Tuesday, August 11, 2015

Jamie Lee Chafin Village Bank Mortgage - Do you have collections on your report? Here's something that might surprise you.

Many consumers think that paying off collections will help increase their credit scores. In reality paying off collections will almost always decrease the credit scores because of the negative rating that is attached to most collection items combined with updating the Date of Last Activity makes it appear to the credit scoring algorithm that a new collection has been added to the credit report.

Thanks to my friend Sam Parker for this video. 

Wednesday, July 29, 2015

Village Bank Mortgage - How To Get a Pain Free Mortgage and Close on Time.™

The entire mortgage process is about to change again. With the new T.R.I.D rules coming into play and also many loan programs changing including F.H.A, the likelihood of you closing on time has just gotten worse.
Of course, the good news is that with some guidance you can achieve your desired result. It does take some planning on your part.
If you have decided that  now is your time to buy, my first suggestion is to call to discuss your mortgage options before you choose an agent or think about looking at homes. If done correctly, I can assure you that you will close on time and within your budget with no surprises.
Jamie Lee Chafin - Village Bank Mortgage -
How To Get a Pain Free Mortgage and Close on Time. ™

Thursday, April 16, 2015

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


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.

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.