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Prosperity to name mortgage veteran Mark Metaxas as new regional manager.

Prosperity Home Mortgage, LLC, (Prosperity) is expanding its operations in Philadelphia, Pa. Effective Jan. 1, 2015, a team of over 20 knowledgeable and experienced mortgage professionals from First American Mortgage will join Prosperity.  Prosperity will also bring on Mark Metaxas, who previously served as president at First American, as its new regional manager in Philadelphia in the coming year.

“First American built a reputation for providing the highest quality of service and support to clients in the Philadelphia area. By bringing their team to Prosperity, our company will deliver even more exceptional service and competitive rates to buyers and sellers in the Delaware Valley,” said Tim Wilson, CEO of Prosperity. “At Prosperity, we lead the way with cutting-edge tools and technology, as well as competitive loan products, and we look forward to the energetic partnership created by teaming with First American.”

Metaxas also shared his enthusiasm for the change, noting that he looks forward to even better serving the financing needs of homeowners and homebuyers as part of the Prosperity team and to supporting the company’s dedicated mortgage consultants.

“Joining the Prosperity family presents a tremendous opportunity for our team, as well as all of the real estate agents, home buyers and sellers with whom we work,” said Metaxas. “As part of Prosperity, we gain the advantages of a much larger company with more resources and better technology, while also maintaining the family approach to business that ensures our clients’ continued real estate success.”

Prosperity offers a wide range of mortgage products, including fixed and adjustable rate mortgages. It is represented by more than 150 mortgage consultants and operates its own in-house processing, underwriting and closing at its five operation centers across the East Coast, from South Carolina to New Jersey. Prosperity also coordinates its clients’ appraisals and mortgage fulfillment in-house.

Prosperity is focused on growing its business throughout the Mid-Atlantic, Northeast and the Carolinas, and the addition of the First American Mortgage aligns with the company’s long-term growth strategy, according to Wilson. For more information about Prosperity Home Mortgage, visit our About Us page!

 

 

 

All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia, Georgia, Maryland, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)

©2015 Prosperity Home Mortgage, LLC. All Rights Reserved.


Is your savings account standing between you and homeownership?  We may be able to help!

According to Fannie Mae consumer research, the ability to save enough money for a down payment and closing costs is the main obstacle that stands between potential first-time home buyers and homeownership.


In support of first-time home buyers who may lack the funds to make a larger down payment and cover closing costs — but otherwise qualify for a mortgage — we are now offering 3% down, conventional home financing!


Here are some key features:

  • 3% down payment (97% LTV)
  • 30 year fixed rate mortgage loan
  • No income limit
  • 3% down payment and reserves (if required) may be supplied by gift funds
  • No pre-or post-purchase home buyer counseling required
  • 1-unit primary residences eligible (e.g. single family homes, town houses, condos, planned unit developments (PUD))
  • At least 1 borrower on the loan must not have owned any residential property in the previous 3 years

 

Contact your local mortgage consultant to discuss your home financing options, today!

 

 

 

All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia, Maryland, North Carolina, Pennsylvania, South Carolina, Virginia, and West Virginia.
NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)
©2014 Prosperity Home Mortgage, LLC. All Rights Reserved.


Avoiding PMI with Only a 5% or 10% Down Payment

When calculating their potential monthly mortgage payment, many home buyers forget to include the cost of private mortgage insurance, or PMI.  If you're not familiar with PMI, it is insurance that some buyers must purchase to qualify for a home loan.  However, the purpose of PMI is to protect a lender in the event that the homeowner fails to pay their mortgage. In other words, homeowners are paying for insurance that protects lenders, not homeowners.

There is good news, though!  There are options for buyers to avoid paying PMI with a down payment less than 20 percent. PMI is available in other forms that can make monthly house payments lower and save homeowners money over the life of the loan:

  • Lender paid mortgage insurance (LPMI): The buyer accepts a slightly higher interest rate in lieu of paying monthly mortgage insurance. With rates so low, the monthly benefit is immediate and the LPMI option can help homeowners start saving money as soon as they buy.
  • Home Equity Line of Credit (HELOC): Avoid mortgage insurance completely by going with a simultaneous closing, or “piggyback” loan, which is typically seen as an 80-10-10 home loan. The “80” is the percentage of the first loan, the “10” is the second loan, and the final “10” is the down payment.1
  • “Single Premium” mortgage insurance: This is a one-time lump sum that can be paid at closing by the seller and, under the right circumstances, financed into the loan.

Tip: Homeowners who are required to pay for private mortgage insurance may qualify for a tax deduction. The specifics of this issue are different for every household, so check with your local tax advisor to discuss tax advantages for which you may qualify.

The fact of the matter is there are different ways to obtain home financing with a down payment less than 20 percent. Structured properly, avoiding PMI may save homeowners thousands of dollars over the life of the loan.  For many people, the standard monthly mortgage insurance is their best option, but how do you know until you see a detailed, side-by-side comparison of all your loan options?

We are ready to provide the details you need to help you make the right decision. Begin a loan application on-line or find a local mortgage consultant to discuss your options.

 

 

 

1. Available for primary residence as a simultaneous closing only. Annual maintenance fee of $75.00 applies. Product not available in North Carolina or West Virginia.

All first mortgage products are provided by Prosperity Home Mortgage, LLC.  (877) 275-1762.  Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify.  Licensed by the NJ Department of Banking and Insurance.  Also licensed in Delaware, District of Columbia, Maryland, North Carolina, Pennsylvania, South Carolina, Virginia, and West Virginia.

NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)

©2014 Prosperity Home Mortgage, LLC. All Rights Reserved.


Buying a Rental Property

Sep 10
2:10
PM
Category | Prosperity News

The Last Piece of the Puzzle to Buy a Rental Property

Enough money for a down payment?  Check!

Qualifying credit score to buy a home?  Check!

Previous rental experience?  Hmmm...

At Prosperity Home Mortgage, LLC, we are always looking for new ways to expand the services we can offer our clients and real estate professionals, adding more value to those relationships.  As such, we are pleased to announce we may now be able to qualify a borrower using rental income to buy an investment home, even when the borrower does not have previous rental experience.

For buyers considering entering the real estate investment market, please contact your local mortgage consultant to discuss your options.

 

 

 

Additional underwriting conditions may be required.

All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance. Also licensed in Delaware, District of Columbia, Maryland, North Carolina, Pennsylvania, South Carolina, Virginia, and West Virginia.

NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)

©2014 Prosperity Home Mortgage, LLC. All Rights Reserved.


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