What are you thinking of doing with your refund?  If you've been considering buying a home, now may be the time!  Lenders are strict about where funds for down payments and closing costs can come from, but a tax refund is absolutely an acceptable source. 

With programs like Rural Development, FHA and VA, you may qualify to buy with little to no money down, and couple that with amazing rates, it's a winning combination!

If you already own a home, a great way to decrease the years you will have your loan is to make an extra principle payment with your tax refund monies.  Did you know that making one extra payment a year can potentially reduce a 30 year mortgage to 22 years!

Give me a call for more great ideas and to discuss how you can turn your refund into a home today!  802-238-1704.

1. Reinstatement: Your lender may agree to let you pay the total amount you are behind, in a lump sum payment, by a specific date. This is often combined with forbearance when you can show that funds from a bonus, tax refund, or other source will become available at a specific time in the future. Be aware that there may be late fees and other costs associated with a reinstatement plan.
2. Forbearance: Your lender may offer a temporary reduction or suspension of your mortgage payments while you get back on your feet. Forbearance is often combined with reinstatement or a repayment plan to pay off the missed or reduced payments.
3. Repayment Plan: This is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent.
4. Loan modification: This is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make the payments more affordable.  

Depending on your circumstances it may not be possible to keep your home. But there are still options available to you to prevent foreclosure:

1. Short Sale: where you sell your home for less than you owe, and where your lender may accept the lesser amount as repayment of the loan.
2. Deed-in-lieu of foreclosure: Your lender may accept the voluntary transfer of the title of your home back to them in exchange for cancellation of your mortgage debt. This approach may have tax implications for you, and it may not be possible if there are other liens against your home.
3. Assumption: This option permits a qualified buyer to take over your mortgage debt and the mortgage payments, even if the mortgage was originally non-assumable.

Be aware that some workout options affect your credit rating more than others. Foreclosures, short sales and deeds-in-lieu of foreclosure are considered "not paid as agreed" and may have serious negative impact on your credit score.

One thing that we have led the industry in is our on-line presence, and offering of tools that are available when our clients need them.  I work with people from all over the world; just because I am sleeping at 2am does not mean that they are!

Answers for existing mortgage clients 24 hours a day!  Now that sets us apart!

Did you know that as a service to your clients we offer MortgageQuestions.com to assist with any and all servicing questions after closing? The site is available 24 hours per day, 7 days a week.  Once you close on your mortgage, you are set up in our servicing center and have the ability to manage your mortgage online.

A simple one-time registration process will provide you a user name and password, and you can then access your account information from home, work or any place with online access.   Through MortgageQuestions.com, you have real-time access to review details such as your escrow account without ever having to speak with a customer service representative.  However, the push of a button allows you to talk online with a company representative, through a secure online chat room.   For those not wanting to talk online we still offer access to a  live person, through phone or email, of course. 

MortgageQuestions.com also allows you to:

• View current payment and transaction history.
• Shows you information on how to remove PMI.
• The address where they send their payment.
• Set up your mortgage to be drafted monthly from the site.
• View end of year tax statements without waiting for them to come in the mail.
• Loan payoff information can also be requested. 

MortgageQuestions.com is just one way we set ourselves apart!

You can close faster and save money with HomePath financing, backed by years of experience and our guaranteed same-day loan decision. 

We are a national retail mortgage lender with an established reputation in real estate owned (REO) property financing.  If you are considering buying a Fannie Mae REO home that is eligible for HomePath financing, contact me.  

Here are some great benefits to the program: 

1. As little as 3% down and no appraisal needed – making it easier to close faster.  Most closings take place in less than four weeks.
2. Up to 97% financing – with no mortgage insurance and "as-is" properties are ok!
3. As usual, no prepayment penalties are attached on any of our products.

So whether you are looking for that affordable home or you are looking for financing, call me.

Our policy is to give you a pre-approval decision on the same day you call, guaranteed – or we’ll pay you $250.  Our pre-approval is the most reliable, because we tell clients up-front exactly what you need to do to get to closing.

You can trust me to save you time and money while giving you the best possible financing for your home!

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Personally, I think the value of hiring a professional to help you with your home search, and/or your home purchase cannot be measured.  Every profession is just that – a specialty that only those involved in it will know the full detail of. 

Do yourself a favor, call your Realtor today, or call me for a referral to a highly qualified agent.  Use their expertise to find just the right property for you!

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If rates go up, you win.  If rates go down, you win.

You can’t predict where rates will be once you've found a home.  Ask for Pre-Purchase Rate Protection, and you won’t have to!  When you get pre-approved for a mortgage on a new home, the actual interest rate on the loan cannot be determined until you find a property. With market fluctuations, a lot can happen to rates between the time you're pre-approved and the time you lock your interest rate. If interest rates go up enough, it can even keep some people from getting the home they want. 

We give every customer the opportunity to enroll in Pre-Purchase Rate Protection (PPRP) as soon as you receive a mortgage preapproval from us.  PPRP is a service that safeguards your interest rate against market fluctuations. 

When you sign up for PPRP we’ll cap your interest rate according to where rates are at that time.  No matter how high rates go, you won’t pay more than the capped rate.  If rates go down, you have the option to utilize a one-time float down  and lock in at even a lower rate prior to closing!

Think about this… If interest rates would increase over the next 60 days while you are shopping for a home, will you be covered?  If you aren’t in PPRP your buying power, or ability to buy entirely, could be negatively impacted.  PPRP gives you the security of today’s low interest rates, protection from rising interest rates, and the ability to lock into a lower rate if rates should come down. 

You know that Occupying Wall Street doesn’t make you a stock broker.

You use a Mayan calendar that ends on December 21st.

You have a list of 15 phone numbers to reach your family of three.

You text message the person who works at the desk next to yours.

Your reason for not staying in touch with friends and family is that they’re not
on Facebook.

You remember when Apple and Blackberry were just fruits.

Your body aches not from exercising but from playing on a Wii.

The birds in your life are Angry Birds.

You have an App for that.

Your phone serves as a navigation system, flashlight, mirror and gaming system and secondarily as a telephone.

You have more computers in your house than you have people.

You have more store discount cards on your keychain than you have keys.

Leaving the house without your cell phone, which you didn't have the first 20
or 30 (or 60) years of your life, is now a cause for panic.

Ordering a cup a coffee uses words like Venti, Soy, Iced, Half Caf, Whip & Drizzle, Latte, and Frappuccino but never includes the word coffee.

In this age of high definition 3-D TVs, smart phones, 4G, social networking  and information overload it’s nice to know that your mortgage company is still catering to you in the way that most suits your needs!

We can speak or meet the old-fashioned way, or, if you prefer a more high- tech experience, you may apply online 24-hours a day and then leverage our I-Phone App.  

Rates are great, now is the perfect time to purchase or refinance! 

Happy New Year !

The third C is for Capital. A lender is going to be making a large, long-term investment, and, as such, is going to be asking the borrower to share in that investment. The lender is looking to determine that the borrower has sufficient funds to cover the borrower’s down payment, settlement costs, and cash reserves. The minimum investment will depend on the program.  While several program options exist that offer small or no down payment, any investment the borrower is making must be documented.

These funds can come from:

1. Bank Accounts, Net Equity in Their Current Home, Stocks and Bonds, Company Retirement / Savings Plans, Cash Value of Life Insurance, Collateralized Loans,
2. Gifts – We will need to see the transfer of the funds. 
3. Qualified down payment assistance programs.

 Potential pitfalls:

1. Savings/Checking – automated underwriting can’t see major increases, overdrafts or NSF’s, or missing pages of statements.   Therefore the  upfront approval won’t condition for explanations on these items.  It’s not until an actual underwriter reviews the file that it will be questioned.
2. Pensions/Retirement plans- accessibility of funds. Pension funds such as The Public Employees' Retirement System are not considered liquid assets and cannot be used. 
3. Sale of personal property like a vehicle.  We will need a bill of sale and proof of transfer.  If the buyer is a related party we also need proof that the buyer has switched the insurance into their name.
4. Cash on hand can’t be documented and therefore can’t be used.
5. When using funds from a business account we will need a letter from an accountant verifying that the customer has access to these funds and that depleting the funds won’t cause an adverse affect on the business.
6. Savings/Checking – All large deposits will need to be explained.  When providing bank statements, provide all pages.  If the buyer is going to go to the bank to get a bank print out, all pages need to be stamped by the bank representative.  If they are printing from an online website, the address of the website needs to show that it was printed from a secure site.

This may all sound like a lot to remember, but your Loan Officer will discuss with you your personal situation and needs, and advise you step-by-step as to how to ensure there are no surprises!

Call or email me to talk about your needs today!