Christopher Gallo

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The relationships realtors and loan officers build together are extremely important when trying to generate business on both ends. A realtor is looking for a loan officer they can count on to help guide their clients through a smooth transaction, while the loan officer is looking to build that trusting relationship so they can continue to work together on more deals in the future. Once that relationship forms, the realtor and loan officer can really band together in many different ways that will benefit both parties. Here are the top 5 ways this working relationship can shine… Networking When a real estate agent and loan officer join forces, they easily increase their number of potential clients by sharing their contacts and databases. They can also give each other any connections they have in the business such as attorneys, title agents, contractors, and more. They can also host or attend networking events together, and introduce one another to their contacts. Educating A loan officer can benefit from a realtor’s expertise in the real estate world, and vice versa. Together, they can use their knowledge to help educate their consumers on what to expect during the home-buying process. As mentioned before, networking is a huge piece to the puzzle, and the realtor and loan officer can host networking seminars or webinars on certain educational topics. Marketing Marketing is one of the biggest components when it comes to a successful realtor/loan officer relationship. Both sides can help each other greatly if they take marketing seriously (which they should ). By working together, the realtor and loan ...

NJ Lenders offers a variety of mortgage calculators for New Jersey home buyers and homeowners who are in the market for a loan. This article provides an overview of the mortgage calculators we offer on our site, and how they can help you with your budgeting and planning. How much will my mortgage payments be each month? How much of a house can I afford to buy? How much income do I need to qualify for a mortgage loan in New Jersey? These are some of the most common questions home buyers and homeowners have about mortgage financing. Fortunately, we offer several budgeting and mortgage calculators to help you answer these and other important questions. Overview of New Jersey Mortgage Calculators You’ll find more than a dozen different calculators on our site. They are designed to help you in your research and budgeting process. Here’s a quick overview of some of the most useful calculators for New Jersey home buyers and homeowners who need mortgage financing. Monthly Payments :  There are a lot of mortgage payment calculators available online. But many are limited in the sense that they only allow certain basic parameters, like the loan amount and term. We offer New Jersey home buyers and homeowners a more advanced monthly payment calculator. It allows you to calculate your payments more accurately, by including variables such as home insurance, property taxes, and mortgage insurance. Affordability :  How much can you borrow for a mortgage loan in New Jersey? This calculator allows you to calculate the amount you can afford to borrow in much the same way that a lender would calculate it. You can enter multiple income ...

Residential mortgage loans require the approval of both the applicant as well as the property. An applicant’s income, employment, credit history, assets, and other factors are reviewed when approving a loan application. At the same time, the lender reviews the collateral for the loan - the property. Loans are made to finance a single-family residence, a duplex, a 2-4 unit property, and it can be owner occupied, non-owner occupied, or a vacation or beach home. But, another property type that can obtain competitive financing is also a condominium unit. Here’s what lenders look for when financing a condo. Both the individual unit and the condominium project must be approved. Before making an offer on a condo, first do some homework about the condominium’s management or Homeowner’s Association (HOA). If the HOA is involved in any current or pending litigation with the developer, the application process will come to a halt until the details of the lawsuit are reviewed. If there are no such suits, you can proceed to make your offer. You should also contact your lender directly to see if the project is currently approved, and if so, under what terms. If the project has been previously approved, it avoids the sometimes lengthy process of obtaining an approval.   If a single entity owns more than 20% of the number of units, it falls into a category called “unwarrantable.” That doesn’t mean you can’t obtain financing, but the terms for an unwarrantable condo can require higher rates and terms. In addition, lenders want to make sure that at least half the units are occupied by their owners for newly built projects. If ...

A reverse mortgage, officially labeled as a Home Equity Conversion Mortgage, or an FHA HECM, is a bit counterintuitive at first glance. Contrary to a standard or “forward” mortgage, a reverse mortgage pays the homeowners instead. It has shown to be an excellent option for homeowners who may be “house rich,” but perhaps, “cash poor,” or for those who would like to supplement their income in their retirement years. There are also no monthly payments required with a reverse mortgage. Here are some of the more common questions asked about a reverse mortgage. How much can I qualify for?  That’s a moving target because the amount of available funds is based upon different factors such as the current appraised value of the property and the age of the youngest borrower occupying the property. A loan-to-value of 60% is common. Does the lender take ownership of the property?  No, title remains in your name with a reverse mortgage. The main difference with a reverse mortgage is that interest is accrued and no payments are made while living in the property. Ownership does not change. When do I pay off the reverse mortgage?  The reverse mortgage is paid off when the last borrower on the application no longer occupies the property. What about my mortgage that I have now?  With a reverse mortgage, proceeds from the new loan will go toward paying any outstanding mortgages with the remaining balance made available to you. How do I get my funds?  A reverse mortgage is paid out in one lump sum, in monthly payments, in a line of credit, or a combination of any of these options. Is this ...

VA mortgage loans have always been a great option for veterans or current active military members, but surviving spouses who have lost a military-employed husband or wife also have the potential to qualify for benefits as well. Some of those benefits include no down payment, better terms and interest rates, 100% financing, and more. So, how does a surviving spouse of a veteran or military member see if they qualify for a VA mortgage loan? The widow or widower would be eligible if they have not remarried and: Survived a spouse who died in service or due to a service-related injury. Survived a spouse that was MIA (missing in action) or a POW (prisoner of war) for at least 90 days (limited to one-time use of benefit). Had a spouse that served in the U.S. Army, Navy, National Guard, Coast Guard, Marine Corps., or Air Force. Reservists who served at least 6 years are also eligible. Survived a spouse who was eligible for disability compensation at the time of death and was rated continuously totally disabled for the specified period of time (10 years prior to their death or 5 years from the date of their discharge). If your spouse was a POW, they would need to have been rated totally disabled for at least one year prior to their death. Surviving spouses may also qualify for a VA mortgage loan refinance, which would allow you to change your loan term, lower your monthly payment, or possibly obtain lower interest rates if they’re available. VA mortgage loan refinances can also be used to access cash for home improvements, medical bills, or other high-interest debts that could possibly be consolidated. All in all, VA mortgage loans are an ...

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