Why You Should Buy a Home in New Jersey Now


If you are buying a home, it can be a very daunting prospect. However, if you are considering buying a home, first time home-buyer or not, now is the time you should purchase your home.

Home prices will continue to rise over time. According to the most recent Home Price Index, they reported that home prices have appreciated nearly 6 percent in the last 12 months. The same report also predicted an increase of 5.3 percent during the next 12 months as well.

As of June 2016, residential real estate in New Jersey is preforming as predicted with sales also increasing.
Are you also thinking about selling your home? If you are, now is the time to do it. Currently there are fewer homes for sale to meet the high demand of sales and due to limited inventory, many sellers have been receiving a higher percent than asking prices.

Most interest rates for 30 year mortgages have been hovering around 4 percent today. Many experts, including the Mortgage Bankers Association, Freddie Mac, Primary Mortgage Market, and National Association of Realtors are predicting that interest rates will shoot up nearly a full percentage point over the next calendar year. With that in mind, potential homeowners may be able to save on their monthly payments by buying now than later.

When you buy a home, you are investing in your own financial future. When you rent, you have no stake in the property you are paying for. Compared to if you own your own home, your monthly payments are going toward a tangible asset that will likely increase in value throughout the years.

For more information, contact us at 973-577-7008.

Home Buying FAQs

When it comes to buying a home, many people have a lot of different questions and it can get confusing and frustrating. Here are the most popular questions and answers for you!

Q: How much house can I afford?

A: Most budgets suggest you reserve 28% of your post-tax income for house payments that includes your homeowners insurance and property tax.   For example, if you make $80,000 after taxes a year, 28% of that is $22,400 or a little less than $1,866 per month. However, everyone is in a different situation when it comes to the bottom line. For example, you might also have a student loan or car payment you are also responsible for. Bottom line is, you should find a monthly payment you are comfortable with.

Q: Should I buy or continue to rent?

A: Well here are some questions you should ask yourself. Are mortgage rates low? Do you want to live in the same city for at least five years? Is rent rising in your city? Do you wish you can customize your home to fit your taste? If you answer “yes” to most of these questions, then you should buy your next home!

Q: Wait, there are closing costs? How much?

A: Closing costs, also known as settlement costs, are fees that are charged for services that must be performed to process and close your loan application. Examples of the fees are title fees, recording fees, appraisal fees, credit report fees, pest inspection fees, attorney’s fees, taxes and surveying fees. The lenders will provide you with two documents – the Loan Estimate and the Closing Disclosure. They help outline your closing costs so you will not be surprised when you close in on a loan.

The cost for closing varies depending on your geographic location. For more information on your closing cost, ask your loan expert and they will be glad to go over the costs for you.

Q: Do I really need a real estate agent?

A: If you find yourself going through paperwork you do not understand, then yes you really do need one. There are many things you can gain from an agent. For example they have access to Multiple Listing Service (MLS) database, they are experienced in negotiating a home price, they are there for your legal protection and they will be able to fill out all the detailed paperwork on your behalf.

If you want a real estate agent, feel free to ask your loan officer for who they recommend. They have a list of realtors they have a great connection with who will help you buy or sell your house.

Q: Help! I want to buy a house while I am selling my house! Is this even possible?

A: This may seem like a daunting task, but don’t worry! It CAN be done successfully! First thing you got to do is hire an experienced real estate agent in your area. You will want a professional who understands the dynamics of your needs and can handle both selling and buying your house accurately and expeditiously.

Second, use their negotiation power to extend the window before your closing date. Instead of your typical 45 day closing period, extend the time to 60 or 90 days to ensure you enough time to find your next perfect house. If your sale isn’t completed first and you have no other choice but to own two homes temporarily, you can consider short-term financing, such as a bridge loan.

For more information or if you have any other questions, feel free to contact us at 973-577-7008. One of our loan experts are ready to take your call and answer any questions you have.

What Are The Advantages Of A 15 Year Mortgage?

15 year mortgages

When you are applying for a mortgage, there will be many questions you may ask yourself during the process. One of the questions you might ask yourself is do I want a 15 year or 30 year mortgage? If you are thinking about making your mortgage last for 15 years, there are some benefits for you paying your mortgage off sooner than later.

One of the benefits you will have is you will save more money. A 15 year mortgage dramatically cuts your home-loan repayment time. The faster you pay off your loan, the less interest you would need to pay, which could save you tens of thousands of dollars over the life time of the mortgage. Not only that, the interest rate for a 15 year mortgage are often better rates than a 30 year mortgage.

Another benefit of a 15 year mortgage is you build equity in your home faster than a 30 year mortgage. If you combine a shorter mortgage term with the rising house prices, you could have exponentially grown the amount of equity you have. This is a great benefit especially if you want to refinance down the road. The risk you present to your lender when you try to refinance will be smaller due to your smaller loan-to-value ratio with the 15 year mortgage compared to a 30 year mortgage.

Are you looking to retire in the next 10 to 20 years? If so, a 15 year mortgage will be great for you, especially if you want to downsize your home when you retire. When you choose a 15 year mortgage, it allows you to reduce the strain on your cash flow in retirement. You will also be paying off the loan much quicker than a 30 year loan and might even finish paying off the loan before you retire. So when you do retire, you won’t have to pull a lot out of your savings to cover living expenses since your home

Want to learn more about a 15 year mortgage? Then give us a call at (973) 577-7008.

Barbara Scalera New VP

Residential Home Funding Corp. (RHFC) is proud to announce the promotion of Barbara J. Scalera to Vice President of Training & Development.  Barbara began her career at RHF in November of 2010 as the Licensing & Compliance Officer where she was responsible for filing, processing and monitoring the licensing requirements for the Company; making the boarding process smooth and seamless for all new licensees.

As VP of Training & Development, Barbara will be developing a comprehensive training program.  RHF has a seasoned team of leaders who will be instrumental with the implementation of the New Hire Orientation program, ongoing training for veteran employees and assist with the development and communication of strategic plans.

Prior to her employment at RHFC, Barbara was employed with Champion Mortgage for 15 yrs.  She held various positions such as Mortgage Loan Originator, marketing, recruiting and most notably, the creation of Champion University.

Barbara resides in northern New Jersey with her husband Mike and 2 children.  She enjoys bike riding, tennis and relaxing with her Family.  She can be reached at bscalera@rhfunding.com or 973-233-4412.

About Residential Home Funding Corp.

In March of 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 big mortgage lender that doesn’t act like one. As the 66th largest mortgage banker 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. Their program is excellent for first time buyers allowing low down payments, gift money, and flexible underwriting standards on credit and debt to income ratios. At Residential Home Funding, there is a mortgage loan custom suited for almost every borrower, having built their reputation on service and efficiency. Visit Residential Home Funding Corp at www.RHFunding.com.

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Happy Birthday U.S. Army! 5 Surprising Army Facts

ArmyToday we celebrate the United States Army. It was this day 241 years ago that Congress adopted the “American Continental Army” which was originally kept very secret. Below are 5 things you may not have known about those in Uniform:

#1 On June 14th in 1775, Congress authorized enlistment of “expert riflemen” to serve the United Colonies for one year, serving as light infantry for the Boston Seige. The Army consisted of ten companies of riflemen appointed under Washington and Schuyler, who were also responsible for 15,000 New England troops. They expanded quickly, and doubled their numbers by the end of July. This makes the Army older than the US itself!

#2 The Special Forces wasn’t an official Army branch until April 9, 1987.

#3 The Army is the second largest employer with well over 1 million active people on their payroll.

#4 The US Army protects most countries on the planet. Our Special Ops Forces have been deployed in 135 countries, helping them handle counter insurgency, info operations, recon, defense against WMD’s, and more.

#5 Fewer than 28% of Americans aged 17 to 23 are qualified to serve.

We are grateful for those who have served. Happy Birthday to the United States Army!

Police Officer Mortgage

New Jersey and the residents who proudly call it home are widely known for standing up for what they believe in, never afraid to speak their mind and quick to confront issues head on. That has never been truer with the actions of a few but backed by many for an anti-drug teaching program that would be welcomed state wide if our local “Jersey Boys” had their way.

Saddle Brook Police Chief Robert Kugler, and other members of L.E.A.D. are getting help from Residential Home Funding Corporation. They donated $10,000 to Law Enforcement Against Drugs (L.E.A.D.) as “a pledge to (its) commitment in tackling the heroin epidemic gripping the local community and surrounding areas.”
“It is imperative to raise awareness of the heroin epidemic in Parsippany and donate to the necessary cause of fighting against drugs,” said Thomas Marinaro, president of RHFC, a 15-year-old correspondent mortgage banker.
Some probably remember the D.A.R.E. program of days past, and now L.E.A.D. is looking to fill the gap and take the next steps to combat this very serious issue facing our state and country.

Tom Marinaro proudly runs Mortgage of Champions which is part of his overall company Residential Home Funding. This specialized division focuses on home loans for police officers and law enforcement. They make it as easy as possible for the ones who serve and protect to get a police mortgage. So a long standing history of proudly offering Police officer home loans, the opportunity to work with L.E.A.D. was one Tom and the company jumped at.
Law enforcement home loans does have its advantages and rightly so with L.E.A.D. being a perfect example as to why.
There are two different types of present Police Officer mortgages available.

Police Officer Home Loans

Police Officer Mortgage

1) The special police mortgage program which is a no bank closing cost loan for all with proper documentation for the office and immediate family. This Law enforcement mortgage program can be for active or retired personnel.

2) A government pension loan. This police mortgage is for paid police in certain applicable states only.
Let us explain the difference between the two:
Champion and State.

1) The Champion: This is a No Bank Closing Cost Loan. The special Law enforcement mortgage program is a true no bank closing cost mortgage loan. When we say no bank closing costs, we mean every closing cost fee charged from the Mortgage Company will not be charged. You will still have to pay all third party fees (Such as an appraisal, title, Insurances, Credit, etc) as well as any interest due in association with your loan. This Mortgage for police officers is for Fannie Mae and FHA approved champion borrowers at a competitive interest rate. You must need to qualify and have a DU approval to be eligible for this loan.

2) A Government Pension loan: This is a retirement system Home loan for police officers. This loan is funded thru the state’s housing and mortgage finance departments. Beware there is verbiage on the state’s website that claims a potential tax implication of this type loan as well as high fees

We are proud to keep company with the members of the L.E.A.D. program and would urge you to get involved to help them anyway possible. Click this link to read the full article in the Daily Voice
Mortgage of champions would also welcome to return the service and help anyone looking for home loans for police officers and their family members. So if you are a police officer looking for a mortgage, have a colleague that needs assistance with one or a family member, there is no better care they will receive than here with us at Mortgage of Champions.

If you have questions or would like to get more information about mortgages for police officers and law enforcement personnel, please call us at (888) 886-5829.


Residential Home Funding Foundation’s Charitable Golf Outing & Dinner


Summer is quickly coming to an end. Although everyone at Residential Home Funding is sad to see the season go so fast, we are also starting to get excited!

Why you may ask?

With the fall comes Residential Home Funding Foundation’s annual charitable golf outing! The event is always great fun, with a BBQ to start off the day, golf into the late afternoon, followed by a delicious dinner with raffles! 

This year the event will take place on October 9th, at the Newton Country Club.

The Residential Home Funding Foundation is committed to enhancing the healing environment for children with acute medical issues. Our goal is to fund programs that make hospital stays less frightening and more enriching for a child.

This fall the proceeds from the Residential Home Funding golf outing will go to St. Joseph’s Hospital in Wayne, NJ and Newton Memorial Hospital in Newton, NJ.

So gather a foresome and contact Dana Kyriakou at dkyriakou@rhfunding.com to reserve your spot today!

Another AMAZING Residential Home Funding Corp Review

Congratulations to Vince Lozano!  We got ANOTHER outstanding Residential Home Funding Corp review because of this phenomenal mortgage loan originator. The President of Residential Home Funding received this residential home funding corp review, and we just had to share it because we pride ourselves on the customer service our company offers to our clients!

See Below For The Client Testimonial:
Hello, Mr Marinaro,
My name is Joseph Barbetta, I have just concluded my loan process with Vincent Lozano as my loan originator, I wanted to take a few minutes to bring your attention to his work, with his help and tireless service he made the process a pleasure to complete, vince availed himself to me on nights, weekends, and holidays in an attempt to have this process accomplished, in all my years of doing business with regards to my rental property I have never experienced this level of service, he is an asset to your company and his efforts should be showcased as the standard for anyone in this business, i want to wish him the best in his career, i would recommend him and your company to anyone seeking a mortgage or refinance.

Joe Barbetta




(MOORESTOWN, NJ) – RE/MAX of New Jersey, Inc. announces its newest partnership with Residential Home Funding as a preferred lender.

Since its establishment in 2000, Residential Home Funding has built a client base that includes first-time homebuyers and individuals with high net worth. Its goal is to provide each client with an appropriate loan to meet his or her needs. Residential Home Funding focuses on all types of loans from residential purchases to construction loans.

“We are very excited to be given the opportunity to partner with RE/MAX of New Jersey,” said Rick Riddle, Director of Sales, Residential Home Funding. “I believe our company’s core values and commitment to servicing customer’s real estate needs mirrors that of RE/MAX and together we will deliver a unique and satisfying experience to the customer.”

Residential Home Funding is the 66th largest mortgage banker in the United States and is among the Top Ten in New Jersey. They also offer a “Mortgages for Champions” program, which offers special discounts to law enforcement officials, firefighters, educators, medical professionals and government officials.

“Residential Home Funding can provide our real estate agents with great resources for their clients,” said Amanda Brown, Regional Director, RE/MAX of New Jersey. “We are excited to align ourselves with a company that shares our goals and can present such competitive information to our business.”

Residential Home Funding Corp, established in 2000 as a correspondent mortgage banker, is the 66th largest producer of residential mortgages in America. The company, owned by Thomas Marinaro and Dave Stein, has operational headquarters in Parsippany, NJ and has 14 locations throughout the state.


About RE/MAX of New Jersey:

RE/MAX of New Jersey was founded in 1985 and has grown from a single office to 160 offices with nearly 2,700 sales associates across the state. RE/MAX of New Jersey continues to be one of the leading real estate organizations in New Jersey. Nobody sells more real estate than RE/MAX. RE/MAX of New Jersey, based in Moorestown, N.J., is a privately owned and operated regional franchiser for RE/MAX, LLC. Please visit www.remax-nj.com for more information.

Residential Home Funding at COPS

Residential Home Funding was at COPS, Concerns of Police Survivors, Survival golf outing at Seaview hotel and golf club. Here is an excellent picture of Residential Home Funding’s Director of Mortgages For Champions John Finkle and Loan Officer Bill Nally, with NJSACOP treasurer Chief Brian Mahoney and NJSACOP incoming president Chief Kevin Sauter.

Residential Home Funding Corp supports Police and tries to do all we can to give back to our community heroes!