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First Time Homebuyers-Which Mortgage Is Best?

October 18th, 2014 |  First Time Homebuyers-Which Mortgage Is Best?

For years a FHA loan seemed to be the #1 loan choice for First Time Buyers BUT those days may be gone? Over the last few years the FHA mortgage insurance rates have increased several times and now can stay on the loan for the entire 30 years,regardless of the equity accumulated.  FHA charges an 1.750%  up front mortgage insurance cost added to and financed in with the loan after the required 3.50% down payment, but then a monthly mortgage insurance premium of 135 basis points is added monthly.So, on a $100000 loan this would be $1350/yr. or $112.50 per month. Yes, the FHA rates are less than on a Conventional loan, but this benefit is often offset due to these high monthly mortgage insurance costs. Conventional loans typically require 5% down but the mortgage insurance can be much less than with FHA, and can drop off once 20% equity is achieved. USDA loans are another possibility offering low rates, and do not require a down payment or mortgage insurance, although there is a smaller monthly USDA fee. For USDA, the home must be in the County and the total household income must be under the limits for the County. For your loan options call us at DIVERSIFIED MORTGAGE BROKERS - Tel: 434-237-3143, Email: dbi4009@aol.com, Web: www.diversifiedmortbrokers.com  . WE EDUCATE & DELIVER

A Mortgage Broker With Variety And Service

October 10th, 2014 |  A Mortgage Broker With Variety And Service

Are you tired of losing deals because your Mortgage Broker can not get the deal done? Well, perhaps it is time to add additional resources to your arsenal. DIVERSIFIED MORTGAGE BROKERS has serviced Virginia for over 25 years and we offer great service,which includes low rates, quick closings, constant communication along the loan process, and low Broker Compensation which means the lowest rates for your clients. Yes, we do the Preferred conventional, FHA, VA  and USDA....BUT we also offer FHA down to 530 scores, ( 580 scores needed for doublewides), USDA and VA down to 580 scores ( 580 scores needed for doublewides), loans w/o tradeline requirements,1 fico score loans, loans following bankruptcies, construction to perm loans, 120 day locks, investment property loans for 5-10 financed properties, gift $ loans for Conventional loans, even singlewide loans, etc, etc. LET US SAVE YOUR DEALS AND GET YOU MORE DEALS. Call us at 434-237-3143, Email: dbi4009@aol.com, Web: www.diversifiedmortbrokers.com

The Realtor/ Mortgage Broker Relationship

October 4th, 2014 |  The Realtor/ Mortgage Broker Relationship

The relationship between the Realtor and Mortgage Broker is critically important to all involved in the home buying process. I do NOT mean the Mortgage Broker who takes by cookies or doughnuts to the Realtors trying to win their business. I mean a Mortgage Broker that can display to the Realtor and Borrower : trust, straight forward talk, constant communication, product and industry knowledge, product variety, niche product availability, quick closings, and MOST importantly,getting the deals done.  With over 25 years experience serving Central Virginia, DIVERSIFIED MORTGAGE BROKERS does all these things, and does them well.Call us for your next loan deal and put us to the test.Tel: 434-237-3143,Email: dbi4009@aol.com, Web: www.diversifiedmortbrokers.com  WE EDUCATE & DELIVER!

Referrale are the key

September 27th, 2014 |  Referrale are the key

Referrals are the key to longevity. Are you getting your share? If not, have you considered your actions with your clients? were you sympathetic to their needs? Were you humble or did you act like you were better than they? Did you REALLY try to guide them the very best you could, and continually keep them informed along their home buying and loan process? Were you upfront and w/o any sugar coating? Did you thoroughly explain all the paperwork and the process so they felt comfortable? Did you ask the clients IF they were happy with you performance? Then you may ask to be referred to others that they may know that could use your help. This is what I have tried to do for the past 25+ years. Let me help you with your mortgage loan needs. Call DIVERSIFIED MORTGAGE BROKERS tel: 434-237-3143, Email: dbi4009@aol.com, Web: www.diversifiedmortbrokers.com   WE EDUCATE & DELIVER!

Credit Scores Are So Important

September 19th, 2014 |  Credit Scores Are So Important

Do you REALLY have any idea just how important credit your scores are? In todays world your scores can make or break you when it comes to being approved to buy most anything. There are 3 major credit bureaus and each one is affiliated with a scoring company. Eqifax scores from 300-850, TransUnion scores between 336-843, and Experian scores between 300-900. Your scores are determined by 5 major factors : Payment history comprises 35% of your score, Amounts owed 30%, Length of credit history 15%, Types of credit 15% and New lines of credit 10%. After accounts have been reporting for 12 months + it is much more favorable and having at least 3 open accounts (even showing a $0 bal.) is preferred. The longer you can have since any late payments helps your scores,over 1 year really helps. Stay free from judgments and collections . Pay off the judgments and all collections less than 1 year old but be careful to pay collections older than 1 year. If you can pay your revolving credit below 50% of the high credit, then below 30% and then below 10% adds to your score at each level. DO NOT close these accounts or a negative impact on scores is the result. try to have an installment or mortgage debt along with a revolving debt or two (a nice mix is best). Strive to keep your scores at top levels. GOOD LUCK!. Call DIVERSIFIED MORTGAGE BROKERS for your mortgage needs at 434-237-3143, email: dbi4009@aol.com, Web: www.diversifiedmortbrokers.com . WE EDUCATE AND DELIVER!!!

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Diversified Mortgage Brokers
100 Copley Place, Suite D Lynchburg, Virginia 24502
Toll Free: 800-388-3561 | Phone: 434-237-3143 | Fax: 434-239-4852
Email: dbi4009@aol.com | NMLS ID# 188675 (www.nmlsconsumeraccess.com)

 Diversified Brokers BBB Business Review