434-237-3143
MORE LOAN OPTIONS FOR MORE PEOPLE
MORE LOAN OPTIONS FOR MORE PEOPLE: There are so many new loan options that allow so many more borrowers the ability to get new home purchases and refinances. How about a 3% down Conventional loan for a first time home buyer? We got it. How about a 1% down Conventional loan for those under $60,300 (and in some Counties in Virginia with no income limits)? We got it. How about a special Lynchburg, Virginia grant that will allow a 10% grant toward the downpayment and /or closing costs for those under $38,600 income for City purchases? We got it. How about bank statement de...
May 13th, 2017 MORE LOAN OPTIONS FOR MORE PEOPLE
MORTGAGE BROKER OR BANK FOR A MORTGAGE?
MORTGAGE BROKER OR BANK FOR A MORTGAGE? In 2017 there still seems to be a disconnect for many who simply don't know why a Mortgage Broker has so much more to offer than a bank. It is simple: a typical bank offers the very BASIC loan programs and their underwriting guidelines are stringent. Their rates are higher due to their overhead. Niche products are shunned, as they desire the cookie cutter Borrowers. Mortgage Brokers offer a variety of Lenders and Banks that can meet a Borrower's specific needs. This equates to better rates, less stringent underw...
April 21st, 2017 MORTGAGE BROKER OR BANK FOR A MORTGAGE?
MORTGAGE BROKER OR BANK FOR A MORTGAGE?
MORTGAGE BROKER OR BANK FOR A MORTGAGE? In 2017 there still seems to be a disconnect for many who simply don't know why a Mortgage Broker has so much more to offer than a bank. It is simple: a typical bank offers the very BASIC loan programs and their underwriting guidelines are stringent. Their rates are higher due to their overhead. Niche products are shunned, as they desire the cookie cutter Borrowers. Mortgage Brokers offer a variety of Lenders and Banks that can meet a Borrower's specific needs. This equates to better rates, less stringent underw...
April 21st, 2017 MORTGAGE BROKER OR BANK FOR A MORTGAGE?
HOW TO GET A MORTGAGE LOAN CLOSED FAST
HOW TO GET A MORTGAGE LOAN CLOSED FAST:There are several components that attribute to whether a mortgage loan gets closed fast. 1) How quick can the Borrower provide all of the processing items needed to be presented to the loan officer? This seems to be one of the biggest problems in loan efficiency. 2) How efficient are the Realtors at getting a ratified contract to the loan officer and ordering the home inspection and termite/water/well inspections that may be needed3) How quick and efficient are the loan officer and his company at getting the paperwork ready for th...
April 14th, 2017 HOW TO GET A MORTGAGE LOAN CLOSED FAST
GETTING A "PROPER" MORTGAGE LOAN PRE-QUALIFICATION
GETTING A PROPER MORTGAGE LOAN PRE-QUALIFICATION: For the most part a pre-qual is not worth the paper it is written on. Why do I say this? Because most pre-quals that I see are done with nothing to back it. In order to really get a "proper" pre-qual the Borrower must bring to the table the following: last 2 years tax returns and W2s, last 30 days pay stubs, last 2 months bank statements, a letter explaining any credit issues, and a MORTGAGE credit report. With this information presented, a Mortgage Officer should be able to do the analysis to honestly tell IF the ...
April 7th, 2017 GETTING A "PROPER" MORTGAGE LOAN PRE-QUALIFICATION
UNDERSTANDING MORTGAGE LOAN CLOSING COSTS
MORTGAGE LOAN CLOSING COSTS EXPLAINED: If you shopped closing costs from a variety of firms, the total costs should really not differ that much from one firm to another, perhaps +/- $300. If there is more of a difference than this something is amiss. Since the Dodd Frank Act in 2011 basic categories have been established to follow for closing costs. There are also only 2 ways to do a mortgage loan now: 1) Borrower paid (Borrower pays the Broker and fees can be negotiated, and optional fees MAY be added such as processing and loan application fees), and 2) Lender paid (Lender pays the Broker an...
March 31st, 2017 UNDERSTANDING MORTGAGE LOAN CLOSING COSTS