Working with a Local Lender vs. Non-Local

Have you seen tons of ads online and on TV about mortgage rates and how low they are? Telling you that you can't get lower rates like that anywhere else? Yes, if you've been recently looking at houses it seems that these advertisements are everywhere and for good reason. Rates are not the lowest but they are pretty low compared to just a few years ago. The crazy thing is that the rates are mantaining even though the housing market seems to be booming.

The way to go might seem to use the "online tools" advertised or just do it with whichever bank you already have, it's so easy right?! Wrong. Getting a mortgage is not an easy process, at least not when you do it alone which is what it will feel like when don't work with a local agent. Having a real life person can make all the difference, especially when it is a local lender!

Options
Buying online should give you more options right? This is a big misconception mainly because there are some loans available to your state in particular that an online bank may not have access to or may not be very well versed in. It's impossible for an online representative to know every product available in every state and even if they are well educated in the subject, it's still impossible for them to know the ins and outs of every product. Being local gives us an advantage because of the products exclusive to your area and our experience dealing with them.

Flexibility
Don't qualify right away or need a little leeway with your mortgage? A local agent typically can be more forgiving and flexible on what we can offer based on your situation, in some cases even make exceptions. Big banks aren't really allowed to do this because they have strict guidelines to follow and even though we have guidelines too, it's easy for us to talk to our managers and get creative on how to help our clients. Our goals is to get you in your dream home!

We know the area
When you buy a mortgage online or even with the bank you usually do business with, it's not local therefore they don't have a full understanding of your needs. Knowing the area also helps because we can make sure you are getting a good deal and evaluation of the property. We'll know how much you'll need for the type of property you're looking to buy based on our extended knowledge of the area and prior loans.

Accessibility
When you use a big bank or an online option, you don't always get the same person on the phone or via email. Even if you do, they may not remember you because they work in such high volumes. Local lenders make it their priority to be a part of the process and keep you in the loop, we can even meet with you if you have questions! You can't this level of services when you don't shop local.

So when you're looking to buy, the first thing to do is shop for a mortgage with a local agent! Ask for references and check their presence online, make sure that they are good because this can make an experience that may seem complicated and intimidating into a pleasant one!

Golfing for a good cause: Special Olympics VA

I believe in giving back to the community and as my personal business grows, I want to make sure I am doing so. The Special Olympics is a great cause that I encourage people to get familiar with. We live in a very sport centered culture and I believe that everyone should be able to participate, the Special Olympics allows just that. We're not all the same and it is incredible to see an organization dedicated to embracing physical diversity.

This year, I decided to do a small part in making their Golfing Tournament a possibility. First Home Mortgage and myself are sponsoring one of the golf holes at this year's Golfing Tournament. I encourage friends and colleagues to register to play or support this cause by also becoming a hole sponsor. We all know someone with a disability and it is important to show them our support, no matter how big or small.

I hope to see some of you out there and if you're curious on how to get involved, click here to visit and get more tournament information or click here to learn more about the Special Olympics in VA.

Learn about VHDA

So if you're new to the home buying process, looking into a VHDA loan may not be a bad idea! We have many different products that we offer here at First Home Mortgage and this is just one of them. If you have any questions at all about how to apply, please give me a call and i'll make sure to take great care of you! 

Find out more infomation about VHDA by visiting their site by clicking here

Had a great talk about Financing!

Even though there was so many people without power yesterday, we had a pretty good turn out at the Salisbury Country Club for our Class "Top Financing Questions Every Realtor Needs to Know". This gave our Realtors 2 CE Credits.

We work very closely with our Realtors to make sure that they know how to answer financing questions when their clients ask. And yes, we don't expect them to know all the answers but that's why we offer these free classes for Realtors so they can have SOME answers.

Buying a home can be a scary process and talking about finances can be very personal for a lot, but in today's market it's more important than ever to have these conversations with our clients early on.

The most important thing to take away from our class is that even though rates remain low and the Real Estate Market remains healthy, we've seen a steady incline in rates, so if you've been thinking of buying, now is the best time to do so!

If you're too scared to ask, make sure that they contact us so we can clear up any questions that they may have, that's what we're here for!

Get Pre-Approved, or Risk Losing!

So last week I sat through a presentation from Laura Lafayette, CEO of the Richmond Association of REALTORS which talked about the trends happening in Richmond and how we are growing as a city. Home purchases are up in general which is fantastic! It's really great news, but it's a little scary for potential home buyers because about 99% of asking price is being met.

What does that mean for our buyers? When you look for a home, you need to have your pre-approval letter! Why? If you happen to look at a house that you fall in love with, you have to be able to put in an offer right away. Even though our approval process is fairly quick, we can't really stop someone from putting in an offer before you if they are pre-approved.

This keeps happening to our buyers and we hate having to give them the bad news on their home being sold because they didn't talk to a mortgage lender first. Laura shared with us that rates may go up this year, which means that more buyers will try to buy homes before they go up. It's more competition to our buyers so preparation is key.

So what happens in the pre-approval process? We get some basic information from you, like driver's license, copy of W2's, etc. We figure out your debt to income ratio and know about how much home you can afford. Why is this important? Getting your finances straight is a crucial part of the approval process, we need to know that your current lifestyle won't suffer with a mortgage payment even though a lot of the times we can lower your current monthly expenses.

Speak to a mortgage professional, we know it can be intimidating but it doesn't have to be. Even if you find out that you're not ready to buy now, we can make sure that we get you in the right path so you can in the near future!

I'll leave you with one closing note, if you're even thinking of looking at houses, please don't get your hopes up by going around and looking at them without a pre-approval letter. You'll end up finding something that you really love just to find out someone was better prepared than you and they'll snatch it up from under you!

No Matter The Loan, Big or Small, We Can Make Our Customers Homeowners

I want to take a moment to talk about one of my clients Zach, who was looking to buy a new home in the Richmond Area. Zach works in non-profit meaning that he works for a good cause but doesn't have a lot of disposable income. Having a restricted budget it was my job to figure out how to get him in a home that he would be happy with and that wouldn't strain him too much financially. 

Even though he didn't have a large budget, he also wanted to buy something that was move in ready and that didn't need a lot of renovations - with the help of Kristina Davis Denzler from Clocktower Realty, we are able to find something that checked off all of Zach's needs and wants. 

His monthly payment is something that he can easily handle, just under $1,000 a month. It's close to the city, just a few minutes away and with enough room to entertain and have people over. 

Having the RIGHT Realtor and the RIGHT Lender can really make all the difference. I want to make a difference when it comes to your Real Estate needs. If you want to find out more of what I can do for you and your family, please give me a call! Spring is just around the corner and it would be really great if can get you into a new home then! 

Member of the Richmond Mortgage Banker's Association

I have some very exciting news to share with all of you. I have become a Board Member of the Richmond Mortgage Banker's Association (RMBA). What better way to help all of my clients than by being part of this amazing group of people who directly influence the Mortgage Industry in Virginia.

So who is the RMBA? They are the people who research the Richmond Mortgage Industry and figure out what needs to be done to it. Then they communicate their findings to the Virginia Mortgage Lender's Association (VMLA), which lobbies and molds legislation so it can protect and benefit our clients' interests. The RMBA is composed of people from all over the Mortgage Industry in #RVA. My goal is always to make it as easy and painless for my clients to be home owners, and getting involved with the RMBA is just another way to make this happen. Homeownership is after all the American dream.

The RMBA also holds regular educational events geared towards loan officers, this is great for me because it provides direct access to tremendous amount of information that benefits my customers.

I am excited to be a part of this organization in 2017 and I can't wait to see what other amazing things come my way!