Mortgage Tip: Perfect Time to Refinance

What is your current mortgage interest rate? Rates have significantly dropped and have started to steady right between three and four percent.  

When is it a good time to refinance? A lot of mortgage professionals may estimate a savings of 1.00% interest rate to be worth your while.

What are the costs of refinancing? There are fees associated with refinancing such as attorney, title, interest, etc, however, the mortgage lender may be able to cover part or all of these fees for you.

We now offer a new program for VA refinances that allows you to refinance without a new appraisal being required!

Call me today for more details:

Danielle Hifko

910-581-6398

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It's Not Just a House; It's a Home

Scan with your smart phone to see what all the fuss is about!

And the Winners Are...

Congratulations to our B-I-G CASH Winners from yesterdays 

Grand Opening for Lake Carolina Homes!

$500 CASH Winners

• Karen Lewis, Prudential Hometown, REALTORS
• Christy Grifaldo, Grifaldo Properties

$250 CASH Winners

• Sheri McDermott, Coldwell Banker Sea Coast Advantage Jacksonville
• David Zarghami, HomeTown Real Estate
• Karen Eldred, Century 21 American Properties West
• Jasmin Luckett, Prudential Hometown, REALTORS
• Lisa Darby, Prudential Hometown, REALTORS
• Audrey Gaffney, RE/MAX Home Connections
• Carolyn Hall, Coldwell Banker Sea Coast Advantage Jacksonville
• Carol Tusing, Century 21 Champion Real Estate 

Thank you again to everyone that attended the Open House!

*Winnings are available for pick-up at the Southwest Plantation Sales Center.

(Sales Center CLOSED Friday, November 9th)

Model Home Affordability

Tomorrow is the DAY!

Mortgage Monday: Mortgage Co-Signers

When is it beneficial to add a co-signer to your mortgage? What are the requirements? Here is some information for you:

-Both borrower and co-signer must qualify based on credit – the mortgage company will consider credit scores of both signers and both must qualify with the mortgage company’s minimum requirements

-A co-signer is beneficial when the debt-to-income ratios are too high for the borrower to qualify on their own.  A mortgage company will consider the co-signer’s income and debts when qualifying.

-There is only one loan program that accepts a co-signer – FHA.  It is called a co-borrower, non-occupant.  Be prepared to bring the minimum down payment of 3.5% of the purchase price.

Contact me today for more information!

Danielle Hifko

New American Mortgage

910-581-6398

www.LoansWithDanielle.com

USDA Property Eligibility Changes

Good news! USDA will not be making any changes to our local property eligibility this year as expected! So for all of your pending USDA loans, you do not have to worry about eligibility changing. The new expected date for change is March 27th, 2013.

Contact me today for more information on USDA eligibility and financing!

Danielle Hifko
New American Mortgage
910-581-6398

Realtors Save the Date!

American Homesmith Building More Homes in Southwest Plantation

Our Community Newsletter Goes Viral!

Every month the Southwest Plantation, Home of Bear Trail Golf Club community newsletter will go viral. It is now available to all our homeowners and golf members online as well as in their mailboxes.

Enjoy the read!

If you have any comments or sugestions regarding the monthly newsletter please feel free to leave them hear or email them to: southwest plantation@gmail.com.

NEW Floor Plan built by American Homesmith

The Longleaf floor plan has never been built before here at Southwest Plantation. It is an open floor plan with the 3 bedrooms upstairs and 2.5 baths. It is currently in the framing process with a completion date in October 2012.

Take a look at this NEW floor plan and be sure to check back and watch its progress as it is being built!

Rates Slowly Rising

Last week we saw an increase in mortgage rates across the board for all loan programs!  Of course, we all hope they will continue to stay where they are at or lower, now is the time to buy and refinance before they increase more!

From an article online at Mortgage News Daily, “We'd continue to advocate against trying to "get ahead" of current market movements due to the high degree of uncertainty. The long-term direction of rates has been down, down, down, for the past year. At some point, this will turn, and when it does, we highly recommend that you're prepared by drawing your OWN line in the sand as to how much rates would have to rise before you lock at a lost”

Contact me today for more information:

Danielle Hifko

New American Mortgage

910-581-6398

5 Questions Every Buyer Should Ask Their Agent

I ran across a great article on InmanNews.com with some helpful advice for buyers.  Also helpful for agents to make sure you are prepared for these questions!

1. Do you know a good mortgage broker, inspector, painter, etc? - An NAR survey showed that 46 percent of buyers thought they got a better list of service providers from their agent than they could have come up with otherwise!
2. What should I expect?  - This helps to manage your expectations from the very beginning – how long will this take, what needs to be done, etc.
3. What are the different ways to look at this? –How do you react during inspections – more money, repairs, more bids? Make sure your agent is there to help with all of these options
4. How do you buy a house? –Although it seems self-explanatory, each area and each experience is unique.  Allow your agent to help educate you.
5. What have I forgotten to ask? – Let the agent take lead to cover the rest of the bases for you.  Has everything been discussed? Do you understand the entire process?

Buyers  - make sure you are asking questions!  Agents – make sure you are prepared to answer!

The Greens at Southwest Plantation

The Greens section here at Southwest Plantation overlooks the pond, green and fairway of hole 8 on the Bear Trail Golf course. This section is comprised of luxury homes starting in the $220's with over 2,000+ square feet. Checkout the section map and the available listings. There is multiple floor plans to choose from built by Lake Carolina Homes.

For more information and to schedule an exclusive tour of these homes or others in our community call Diane Castro-Perez (910)467-7642!

New Conventional Product

New American Mortgage has a new conventional loan product! It offers only 3.00% down, compared to the normal 5.00% minimum requirement. This is a great alternative program for buyers who are looking to purchase, but may not have enough down payment for the other programs.

What are some of the requirements?

You will see most of the same requirements as other loan types.

Some additional requirements include:
-No other properties owned
-Two months reserve payment (whether it be liquid or retirement)
-680 Credit score

For additional information, contact me today!

Danielle Hifko
New American Mortgage
910-581-6398

Where’s your money coming from and where is it going?

What is the mortgage company looking for in your bank statements when you are applying for a loan?

The mortgage company focuses on where your money is coming from. This is to verify the income and to check for any large, out of the ordinary deposits. It is important to verify there is no money that you have borrowed and failed to tell them about.

Do they focus on where you’re spending?

No, the mortgage company will review your running balance to see just how low your account goes, but they are not focusing on where you are spending the money at.

It is common with the military to see extra deposits when transferring from another duty station. Although we know they come from the military, the mortgage company has to document these deposits to ensure the money does not have to be paid back.

Contact me today for more information.

Danielle Hifko
New American Mortgage
910-581-6398

USDA Loans

How does a USDA loan work?  

This is a government backed loan that allows 100% financing for home buyers!  There are stipulations that include a limit on household income and property eligibility.  

Household income limitations are determined by the location of the home.  In our local areas of Onslow, Craven, and Carteret counties, the household income limit is $74,750 for a home of up to four people (limit increases when there are more people in the household).

To determine property eligibility, the address can be entered on their website which will tell you if the home is in an eligible area.

What are the USDA fees? USDA charges 2% of the loan amount up front – this fee can be financed into the loan – Ex. Home price of $100,000, charge of 2% ($2,000), total loan amount will be $102,000.  There is also a small monthly fee included in the mortgage.  This mortgage insurance is kept throughout the life of the loan – the amount will decrease with time as you gain equity in the property.

Before closing, the loan must be sent directly to USDA for approval.  In North Carolina, we are currently seeing a turn-around time of about two weeks.  This time needs to be considered when setting a closing date.

For more information, call today!

Danielle Hifko

New American Mortgage

910-581-6398

Gift Money for Homebuyers

Receiving money from family to help with a down payment on your new mortgage loan?  This is acceptable for a mortgage but has to be documented.  What is generally needed for this?

Each mortgage company may require something a little different, but here is what you should expect:

-Signed gift letter from buyers and gift donors – the importance of this is to show that the money is a “gift” and does not have to be paid back

-Copy of the check or proof of transfer of funds

-Bank printout from buyer to show the money was deposited into the account to verify there are now funds for the down payment

-Bank statement from gift donor to show the ability to give funds

Although this last step may seem a little invasive to the gift donor, it is important for the mortgage company to verify the funds due to fraud in the past.

Call today for more information!

Danielle Hifko

New American Mortgage 

910-581-6398

Make Your Next Home a Richmond II

Easier Short Sales for Military Homeowners

A new policy is now in effect for military members with PCS orders to help sell a home as a short sale. Short sales generally require homeowner’s to be in default on their mortgage. With the new policy, military members who purchased their home on or before June 30, 2012 can sell for less than the balance on their mortgage even when they are current on their payments. The mortgage must be backed by Fannie Mae or Freddie Mac – this information can be found on their websites.

For the full article on this new policy visit:: www.DSNews.com

Call today for more details!
Danielle Hifko
New American Mortgage
910-581-6398

Loan Program Down Payments

What are the down payment requirements on different loans?

FHA – minimum of 3.5% down

USDA – 100% financing, no down payment required!

VA – 100% financing, no down payment required!

Conventional – minimum of 5% down

What are the loan program fees associated with each loan?

FHA – up front mortgage insurance premium of 1.75%, monthly mortgage insurance premium until 20% equity and five years of having loan

USDA – up front funding fee of 2.00%, small monthly insurance premium for life of the loan

VA – 2.15% up front funding fee for first time VA use, 3.3% up front funding fee for subsequent uses. No monthly mortgage insurance

Conventional – No up front charges, Private mortgage insurance charges until 20% equity is obtained.  If there is at least a 20% down payment there will be no mortgage insurance charged at all.

A reminder for VA loans: If there is a down payment between 5%-10%, the funding fee will be reduced to 1.50%.  If there is a down payment of 10% or more, the funding fee will be reduced to 1.25%.  This is applicable on loans of first time VA use or any subsequent use.

All up front funding fees and mortgage insurance premiums may be financed into the loan amount.

Call today for more information!

Danielle Hifko

New American Mortgage

910-581-6398

Insurance Changes

When obtaining a new mortgage, you must provide the homeowner’s insurance information to your lender.  From here the lender reaches out to the insurance company for needed paperwork – this can take five minutes, or up to two weeks to obtain.  

What we are starting to see in this area due to the wind and hail requirement, is the insurance companies not providing any sort of “binder” of insurance to the lender.  Payment will be required upfront by the buyer and then the application will be sent off for review and a policy number.  From here, everyone waits until the insurance paperwork is processed and provided.

It is now more important than ever to provide the insurance information as far in advance as possible so there are no last minute hold ups!

Contact me today for more information!

Danielle Hifko

New American Mortgage

910-581-6398

Our Spring Incentive is Here!

Rental Properties

When applying for a new mortgage loan, what does the lender need from you when you have rental properties?

It is common for mortgage companies to require a copy of your current rental agreement.  They may also ask for a payment ledger from a property management company if it is maintained by a third party.

If you are moving from you current residence that will become a rental property, the mortgage company may require extra documentation that includes rental agreement, copies of first rent check and security deposit, and proof of deposit into your account.  Again, if it is managed by a property management company, they may require documentation from the management company that it has been received.

Contact me today for more information!

Danielle Hifko

New American Mortgage

90-581-6398

Outstanding NEW Price at Southwest Plantation

The Blue Ridge, built by American Homesmith will welcome you home everyday with elegance and charm. This home has a view of the 8th green, fairway and pond at Bear Trail Golf Club. Give us a call today to schedule a tour of this gorgeous home and all the amenities that Southwest Plantation has to offer you and your family. 

With the great NEW price of $247,000 this home will definitely put a smile on your face. 

Per Diem Income

Can per diem income be used on your mortgage loan?

This question is as answered on a case by case basis. Generally per diem is given a reimbursement of expenses. In this scenario, the income cannot be used for qualifying for a mortgage. When speaking with a lender, it is very important to distinguish up front how the per diem is paid. Lenders look at the following:

1. Is it a reimbursement of expenses?
2. Is it steady income every pay period?
3. Is it expected to continue?

Contact me today for more information!


Danielle Hifko
New American Mortgage
910-581-6398

Why? Here is Your Answer.

Why do mortgage companies ask for so many items? Here is an explanation of why they need specific items!

-Bank statements – It is usually required to provide two months of bank statements

                  1. Review average balances – if your account shows $100 average but your monthly payment is increasing $200, this is a red flag

                  2. Look for any large deposits – deposits that are not direct deposit payroll must be verified over a certain amount to make sure you have not borrowed money to help qualify

                  3. URL/Teller signature and stamp – this is often required to help validate the statements

                  4. Full account numbers – to match accounts up to your name

-Paystubs with Year-To-Date Income – to verify how much you have earned all year – your pay could be $15.00/hour, but by having the year to date income we can see that you have not missed a significant amount of work throughout the year.

-Divorce/Separation/Child Support paperwork – we need to insure what alimony or child support is being received or distributed.  This is a vital part of the approval process because it can affect the outcome of the approval. 

-Awards letter for retirement/disability/social security – even though we will see it deposited monthly into the bank account, we still need the awards letter to verify the true award amount being given.

Contact me today for more information!

Danielle Hifko

New American Mortgage

910-581-6398

3 Move-In Ready Homes Available with More Coming SOON!!!!

Currently there are 3 move-in ready homes available. The Blue Ridge is a 4 bedroom, 2.5 bath with 2 fireplaces and 2,500+ sq. ft for the amazing NEW price of $263,000. The Beal St. has 3 bedrooms, 2.5 baths and a cute loft area upstairs perfect for a reading area/study, kids play room, tv room, etc. Use your imagination and make it what you want it to be! The Beal St. is 1,700+ sq. ft. for only $176,000. Finally the third move-in ready home available is the open concept floor plan of the Cardinal that has 3 bedrooms, 2.5 baths and 1,500+ sq. ft. for $180,000. All three homes are constructed by American Homesmith.

Keep your eyes open for the new floor plans and move-in ready homes that are coming soon built by all three of our preferred builders, American Homesmith, 70 West Builders & VA Builders.

If you would like to tour any of these three homes or sit down and review the upcoming floor plans and other options available here at Southwest Plantation give us a call at (910)346-1227 or visit our interactive Neighborhood Map on SouthwestPlantation.com.

If You Are Looking For Luxury We Have It For YOU!

The Unique thing about Southwest Plantation is that we offer homes ranging from $150,000 and up. This home is part of our Executive Retreats and has an amazing view of the 8th green and pond of the beautiful 18-hole championship Bear Trail Golf Club.

At this great price the home will not sit for long. Give us a call to schedule an appointment to view the home or stop by anytime for a tour of your new home!

Only 4 Move-In Ready Homes Left!!!!

Things are moving right along out here at Southwest Plantation starting with our homes. We have 4 homes available that range in square footage from 1500-2500+. Each home has a different vibe and finishings. If you are going for a more traditional feel than American Homesmith is the way to go. But if you are looking for something a bit more contemporary 70 West Builders has what you want. VA Builders is amazing at custom builds, Bungalows and Traditional homes. 

Take a look at the list below and when your home catches your eye give us a call or stop by for a tour. Remember that we have over 35+ floor plans to choose from, so if you don't see your home on this list we have your home waiting for you at the Sales Center.

USDA Changes

As of February 15th, 2012 USDA is now going centralized in North Carolina. What does this mean for us?

With these changes being made, we are unsure of what the new turn-around times will be to receive an approval on files that are sent to them. Previously, it would usually take two-three days to receive a response from USDA. Other states have already gone centralized, some starting off with turn-around times of two weeks or more. As time passed, the turn-around times lessened.

Contact me today for more information!

Danielle Hifko
New American Mortgage
910-581-6398

Financing an Adjustable Rate Mortgage

When is it a good decision to finance (or refinance) to an adjustable rate mortgage (ARM)?

What is your goal? If your goal is to keep your monthly payments as low as possible and you have a specific time frame for selling your property, an ARM might be the best option for you.

If your goal is to pay down the loan quickly or to avoid the risk of increasing monthly payments, then a fixed-rate mortgage might be a better option.

If paying the loan down quickly is your goal, a 10 or 15 year mortgage may fit your needs as well.

Contact me today to figure out which option best suits your needs!

Danielle Hifko
New American Mortgage
910-581-6398

Social Security Numbers

Can you obtain a mortgage without a social security number?

No - to obtain a mortgage you must have a social security number. You must also have a valid work visa.

Do you have to be a US Citizen?

No – if you are not a US Citizen, you must be a permanent resident alien, and must provide your resident card.

Contact me today to get pre-qualified for a new mortgage or to refinance your current home!

Danielle Hifko
New American Mortgage
910-581-6398

Our Builders Build Masters Down!

Our preferred builders have stepped up to the plate and designed 6 amazing floor plans all with the Master Suites downstairs! Each builder has added their own unique twist on the master down floor plan. Grab a cup of coffee and enjoy the designs and variations of master down. We know you will find what you are looking for!

American Homesmith

Benson Manor, 2,900+ sq ft

Holly Springs, 2,800-3,100+ sq ft

 

Williamsburg, 2,700-3,000+ sq ft

70West Builders

Savannah, 1,900+ sq ft

Berkley, 3,000+sq ft

VA Builders Inc 

Gabriel, 1,751+ sq ft

Don't spend anymore time and gas driving around in search of master down floor plans, American Homesmith, 70West Builders and VA Builders Inc have already done the work for you! 

Military Free Credit Report

Free Credit Report for Military

There is a website available online to active military and their spouses that offer a free look at your true FICO score.  Check out http://www.saveandinvest.org/MilitaryCenter/.  This website also provides information on saving and investing money.

Call me today to get more information!

Danielle Hifko

New American Mortgage

910-581-6398

Changes happening with Fannie Mae and Freddie Mac

Fannie Mae and Freddie Mac Changing!

In December 2011, Fannie Mae and Freddie Mac tightened up their lending guidelines.  This affects all loans, but the biggest affects have been seen in VA loans.

What is Fannie Mae and Freddie Mac?

Fannie Mae and Freddie Mac are "government-sponsored enterprises" (GSEs). This means that they are privately owned, but receive support from the Federal Government, and assume some public responsibilities.

The GSEs provide a secondary market in home mortgages, purchasing mortgages from the lenders who originate them. They hold some of these mortgages, and some are "securitized" -- sold in the form of securities which the GSEs guarantee.

The two GSEs today are among the largest corporations in the world.

Contact me today for more information or to get qualified for a mortgage!

Danielle Hifko

New American Mortgage

910-581-6398

Welcome Home to an All Inclusive Community

Be apart of a community that offers a variety of activities, neighborhoods and floor plans so there is something for everyone. And don't forget the affordable HOA fees, only $78 a month for full access to the pool, walking nature trails, playground, upkeep of all the common grounds and the rate includes each homeowners sewer, so no need to worry about the upkeep of a septic tank : )

Check out this flyer that highlights one of our many move-in ready homes built by 70 West Builders. The Palmetto is a perfect example of modern living at an affordable price!

New Prices on 3 Move-In Ready Homes!