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Waives $4.5 Million in Fees for Active Military and Veterans

In the three years since launching its VA Home Loan Advantage program, Prosperity Home Mortgage, LLC, (Prosperity) has saved active-duty military members and veterans over $4.5 million in origination and appraisal fees. The full-service mortgage banker has funded over $1.1 billion and closed 3,349 VA home loans since November 11, 2014, when the program first began.

The VA Home Loan Advantage program continues to be offered to all Prosperity clients purchasing or refinancing a home using a VA loan.  The program waives the company’s standard origination fee and provides eligible clients with a lender credit to pay for the cost of a home appraisal.1

“As a veteran-founded organization, Long & Foster firmly believes in supporting those who have served our country in the military,” said Jeffrey S. Detwiler, CEO of The Long & Foster Companies, parent company of Prosperity. “That’s why we are delighted to celebrate this milestone and have the opportunity to offer all the benefits of a VA home loan, while also helping our service members and veterans to lower their cost of purchasing or refinancing a home.”

In addition, Prosperity is proud to share that Jonathan Haug, a senior mortgage consultant based in Virginia Beach, Virginia, has been recognized as the company’s top producing VA home loan officer. Haug closed over 225 VA home loans with associated volumes over $61 million since Jan. 1, 2014. Haug is also a member of Prosperity’s Chairman’s Club for 2016, was named to Mortgage Executive Magazine’s Top 1% of Mortgage Originators in America 2016 list, and was recognized as one of the Virginia Housing Development Authority’s Top Producing Loan Officers in VHDA’s Fiscal Year 2017.

“It’s fantastic to see Jonathan receive this well-deserved recognition, and we are thrilled to have reached the $1 billion mark in VA loan fundings as a company,” said Tim Wilson, CEO of Prosperity. “We are very proud of the hard work that each of our mortgage consultants has put forth to make homeownership a reality for military service members and veterans, and it’s because of that ongoing commitment that we remain among the top lenders in the nation.”

Ron Wivagg, national sales support manager for Prosperity, echoed Wilson’s thoughts.  “Prosperity is in the business of financing homeownership and the American Dream, and our VA clients are a very important part of our business,” Wivagg said. “We have employees who have friends and family in the military, and it is imperative to us that we serve those who have diligently served our nation.”

Additional incentive offers for settlement services and home inspections are also available in certain geographical locations.2,3  Ask your mortgage consultant to find out if additional incentives are available in your area!

Learn more about a Veterans Affairs (VA) loan.

 

 

 

 

Prosperity Home Mortgage, LLC is not affiliated with any government agencies.

1. Borrowers are eligible for a lender credit toward closing costs on the Closing Disclosure on a new purchase, secured by a first mortgage or deed of trust (New Loan), subject to qualification, approval and closing with Prosperity Home Mortgage, LLC. Loan must close within 90 days from the date of loan application. Lender credit may not exceed $525.00 for appraisal. Credit coupon must be presented at time of application and all eligibility requirements met no later than 2 days prior to the New Loan closing date. This lender credit is void where prohibited and is non-transferable, subject to the terms herein, and valid on all complete applications received on or before 12/31/2017.

2. Participating settlement services companies:  RGS Title (District of Columbia, Maryland, Virginia); Sage Title Group (District of Columbia, Maryland, Virginia); Settlement Pros (District of Columbia, Maryland, Virginia); Mid-States title of SWVA (Virginia); Bon Air/Long & Foster Title Agency, LLC (Virginia)

3. Home inspection services provided by US Inspect include a 10% discount and a 90-day home inspection guarantee to all Veteran borrowers obtaining VA loan financing with Prosperity Home Mortgage, LLC. The home inspection guarantee covers items that were inspected by US Inspect and found to be operating properly at time of inspection.  For limitation and exclusions, please see 90 day guarantee terms and conditions. Use coupon code “VALOAN” and call: (888) 874-6773

All Incentive offers valid on complete VA home loan applications received between 10/01/2017 and 12/31/2017. Loan must close within 90 days from the date of loan application. Only one discount permitted per New Loan.

All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia, Georgia, Indiana, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)

©2017 Prosperity Home Mortgage, LLC. All Rights Reserved.


Appraisal disappointing? You have options, according to the Appraisal Institute.
 
"Homebuyers and sellers should first understand what an appraisal is and how it's used," says Jim Amorin, president and acting CEO of the Appraisal Institute. "Real estate appraisals for mortgage finance applications are prepared for the bank or financial institution so they can better understand the collateral risk in making the loan. This can be confusing, because homebuyers typically pay for the appraisal and receive a copy of it."
 
In some cases, the appraisal may not match the contract price—but just because an appraisal comes in below (or above) the listing or contract price doesn't mean it's flawed, Amorin says. The agreed-upon contract price may be above market value, for example. In those situations, the buyer and seller often renegotiate the contract at more favorable or balanced terms.
 
Homebuyers should ask their lender for the qualifications of the appraiser, including whether they are designated by a professional association like the Appraisal Institute, says Amorin. A qualified and competent appraiser knows how to conduct a thorough market analysis and make appropriate adjustments.
 
Homebuyers also can ask whether the appraiser is directly engaged by the bank or whether the bank utilizes an appraisal management company, and what their procedures are for engaging qualified appraisers.
 
"The best way for consumers to combat potential problems with appraisals is to ensure the appraiser hired by their lender is highly qualified and competent," Amorin says. "Consumers have every right to demand the use of a highly qualified appraiser, someone with field experience in their market and knowledge and experience to handle the assignment properly."
 
Contrary to incorrect interpretations of appraiser independence requirements, appraisers welcome information that would assist the development of credible assignment results," says Amorin. If lender policies permit, consumers can accompany appraisers when conducting the property inspection and may provide the appraiser with any information they consider important.
 
Amorin suggests consumers ask their lender for permission to do so, and confirm the appointment. Consumers should also take note of whether an adequate inspection is performed. Did the appraiser spend enough time at the property to observe important features or improvements or potential problems?
 
Homebuyers should take advantage of their right to obtain a copy of the appraisal report," Amorin says. Even though the appraisal is ordered to help assess lender collateral risk, buyers are entitled to a copy of the appraisal report. Federal regulations require lenders to provide property buyers with free copies of appraisal reports no later than three days before the loan closes.
 
Although appraisal review is best performed by qualified appraisers, consumers should examine the appraisal for potential deficiencies, says Amorin. According to "Appraising the Appraisal: The Art of Appraisal Review," common errors in appraisals include: misuse of adjustments to comparables; disregarding special financing and concessions; or miscalculation of gross living area (GLA).
 
Amorin suggests consumers ask themselves:

  • Do adjacent homes add or detract from the value of the subject property?
  • Is the subject property equal to or lower in price than surrounding homes?
  • Does the floor plan have any functional problems?
  • Does the house (particularly the kitchen and bathrooms) require major remodeling to make it comparable with similar homes in the same price range?
  • Is the number of bedrooms and baths in the home comparable to similar homes in the same price range?
  • Did the appraiser perform an adequate inspection? 

"Most lenders have appraisal appeal procedures, known as 'Reconsiderations of Value,'" says Amorin. "If you're aware of recent, comparable sales information or items that may not have been available or considered by the appraiser, provide those to the lender. If problems were found with the first appraisal, you can and should obtain a second appraisal."

 

Learn more about property appraisals here, and contact your local mortgage consultant with any questions about the appraisal process.

 

 


 
Source: Appraisal Institute

Reprinted with permission from RISMedia. ©2017. All rights reserved.

All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia,  Georgia, Indiana, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)  ©2017 Prosperity Home Mortgage, LLC.  All Rights Reserved.


Four Prosperity Home Mortgage Consultants Named as VHDA Top Producing Loan Officers

We are proud to announce that four of our mortgage consultants were named as Virginia Housing Development Authority Top Producing Loan Officers. They include Jonathan Haug, Janice Lanning, Mark Fillgrove and Derek Alverson.

“It’s fantastic to see Jonathan, Janice, Mark and Derek receive this well-deserved recognition,” said Tim Wilson, CEO of Prosperity Home Mortgage. “We are very proud of their hard work and of all that they have achieved while helping to make homeownership a reality for their clients. All of us at Prosperity are committed to providing personalized and focused service to every client, and it’s because of that ongoing commitment that we remain among the top lenders in the nation.” 

The work of Haug, Lanning, Fillgrove and Alverson helped numerous individuals and families become homeowners during the commonwealth’s last fiscal year. Statewide, 8,271 people in Virginia purchased a home in VHDA’s Fiscal Year 2017, resulting in $1.62 billion in home loans created.

Haug is a senior mortgage consultant based in Virginia Beach, Virginia. He is a member of Prosperity’s Chairman’s Club for 2016 and was named to Mortgage Executive Magazine’s Top 1% of Mortgage Originators in America 2016 list. Based in Fredericksburg, Virginia, Lanning is a senior mortgage consultant, a member of Prosperity’s Presidents Club for 2016 and was also named to the Top 1% of Mortgage Originators in America 2016 list. Fillgrove is a branch manager for Prosperity and is based in Midlothian, Virginia. He is a member of Prosperity’s Presidents Club for 2016. Alverson is a senior mortgage consultant and a member of Prosperity’s Chairman’s Club for 2016. He is based in Richmond, Virginia, and was also named to the Top 1% of Mortgage Originators in America 2016 list.

Congratulations to each of our mortgage consultants on their success!

 

To learn more about Prosperity Home Mortgage, click here.

 

 

 

All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia, Georgia, Indiana, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)

©2017 Prosperity Home Mortgage, LLC. All Rights Reserved.


Want instant access to home financing tools and information? We have a mobile app with several features designed to help make the home loan process simpler and more convenient for our clients. From the moment you submit your home loan application to the moment you reach settlement, this app is on your time!

To download our app, you can ask your mortgage consultant to share it with you directly, or you can find it on the Apple App Store and on the Android App Store.  You can also search for “Prosperity Home Mortgage App” on your mobile device, choose your local mortgage consultant from the list presented to you, and download for instant access to our home financing tools:

  • Securely pre-qualify for mortgage financing right on their mobile device.
  • Utilize mortgage calculators to instantly calculate monthly mortgage payments, affordability, and refinance options.
  • Scan and upload documents to Encompass, our loan originating system, using your smartphone camera feature.
  • Track a loan from start to finish in real time and receive loan milestone notifications.
  • Get contact information for your local mortgage consultant with the touch of a button.
  • Access our blog, helpful articles, and a glossary of real estate/mortgage terms.

Learn more about the Prosperity Home Mortgage app in this video.

 

Need to find a local mortgage consultant?  Click here to find a location near you!

 

 

 

All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia, Georgia, Indiana, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.
NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)
©2017 Prosperity Home Mortgage, LLC. All Rights Reserved.


Renting Vs. Owning

Sep 14
5:27
PM
Category | Prosperity News

With interest rates near historic lows, opportunity may be knocking.

We understand the option to rent or buy a home depends on your unique situation, and your decision requires careful consideration.  While renting may make more sense for some, buying a home can be less expensive on average than renting long-term.¹

When deciding which option is right for you, we recommend asking some basic questions:

  • Is it important that your home can be used as an investment?
  • How long do you plan to stay in your home?
  • How fast do rent and home prices rise in your area?

Buying may be the right option if you:

  • Want the opportunity to build equity in your home as a long-term investment and take advantage of homeowner tax credits and incentives.
  • Are planning to stay in your home long-term (typically 4 years or more).
  • Would like to create a home that is unique to your own style.
  • Are experiencing rising rent payments.

Renting may be the right option if you:

  • Prefer a monthly budget that does not include costs for home maintenance or improvements.
  • Plan to move again within the next few years (typically less than 4 years)
  • Enjoy the amenities that are often available within rental communities.
  • Have financial obstacles or credit issues that may preclude homeownership.

 

Buying or renting can be different for everyone based on your individual situation.  Contact a local mortgage consultant to answer any questions you may have about buying a home!

 

BY THE NUMBERS:
Rent vs. Buy calculations often differ by real estate market. Use our rent vs. buy calculator tool to help you decide if renting or buying is right for you!

 

 

 

1. Contact a mortgage consultant to compare the cost of renting versus buying to determine the right option for you.
All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Licensed by the NJ Department of Banking and Insurance. Licensed by the Delaware State Bank Commissioner. Also licensed in District of Columbia, Georgia, Indiana, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.
NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)
©2017 Prosperity Home Mortgage, LLC. All Rights Reserved.


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