Agente Hipotecario de Homespire Mortgage, Ivan Grondona de nuestra sucursal de Plantation habla con A Fondo, un programa de noticias en español, sobre el estado del mercado de viviendas y algunas predicciones de lo que podemos esperar en el año nuevo.   Homespire Loan Officer, Ivan Grondona, in our Plantation Branch talks to A Fondo, a Spanish-language news program, about the state of the housing market and some predictions for what we can expect in the new year!     To learn more about Ivan or apply with him, click here. The post Ivan Grondona Discusses the Hous ..read more

The short answer is that loans get sold to free up money at financial institutions, so they can create more loans for others. The process of doing this is called a mortgage-backed security, or MBS. You may have heard the term before, but the concept can be a bit hard to understand, so let’s break it down. Simply put, a mortgage-backed security (MBS) is an investment. It all begins when a bank or mortgage company makes a home loan for a client. The lender can sell that loan to an investment bank, and use the money earned to make new loans for new clients. From there, the investment bank takes t ..read more

Getting a home loan? Your lender may tell you that you’re eligible for a property inspection waiver, or PIW. What is it and why would you opt for this, if approved? PIW is a property inspection waiver (also known as an appraisal waiver), and depending on your situation, you may say yes to one. How it works The waiver program started in 2017 with government-sponsored enterprise (GSE) Fannie Mae and has since extended to Freddie Mac. For purchases, it’s only available on conventional mortgage loans, and it basically allows some borrowers and properties to get a new mortgage without a full apprai ..read more

Congratulations to Sereva Manuel, Sales Manager at Homespire’s Virginia Beach Branch, on being recognized by Virginia Housing as a Bronze Level loan officer on their 2022 Top Producing Loan Officers list! Virginia Housing works in partnership with the public and private sectors to help Virginians attain quality, affordable housing through first-time homebuyer mortgages, financing for rental developments, and neighborhood revitalization efforts. Sereva’s dedication to making the dream of homeownership a reality for those in her community helped her close 22 Virginia Housing home loans and has c ..read more

Getting a mortgage for the first time is a truly unique experience where you’ll learn a lot. During that time, you’ll eventually get the word from your Loan Officer that your file has been submitted to underwriting. So, what does that really mean, what does an underwriter do, and what are they really looking for? An easy way to think about what an underwriter pays attention to is to remember the three Cs: credit, collateral, and capacity. Credit as in, are you in a good position to receive a loan worth thousands of dollars; collateral, which lets the lender know that you have skin in the game ..read more

“Before anything else, preparation is the key to success.” — Alexander Graham Bell Ring ring, who dis? New home, new life! If you have homeownership on your wish list, you’re most likely going to need to come up with a down payment. The sooner you start saving and planning, the better your chances of homeownership. The amount you choose to put forth for a down payment will have a huge impact on what you can afford and the financial flexibility you’ll grant yourself each month when your future mortgage payment comes due. The decision isn’t a simple black and white one, so we have some dos and d ..read more

Marty Guy Fink, Homespire’s Virginia Beach Branch Manager, spoke with Hampton Roads Realtor(R) in their September issue to discuss common mortgage myths and tips that could help Realtors(R) and buyers alike in today’s challenging market. Many buyers may have a general understanding of the mortgage process, whether from online research, friends or family, or even just through the media they consume. While these resources can sometimes be helpful, they can also be full of exaggerations or even outright myths. Either innocent or purposely designed to mislead or shock, it can be hard for buyers t ..read more

We know that interest rates are on the rise … does that mean the potential for a recession, even a mild one, is on the rise too? While looking at trends, following data, and revisiting history won’t give us a clear-cut “yes” or “no” answer about an upcoming recession, it does help us understand how the housing market is likely to react if one arises. Here are a few things to expect for the housing market if we find ourselves in that situation. First, home prices will retain value After the 2008 recession, lending standards were tightened in such a favorable way for consumers that the challenge ..read more

Are you kicking yourself for not getting a historically low mortgage rate when they were in the 2s and 3s? If so, don’t! Committing to a mortgage is a huge life decision, and this may be a much better time in your life to make the jump from renter to homeowner. Besides, your opportunity for a good rate isn’t gone for good. It’s true that rates are no longer in a historically low spot, but they are still lower than what were seen before the housing market crash – and we’re talking about almost four decades, from 1971 to 2008! Compared to rates then, you still have the upper hand. There’s more g ..read more

When it comes to the cost of living, do the older relatives in your family give the “when I was your age, a candy bar only cost a nickel.” – type speech? (Yeah, mine too.) Well, what if they had the power to freeze the cost of that candy bar? And what if the candy bar was actually something important, like the interest rate of a house?! That’s a little taste of what you can expect with an extended mortgage rate lock. What’s makes a an extended mortgage rate lock such a treat? Simply put, a mortgage rate lock will freeze your interest rate until loan closing. With an extended lock, it’s a guara ..read more