Last evening my husband asked how my day had been. "Outstanding" I replied, and then I started to think how tired my mind was.
No wonder! The above, was an average day and mine was above average. My mind was tired but I was thankful, it was an outstanding day!
You think about purchasing or refinancing a home a few times in your life, I think about every day, I am here to help you!
My name is Valerie Springer nmls 198479, Home Mortgage Expert and writer for Dear Val in Birmingham, Alabama. You may contact me by email at valerie.springer@nflp.com or call 205-995-7283 x 305.
If you would like more information on Reverse Mortgage, please contact me at 205-995-7283 x 305 or email me at valerie.springer@nflp.com I will be happy to answer your questions and show you a financial opportunity which could be available to you.
My name is Valerie Springer nmls 198479, Home Mortgage Expert and writer for Ask Val in Birmingham, Alabama. You may contact me by email at valerie.springer@nflp.com or call 205-995-7283 x 305
There are 5 key points to think about when you decide a HECM Reverse Mortgage may be your best option. Most important find an expert loan officer willing to help you make a determination.
1. Why do you feel a reverse mortgage would benefit you? If you are thinking of taking a vacation or reinvesting the money it would be very costly. If someone is trying to sell you something and suggests you take out a reverse mortgage you should be very cautious of their intent.
2. Can you even afford a reverse mortgage? A reverse mortgage is very expense, You do not make monthly payments but interest will accrue on the loan every month. The younger you are when you take out a reverse mortgage (min age 62) the longer the interest will grow which in essence will increase the amount you owe.
3. Can you afford to use your home's equity? If you are not facing a financial emergency you may consider another option.
4. Do you have other options? If you have the means to take out a home mortgage and make the monthly payments this would be a less costly option than a reverse mortgage. Have you thought of downsizing and selling your current home to buy one with lower costs or in an area that offers more services?
5. Do you understand how a reverse mortgage works? You need to find out up front if this could benefit you or if there is a better option. You must complete couseling and receive a certificate to move forward. Your HECM Reverse Mortgage Loan Officer can give you the names of counseling agencies in your area.
A reverse mortgage can be the best thing since sliced bread if you understand and limited income. It gives you the opportunity to use your home's equity while you need it. It can help supplement an income, help with medical expenses or long term care. You can make repairs on your home or purchase a vehicle and not worry about adding high debt to your monthly budget. The money is yours to spend as you wish but wisdom is important.
If you are interested in a HECM Reverse Mortgage in Alabama, call Valerie Springer . 205-995-7283 x 305
It always amazes me when my phone rings and on the other end their is a voice who says, "What is your current interest rate?" Through the years I have had many different answers, but today I answer that question with several questions of my own.
The list could go on and on. If you do not know the answer to the above questions, then how can I quote you a rate?
There are so many details that go into truthfully quoting an interest rate that without the full picture, shoppers are wasting their time. The same could be said for those that ask for a GFE without giving all of the details. The Good Faith Estimate is full of "estimates" and the bottom line may look better from one lender but the truth is, it is only as good as the person estimating. Some will estimate low to secure the deal and worry about the explanations of increase later and some will estimate higher so there are no questions.
What determines my rate?
Mortgage Backed Securities (MBS) move the market. This market moves much as the Stock Market. Generally mortgage bonds are a safer investment than stocks and if stocks are worse, usually MBS is better therefore as money goes in, rates come down. In reverse, if the stock market is thriving usually money is coming out of MBS and as it goes down, rates go up.
Emotion drives these markets in both directions based on consumer and investor emotions.
When the FED changes interest rates, what does this mean for me?
The Federal Reserve influences short term rates aka Fed Funds Rate. Example of short term rates are Home Equity Line of Credit (HELOC) where rates change monthly. The Federal Reserve Board meets every six weeks and this always causes speculation.
Remember, when short term rates drop, we can usually look for long term rates (fixed mortgage rates) to go higher creating potential for inflation.
Do different loan programs and products have different interest rates?
Sure they do, otherwise every loan would be identical and no need for different programs. Conventional, FHA and VA loans can all have very different rates on the same 30 year fixed product. FHA and VA loans are insured by the Federal Government. Conventional loans are insured by Private Mortgage Insurance companies (PMI) if loan amount is over 80% loan to value.
Most investors view government backing as less of a risk so FHA and VA financing usually have a lower interest rate. Once again rate may be lower with FHA but overall it takes a skilled loan officer to compare the two and give you the long run benefits of each based on your individual needs.
Why did my friend get a better rate than I did? Did I get ripped off?
Mortgage interest rates are based on risk based pricing. This allows pricing adjustments to par pricing for, credit scores, loan to value, type of property, occupancy and mortgage type, loan product etc...
This allows the investor who lends money for mortgages to receive a higher interest rate for taking additional risk lending to less than perfect borrowers.
If your rate is higher or lower than your friend, it is probably because your overall picture was better or worse. Also keeping in mind rates could be lower today than they were yesterday so timing could have made a difference. To effectively compare, you must know what you are doing and that takes years of practice. Stick with the expert, integrity and honesty will shine through and the whole process will be much easier.
Yours to Count On,
Valerie Springer
My name is Valerie Springer nmls 198479, Home Mortgage Expert and writer for Ask Val in Birmingham, Alabama. You may contact me by email at valerie.springer@nflp.com or call 205-995-7283 x 305.
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Network Funding Residential Mortgage Co is a full-service lender. Purchase, refinance, debt consolidation with equity & Reverse Mortgage NMLS 198479 www.valeriespringer.com
Experience and Service will set me apart from the others! My business is 95% referrals from realtors, financial advisors and past clients. My goal is to keep everyone involved in the transaction informed on where we are in the process, to close on time everytime and make the transaction as easy as possible. My knowledge and years of experience allow me guide the client through their options and advise on the positive and negative of programs available. Whether the client needs and FHA, VA, USDA Rural Develpment, Reverse Mortgage or Conventional loan, I can educate you. There will be no suprises at the table and I attend all of my closings whether they be refinance or purchase. After all, who knows the loan better than the Loan Officer that structured it?! I have never had a client leave the table with anything other than what they expected.
I am also an expert in Reverse Mortgage.
I do financing in the State of Alabama. Most of my business comes from Shelby and Jefferson Counties.
Whether you are interested in purchasing a new home or one that has been previously owned, refinance for better rate and lower the term on your mortgage, consolidate debt or add on to an existing home, I am here to help you. While it is true the market has changed drastically in the last year, programs are still available and lenders are still passing out money and the good news, rates are at historical lows. Experienced loan officers are crucial in our current economy. I watch the markets daily and get an update on the bond market every 2 minutes during the day. This helps me to advise you on whether to lock in a rate or float. I also watch the economic reports to help determine when rates may take a dip and when they may rise. I specialize in FHA and Conventional loans of any type. I can also help you with credit issues and repair.
Reverse Mortgage is very complicated and not for everyone, I am your expert.
If you need a referral for a realtor, builder, roofer, insurance agent, painter, structural engineer, attorney etc...I can give you one that is endorsed by good practices and excellent service. I work with some of the best in the business and am happy to share my knowledge.
I know when Valerie sends me an approval letter, we are good to go, no surprises for my client. She explains everything in great detail to the client and keeps both agents informed. A great loan officer is the difference in getting to the closing table with no problems. I can also count on getting to the table in 2 weeks. Realtors, have no fear when Valerie is "flying the plane" . TC
As a first time home owner, Valerie made this an easy process and I understood beforehand what I should expect. My payments were actually LESS than what she had estimated. Valerie is the best and I will tell all of my friends and family about her. AJ
Years ago Valerie helped my wife and I improve our credit scores when we refinanced our home. She stayed in touch with us and with her guidance we now have excellent credit. Since then, we have purchased a new home, referred family to her, and refinanced again for a better rate. We wouldn't trust anyone but Valerie for such a huge financial decision. KP
My wife and I are relocating from Tennesse to Alabama and have not had a mortgage in 25 years. We found a home in Alabama we wanted to purchase before we sold our home in Tennessee but to do so it required we take out a mortgage. When it was all said and done, I had to call Valerie back and thank her for making this a smooth transition and having the patience to explain every detail over and over until I understood. We are thankful to Valerie and will enjoy spending our retirement years in Alabama. I would highly recommend Valerie Springer to anyone searching for a mortgage. PL
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