Steven Grossman

New Jersey And New York Mortgage Officer NMLS#: 36571

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Phone: 800-908-0005 x 7102
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Finding a new home to buy can be very exciting! However, there are some precautions you should be making when applying for a mortgage. To make the process less stressful, we mapped out some key things to avoid to ensure that the process runs as smoothly as possible. Always consult with your loan officer before making any significant changes that could affect your credit and possibly change your original qualifications. Here are seven different highly-suggested changes that you should avoid: Refrain from any changes to your annual income. Consult with your loan officer since they need to be able to track the source and amount of your income.   Try to keep away from depositing cash into your accounts. The lenders you work with also need to source your money through an efficient and effective way. Consult with your lender to figure out the proper way to do this considering that cash is hard to trace.   Steer clear from ANY large purchases. It can get very exciting buying new furniture and other decorations for your new home, but all of it adds up very quickly. This new debt, on top of your new monthly payments and obligations, can result in high debt-to-income ratios. High ratios mean riskier loans. If you were once previously qualified, you may no longer qualify due to the ratio difference.   Do not co-sign any other loans. Co-signing for other people means you will be obligated even if you are not the one making the payments.   Avoid changing bank accounts. Again, your lenders and loan officer need to source and track your assets and this makes it easier on them to do so. Talk it over with them before doing any sort ...

7 Tips For Building Home Equity

Sep 17
9:51
AM
Category | Blog
Are you wondering how you can build home equity? Take a look at our 7 tips for doing so… When Home Prices Rise This is an easy one. When home prices climb, you’re obviously gaining more equity because your property will now be worth more money.   Reduce Your Mortgage Balance Every time you make a mortgage payment you’re gaining more home equity. Every month, as you pay it off, you’re also paying off some interest and principal, which helps as well.   Larger or Bi-Weekly Mortgage Payments The larger or more frequent payment you make each month will help you pay off your mortgage and gain home equity at a much faster rate. If you increase the amount you’re paying per month, a portion of that will go towards the principal and help you pay off the mortgage quicker. You also have the option of doing a bi-weekly mortgage payment plan, which includes making 26 half payments during the year. In return, it shaves down your mortgage term, helps you to save interest, and builds you home equity faster.   Shorter Mortgage Term Maybe you started with a 30-year-fixed mortgage, but now feel like you can pay off your home at a faster rate. If so, you have the option of refinancing into a shorter-term mortgage with a lower mortgage rate like a 15-year-fixed. It will in fact increase your payment amount, but you can build your equity much faster.   Don’t Refinance This one goes against the last one, but if you don’t have to refinance or pull any cash out at all, this obviously helps you keep equity in your home.   Maintain & Keep Up with Your Home & ...

Why You SHOULDN’T Close a Credit Card

Sep 3
10:13
AM
Category | Blog
A good credit score is crucial during the mortgage process, as it usually helps you to get better interest rates and terms, as well as lower fees on your home mortgage loan. Another reason a solid credit score is important is because it’s a direct reflection of your ability to pay, and it informs the lender if there is any possible risk when lending to you. Curious how your credit score is determined? The credit bureaus determine your credit score based on five different factors. These factors include… Payment History – Are you making your payments on time, or do you have late/missed payments? Length of Credit – How long have you had your accounts and how often are you using them? Amount Owed – How many total accounts do you have, and how much do you owe on each one? New Credit – Have you opened any new accounts recently? Types of Credit – Do you have any debt? This could include credit cards, student loans, auto loans, and more. So, are there any consequences to closing a credit card? The answer is YES . If you close a credit card account, you lose the payment history from it that shows lenders your ability to pay. If you make your payments on time, and that history is a positive thing, you’ve now taken that away from lenders to look at, which can impact your overall credit score. So, how do you keep that account history? Try to avoid closing a credit card, and instead, just stop using it. That way, you can keep the credit history intact, plus you still have the card available to you should you need it for any emergencies. If you truly feel like you need to close an ...

Mention the phrase “mortgage company,” and many home buyers and homeowners think of the big national and multinational corporations. But a local New Jersey mortgage company might offer a number of advantages you don’t find on the bigger stage. As a recent Wall Street Journal  article points out, a local lender could even help you win a bidding war in a hot real estate market. ‘Going Local’ With Your Mortgage Needs The “shop local” movement has grown steadily in recent years. These days, mindful consumers shop locally for everything from books to produce. It supports local businesses, and puts money and jobs into the local economy. It’s an economic win-win. So why not shop locally for a mortgage loan? For home buyers and homeowners in New Jersey, working with a local mortgage company can offer several advantages. Consumer advocates and housing experts have long encouraged mortgage shoppers to consider local lenders based in their city or state. There are several key advantages to this, and one of them has to do with the sheer size of the “big banks.” Large, multinational mortgage companies are, well, large . The bigger the company, the more business they do. This means that you, as a borrower, might be one of thousands of customers working your way through the pipeline at a given time. So you might not get the attention or efficiency you would receive from a local New Jersey mortgage company. On the other hand, a smaller and locally based mortgage company will do everything they can to earn your repeat business. You’ll be treated more like a living, breathing ...

Often times, people decide to rent a property rather than buy because they think they can’t afford to do so. However, with the current state of the market, renters need to realize that maybe they can’t afford NOT to go forth with buying something. The cost of rent across the nation has grown steadily for nearly a decade, and not only is it expensive, but throwing away money each month does nothing for your long-term wealth. So, how does renting affect you now and also down the line? Here are four reasons you’re missing out by waiting to buy something… 1. You’re Not Building Any Equity by Renting As many people often say, renting is essentially throwing your money away each month. All you’re doing is helping your landlord pay their mortgage. You’re not getting any of the money you’re spending back. Instead, it’s smarter to buy something that you can build equity in. 2. You’re Missing Out On Historically Low Interest Rates Mortgage rates are currently the lowest they’ve been in almost three years, and who knows how long that will realistically last for. Therefore, you need to take full advantage now! Even if you just wait a few months, rates could rise again, which would mean a much higher interest rate and monthly mortgage payment. In the end, it could end up costing you thousands, so why wait? 3. If You Wait, You Could End Up Paying More for a Home Home price growth has slowed down, but just like the current low rates, you can’t expect all good things to last forever. Most experts have predicted that this trend won’t last long, and that home prices ...

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