Author: Cierra Taylor

VA Loans 101:

There are many benefits to a VA loan. One of the greatest benefits is the option for no-down-payment when making a purchase. Borrowers have the option to finance 100% of the purchase versus traditionally putting down 20%. This is great news for service members and vets, as they don’t have to spend years saving for their down payment. With no or a smaller down payment, borrowers typically have to pay for mortgage insurance due to the loan being high risk. VA Loans do not require mortgage insurance on top of not requiring a down payment. Fees and costs are limited by the VA, saving borrowers even more money. Additionally, VA loans have more forgiving credit requirements and income requirements are lenient. There are many different VA loan programs. The perfect fit is out there depending on one’s needs and goals. It’s also easier to qualify for a VA Loan than a traditional loan with fewer hoops to jump through. You served us, now let us serve you! Contact our team and we can get started. 

 

 

 

Filed under: Blog

Mortgages Loans For Self-Employed

It is common for self-employed borrowers to be denied income-based loans. The solution? Asset-based programs! 

Although income-based programs are common, that doesn’t mean it’s the right fit for everyone. It is very common for those who are self-employed to write off large portions of business expenses, affecting income. In turn, some may find it difficult to qualify for these programs. These are the borrowers that make ideal candidates for asset-based programs. Assets can include, more obviously, property and funds,  but also includes 401ks, IRAs,  Annuities, and more. Asset-based loan programs solve the aged issue of the self-employed being denied a loan based on income even though they are ideal candidates. Credit scores can also present issues for self-employed borrowers, which is why our largest and most utilized lender lowered their credit score minimum for self-employed borrowers from 780 to 700. This is great news for all those self-employed borrowers who were denied a mortgage loan based on their credit. Due to the new minimum, we have an increasing amount of self-employed borrowers coming to us for a mortgage loan with more approvals than ever before. 

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REFERRAL PROGRAM

Know someone who needs a mortgage loan or broker? Refer family and friends and receive a $100 Visa Gift card per referral at the time of funding – No limitations! 

 

There are so many benefits to using the Vieira Mortgage Team. We have the lowest mortgage rates, quick closing times, countless loan programs, including no-cost loans, and more! 

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Why Get a Mortgage Loan From a Broker?

Broker vs Bank…. 

 

Broker: Offers access to a variety of lenders & loan products. Brokers have significantly more options than traditional banks and can provide a better, more specialized product. 
Banks: Only consider their in-house products.—

Broker: By-law are required to disclose the lowest possible rate and cost to you. They present different available options and allow the borrower to make the final call. 
Banks: There is no way to tell if you are getting the best rate/loan. They don’t even have to disclose what their earnings are. —

Broker: Represents you and your interests rather than a lending institution. They are dedicated to finding borrowers the best program that suits their financial needs. 
Bank: Have a financial interest in themselves and their employer —

Broker: Because they have access to an abundance of lenders and programs, there is a higher chance of being approved. 
Banks: Strict rules and guidelines, therefore, more chance of being denied. Even if you are a good candidate for a loan, the bank can deny your application for trivial reasons.

Filed under: Blog

3 Ways to Save Money on Your Mortgage Refinance

1 | Make sure your credit is in good standing. If you currently have a lot of debt that is lowering your credit score, consider paying some of it off. A low credit score means higher rates and fewer options. There are ways to find out which debt payoffs will increase your credit the greatest.

 

2 | Bank or broker. Sometimes, we are more drawn to partner with banks for our mortgages because we already use their services or we’ve never worked with a broker before. In reality, banks are very limited on their products. Brokers have significantly more options than traditional banks and are known for having the best rates and specialized products.

 

3 | Avoid the Appraisal or at least prepare for one. Depending on the circumstances, you may receive an appraisal waiver to opt-out of the appraisal. This can save you on average $500. If there’s no getting around the appraisal (estimated property value is too high, large cash-out transaction, etc.), avoid construction/ remodeling and make sure your home is spruced up to wow the appraiser. In many cases, we can reimburse borrowers for that fee. 

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