Everyone Has Credit Cards...
but does your spouse know which ones you have?
So, one day I was conducting business as usual. Reviewing credit reports and evaluating income and setting up appointments to meet with people.
My next appointment arrived and the meeting started just fine. We exchanged information and talked about some numbers and the money. As I always do, we started reviewing their credit report. Well take a look at this video to see the balance of the story. ( I apologize for the grainy video....not sure what caused that.)
Enjoy!
Jamie Lee ChafinVillage Bank Mortgage804-897-1000http://www.villagebankmortgage.nethttp://www.facebook.com/villagebankmortgage.jamieleechafinRichmond, Va. Mortgage Information
I will be than happy to provide you additional information. I have a free report I will gladly send you. It goes over all of the details.
Please feel free to call me at 804-897-1000 or email me at jamie@villagebankmortgage.net
Jamie Lee Chafin, Village Bank Mortgage, Richmond,Va.
Happy New Year!
My topic today is in regards to selecting the "right" Richmond, Va. real estate agent. How do you go about choosing the right one?
I am a true veteran in the business of real estate. Please notice I said the "business" of Richmond real estate. After all, it truly is a professional business. The problem of late is that most agents in this city do not conduct themselves in a business like manner. They have fallen behind in keeping up with current marketing trends and general knowledge about how to sell real estate in today's world.
What worked 5 years ago, no longer applies. Heck, what worked 5 weeks ago, no longer applies. The business of real estate changes almost daily.
The old idea of just picking up the phone and calling your local agent no longer works. As a matter of fact, that is the last thing you should do!
Should you choose one because you got a name from your aunt who used one 5 years ago... and they did a good job. NO!
Should you choose one because someone at work gave you the name of a "good agent"? NO!
You need to rely on different techniques these days. You should start by calling other professionals in related industries such as: Real Estate attorneys and mortgage loan professionals.
Why you might ask? Well here's the reason why. Most loan professionals and attorneys will NOT work with the agents who just don't have a clue how to get things done.
These professional's choose to work with the best agents! Those agents that have demonstrated a keen sense of understanding of our industry and a willingness to help...not just hang around to collect their commission check and cause problems along the way.
It is amazing to me that soon as a contract is written, most agents now focus on their commission. Somehow, they forget about their clients totally, and what is in their clients best interest. Commission is of the essence as soon as the ink is dry on the contract.
As all of you know, the way real estate is bought and sold these has changed... a great deal. The way you choose an agent has also changed. It simply is not what it use to be.
If you would like a list of very professional agents to work with, simply pick up the phone and call me at 804-897-1000. I will be more than happy to provide you the list....free of charge and no obligations. You will be glad you did....I promise you that.
Jamie Lee Chafin, www.villagebankmortgage.net , Village Bank Mortgage, Richmond, Va.
Founder of The Home Buyer University of Richmond.
!Great News for our Veterans and Active Duty!
The required V.A. Funding Fee is being reduced effective October 1, 2011. The charts below show you the difference between the old and the new. What this means is that overall mortgage payments will be coming down for the Veterans and Active who choose to use their well deserved benefits.
These reductions are applicable to all V.A. loans closed after October 1,2011 in the Richmond,Va. area. In fact, regardless of when the loan application was taken, if your loan is closing after the new date, then the new funding fees apply!
Take a look at the charts below. As always, if you have any questions or need some advice, do not hesitate to call Jamie Lee Chafin, Village Bank Mortgage, 804-897-1000. I love helping Vets and Active Duty with their home loan needs!
First Time Users:
Subsequent or Repeat Users
It never hurts to talk! Pick up the phone and call now! Jamie Lee Chafin, Village Bank Mortgage, Richmond, Va., 804-897-1000
The New USDA/Rural Housing Guidelines for the Greater Richmond and Surrounding Areas.
USDA? What the heck is that?
You may not have heard about this great loan program for Richmond area properties. It is one of the few true 100% financing programs available in today's time.
These U.S.D.A loans are also known as "Rural Housing Loans." As this name implies, this loan is specifically designed to finance properties in rural type areas. With that said, I like to call this loan "geographic specific." One of the first things that needs to be done in considering this program is to determine if the property you are interested in is defined, by USDA, as a rural property.
Assuming your property meets that test, we move on to other aspects of qualifying.
Obviously, this great program is based on your income and your credit rating. A credit score of 640 is generally considered to be the minimum, however, scores as low as 620 will be allowed with compensating factors. USDA loans are income specific as well. What that means is that your family household income cannot exceed current limits. Please notice I said household income. This is different than borrower income.
Let's say for example you would like to borrow $ 100,000 for a home priced at $ 100,000. You would financing 100% of the purchase price. (No money Down)
The payment would be based on market interest rates on any given day. Additionally, USDA charges a reservation fee. This is also known as an upfront mortgage insurance premium that can be financed along with your new loan. The new upfront fee has been reduced from 3.15 % to 2% effective October 1, 2011. Another new aspect of the USDA loan is the fact that effective October 1, 2011, a monthly mortgage insurance premium will now be charged as well.
So here's what you get on that $100,000 purchase price/loan amount I mentioned. Let's say the rate is 4.5% 30 yr fixed.
Amount Financed as a Base Amount = 100,000Add the new upfront fee= 100,000/.98 - 100,000 = 2040.82 New Total Loan amount = $ 102,040.82
Payment at 4.5% would be = $ 517.03
Add to that the new monthly mtg. insurance payment.100,000 (.30%)/12 = $25 per month.
Total Payment = $ 542.03 (P/I only)
The above may sound a little confusing. If you are planning to buy a new home soon, I would recommend that we set up a time to meet or you may simply call me. "The most important aspect of buying a home is for you to know your options and understand the money."
Jamie Lee ChafinVillage Bank Mortgage Richmond,Va.
804-897-1000http://www.villagebankmortgage.net
Ben Franklin was obviously a very wise man. I like to visit web pages that provide quotes from some of our great leaders of the past.
I ran across a quote from Ben Franklin the other day that I was not aware of. It goes like this.... "An investment in knowledge pays the best interest."
Everyday I get a call from someone looking for a new home loan or inquiring about a refinance. The first question they pose to me is what are your rates? Not trying to sound like a smart alec, I reply... Do you want the lowest rate possible.... or do want want the best rate that is best suited for your financial needs at this point in time?
There is always a pause on the other end of the phone.
Gaining knowledge about the subject of home loans and real estate transactions is one of the best gifts I can give someone. It is my pleasure to provide such knowledge to anyone who is ready to spend time to become more educated about the entire process.... "from soup to nuts."
Every week I meet with good folks who want to gain more knowledge. In my world, I invite them to what I call the "Home Buying and Home Loan Education Session." It takes about 2 hours of my time and obviously theirs. No strings attached.... no sales pitch... no obligation. It is my way of giving back to people who simply want more knowledge.
If you or someone you know would like to attend.... it is very simple to do. Just give Jamie Lee Chafin at Village Bank Mortgage a call or send me an email and we will set a time for the education session. I truly believe it will save you thousands of dollars...... and it will cost you nothing but your time.
When we speak... just let me know that Ben sent you!
VA Appraisers
99.5% of the time, I have no issues with the appraisers who currently are allowed and sanctioned by the VA to do residential appraisals. Historically, they get a bad rap for a number of reasons.... but, for the most part I am totally satisfied with them and their performance.
Recently, I had a very bad experience with a VA appraiser who demonstrated a basic level of disrespect.
The story goes like this.
When a VA appraisal is ordered through the proper procedures, then the assigned appraiser has service level agreement with the VA. This agreement is pretty simple. They must turn in the appraisal within 14 days of assignment. Sounds pretty simple.
What happens when this does not occur on time? The entire process of approving loans and closing on time is jeopardized. The very nature of a VA loan is the fact that all parties involved are working for and to the benefit of our Veterans and Active Duty personnel. The timing is critical to deliver the loan approval and be ready to close as agreed upon by all parties.
When there is a weak link in the chain of approval, such as the appraiser not turning the report on time, then it creates a huge level of anxiety on everyone's part. The fact of the matter is simply one of disrespect.
It's not about the lender, the seller, the real estate agent's involved in the transaction. It's about the Veteran or the Active Duty personnel who is depending on delivery of the loan as agreed to.
The proper procedures have been followed with the VA to report this particular appraiser as to his performance or lack there of. Maybe, just maybe, he will have more respect for his role, and realize the trickle down effect of his actions.
Well, it is over....
It has been awhile since the real estate business has been without a helping hand from Uncle Sam. Of course what I am referring to is the sunset of the Federal Tax Credit for 1st time home buyers... and most recently, the move up buyer. It was officially over yesterday, April 30, 2010.
Was it a success? Well, from my perspective, I believe it was. I counseled many FTHB's (First Time Home Buyers) during the last several months and many of them were not even aware of the Tax Credit existence. It was considered a bonus to purchasing a home. Interesting enough, my message to these folks during my strategy session with them was not to buy soley based on the receipt of the tax credit.
Buying a home is obviously one of the biggest purchases anyone will ever make. It is a very serious event and the most important thing for home buyer to understand is the financial responsibility that comes along with it.
That brings me to another point and observation after many years in the real estate and loan origination business in the Richmond, Virginia area. It has always been the accepted norm that a homebuyer contact a real estate agent first when they decide they want to become a homeowner or decide to sell their current home and move up to another.
Is that really the correct way to approach a major purchase? Doesn't it make sense to meet with a home loan professional first and truly determine what the best plan of action is from a financial point of view before you even set foot in a home for sale? I believe it is.
You would not believe the number of times I get a call from an individual who has gone out with a real estate agent and legally obigated themselves to purchase a home without even knowing what their payment will be... much less knowing what is involved in the entire process. Oh sure, they have gotten some ideas from their agent as to what the payment might be. But, is that really the correct way to enter into this major purchase. I don't think so.
At Village Bank Mortgage, my role is to educate the consumer before they enter into a legally binding contract with legal consequences within the 4 corners of each page of the contract.
Education is the key to a successful purchase or sale. The more you know up front BEFORE you start shopping for a home the better off you will be.... I guarantee you will be in a better position.
You will have plenty of time to choose the right real estate agent when you know the facts about the entire process. Most importantly.... you will be financially confident in your decision to purchase.
If you have taken the time to explore this website, you probably have noticed that Jamie Lee Chafin, a lifelong Richmond, Virginia native and a proud associate and manager at Village Bank Mortgage, takes his job very seriously. After having been an agent for many years and now being on the money side of a real estate transaction for over 14 years, my message to you is simple. Know all aspects of the home loan first and get the facts about the process first... then go find an agent. You will save thousands of dollars by doing it this way and have confidence along the way. It just makes sense.
Jamie Lee Chafin
Village Bank Mortgage, Richmond, Virginia, 804.897.1000
Sunset on the the Tax Credit
As all of us in the the Richmond, Va. area have thoughts of spring and longer days with plenty of sunshine, their is one sunset that is quickly approaching.
The federal tax credit for first time homebuyers and also move up buyers is coming to an end. The official cut-off for totally ratified contracts is April 31, 2010 with your closing taking place by June 30, 2010. To date, it has been surprisingly lackluster as to the amount of activity in the Richmond market. Certainly, the last part of January and almost the entire month of February being snow bound has had an impact on all of us in Virginia.
With the weather being somewhat bleak, a trip to Florida was just what the doctor ordered. I flew down to the Keys and spent 4 days in and around Key West. What a fine time! It had been over 20 years since my last visit, and how things had changed...but, also remained the same. The most shocking to me was the presence of the cruise ships being in port in Key West! The number of tourists was incredible! They were all there with seemingly the same intent as me.... relaxation and a possible recharging of the batteries. After finding what I believed to be a local place, the Schooner Wharf, the relaxation concept kicked in and I got into the little latitudes attitude!
Village Bank Mortgage and Village Bank are still bringing in great results for me and all of my customers. In April, we will begin the Federal Home Loan Bank Grant program. This program offers up to a $ 10,000 dollar matching grant for first time home buyers. WOW! Needless to say, what monies are allocated to us are absorbed quickly by folks who meet all the applicable eligibility characteristics of this great program. In order to see if you meet the requirements, it would be wise to contact me as soon as possible. The grant money goes fast!
Lastly, my branch is up and running. You can find me in Brandermill out in Midlothian! The easiest way to contact me is by dialing 804.897.1000!
Until next time, be safe and as always, I am here to be of service to you!
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