Thursday, April 16, 2015

Bad Mortgage Behaviors - or, how to keep your loan approved once approved. Village Bank Mortgage

SPOTTING YOUR OWN "BAD MORTGAGE BEHAVIORS"

Keeping "good behavior" in mind, here are 8 things you should absolutely not do between your date of application and your date of funding. Any one of them could force a revocation of your mortgage approval.
Ignore these rules at your own peril. 
  1. Don't buy a new car or trade-up to a bigger lease
  2. Don't quit your job to change industries or start a new company
  3. Don't switch from a salaried job to a heavily-commissioned job
  4. Don't transfer large sums of money between bank accounts
  5. Don't forget to pay your bills -- even the ones in dispute
  6. Don't open new credit cards -- even if you're getting 20% off
  7. Don't accept a cash gift without filing the proper "gift" paperwork
  8. Don't make random, undocumented deposits into your bank account
And that's it.
Now, you may find it 100% impractical to have follow these rules to the letter. I know that.
For example, if your car lease is expiring, you have to do what you have to do. Renew the lease. Before doing it, though, check with your loan officer -- spreading your lease over 60 or 72 months may be better for your debt-to-income (DTI) ratio
The same goes for accepting cash gifts from parents
There's a right way and a wrong way to accept a cash gift for a purchase and if you do it the "wrong way", your lender may disallow the gift and deny the loan.
These are just 8 of the behaviors which could sabotage your loan. There are more, of course, and your lender will help you identify them. 
Thanks to Dan Green for some great content.
http://themortgagereports.com/255/how-to-unapprove-your-mortgage-approval-in-process?utm_source=The+Mortgage+Reports&utm_campaign=3d0dd0b1cd-RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_4a17d7e3db-3d0dd0b1cd-101801938


Wednesday, April 8, 2015

Village Bank Mortgage Update - 2015 Spring Buying Season - Jamie Lee Chafin

Compared to 2014, the 2015 spring home buying season is off to a great start. The number of purchase loan applications are up at Village Bank Mortgage in Richmond and headquartered in Midlothian, Va.

Low rates and pent up demand are several of the leading factors in the increased business. What is needed most in the Richmond area is more inventory of homes to sell. Currently there is an extreme shortage of home on the market. This is especially true of homes that are priced $ 250,000 and under.

Now is the time to put your home on the market if you are remotely thinking about selling. If you need help finding a great real estate agent, just let me know. I choose to work with only the best.


Tuesday, March 3, 2015

Suze Orman and Her Passion - Very Similar to My Experience - Jamie Lee Chafin - Village Bank Mortgage


This is a great video from Suze Orman about her passion for what she does.

I never new this about her until I watched it. She has some great comments and pointers about student loans and is not afraid to answer the question, "Is college the best thing for everyone?"







Friday, February 27, 2015

FHFA House Price Index Rises for 14th Consecutive Quarter

FHFA House Price Index Rises for 14th Consecutive QuarterAccording to the Federal Housing Finance Agency (FHFA), U.S. home prices rose by 1.40 percent for the fourth quarter of 2014 and were up by 0.80 percent month-to-month from November. The seasonally adjusted FHFA House Price Index measures purchase transactions for homes connected with mortgages owned by Fannie Mae and Freddie Mac.

FHFA also reported that home prices rose 4.9 percent year-over –year from the fourth quarter of 2013 to the fourth quarter of 2014. FHFA Chief Economist Andrew Leventis described the report for the last quarter of 2014 as "relatively strong" and also cited low inventories of available homes and improving labor markets as contributing to home price growth.

FHFA House Price Index Identifies Significant Trends

FHFA's expanded house price data, which adds data from county records and the Federal Housing Administration, to the FHFA House Price Index, indicated that home prices grew by 1.30 percent in the fourth quarter; year-over-year home prices grew by 6.0 percent according to FHFA's expanded house price data report.

According to purchase-only indexes for the 100 most populated metro areas, the San Francisco-Redwood City-south San Francisco, California metro area posted the highest rate of year-over-year home price gains at six percent for the fourth quarter of 2015. The lowest reading was for the El Paso, Texas, which posted a loss of 6.60 percent in the fourth quarter.

The mountain division of the nine U.S. Census divisions posted the highest annual home price growth at 5.50 percent and 1.40 percent in the fourth quarter. House price appreciation was weakest in the New England Division, where home prices fell by0.03 percent.

FHFA also reported that its "distress free" home price indexes which the agency publishes for 12 metro areas have shown less price appreciation than the FHFA purchase only Home Price Index. Distress-free means that foreclosed homes and short sales were not included in these index readings.

FHFA has expanded its home price reports with a set of reports based on three-digit zip codes. Sorting house price data by the first three digits of a zip code provides more specific data for regional home price trends; mortgage and real estate pros can find house price data for specific neighborhoods and communities. FHFA described its three-digit zip code reports as "experimental" at present.

 

Thursday, February 26, 2015

3 Easy Ways to Put Aside a Bit of Extra Cash So You Can Pay off Your Mortgage Faster

3 Easy Ways to Put Aside a Bit of Extra Cash So You Can Pay off Your Mortgage Faster If your personal budget is similar to many other people's budgets, your home mortgage payment is by far the largest expense that you pay for each month. In fact, this payment may easily account for 20 or 25 percent or more of your take-home income. Understandably, you may be focused on trying to pay this expense off early. By focusing on this payment, you can build equity and may be able to achieve financial security more quickly. You simply have to find a way to put aside a bit of extra cash regularly so that you can make extra payments, and there are few easy ways that you can consider.

Use Your Tax Refund

First, if you are one of the many taxpayers who receives a refund each year, consider setting aside some or all of this refund to reduce your outstanding mortgage balance. Some taxpayers may have such a sizable refund that it can account for two or more mortgage payments each year. However, even a few hundred dollars extra put toward your principal balance will save you a considerable amount of money in interest charges over time and will have a wonderful effect on your balance.

Earmark Your Annual Bonus

If you are lucky enough to receive an annual bonus each year, you may consider using this to pay down your principal balance. While you may usually spend this money on extra holiday gifts or just add it to your spending cash, you can benefit more substantially when you contribute it to your effort to pay down your mortgage.

Use An Automated Draft To Create a Fund

Another great idea that will work well for all individuals is to create an automated draft from your checking account each month. You may set aside the funds in a special account, and you can make an extra mortgage payment from this account periodically. Another idea is to set up auto payments for your mortgage that are higher than the amount due. For example, you may establish auto payments that are $50 or $100 more than your scheduled payments.

Paying off your mortgage earlier can be a life changing event for you. Simply imagine how different your life would be if you were not responsible for this payment each month. The fact is that this could be your reality sooner than you think if you follow these tips. For the best results, apply two or even all three tips to your efforts.