3.75%, the principal and interest payment is $1,389 and in just the first year, your total interest paid is $11,155 which is the amount that will be deducted from your taxable income.
Your new lender will send a form 1099-INT which will list the amount of interest paid during the previous year. If you just closed in December and are ready to file but have not yet received ...
Little Falls – NJ Lenders Corp., a tri-state area mortgage company privately owned and licensed as a residential mortgage banker, is celebrating its 25th year of business.
The company, said a spokesperson, is proud to have a 25-year commitment to providing homeownership through its dedication to its clients and their needs to purchase or refinance homes. Founded in 1991, the company currently originates mortgage loans in New Jersey, New York, Connecticut, Pennsylvania, Virginia, Maryland and Florida. With seven offices and more than $20 billion in closed mortgage loans, its track record of success can be seen in its client retention rates. More than that 70 percent of NJ Lenders Corp. mortgage loans are currently derived from previous customer referrals.
"Our customers have choices and they continue to choose us, year after year," said NJ Lenders Corp. President Glenn Durr. "Our loan officers have earned their reputations by recognizing and responding to what’s important to our borrowers. We are not only defined by our competitive rates and broad product offering, we focus on ensuring a best in class customer experience by partnering with our clients to help guide them to the right mortgage solution that best fits their goal."
Over the last 10 years, shifts in the U.S. economy as well as the recession and housing crash ...