pixel
Blog


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.


Operations team surprises clients at loan closing to say “thank you” for business

 

Buying a home is a big investment, and finding a mortgage lender that can provide the right home loan option for you is essential for supporting your long-term financial goals.  But when you decide to become a homeowner, working with a mortgage lender who understands that clients are people, not financial transactions, can be equally important.  At Prosperity Home Mortgage, LLC (Prosperity), our values and how we approach our customers  ̶  and each other as a team  ̶  define us as a company. Having the best attitude and customer service are what differentiates us and creates an extraordinary customer experience.

Accordingly, we would like to recognize our local operations team in Chantilly, Virginia, for choosing to put those values into action by recently surprising two clients at their settlement office just before closing on their first home.  In attendance with clients Savannah & Alex Weston were Jim Bruhns (Area Operations Manager), Tim Branick (Regional Underwriting Manager), Vicky Ethington (Closing Team Lead), Lakisha Stephens (Processing Team Lead), Sheila Whitely-Mullins (Area Underwriting Manager), and Tim Jedamski (Branch Manager).

“We wanted to personally congratulate and thank our clients for their business, but more importantly, to show them that behind all the e-mails and phone calls during the financing process is a group of people who really cares and wants what is best for them, the clients.  And at the same time, it was a perfect opportunity to remind ourselves that the work we do matters to real people,” said Tim Jedamski, the local branch manager who also attended the closing.

Your Local Lender

At Prosperity, a fundamental goal among our mortgage professionals is to be recognized as a large, well-established lender with a welcoming, local team of people who truly care.  We believe every time our team members pick up the phone, every time we respond to an e-mail, every time we identify and solve a problem  ̶  these are opportunities to showcase our exceptional customer service.

We are committed to setting the highest standard for customer service and consistently exceeding the expectations of our clients, which helps us achieve our mission of creating an extraordinary customer experience.

The Prosperity Advantage

If you’ve made the decision to buy a home, please contact a local mortgage consultant to help you get started.  Our team of mortgage professionals is available to guide you every step of the way and help ensure your home buying process is a smooth one.  It is our commitment to create a positive mortgage experience so you can get settled in your new home.  And even after your loan settlement, our team of mortgage professionals is available to help with all your future home-financing needs.

Click here for more information about us!

 

 

 

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.


Know Before You Owe

Sep 16
3:20
PM
Category | Prosperity News

New TRID rule to take effect on October 3, 2015

Say good-bye to complicated home loan and closing documents. New mortgage disclosure requirements from the Consumer Financial Protection Bureau (CFPB) will soon change the way mortgage and settlement companies do business with their clients. These regulations, which are a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act, are designed to simplify the settlement process for consumers, making it more transparent and easy to understand.

What’s occurring?

Beginning on October 3, 2015, you will no longer receive multiple disclosure forms and statements when you apply for or get ready to close on a home loan. The Good Faith Estimate (GFE) and Truth in Lending (TIL) disclosure, which are currently provided when you apply for a home loan, will be replaced by the Loan Estimate. The consolidated Loan Estimate clearly outlines the terms and features of your loan, as well as what can (and cannot) change. It’s a streamlined form that, according to the CFPB, will help you “know before you owe.”

Similarly, your standard closing documents—the final TIL disclosure and HUD-1 settlement statement—will be replaced by the Closing Disclosure. Like the Loan Estimate, the Closing Disclosure is a streamlined summary of the loan terms, projected payments and closing costs. Additionally, it is designed so you can easily compare the Closing Disclosure with your Loan Estimate to ensure the loan on which you close is the same as the loan you chose and for which you were approved.

Click here for a side by side comparison of the old and new forms.

With the new forms also come new deadlines that mortgage and settlement companies have to meet. For example, once you apply for a home loan with a mortgage lender, that company is required to deliver or place in the mail to you the Loan Estimate no later three business days after receiving your application. Additionally, the Closing Disclosure must be delivered to you no later than three business days before closing. What’s important to note is that if any changes are made to the Closing Disclosure, a new document must be reissued, and in certain cases, this resets the clock on that three-day period.

Could these regulations affect a home closing?

It’s all about deadlines, especially with the Closing Disclosures. A loan cannot close if consumers do not receive their Closing Disclosure in the three business-day time period. So if one of the below changes occurs after they received the initial Closing Disclosure, the clock will be reset, a new form will have to be issued and the closing pushed out three days.

  • Change to the loan’s Annual Percentage Rate (APR)
  • Modification of the loan product
  • Addition of a pre-payment penalty fee

How can you ensure a seamless real estate settlement in the new regulatory world?

While the key changes, from a consumer perspective, occur in forms and deadlines, there are numerous other requirements that mortgage and settlement companies have to implement. To ensure that your real estate transaction occurs on time and as expected, you should not only educate yourself on what’s occurring before the new regulations go into effect, but also make sure you’re working with a company that’s prepared for the new rules. Our team at Prosperity Home Mortgage, LLC, for example, have been preparing for the changes over the past two years and are ready to handle them with ease.

 

Questions about the new disclosures? Contact your 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/)
©2015 Prosperity Home Mortgage, LLC. All Rights Reserved.


Showing results 41 - 45 of 54

leadback