A Top Mortgage Employer for 2017

Residential Home Funding Corp. Named on the Nation’s List Once Again – Here’s Why

top mortgage employer, nmp

Every year, National Mortgage Professional Magazine (NMP) announces its list of the top mortgage employers in the nation. They polled readers on their employers using the following criteria: compensation, speed, marketing support, technology, corporate culture, long-term strategy, day-to-day management, internal communications, training resources, industry participation, and innovation. Residential Home Funding Corp (RHFC) was named on this list once again.

RHFC prides itself on their personalized lending, competitive rates, and quick process. Those valuable company features paired with their passion for helping those is need is what has made their employees proud to be a part of a team that not only does a phenomenal job, but truly cares about its borrowers, its community, and its culture.

At RHFC, employees receive endless support, communication, and access to the most current technology. In-house and remote training is always available, a robust employee website is their central hub for on-demand resources, and company meetings include marching bands, celebrity speakers, and project runway inspired team building exercises.

To see the full January 2017 issue of National Mortgage Professional Magazine, click here: http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201701/#/54

 

About Residential Home Funding

*In 2016, Residential Home Funding Corp. was named on the list of the Top 100 Mortgage Bankers in America for the fifth time. This list is compiled by Mortgage Executive Magazine annually, ranking companies not only by their total volume, but also crediting them as “high performing” in periods of uncertainty. Founded in 2000, RHFC is a large mortgage lender that doesn’t act like one. As one of the largest mortgage bankers in America, they are licensed direct lenders in 12 states including CT, DC, DE, FL, GA, MD, NC, NJ, NY, PA, SC, and VA, while still treating each and every customer like family. RHFC funds all types of transactions such as basic residential purchases, refinances, investment properties, construction loans, mixed use, and more. Residential Home Funding Corp. is a direct FNMA lender and also originates FHA and VA loans to NJ and beyond. They are a direct FNMA lender and have LAPP approval. At Residential Home Funding, there is a mortgage loan custom suited for almost every borrower, having built their reputation on service and efficiency. We Do Business in Accordance with the Federal Fair Housing Law.

Fun Facts About the Super Bowl 2017

Super Bowl 2017 Trivia

Super Bowl 2017 – New England Patriots vs Atlanta Falcons

For a little over 50 years, people gather around to watch the one game that will determine which division of the national football league will be the ultimate champion for the season: The National Football Conference (NFC) or the American Football Conference (AFC). It’s one of the most watched sporting events in the world, and a great reason to gather with friends and family! With Super Bowl 2017 coming up soon, feel free to drop these fun facts to make you look like the smarty pants at the bar or home.

  1. The first two Super Bowls were not even known as the Super Bowl. They were called the AFL-NFL World Championship Game. It wasn’t called the Super Bowl until the 3rd
  2. Roman numerals are normally used to identify each game. The one exception to this rule was Super Bowl 50. But why did they go with Super Bowl 50 and not Super Bowl L? Because when the league tried to make the logo, the “L” didn’t work out and decided to use numbers.
  3. Super Bowl I and II almost didn’t exist. Back in 1967 and 1968, the big game was not broadcast live. So when they taped the games, someone made a mistake and recorded over the taped game with soap operas! However, they could always defend on their fans as one of them have recorded it and handed it over to them.
  4. It pays more to win the super bowl than to lose. While each one of the players on the winning team takes home $97,000 each, each person on the team that didn’t win (or we can say it… the losing team) takes home $49,000
  5. To date, the Super Bowl has never been able to reach overtime. Many have come close though!
  6. Americans all together drink an estimated 325.5 million gallons of beer and devour 1.25 billion chicken wings on Super Bowl Sunday!
  7. With all the food and drinks being devoured on this day, it also marks the 2nd largest day for food consumption in the USA, falling behind Thanksgiving.
  8. Hall of Famer, Charles Haley, holds the record for the most Super Bowl wins when he was the pass rusher for the 49ers and the Cowboys. He has 5 rings for each win; a ring for each finger. The ring alone also costs around $5,000, which makes Charles wearing around $25,000 on his one hand alone.
  9. The team that hosts the Super Bowl has NEVER played in that game as well! Will the Minnesota Vikings break this record next year when they host Super Bowl LII?
  10. Are you planning on being “sick” after the big game? You and 1.5 million people are estimated to call out on Monday. The boss might suspect something is going on.

This year, millions of us will be watching to see if the New England Patriots or the Atlanta Falcons will bring home the trophy. Are you on AFC or NFC? Should Brady get his 5th ring this year or will Ryan steal it from him?

Large NJ Company Holds What is Being Called The “Best Company Meeting … EVER”

Top Mortgage Company* Residential Home Funding Corp. (RHFC) hosted its annual company meeting at the Sheraton Hotel in Mahwah, NJ this past week. There were nearly 400 employees in attendance, with celebrity entertainment, teambuilding exercises, awards, and guest speakers. But this meeting in particular was like no other. The company went above and beyond to celebrate its continued success and consistent growth.

The meeting kicked off with the Brooklyn Unite Marching Band flooding the doors of the room where everyone was seated. The beat of the drums, the sounds of the horns and the energy of the dancers set the tone for the day. Every single person in the room was thrilled and moving with the music, elated by the surprising morning movement.

Next came a hysterical yet inspirational speech from Paul Cell, the VP of the International Chief’s Association. Our keynote speaker was Scott Hopeck, the President of iHeart Media, who also motivated the team. Next came the Amazing Kreskin – a seasoned mentalist who has been on TV more times than we can count. But none of these meant more to the company then having Vinny Ventriglia on stage with his family. Vinny, a young man with cancer, was presented with a check on behalf of the RHF Foundation and the Dean Michael Clarizio Cancer Foundation (DMCCF). RHFC makes service and giving back its priority, and was honored to help Vinny and his family.

The afternoon was all laughs, with the entire company participating in a team building exercise that blew expectations out of the water. The “RHF Project Runway Superhero Challenge” was a first for the company, and was a massive hit. 15 teams worked to create their own superhero, with its own funky costume design, name, and super powers. Employees from different states, departments and backgrounds were thrown together at random and the results were side-splitting laughs and a newfound sense of comradery. The shocking winner and entire runway show was captured on video, and can be found here:

About Residential Home Funding
*In 2016, Residential Home Funding Corp. was named on the list of the Top 100 Mortgage Bankers in America for the fifth time. This list is compiled by Mortgage Executive Magazine annually, ranking companies not only by their total volume, but also crediting them as “high performing” in periods of uncertainty. Founded in 2000, RHFC is a large mortgage lender that doesn’t act like one. As one of the largest mortgage bankers in America, they are licensed direct lenders in 12 states including CT, DC, DE, FL, GA, MD, NC, NJ, NY, PA, SC, and VA, while still treating each and every customer like family. RHFC funds all types of transactions such as basic residential purchases, refinances, investment properties, construction loans, mixed use, and more. Residential Home Funding Corp. is a direct FNMA lender and also originates FHA and VA loans to NJ and beyond. They are a direct FNMA lender and have LAPP approval. At Residential Home Funding, there is a mortgage loan custom suited for almost every borrower, having built their reputation on service and efficiency. We Do Business in Accordance with the Federal Fair Housing Law.

Low on Cash? Do you know about these No Money Down Real Estate Loans?

No Money Down Loans

Many Americans think that in order to buy a home, they would need to put at least 20% of the purchase price down for a down payment not 0% or no money down. For example, if they want to buy a home with a $100,000 price tag, they would need to put down at least $20,000. I don’t know about them, but we certainly don’t have $20,000 lying around. Yet it is possible to save up for it over time. However, how long would it take for us to save up that much? Since it’s not that easy to come up with $20,000 overnight, or even in a year or two, the requirement for a down payment has drastically reduced. There are many loan programs out there that require as little as 3.5% of the purchase price as the down payment. Did you know that there are a few loan programs that have no down payment as a requirement? What loan programs offer something this crazy and we’ve never heard of?

  1. VA loans

    VA loans are guaranteed by the U.S. Department of Veterans Affairs (VA) and require no down payment at all. The other plus side of this loan is that they do not require their borrowers to carry mortgage insurance as well. However, the downside of this loan is that they are very unpopular to many sellers, especially if you want to buy a home in poor condition. The VA standards are stricter than the average non VA loan because they want you to find a home in good shape. Also, this loan is only available to anyone who has served in the military as well as their surviving spouses.

    Check out our video on VA loans here:

    What is a VA Loan?

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  2. USDA loans

    USDA loans are mortgages that are backed by the U.S. Department of Agriculture and are part of the USDA Rural Development Guaranteed Housing Loan program. Unlike a VA loan, USDA loans are available to everyone. One of the requirements of this loan is what location you are looking to be in. The property must be in a suburban or rural area, which means that you are restricted in a geographical area. You also must purchase a single family home that will occupied by you, and if you do not put down a down payment, you will be required to pay mortgage insurance as well.

If you are first time home buyer looking for no down payment, take a look to see if you qualify for any of the loans offered. For more information, contact a licensed mortgage professional at 973-577-7008.

8 Mortgage Mistakes You Should Not Make

Picture this: you found your perfect house. You put in your offer and the seller accepts! Now it’s all about obtaining that mortgage to secure the deal. But did you know there are some mistakes you could be making that will affect your mortgage? We advise you to avoid the following:

  1. Picking any old mortgage – Look at all of your options and companies. Do the math and lay your choices side-by-side. Have emergency savings for the worst case scenarios
  2. Confusing Pre-Approval or Pre-Qualification with Commitment – Yes, there is a difference in being pre-approved and being pre-qualified. When you are pre-qualified, the lender will give you an estimate of how much you can borrow from them based on the information you provide. When you are pre-approved, the lender looked over your information you provide and also to lend you up to a given amount at current interest rates within certain conditions. It is better to be pre-approved than to be pre-qualified, however even a pre-approved is not a guarantee. The lender’s final clearance and loan commitment are subject to an appraisal satisfactory to the lender, a good title, and a last minute credit check and other verifications.
  3. Having too much debt – You could be the perfect candidate and pay all of your bills on time. However, they also look at your debt-to-income ratio as well as timeliness payments. In other words, being up to your ears in debt is a sure way to be turned down for your mortgage. A way to avoid this is by avoiding buying any big-ticket purchases until you buy your house.
  4. Forgetting about your credit – You should know your credit score and credit report from the inside out. Check your credit report for any possible mistakes and you can order a free report once a year from the big three credit agencies – Equifax, TransUnion, and Experian. If you see a mistake, dispute it. If your credit score isn’t what you want it to be, repair it before you apply for a mortgage.
  5. Lying on your loan application – Exaggerating or putting down untruths on your mortgage application and income can be a federal offense. If the lender finds out, they can make your loan due and payable. The ultimate price for lying on your loan application will fall on you the borrower.
  6. Hiding from payments – The worst thing you can do is ignore phone calls and letters from lenders and businesses you are behind on with your payments. Lenders have many options that could help you avoid foreclosure and losing your home, but they won’t be able to help if you don’t talk to them about your difficulties.
  7. Skipping the home inspection – Failing to pay the extra free to inspect the home could be a very costly mistake. Good home inspectors examine houses from top to bottom. They are able to tell you how long the appliances will last, if the roof or basement leaks, and if the mechanical systems in the house are in good shape. If you get caught off guard by the necessary repairs, it will mean more money for you and your mortgage payments.
  8. Making big life changes – It’s a good idea to keep your job for at least a year or two before applying for a mortgage. Lenders like to lend to people who have stability. If you are thinking of switching jobs, consider doing it after you closed the deal on your mortgage.

Are there any other mistakes you shouldn’t make? Are you not too sure if you should do this or that? If you are lost and confused and want a professional answer, call us at 973-577-7008 and we can connect you to a mortgage loan originator who can help you avoid these costly mistakes.

Behind the man and his dream

On this day please celebrate Martin Luther King Jr.’s life with me by learning a little behind the history of how this day was declared a National Holiday.

It took 15 years to create the federal Martin Luther King, Jr., holiday. Congressman John Conyers, Democrat from Michigan, first introduced legislation for a commemorative holiday four days after King was assassinated in 1968. After the bill became stalled, petitions endorsing the holiday containing six million names were submitted to Congress.

Conyers and Rep. Shirley Chisholm, Democrat of New York, resubmitted King holiday legislation each subsequent legislative session. Public pressure for the holiday mounted during the 1982 and 1983 civil rights marches in Washington.

Congress passed the holiday legislation in 1983, which was then signed into law by President Ronald Reagan. A compromise moving the holiday from Jan. 15, King’s birthday, which was considered too close to Christmas and New Year’s, to the third Monday in January helped overcome opposition to the law.

Dr. King believed in a nation of freedom and justice for all, and encouraged all citizens to live up to the purpose and potential of America by applying the principles of nonviolence to make this country a better place to live—creating the Beloved Community.

 

On this day, Americans of every age and background celebrate Dr. King through service projects that strengthen communities, empower individuals, bridge barriers, and create solutions.

 

Let’s take this day to help him achieve his and the American dream.

FHA Loans and Not-So-Perfect-Credit: The Rundown and FHA mortgage requirements in NJ

 

We’ve all made some mistakes in the past with credit. Missing a payment here, being late on a payment there. Thanks to the Federal Housing Administration (FHA), you do not need to have perfect credit to buy a home. Did you know that half of all FHA home buyers today have scores below 680?           

The FHA mortgage program was launched in 1934 to help boost and stabilize the American housing market. In plain English, it means FHA makes it easier for people to qualify for a home loan compared to a conventional loan. A few advantages of a FHA loan are:

  • An FHA loan is more accessible since you don’t need a high-paying job or the best credit.
  • Credit score requirements are lower, allowing people with not so perfect credit to qualify.
  • FHA Loans have lower down payments that can get as low as 3.5%, and can be used for a purchase or refinance.
  • Your down payment can be gifted from a relative
  • You can roll in all your closing costs
  • You can also get cash out on a refinance

Thanks to some of these benefits and more, FHA loans will play a major role in the U.S. Housing Market.  If you have a low score, be upfront about it and ask your mortgage loan originator. Some lenders will allow a score as low as 580, yet some have additional “investor overlays” requiring a credit score of 620 or higher. But are you curious on how your credit score is “created”?

Credit scores are a way to measure the risk of the applicant’s willingness to make timely payments on their loan. They are measured by risk. Consumers who pay their debts on time usually have higher credit scores than others. It can also be changed regarding how much you owe based on your credit card limits as well as any collections in your credit history. To this date, the FICO credit score is the most common system used by mortgage lenders, scores ranging from 300-850. So when it comes to mortgage approvals, lenders use the scores published by the three well-known, major credit bureaus – Equifax, Experian and TransUnion.

To learn more about your credit and FHA loans rates in NJ, call us at (973) 577-7008.

Create a budget fit for YOU

To budget your finance is to get an estimate of your income and expenditure for a set period of time. Like jeans, there is no budget plan that fits for all. Your friend’s budget might be different from yours. So how do you create a budget that is made just for you?

  • Determine your must-haves or budget untouchables – Figure out what NEEDS to be paid every month, even though we wish some monthly payments like electricity and rent should be optional. You might also have some other items that are untouchable and you can’t imagine living without it. For example, if you own a dog or a cat, you would need to budget every month food and litter/supplies for the pet if you want to keep them happy and alive.
  • Try to re-negotiate on your bills – Almost everything can be negotiated. The trick is to speak to the right department. For example, if you are signing up for a new cell phone plan, ask if there are corporate discounts. Did you get a great deal on your internet/TV package that is only valid for a year? Talk to the cancellation department and try to negotiate a new plan before the price goes up. Even your rent can be negotiated. When you are looking for a property to rent, use a rental agent that know the specials as well as negotiate the monthly price for you.
  • Consider online shopping or shopping at a store that matches online prices – With places like Amazon and Jet.com, they have home essentials that can be delivered to your door quickly at a fraction of the price you will find in a store. All you need to do is do your research before you buy. Some major stores, like Best Buy and Walmart, will match the prices you find on legit sites like Amazon to keep you as a customer in the store. Ask your store for details on the rules for price matching.
  • If you won’t cook at home, then don’t kid yourself – Everyone knows that it is cheaper to make your own meals at home than it is to eat out. However, if you know you won’t be able to cook or really don’t trust your cooking instinct, then don’t waste the money you will spend on groceries that you will throw away in the first place. It’s ok if you go out to eat a lot, as long if you can budget it in! Consider smarter choices like saving a portion of your servings for lunch the next day or make smarter restaurant choices. Another great idea is check out deals on restaurants on websites like Groupon or Restaurant.com.

When you budget, you will be improving your financial situation and help you live the life you want to live! What are some of the “untouchables” in your budget? Did you try any of the tricks and it worked? Give us a call at 973-577-7008 and let us know!

Tricks to Boost Your Credit Score Fast

The national average credit score is 695 and half of consumers fall in the desired 700-plus range. You can get a mortgage with that score or even lower, but you need a score of 740 or higher to get the best rates. While credit history isn’t created overnight, there are some things you can do to improve your credit score quickly.

  1. Pay down your debt/balances – The amount you can borrow versus the amount of debt you are carrying over can affect 30% of your credit score. If you have the cash at hand, try to time your payments before the creditors send in their reports. If you don’t know when they are sending them in, you can call them up and ask. You want to try to lower your debt carrying over before the date of the report. The results will be shown in about one month.
  2. Get a handle on your bills and pay them on time – We’ve all heard it, pay your bills on time and the reward at hand will be a good credit score. However, we all slip up and we may be late once in a while. If you are already late on a payment, make that payment A.S.A.P.! If you normally pay your bills late and you start paying on time, you will see your credit score rise in a month or two. Also, if you are less than 30 days late, you should make a payment before the 30 day mark! Creditors don’t typically report late payments until after the 30 day mark, so try to control the damage as soon as you can!
  3. Open a new account – When you open a new line of credit, your total outstanding line of credit will go up and the utilizations will improve as well. Also, having multiple lines of credit will show the credit bureaus that you can juggle different kinds of accounts. However, don’t go credit card/loan opening happy! Try an additional one at first. If you apply to every line who asks you to open a new card, you will take a hit on the number of recent inquiries and that will not look good to the credit bureaus since it shows you are desperate for more money.
  4. Become an authorized user – Do you have a responsible family member or significant other? If you become an authorized user on their accounts, their good credit history will be piggybacked onto yours as well too. Their good credit history will immediately show up on your report. If it’s an old, established history, it will also increase the average age of accounts you’ve managed that will increase your score. However, be careful on who you piggyback with. Just like their good credit history will show up on your account, their bad history and high debts will also show up as well! You will be able to see the results immediately when you perform this task.

Think these tips will help you get a better rate on your mortgage? Do you make it to the national average or are you so close to that 740 mark? Give us a call and let us help you out.

What would the crystal ball say about the real estate market for 2017?

As we say goodbye to 2016, we head forth to 2017. While our crystal ball can’t predict everything in the future like who will win the super bowl or who Taylor Swift will date and write a song about, we can make some predictions about the real estate market.

  1. The top buyers will be millennials and baby boomers – As the latter groups of millennials are entering their 30’s, many of them want to settle down and buy houses. The deciding factor for that is there are more jobs being created for 25 to 34 year olds than any other age groups. Baby boomers, on the other hand where the oldest are in their late 60’s, are looking to move and buy as they get closer to retirement. While some boomers are looking to downsize, other boomers are looking to move in a bigger home to make room for children and grandchildren visitations. Also, many baby boomers are thinking outside the box when it comes to location. Many of them are looking to move closer to their family instead of popular retirement spots like Arizona and Florida.
  2. Home values will increase a bit slower than last year – By the end of 2016, home values rose to about 4.8%. The value in homes will continue to rise, but the estimated value is up 3.6%. The slowdown in appreciation, according to experts, is an inevitable effect of the market’s recovery, and signals that the nation’s housing market is normalizing.
  3. More affordability means moving to the suburbs – While home prices’ are continuing to rise, many buyers are saying goodbye to city life and hello to living in the suburbs where the affordable housing are. You can live in the city and be able to walk down the street for a gallon of milk or to grab other amenities, but with that comes a hefty price tag. For that reason, many are willing to commute outwards to be able to find homes in their price range.
  4. The price tag on new homes will continue to be expensive – As they say, you get what you pay for. If you want a brand new house with all the tech and updates for your home, it will cost you a bit. A labor shortage in the construction industry is forcing builders to offer higher wages and benefits to get more workers. However, the price inflect will also be passed onto the buyers.
  5. If you are looking to move out west, be prepared to pay for it – If you are looking to move from the east coast to the west coast, expect the prices to rise. With population growth on the west coast means more jobs for people. However when jobs continue to be created, the demand for homes will increase. And when you have a limited inventory, the prices for the homes will be higher.
  6. Smaller homes will be formed in a dense environment near public transportation – As we discussed earlier, one of the issues living in the city is the price tag. That can be an issue if you were the mayor in the city. What many of them are looking to do is build smaller homes that takes up less space and could fit more buildings. Also, by building near public transportation, if they choose to live outside the main center of the city, they will be able to have easy access to reach the heart of the city.

So we enter 2017 with high hope in the real estate market and wonder if our predictions will come true for sure or not. Here’s to a strong market and hope that when Star Wars episode 8 comes out in 2017, it will blow our socks off, despite our recent lost of Carrie Fisher aka Princess Lelia. May she rest in peace.