Mortgage rates are all ways on the move! Depending on the day, rates can move up and down as little as .125% to "God forbid" higher. Lower movements are what we all want in our lives, so lets hope that green line keeps moving up and stays up! If I could predict the movement, I would be able to retire to a nice warm tropical island. Check out what we have seen over the last three days.
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Interest Rates! Follow the green line. The green line represent the movement of the coupon that influences a group of the mortgage industries interest rates, the rates you are being quoted. This graph puts the constant movement of interest rates in a visual perspective. By the way, this is just over the last three days. If you locked a rate in the morning on March 2nd, chances are March 6th would have been a bit more attractive!
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Under Water home owners have been a overlooked population of our countries economic hard ship since the collapse of the housing market. So there has been tremendous speculation in reference to the government's HARP program, but there still has not been any formal product guidelines put together or issuance as of today.However, we do have a product available for those homeowners who are " UNDER WATER" in the equity of their home and would like to take advantage of the markets low interest rates.
For home owners in loans insured by Fannie Mae, below is a description for a qualified borrower:
The borrowers on the new refinance must be the same as the borrowers on the mortgage being refinanced. Borrower can be removed from the new loan for any reason provided the following requirements are met:
o Our Underwriter must verify and document the remaining borrower(s) have been making payments from their own funds for at least the most recent 12 months.
*"If a borrower is removed from mortgage due to death, a 12-month payment history showing remaining borrower has made payment from his/her own funds is NOT required".
o The Borrower being removed from mortgage must also be removed from the deed (unless borrower is removed due to death; in this case, a death certificate must be obtained) Borrower can be added to the new loan.
The New loan must show benefit to borrower and Underwriter must note benefit on 1008: Interest rate or monthly payment reduction on First Lien Mortgage Reduction in amortized term or increase in amortized term Product change from ARM, Interest Only or Balloon to a Fixed Rate.
o If product change from fixed to ARM, payment must be decreasing.
The mortgage must be current as of the Note Date The mortgage history must show 0x60 in the last 12 months or since inception if the mortgage is <12 months old.
For those loan insured by Freddie Mac, the following guidelines apply:
The Borrower(s) obligated on the Note on the Open Access mortgage must be the same as the Borrower(s) obligated on the Note of the Mortgage being refinanced, except that: A borrower obligated on the Note of the Mortgage being refinanced may be omitted from the Note of the Open Access mortgage provided that the borrower(s) being omitted is also removed from the deed and retains no ownership interest in the Mortgaged Premises and at least one borrower from the Mortgage being refinanced is retained A borrower(s) may be added to the Note of the Open Access mortgage provided that at least one borrower from the Mortgage being refinanced is retained
o A non-occupying Borrower may not be added to a Mortgage secured by a Primary Residence Acceptable documentation to verify borrowers on current mortgage: Copy of Mortgage Note OR Mortgage Servicing print-out reflecting current borrowers Occupancy
*Occupancy status on the new loan may change from the occupancy status on the original loan being refinanced.
At least 1 of the following must be met:
Interest rate or P&I reduction on First Lien Mortgage; Amortization term of the new loan can be longer than the amortization term of the loan being refinanced Reduction in amortized term Product change from an ARM, Interest Only, or Balloon to a Fixed Rate o If Mortgage being refinanced is a fixed-rate Mortgage the new mortgage cannot be an ARM.
If the subject property is a Second Home or Investment Property
AND
The borrower will own 2-4 financed properties, including the subject property, 2 months of reserves on each additional financed second.
Existing secondary financing must be subordinated
o If an existing second mortgage will be subordinated, a copy of the Note must be obtained to verify the second lien meets acceptable guidelines as stated in the Mortgage Credit Guideline Manual New secondary financing is not eligible.
For more information or to see if you qualify, PLEASE contact me directly @ 616-974-9209 or go online to www.anthonyhomeloan.com and apply for consultation!
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Honoring America's Heroes on Veterans Day
On Friday, November 11, the nation will observe Veterans Day. This is a wonderful opportunity to honor America's veterans for their patriotism, love of the country, and commitment to serve and sacrifice for the common good of the USA.
Did you know Veterans Day dates back to November 11, 1918 when the Germans signed the Armistice, an order to cease fire, and World War I ended? Originally, Veterans Day was known as "Armistice Day," but the name was changed to Veterans Day in 1953, so that all military veterans could be honored and acknowledged.
One of the most recognized Veterans Day ceremonies is held at Arlington National Cemetery, which draws hundreds, if not thousands of visitors. This ceremony is held on November 11th at exactly 11:00 am. At that time, a military color guard honors America's war dead at the Tomb of the Unknowns. The Tomb of the Unknowns is a shrine honoring the many thousands of veterans who gave their lives in defense of our nation.
As powerful as the National Ceremony is, you don't have to travel to the nation's capital to take part in a ceremony. Each year, the Veterans Day National Committee selects a number of regional sites for Veterans Day observances throughout the country–from parades and ceremonies to military exhibits and tributes. To learn more and find a ceremony near you, visit the Department of Veteran Affairs website for a listing of regional information.
In addition, you can also dedicate some family time to learning more about Veterans Day and the military heroes it honors. You can find a number of resources online, including the official history of Veterans Day and a teacher's guide that includes information, activities, and even coloring book pages for kids.
As we pause and pay tribute to America's veterans, we must honor them with our gratitude, knowing that they served and sacrificed to protect and preserve the values of this great nation...and continue to do so today. May we never forget their strength, courage, and profound willingness to stand up and defend our way of life.
I hope this important holiday finds you and your family well.
I am a residential finance specialist with close to 10 years experience in loan originating. I value long term client relations, with service you will want to brag about.
If you are buying or refinancing a home
- If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
- If you own rental property, please provide rental agreements and two years tax returns.
- If you wish to speed up the approval process, please also provide three months bank statements for each bank, stock and mutual fund account.
- Provide recent copies of any stock brokerage or IRA/401K accounts that you may have.
- If you are requesting a cash out refinance please provide a letter explaining what you plan to do with the proceeds.
- Provide a copy of divorce decree if applicable.
- If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.
If you are applying for a home equity loan
- If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
- If you own rental property, please provide rental agreements and two years tax returns.
- Please provide a copy of the note on your first mortgage. This will normally be found in your closing loan documents.
- Please provide a signed letter explaining what you plan to do with the proceeds.
- Provide a copy of divorce decree if applicable.
- If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.
Getting qualified before you apply for a loan can help you understand how much you can borrow.
When buying a house, you may get pre-qualified or pre-approved. You can typically get pre-qualified over the phone or on the Internet in a few minutes. A pre-qualification is not as beneficial as a pre-approval where you have to go through a more rigorous process which includes verification of your credit, income, assets and liabilities. It is highly recommended that you get pre-approved before you start looking for a house. This will help you:
- Find out the maximum house you can buy, so you don't waste time looking for properties you can not afford.
- Puts you in a stronger position when you are negotiating with the seller, because the seller knows that your loan is already approved.
- Helps you close quickly, since your loan is already approved.
To shop for a loan you will need to:
- Think about how long you plan to keep the loan. If you plan to sell the house in a few years you may want to consider an adjustable or balloon loan. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed loans.
- Understand the relationship between rates and points. Points are considered to be prepaid interest and are tax deductible. Each point is equal to one percent of the loan. So for example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower the rate you will get.
- Compare different programs. Shopping for a loan can be difficult. With so many programs to choose from, each of which has different rates, points and fees, it's hard to figure out which program is best for you. That's where an experienced loan officer can help you make a decision that's best for you.
Once your loan application has been received we will start the loan approval process immediately. This involves verifying your:
- Credit history
- Employment history
- Assets including your bank accounts, stocks, mutual fund and retirement accounts
- Property value
Based on your specific situation, additional documents or verifications may be required. To improve your chances of getting a loan approval:
- Fill out the loan application completely.
- Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
- Do not make any major purchases. Do not buy a car, furniture or another house till your loan is closed. Anything that causes your debts to increase might have an adverse affect on your current application.
- Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.
- Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf.
Close the Loan
After your loan is approved, you will be required to sign the final loan documents. This will normally take place in front of a notary public. Be prepared to:
- Bring a cashiers check for your down payment and closing costs if required. Personal checks are normally not accepted.
- Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate.
- Sign the loan documents.
Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions federal law requires that you have 3 days to review the documents before your loan transaction can close.
About Us
Why Us
Anthony Mosley and VanDyk Mortgage were the best thing that happened to us! Once our short sale was accepted the sellers only gave us 12 days to close on a FHA loan. We had no idea what we were going to do and how we would close in time. Anthony re-assured us that he would be able to get it done and holding true to his word closed our loan with time to spare! Their staff was top-rate letting us know exactly what they needed for us to pull off this miracle. We would highly recommend Anthony Mosley and VanDyk Mortgage to anyone looking for a fast, professional staff who will do what it takes to get the job done! Thank you Anthony and thank you VanDyk Mortgage!
Sincerely,
Jacob and Sarah Caleca
"I've been involved in several short sales, but none of them compared to the most recent one. After more than 13 months, we were finally given approval, and had only 12 days to close the loan. We had to do inspections, get the appraisal, and it was FHA, to boot!
I couldn't believe we were going to be able to get it done; but Anthony Mosley from Van Dyk Mortgage did it!
I'm really and sincerely impressed with Anthony's level of efficiency and professionalism. It was a great experience dealing with him."
Jessica Titus, Broker/Owner
Fort Myers Beach Realty, Inc.
Fort Myers Beach, Florida
Anthony/Tonya, Hey, I just to thank you both once more for all your help and extra efforts to help us out with closing of our new house . Cameron and I are very grateful for the extra efforts that were involved and the candid consultation we received from you – unfortunately these are sometimes rare characteristics these days. Please see and forward the attached letter of recommendations (and thank you) to future clients and your executive team at Vandyk.
Thanks again,
Chris Dolbow
Good morning Anthony and Tonya, I just wanted to take a quick minute to let you know what a great job you two did. It was a big deal for us to refinance our home and you guys really put us at ease. You were always quick to respond and always in touch with us. We would definitely recommend VanDyk Mortgage to any of our friends. Thanks again for making this a great experience. Katie sure has a great team!!
Thank you, J. A.
To Whom It May Concern;
The purpose of this letter is to bring to your attention the efforts of one young man of your corporation who to put it simply, walked my wife and I through the process of being able to buy our home. I would like to bring to your attention the sincere compassion and way in which both my wife and I felt that was extended to us by Anthony Mosley, who represented us in the broker stage of buying this property. And while some may say that this is his job description, I would like to point out that there was much confusion on the part of the real estate agent for the seller as well as our own agent. They had some friction throughout the whole process and to be truthful, it was Anthony who not only had to broker the deal, but play referee and counselor. During the process of getting everything co-ordinated, Anthony kept us abreast of every little note that had to be done and was exhorting us continually. At one time my wife was a bit overwhelmed with the process and Anthony realized this and told her to relax and that he was there to do all of the hard work and that he would make the experience of getting the home a pleasant one. And this he did! My son is a realtor in the Grand Rapids region, and his recommendation to us was Anthony. I can now see why. Anthony treated us with honor, respect, and was not just someone who would get in touch with us to do paperwork. He called to keep us updated on every detail, and this helped us to know how to go for the next part of what we were assigned to do. I am not a person who will send out a letter to flatter someone else. I believe strongly in integrity and truth. And I have seen this exhibited in Anthony. I will gladly recommend your company to friends, and I will also give each of them a strong push to have Anthony be the one that they deal with. I appreciate his professionalism, his demeanor, and diligence to help us through the joy of what we now have in a home.
Thank you for taking the time to read this. Anthony Mosley is for sure a person that is valuable to anyone that he works for.
Sincerely, P.A and V.A.
Hello Anthony,
I just wanted to thank you for all your hard work on the 7865 Curley Blvd. file. You were right on top of everything and helped to make it go very smoothly. I was impressed by how you kept in touch with every aspect. The buyers felt comfortable and had no complaints at all with you or with me. When my buyers are happy then I am happy. I was also impressed with the closing costs! I have been looking for a company that stands behind what they say and I think I have found it. I'll keep in touch!
Lori Wood Beduhn
At Home Real Estate
WHOOOOO! HOOOOOO! What a great closing with Dave & Anita Cowles. Dave commented, " The numbers are right on, I'm so impressed with the job Anthony Mosley has done." Followed by a comment from the closer, "this is amazing because you usually don't find that everything is in order like this, almost always there is something that needs to be changed." Anthony, I hope to have many more closings with you! What a great start for our team!
Gail
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Annual Percentage Rate (APR) is a tool that consumers can use as a starting point to compare loan programs. However, it's important to keep in mind that APR is not a perfect system, and not all lenders calculate APR in the same way. While the Federal Truth-in-Lending Act does require any mortgage broker or lender to disclose APR to the consumer, there is no rule written in stone for calculating this number that each and every lender agrees upon. 
