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Winners honored at Ellie Mae Experience 2016 conference in Las Vegas

We are proud to announce that Prosperity Home Mortgage, LLC (Prosperity), has been inducted into the Ellie Mae Hall of Fame, an honor given each year to mortgage lenders and partners that have distinguished themselves through their industry leadership and innovative use of Ellie Mae technologies!  Prosperity was selected as a winner in the Outstanding Efficiency and ROI category. This year’s Hall of Fame winners were announced in six different categories at the 2016 Ellie Mae Experience conference, and several members of the Prosperity team were in attendance to accept the award.

“We are proud to honor our newest members of the Ellie Mae Hall of Fame,” said Jonathan Corr, Ellie Mae president and CEO. “The companies recognized today represent some of the top innovators in the mortgage industry. They show market leadership and innovation through their use of Ellie Mae’s all-in-one Encompass mortgage management solution and through their use, have driven compliance, quality and efficiency across their organizations. We congratulate them on this achievement and welcome them to the Ellie Mae Hall of Fame.”

Ellie Mae is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Mortgage lenders of all sizes use Ellie Mae’s Encompass® all-in-one mortgage management solution to improve compliance, loan quality and efficiency across the entire mortgage lifecycle.

“We are incredibly honored and excited to have been recognized by Ellie Mae for our efficient and effective use of their mortgage management solution,” said Tim Wilson, president and CEO of Prosperity. “In everything we do, we’re focused on providing personalized and exceptional service to each of our mortgage customers, and receiving awards like Ellie Mae’s Hall of Fame proves our dedication to such goals and showcases how we’ve been able to achieve them.”

 

Click here to learn more about Prosperity!

Click here for more information on the Ellie Mae Hall of Fame!

 

 

 

About Ellie Mae:  Ellie Mae (NYSE:ELLI) is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Mortgage lenders of all sizes use Ellie Mae’s Encompass® all-in-one mortgage management solution, Mavent Compliance Service, and AllRegs research, reference and education resources to improve compliance, loan quality and efficiency across the entire mortgage lifecycle. Visit EllieMae.com or call (877) 355-4362 to learn more.

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, Georgia, Maryland, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.
NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)
©2016 Prosperity Home Mortgage, LLC. All Rights Reserved. 


Appraisals Continue to Play an Important Role in Assessing a Home's Value

By Keith Loria


If you’re involved in a real estate transaction, whether you're the buyer or the seller, understanding the importance of an appraisal—and what it says about the home—is critical.
 
In its simplest terms, the appraisal is a professional assessment of a home’s value, performed by a licensed appraiser, who considers things such as the property’s features, current market conditions, and supporting data on sales of similar properties. From there, an appraiser will use a formula to calculate the true value of the home.
 
Appraisals are conducted by independent contractors who have no affiliation with the buyer or seller. Appraisers work for a fee, rather than a commission, so there’s no bias on his or her part when determining the value of a property. Not only does the appraisal allow sellers to establish a fair market value of the property involved in the transaction, the appraisal process also goes a long way toward helping a lender determine how much they can safely lend to buyers.
 
While all appraisals are different, ranging in length from a few pages to more than 100, they all include details about the house, a description of the neighborhood and side-by-side comparisons of similar properties. The appraisal will also contain an evaluation of the area’s real estate market, notations of major problems with the property that will affect its value and an estimate of the expected time it will take to sell the property.
 
Many of today’s appraisals are placing a greater emphasis on green features, with appraisers estimating higher prices when energy-efficiency methods are installed, a trend that’s not likely to go away anytime soon. This is something that you or your REALTOR® should point out if you’re accompanying the appraiser on the viewing.
 
In the end, keep in mind that you don’t necessarily need to agree with the outcome of an appraisal and base your buying or selling decision strictly on the results that come about through the process, but the appraisal is an important barometer to keep in mind as you work with your agent to determine the best price point at which to list your home.
 
To learn more about the appraisal process, contact a local mortgage consultant today.

 

 

Reprinted with permission from RISMedia. ©2016. All rights reserved.

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, Georgia, Maryland, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.
NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)
©2016 Prosperity Home Mortgage, LLC. All Rights Reserved.


5 Tips for a Smooth Home Purchase

By Keith Loria


If you’re planning on purchasing a home this year, here are a few tips to keep things moving smoothly throughout the process.
 
1. Communicate with Your Agent. Work with a real estate agent that you are comfortable with and be sure to express everything you want and need in your new home. By communicating your desires from the beginning, your agent won’t waste time showing you homes that don’t fit your criteria. If you know you want a gourmet kitchen or walk-in closet in the master bedroom, make that clear. Or if you absolutely have to be near public transportation, tell your agent to avoid turning the process into a guessing game. When it comes to finding the perfect home, clear communication is key. And if you run into any problems along the way, be sure to speak with your agent to iron out any issues.
 
2. Be Reasonable with Expectations. If you’re searching for a three-bedroom home located in a certain neighborhood that has a pool, finished basement and sunroom and your agent shows you a property and your biggest qualm is the color, don’t simply write the home off. When searching for the home of your dreams, you may have to give something up or make some changes once you move in. Finding a home that’s 100 percent what you want can be a daunting undertaking.
 
3. Don’t be Discouraged. Don’t expect to find your dream home overnight. Buyers often get frustrated because nothing pops up in the first week or two, but remember, you’re not buying a new toaster. You want to find the home that you and your family can live in and love for years and years to come.  
 
4. Play the Money Game. If you offer $375,000 on a home that’s listed at $400,000 and the seller refuses to budge, be prepared to negotiate. When buying a home, you need to have some wiggle room. Before making an offer, discuss your strategy with your agent as he or she will be able to tell you whether your offer is fair or unreasonable. It’s also important to check out comps in the neighborhood so that you can make a reasonable offer from the get-go.
 
5. Get Your Mortgage Pre-Approved. This could be the smartest thing you do all year. By having a mortgage approved before you even begin looking at houses, you’ll be ready to make an offer as soon as you find the home of your dreams. Getting pre-approved will also give you the upper hand over other buyers who may be interested in the same house.
 
For more tips for a smooth home-buying process, contact us today.

 

 

Reprinted with permission from RISMedia. ©2016. All rights reserved.

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, Georgia, Maryland, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)
©2016 Prosperity Home Mortgage, LLC. All Rights Reserved.


Simple Tips to Keep in Mind When Shopping for a Mortgage

By Keith Loria

Aside from searching for the perfect home for you and your family, obtaining a mortgage that fits your needs can be just as time-consuming a process. Whether you’re a first-timer—or even a seasoned buyer—you shouldn’t simply walk into your local bank and agree to the first mortgage you’re offered. It’s also important that you don’t choose a lender simply because you worked with them in the past. No matter what the market looks like, getting the mortgage that works best for you begins with shopping around and doing your homework.

Before applying for a home loan, take the time to inspect your credit report to make sure the information is correct. While mistakes and outstanding debt can be fixed, the process will take time.

Once your credit report is in good condition, and it’s time to look for a mortgage, you’ll want to compare and contrast various mortgage brokers, mortgage lenders, banks and credit unions.

From there, narrow down your choices and take a closer look at your top few offers by examining the numbers more closely. Looking beyond the basics, you need to determine all loan cost information, not just the monthly mortgage payment and annual percentage rate. Check the cost of points in dollar amounts, broker fees, origination fees, underwriting fees, administrative costs, mortgage insurance, yield spread premiums, commissions, escrow and closing costs. Without these numbers, you won’t be able to make a fair comparison.

While most prospective buyers tend to think that a 30-year loan is the way to go, over the years, 15-year loans have continued to gain in popularity. However, in the end, the most important thing is to pick the loan that’s best for you and your family.

In addition to 15- and 30-year loans, prospective buyers can also choose between fixed-rate and adjustable-rate mortgages. If you’re interested in an adjustable-rate loan, you need to consider more than just the rate at the beginning of the loan period. It’s also important to understand and pay attention to the rules related to when and how often adjustments can occur, limits on what they could cost, as well as the loan’s ceiling rate. This is something that you should discuss closely with your lender.

If you happen to discover a better price with a different lender, but prefer one that you already know, don’t be shy about negotiating the terms, especially if you have a solid credit history. You may be able to lower the points, reduce some fees, eliminate some broker fees or even bring the rate down a small percentage.

Once you find the terms you’re comfortable with, lock it in, in writing, so that things don’t change. The lock-in should include the rate that you have agreed upon, the period the lock-in lasts, the number of points to be paid and a lock on as many other costs and terms as possible.

Finding and obtaining a mortgage may not be the most exciting part of the process, but it’ll set you on the path toward owning your own home, so do all you can to make sure you can live with the terms and payment conditions.

 

 

 

Reprinted with permission from RISMedia. ©2015. All rights reserved.

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, 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.


Though most of us have basic knowledge about credit, major gaps still exist. According to the nonprofit organization American Consumer Credit Counseling (ACCC), more than half of Americans are unaware that credit scores measure the risk of not repaying a loan on time, rather than their ability to pay based on their annual salary.

“Credit has a major impact on so many aspects of an individual’s life, from the ability to rent an apartment to buying a car or securing a mortgage,” says Steve Trumble, president and CEO of ACCC. “Despite its importance, many Americans not only have trouble managing their credit, but they don’t fully grasp how it works and what it means – particularly when it comes to understanding their credit scores.”

The ACCC shares five things to know about credit:

1. A good credit score secures financial wellness. Credit is more than just a plastic card you use to buy things—it is your financial trustworthiness. Good credit means that your history of payments, employment and salary make you a good candidate for a loan, and creditors—those who lend money or services—will be more willing to work with you.

2. All credit scores are not the same. There are three major credit reporting agencies (Experian, Equifax, TransUnion), and they each have their own model for calculating your score. They also may not all be using the same information. Each score matters, and different lenders may be using different scores to evaluate you.

3. Bad credit scores are fixable. A bad credit history can haunt you for a long time—seven years or more. Make sure you correct any errors on your report. Asking for help from your creditors can go a long way in terms of fixing bad credit. If you have a poor credit score, take the necessary steps to start fixing it by paying down debt where possible and making payments on time.

4. Make the right choice. Consider fees, limits, interest rates, and benefits, which can vary substantially among credit card issuers, when opening a new card. Some credit cards that look like a great deal at first glance may lose their appeal once you read the terms and conditions of use and calculate how the fees could affect your available credit.

5. Discipline goes a long way. Try to pay your bills on time and in full as much as possible. This will help you avoid late fees, and build a positive credit history.

 

Related mortgage calculators:

How can I pay off my credit card debt sooner?

Paying off credit card debt with minimum payments

 

 

 

Source: ACCC

Reprinted with permission from RISMedia. ©2015. All rights reserved.

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, 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.


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