Mortgage

Toolkit to Help Consumers Shopping for a Mortgage “Owning a Home”

Today, as part of the CFPB’s Know Before You Owe initiative, the Bureau is releasing Owning a Home, a suite of tools to inform and empower consumers shopping for a mortgage. It takes the consumer from the very start of the home-buying process, with a guide to loan options, terminology, and costs, through to the closing table with a closing checklist.

CFPB’s report is based on results from new data in the National Survey of Mortgage Borrowers, a voluntary survey jointly conducted by the CFPB and the Federal Housing Finance Agency. The Bureau analyzed responses from consumers who took out a mortgage to buy a home in 2013. Among the key findings:

  • Almost half of consumers fail to shop around before applying: Almost half of consumers who take out a mortgage fail to shop prior to filling out an application for a mortgage. This means these consumers are seriously considering only a single lender or mortgage broker before choosing where to apply.
  • Three out of four consumers only apply with one lender or broker: While half of consumers shop around to see who advertises lower rates, fewer than one out of four borrowers actually end up submitting a loan application to more than one lender or broker. These consumers are not filling out applications with multiple lenders to see which one can offer them the best deal.
  • Most consumers get their information from lenders or brokers, who have a stake in the outcome: The survey asked recent mortgage borrowers whether they used different information sources. Respondents were asked to report whether they used each source a lot, a little, or not at all. Consumers could pick multiple categories. Among the findings: 70 percent of consumers report relying on their lender or mortgage broker a lot to get information about mortgages. While lenders and brokers can be valuable resources, they have a stake in the selling of the mortgage, so what is best for the lender or broker is not always best for the consumer.
  • Borrowers who prioritize the terms of the loan over the characteristics of the lender are more likely to shop: The survey asked borrowers whether characteristics of lenders or mortgage brokers were “very,” “somewhat,” or “not at all” important in their selection. The survey found those who listed lender characteristics as important, instead of the loan terms, are less likely to shop. Specifically, the survey found that among all borrowers – those who shopped and those who did not – 42 percent said having an established banking relationship with the lender is “very important.” Since most borrowers likely only have a few banking relationships, this likely inhibits shopping.
  • Informed consumers are twice as likely to shop: Consumers who are confident in their knowledge about the mortgage process are more likely to shop around. For instance, consumers who are confident about their knowledge of available interest rates are almost twice as likely to shop as consumers who are unfamiliar with available interest rates. The survey found that 55 percent of shoppers said they were very familiar with mortgage rates, while 30 percent of shoppers said they were not at all familiar.

 

Link to Owning a Home Toolkit:  http://www.consumerfinance.gov/owning-a-home

A great recourse for the current homebuyer.

2013 BAH Rates are Available…in Hampton Roads, Virginia

American-flags-outside-homesThe new 2013 BAH Rates are available.  In the Hampton Roads area the rates have slightly gone up.  This is great news to all military Homeowners. To check your BAH 2013 rate, visit: https://www.defensetravel.dod.mil/site/bahCalc.cfm

The rates go into effect 1 Jan 2013.  Remember, the rates are for new military families moving into an area. If your specific rate goes down, you’ll continue to receive the same amount.

Related link:

Basic Allowance for Housing (BAH) Frequently Asked Questions (FAQs)

New HAMP Enhancements Will Help Military Homeowners who are PCSing

I wanted to share this post from the Treasury Department.  I am excited about this change and the possibility it will help many Military Homeowners current in their Mortgages.  The effect date for this is June 1, 2012

In the last few weeks, Treasury and the Office of Servicemember Affairs at the CFPB have worked together to address this issue. And, as a result, Treasury is making important changes to its Home Affordable Modification Program (HAMP) that will provide more opportunities for mortgage assistance to military homeowners.

I Recently had a Short Sale In Williamsburg, VA When Can I Get a Mortgage Again?

By: Williamsburg Military Insider

The chart below is a great tool to give you a basic guide when you might qualify for a mortgage again, if you have had a Short Sale. With a conversation with Nina Efird of Suntrust bank if you had a VA Compromise Sale, the VA is requiring you to pay back the delinquency if you would like to have full eligibility.

The specific wording on the VA official site includes the following;

“…although the veteran’s debt was waived by VA, the Government still suffered a loss on the loan. The law does not permit the used portion of the veteran’s eligibility to be restored until the loss has been repaid in full.”

If a VA loan applicant is notified that a debt to the government exists, or was aware of the debt prior to applying for the loan, it’s a very good idea to contact the VA directly to work out the details of repayment before trying to apply for a new VA mortgage.

Another important fact to remember–you may still be able to take advantage of any unused VA loan eligibility. If a borrower did not use the full entitlement on the previous VA mortgage, any remaining entitlement may be allowed.

A borrower’s debt to the government for a compromise claim could be factored into the debt-to-income ratio unless the lender feels the compromise claim debt is too large compared to other financial factors. Such debt might result in the need for a down payment, or a larger down payment than usual–requirements will differ from lender to lender.

 http://www.benefits.va.gov/homeloans/faqelig.asp

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763 e-mail me at jenniferhernandez@lizmoore.com

Saluting Our Military Community in Hampton Roads….on Real Estate Market Watch Talk Radio

Listen live this Wednesday March 14, at 4pm for “Saluting our Military Community” On the Real Estate Market Watch…the Power Hour of Real Estate Talk Radio! Liz Moore the host has myself, Alan Johnson, and Jim Baldasare as guest.  We are going to chat  about how our military clients can buy a house for a dollar in Hampton Roads, a VA Mortgage and may be able to win an opportunity to sell a house for free!  You will not want to miss this!

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763 e-mail me at jenniferhernandez@lizmoore.com

Active Duty Military Short Sale Program…Great News for Hampton Roads Active Duty Military.

By: Williamsburg Military Insider

With the press release of from the White House earlier this week; there is some great news for Military Home owners who are underwater on their mortgage with PCS orders in hand. The settlement came about by the Department of Justice Reaching Agreement to Compensate Servicemembers for Wrongful Foreclosures.  If you currently have a Home Mortgage from one of these lenders Bank of America, Chase, Citi, Wells Fargo, and Ally and faced with a short sale possibility.  Under the National Mortgage Settlement working with your lender, all of the participating servicers will provide mandatory short sale agreements and deficiency waivers to certain service members who are currently ineligible for HAP.

  • JPMorgan Chase/Washington Mutual
    Chase Homeownership Center
    (866) 372-6901
  • Ally Financial-GMAC
    (800) 766-4622
  • Citibank/Citimortgage
    (866) 272-4749
  • Wells Fargo/Wachovia
    (800) 288-3212
  • HUD-Approved Housing Counselor
    (800) 569-4287

After talking with your lender and you meet the guidelines, Active Duty Service Members  who bought their homes between July 1, 2006 and December 31, 2008, or who received a PCS after October 1, 2010 you want to get with your Realtor who is knowledgeable with a Military Move.  A Military Friendly Realtor will be able to guide you through the short sale process and work with your lender in getting it accomplished.  The National Mortgage Settlement page has a lot of useful information how it directly affects Active Duty Service members.

If you live in the Hampton Roads area and have any questions on starting the short sale process please feel free to contact me.

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763 e-mail me at jenniferhernandez@lizmoore.com

Kiplinger-BBB Personal Finance Guide for Military Families.

By: Williamsburg Military Insider

The 2012 Kiplinger-BBB Financial Field Manual is out! I was very humbled to be interviewed for the section on Home-Buying Resources. The Guide helps with financial strategies, rules and resources for military families are often very different from those for civilians. The 20-page guide provides comprehensive guidance on a wide range of timely personal finance topics, including:

Special Home-Buying Resources. Military families, who tend to move frequently and sometimes with little notice, have been hit particularly hard by the housing downturn. But they also have access to special mortgage programs and tax breaks. The guide addresses these valuable resources and some key investing decisions to protect them from housing troubles that can jeopardize their financial situation.

Investing for the Future. Members of the military have access to special investing plans that can help them save for the future, but they’re also frequent targets of scam artists and identity thieves. The guide shows them how to make the most of their special savings plans, make smart investing decisions, and avoid the new generation of scams

Protecting Investments and Family. Military families have some unique risks–especially when they’re deployed–but they also have access to special programs to help them protect their savings and their families. The booklet guides them on how to make the most of these resources in areas such as insurance, estate planning, and new tax rules.

Protecting Investments When Leaving the Military. Service men and women need to make some key investing decisions after leaving the military. The booklet provides guidance to help ensure that the savings they have built throughout their service lasts through retirement – which is particularly timely as they enter a challenging civilian job market.

Special Benefits for Military Families. Members of the military have special legal rights and access to other valuable benefits, such as a GI bill that can help service members, their spouses and their children pay for college. The guide shows them how to make the most of those benefits to help protect their savings.

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763 e-mail me at jenniferhernandez@lizmoore.com

Hampton Roads…What do you think about the National Mortgage Settlement?

By: Williamsburg Military Insider

State and federal officials this morning announced a $26 billion settlement with five major U.S. banks regarding their shameless treatment of distressed homeowners and borrowers in foreclosure. This should make life easier for people currently in the pipeline or who face default down the road.   You can read all about the settlement at http://www.nationalmortgagesettlement.com/

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763 e-mail me at jenniferhernandez@lizmoore.com

 

The White House Announced a Plan to Help Underwater Homeowners Refinance on Their Mortgages; Do You Think This Will Help Active Duty in Hampton Roads?

By: Williamsburg Military Insider

The president announced his “Plan to Help Responsible Homeowners and Heal the Housing Market” initiative saying it would “give every responsible homeowner in America the chance to save about $3,000 a year on their mortgage by refinancing at historically low rates.” Basically a plan yesterday to help underwater homeowners refinance their mortgages — which they can’t do currently — and take advantage of historically low-interest rates. The $5-10 billion plan would be paid for by a fee levied on large banks. What do you think? Should the government be helping underwater borrowers? Would you utilize this program in order to get your head above water? Curious to hear your thoughts and reactions.

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763 e-mail me at jenniferhernandez@lizmoore.com

The Time is now to Purchase a Home in Williamsburg, VA!

By:  Williamsburg Military Insider

Although in the past 12 months real estate inventory levels in Williamsburg have begun to shrink somewhat slightly, historically we still have an excellent selection. The best time to purchase your home is now, while the Williamsburg market provides the best combination of price and selection.

One of the most attractive benefits of purchasing a home today is the above average number of choices available.

If you are buying a new car, computer, lap top, refrigerator or any other consumer good, you can delay the purchase while looking for a lower price. Whether you are right or wrong about the future price of an item, you are still able to purchase that same item later. A home purchase is unlike any other acquisition a family can make. Homes are very personal. Your home is where your family lives. Different upgrades, the location, lot shape and size, orientation on the lot, and a host of other details are unique to the locale.

When more choices are available, you have a much better chance of finding the right home with more of the features you really want at an excellent price. As real estate prices rise again, buyer demand causes home inventory levels to drop. This makes it very difficult to find a home with the features you desire. Do not be left out of the booming home market. Check out the Williamsburg Listings today!

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763  or e-mail me at jenniferhernandez@lizmoore.com