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5 Refinancing Tips You Can't Afford to Ignore

By Keith Loria

 

It’s no secret that the past couple years have been an opportune time to refinance a mortgage as mortgage rates were hitting historic lows. In fact, according to the Mortgage Bankers Association, the average interest rate on a 30-year fixed-rate mortgage was 3.49 percent near the end of July, down from 4.2 percent at the same time last year, and 3.9 percent from January.
 
Not only can refinancing a mortgage save you money, it can also help you pay off your home quicker, and will even unlock more equity in your home.
 
If you’re looking to take advantage of today’s low mortgage rates, keep the following items in mind, as they may jeopardize the process.
 
1. Waiting too long. While rates have been low for some time now, with some experts predicting they’ll go even lower, the upcoming election may lead to unpredictability. With low rates like the ones we’re seeing today, time is of the essence, so be sure to refinance sooner rather than later.
 
2. Not being prepared. When your lender calls or emails asking for information, don’t put it off. Have your documentation and financial information ready so that you can sign it in a timely manner. The last thing you want to do is plan to refinance your home when you’re going to be out of town on vacation, as this will most likely keep you from being able to get everything in place before you’re out of pocket.
 
3. Not shopping around. Even if you’re happy with your current lender, it doesn’t mean that you need to stay with them. Shop around and make sure you’re getting the best deal out there. Even a little difference in rates can save a lot of money over the course of a mortgage. If you find a better deal, let your lender know. They may even be willing to match.
 
4. Adding to your loan term. When faced with refinancing, some people decide to add to the number of years of their loan term, lowering their monthly payments, but increasing the total amount of interest over time. Conversely, lowering the terms by five or 10 years can save you a lot, so if you want to change the years, make it lower.
 
5. Forgetting closing costs. When you refinance a home loan, it’s important to remember that you’ll most likely have to pay closing costs, including a loan application fee, appraisal fees, title fees and attorney’s fees. Be sure you have this money on hand.
 
By making smart decisions, your refinancing can be a smooth experience.
 

 

To learn more about refinancing, 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.


Long & Foster Real Estate, the largest privately-owned residential real estate company in the United States, and Prosperity Home Mortgage, LLC, a full service mortgage banker and a wholly owned subsidiary of The Long & Foster Companies, donated $10,000 to the Ellicott City Partnership on Monday. Each company contributed $5,000 to support the cleanup efforts after flash flooding caused severe damage to the area in late July.

“Since our founding in 1968, Long & Foster has been committed to giving back to the communities in which we live and work,” said Jeffrey S. Detwiler, president and COO of The Long & Foster Companies. “The Ellicott City community has supported us for many years and now it’s our turn to give back as they repair the devastating flood damage. The cleanup process will take a very long time, but we know the city and its residents are resilient and will take care of one another as they recover.”

Founded in 2013, the Ellicott City Partnership is a nonprofit organization that works to preserve the heritage and vitality of the city’s historic district while also supporting and creating economic growth. Since the flood, the organization has been working to assess the needs of the community, collect donations and organize volunteer efforts.

Long & Foster Real Estate has numerous locations in the area, including its Ellicott City office, Columbia office, Clarksville office and multiple locations in nearby Baltimore. The company ranks as the No. 1 brokerage in Baltimore, as based on the percent of homes bought and sold. Prosperity Home Mortgage, similarly, operates throughout the Baltimore region and is a leading lender in the area.

“At Long & Foster, we know that a community is comprised of both homes and businesses. We’re saddened at the destruction that resulted from the recent flooding, which ravaged Ellicott City’s Main Street, but we hope our contribution can help the community to rebuild,” said Cindy Ariosa, senior vice president and regional manager for Long & Foster’s Baltimore region. “It’s these communities that allow us to flourish as a company, and we want to make sure to support them in turn.”

Tim Wilson, chief executive officer of Prosperity, echoed Ariosa’s thoughts. “Prosperity is in the business of financing homeownership and the American Dream, and Ellicott City and the Baltimore region are a vital part of our business,” Wilson said. “We have employees who live and work here, and it is important to us that we help rebuild a community that has treated us well and that we have been privileged to serve.”

For information on donating to the Ellicott City Partnership for flood assistance, visit https://ecpartnership.org/#donate.  For more information about Long & Foster, visit www.LongandFoster.com.

 

 

 

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.


What Makes a Homeowner Happy?

Jul 27
10:56
AM
Category | Prosperity News

What makes a homeowner happy? A safe community? A short commute? What about walkability? The answer is all of the above, according to HomeAdvisor.com’s recently released Homeowner Happiness Index, an industry indicator ranking the happiest cities in the nation.

“A homeowner’s quality of life is more likely to be dependent on their community and access to important attractions and services than it is on the number of bedrooms and bathrooms in their home,” said Dr. Karen Ruskin, HomeAdvisor’s happiness expert, in a statement.

Square footage is indeed less of a factor in determining a homeowner’s happiness, the Index shows. Natural light, on the other hand, is an important consideration—naturally-lit homes tend to appear more spacious.

The Index also reveals a happiness trend among empty-nesters and married couples without children, who reported feeling satisfied more so than other homeowners.

“Empty-nester homeowners feel most connected with their neighborhoods and are most satisfied with the condition of their homes,” Ruskin said. “They have likely settled in a community they enjoy and in which they plan to stay—and they generally have the most economic stability and time available to make their houses happy homes.”

“Our research shows that homeowners are happiest in urban cities with good weather, an active culture, arts scene and higher income levels,” said Ruskin. But homeowners outside of these areas don’t have to capture happiness in a bottle to feel a higher sense of satisfaction. Simple improvements, such as outfitting the home for entertaining, can make a world of difference.

To find out where your city ranks on HomeAdvisor’s Happiness Index, visit HomeAdvisor.com/survey.
 

 


Source: HomeAdvisor.com

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.


The Basics of Buying

Jun 22
4:11
PM
Category | Prosperity News

Buying a new home can seem overwhelming.  But knowing what to expect – and having a knowledgeable team of real estate and mortgage-lending professionals to assist you – can help make finding and financing your home an exciting and rewarding experience.  Here is a basic overview of the home buying process:

 

1. Obtain a mortgage preliminary approval before you begin house hunting.

  • Learn how much home you can purchase.
  • Strengthen your bargaining position with sellers.

2. Work with your real estate agent to find the right home.

  • Determine your needs and create a wish list of desirable features.
  • Take notes as you preview homes using our house hunting checklist.

3. Make a purchase offer on a home you like.

  • Your real estate agent presents your offer to the seller, who will then choose to accept, counter or reject the offer.
  • When the price is settled, you and the seller sign a Purchase Agreement, defining the terms of the sale.

4. Complete the loan application process.

If you have already obtained a mortgage preliminary approval, contact your lender and let them know you have a contract on a home. Your mortgage consultant will update your loan application and help you to proceed with the home financing process.

5. Have the home inspected.

If you choose to have a home inspection, hire a professional home inspector after the offer has been accepted to provide an in-depth look at the basic systems of the house, which can reveal safety hazards and give you a chance to reconsider the deal.

6. The home will be appraised.

An appraisal, required by your mortgage lender, is a formal, written estimate of the home’s current market value.

7. Obtain title insurance. (where applicable)

Title insurance guarantees the property you are purchasing is free of liens or confusion in rights of ownership, and it also insures against any losses to the property that result from defects in the title or deed.

8. Close on the property.

  • A closing agent coordinates and distributes all the paperwork and funds.
  • Ownership of the property is transferred.

 

And you become the proud owner of your new home!  Our team of mortgage professionals is available to guide you every step of the way to help ensure your home buying process is a smooth one.

Contact a local mortgage consultant, 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, 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.


Ranking is part of Scotsman Guide’s Top Mortgage Lenders 2015 list

Great news! Prosperity Home Mortgage, LLC (Prosperity) has been named one of the country’s top mortgage lenders by Scotsman Guide. Prosperity ranked No. 42 in overall volume on the 2015 Top Mortgage Lender list. Among lenders that focus solely on retail loans, Prosperity earned the 13th position with a 2015 volume of over $2.9 billion.

Scotsman Guide, the leading resource for mortgage originators, released the fourth annual Top Mortgage Lenders rankings on June 1, 2016. The list, which ranks the nation’s top mortgage-lending companies, appears in Scotsman Guide’s June 2016 residential edition, and rankings are available online at ScotsmanGuide.com/TopLenders2015.

Prosperity was ranked among entries from hundreds of mortgage companies across the country. To be eligible for consideration in the rankings, all loan volume had to be from mortgages on one- to four-unit residential properties within the United States. No commercial or international loans were included. After receiving submissions, Scotsman Guide required written verification of top entrants’ volume from a certified public accountant, the chief financial officer at the company or a similar source.

“We’re truly honored to have been recognized by the Scotsman Guide as one of the top mortgage lenders in America,” said Tim Wilson, CEO of Prosperity. “It’s the dedication and hard work of our team, from our mortgage consultants to our underwriters, that enables us to achieve such success, and I’m confident that with our continued commitment to providing personalized and focused service to each and every Prosperity customer, we’ll remain one of the nation’s top lenders for years to come.”

Ron Wivagg, National Sales Support Manager of Prosperity, shared similar comments. “We strive to deliver our clients exceptional customer service. Rankings like these showcase not only the commitment our Prosperity team has made to achieve that goal, but also the wealth of knowledge, integrity and professionalism we bring to each and every transaction.”

Prosperity is committed to setting the highest standard for customer service and consistently exceeding our clients’ expectations.  Whether you are a home buyer, homeowner or real estate professional, we are ready to help guide you every step of the way to help ensure your home financing process with us is a smooth one.

For more information about Prosperity, visit our About Us web 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. 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.


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