Starkey Mortgage Helps Veterans Achieve Homeownership through VA Loans

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Starkey Mortgage (WR Starkey Mortgage, LLP NMLSR #2146) is a proud supporter of our troops, and as a national lending company, they aim to help every service member or veteran achieve their dream of homeownership. The U.S. Department of Veterans Affairs (VA) offers service members, veterans and surviving spouses the opportunity to become homeowners through a unique, one-of-a-kind financing option that is partially guaranteed by the federal government.

While VA Home Loans are provided by private lenders, such as Starkey Mortgage, the VA guarantees a portion of the loan, which enables the lending party to provide the borrower with more favorable terms. These loans are available to eligible military members and their families and provide them with options for no down payments, no private mortgage interest and competitive interest rates. Since the program’s inception, it has helped more than 20 million veterans and their families realize the dream of homeownership, with 2013 seeing more loans being awarded than ever before.

VA loans truly provide an affordable financing situation thanks to the distinct advantage it offers over traditional mortgages. These loans do not require any down payment and they don’t require the borrower to obtain private mortgage insurance. In addition, the seller or builder is allowed to pay all of the veteran’s closing costs, making the total cash required to purchase a home, in some instances, zero.

Other distinct advantages of VA loans include:

  • Borrowers are not required to reach an income threshold; however, they are expected to have stable, reliable income that will cover monthly expenses, as well as residual income.
  • Since VA loans are partially guaranteed by the federal government, financial institutions carry less risk with these loans, so they offer interest rates that are typically 0.5 to 1 percent lower than conventional interest rates.
  • Qualified active military members can use their Basic Allowance for Housing (BAH) to pay for some or all of their monthly mortgage costs, as it is counted as effective income.
  • VA loans do not have a pre-payment penalty if the home is paid off before the loan matures.

VA loans do have housing price limits of up to $417,000 in most parts of the country. However, borrowers who live in high-cost counties may be able to purchase a home exceeding that value without a down payment.

Service members, veterans and surviving spouses may be eligible for a VA Home Loan if they meet one or more of the following conditions:

  • Served 90 consecutive days of service during wartime or 181 days of service during peacetime.
  • Served more than 6 years in the National Guard or Reserves.
  • Spouse of a service member who died in the line of duty or as a result of a service-related disability.

Another option available to service members and veterans is the VA refinancing program. Refinancing through the VA program will allow the borrower to take advantage of lower rates and decrease their monthly mortgage payment. Military homeowners can also get cash back on a VA refinance and use the proceeds for a variety of needs, including paying off debt or performing home repairs.

As lending requirements have tightened, the VA Home Loan program has become more important than ever. To find out more information about VA Home Loans or whether or not you are eligible, contact Starkey Mortgage’s Senior Vice President and Regional Manager, Debra Watt (NMLSR #346277, NC License #I-149994) at 704-246-0132 or dwatt@starkeymtg.com. For more information on Starkey Mortgage, visit www.StarkeyMortgage.com.

Equal Housing Lender. WR Starkey Mortgage, LLP NMLSR# 2146, 10800 Sikes Place, Suite 110, Charlotte, NC 28277, Branch Phone: 704.849.2125, Branch NMLSR#93518, Branch License #L-112550-102, SC License #MLB-93518.

Starkey Mortgage Explores the Benefits of Private Mortgage Insurance

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While borrowers never want to part with more money, there is one overriding benefit of Private Mortgage Insurance (PMI). Borrowers with less than a 20 percent down payment for a conventional mortgage loan or those who do not meet the income requirements have an opportunity to be a homeowner by paying for private mortgage insurance.

According to www.pmi-us.com, the benefits of PMI are threefold: the ability to buy a home with a lower down payment, tax-deductible premiums for eligible borrowers and a choice of payment options.

  1. While any homebuyer can appreciate the benefits of PMI, the real advantage is for first-time homebuyers, as it requires a much lower down payment, giving first-time homeowners an opportunity to purchase a home sooner and it allows for loans that exceed the FHA limit.  With a slowly-reenergizing economy following the housing bubble of 2008, PMI helps borrowers enjoy the benefits of home ownership years before they are able to save the 20 percent down payment often required by mortgage lenders.
  2. A new borrower is capable of owning a home while concurrently building equity and enjoying tax deductions on interest and property taxes. Besides the other tax benefits of owning a home, borrower-paid PMI premiums were 100 percent tax-deductible through 2013 for eligible borrowers with adjusted gross incomes of up to $100,000.
  3. Some of Starkey Mortgage’s payment options include:
  • On a monthly premium plan, the mortgage insurance premium is incorporated into your overall loan payment each month, and you pay no upfront premium.
  • On an annual plan, you’ll pay an initial premium at closing and a renewal premium each year that follows.
  • With a single premium plan, the mortgage insurance premium is a one-time charge – paid in full at closing or financed into your loan – so you make no monthly premium payments.

Want to know if Private Mortgage Insurance would be a smart option for your new home purchase? Please contact Starkey Mortgage’s Senior Vice President and Regional Manager for the East Region, Debra Watt (NMLSR #346277, NC License #I-149994) at 704-246-0132 or dwatt@starkeymtg.com.

At Starkey Mortgage, people are key. The mortgage company prides itself on creating loyalty and long-term relationships with its customers and employees. As a full-service mortgage banker, Starkey Mortgage originates, processes, underwrites, closes and funds residential mortgage loans in its name. This “in-house” authority provides increased control over the mortgage process which results in superior customer service. For information on Starkey Mortgage, visit www.starkeymtg.com.

Equal Housing Lender. WR Starkey Mortgage, LLP NMLSR# 2146, 10800 Sikes Place, Suite 110, Charlotte, NC 28277, Branch Phone: 704.849.2125, Branch NMLSR#93518, Branch License #L-112550-102, SC License #MLB-93518.

Starkey Mortgage Gives Back to Local Communities in Need

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Starkey LogoStarkey Mortgage’s Community Connection program was established in 2000 to better address the needs of the community. The mortgage company donates $250 for each loan closed to the home builder or buyer’s charity of choice. In the past year, more than $80,000 has been gifted to charities in Starkey Mortgage’s local communities across the United States.

When a buyer purchases or refinances a home, the charity selected receives a sizable donation. When financing with Starkey Mortgage, customers receive the highest quality home financing, competitive rates, and top notch service provided by one of the premier lenders, and their designated charity receives a $250 donation!

Debra Watt, Starkey Mortgage’s senior vice president and regional manager in North Carolina explained, “The Community Connection Program has made such a tremendous impact on communities throughout the country. We are constantly looking for new ways to enrich the lives of our clients, and what better way than giving back to the community in which they live.”

Starkey Mortgage pledges an unwavering commitment to customer service. This commitment is extended to the participants of the Community Connection Program, combining this legendary service with a wide variety of products at low prices. The mortgage lender’s vision is to help your community grow while helping customers finance the home they desire.

For more information on Starkey Mortgage’s Community Connection Program, please contact North Carolina’s Senior Vice President and Regional Manager, Debra Watt (NMLSR #346277, NC License #I-149994) at 704-246-0132 or dwatt@starkeymtg.com.

At Starkey Mortgage, people are key. The mortgage company prides itself on creating loyalty and long-term relationships with its customers and employees. As a full-service mortgage banker, Starkey Mortgage originates, processes, underwrites, closes and funds residential mortgage loans in its name. This “in-house” authority provides increased control over the mortgage process which results in superior customer service. For information on Starkey Mortgage, visit www.starkeymtg.com.

Equal Housing Lender. WR Starkey Mortgage, LLP NMLSR# 2146, 10800 Sikes Place, Suite 110, Charlotte, NC 28277, Branch Phone: 704.849.2125, Branch NMLSR#93518, Branch License #L-112550-102, SC License #MLB-93518.

Essential Information about the Appraisal Process

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Since the 2008 housing crisis, current 30 year mortgage rates are still below average according to Freddie Mac and as a result, many homeowners may save thousands of dollars per year when buying a new home. And while the housing upturn has left buyers hopeful, the National Association of Home Builders (NAHB) explained in an article recently, “NAHB has made it a priority to enact major reforms so that appraisals reflect accurate home values and do not needlessly kill home sales.”

Starkey Mortgage (WR Starkey Mortgage, LLP NMLSR# 2146) has a few helpful tips on what builders can do to assist appraisers with the appraisal process.

  1. Staging and Curb Appeal – First impressions matter in every industry, and new homes set the standard. Prepare for an appraiser with the same attention to detail that you would for prospective buyers: clean, clutter-free spaces and outstanding curb appeal.
  2. Share Information with the Appraiser – Builders should be eager to share all pertinent, objective information with the appraiser including plans and specifications for the property, details and warranties on chosen materials and any comparable, recent sales information. While builders cannot discuss the cost or value of a home, they can provide factual information and documentation.
  3. Be Available During Inspection – Have knowledgeable staff available to answer any appraisers’ questions or requests. However, it is important to remember that the appraisal process is an independent valuation of the property, and any discussion or influence of the value outcome of the report is strictly prohibited.
  4. Document your Communications – Keep detailed records of the communication you have with the appraiser, as well as the information you supply them.

Starkey Mortgage provides in-house processing and underwriting and prides itself on timely closings and competitive rates. Starkey exercises controlled growth and works closely with home buyers and new home builders to give them an assured experience.

For more information on financing your home or for additional tips on preparing for your appraisal, please contact North Carolina’s Senior Vice President and Regional Manager, Debra Watt (NMLSR #346277, NC License #I-149994) at dwatt@starkeymtg.com or call 704-246-0132.

For more information on Starkey Mortgage’s Builder Services, East Region, please contact Amy Slack at aslack@starkeymtg.com, call 404.406.7841 or visit www.starkeybuilderservices.com.

Equal Housing Lender. WR Starkey Mortgage, LLP NMLSR# 2146, 10800 Sikes Place, Suite 110, Charlotte, NC 28277, Branch Phone: 704.849.2125, Branch NMLSR#93518, Branch License #L-112550-102, SC License #MLB-93518.

Learn to Dispute Charges on Your Credit Report for After Shopping Season

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Check credit after holiday shoppingAfter all is said and done with holiday shopping, even if you were very careful with credit card usage, staying close to budget and being a responsible borrower, there is still a chance for errors to end up on your credit report. Some of this may be errors, or it could be fraud, and it is important to know how to report and resolve the issue. The credit and finance experts at Equifax share information about what to do when you find errors on your credit report, after the holidays or otherwise, in the new article, “

How Do I Dispute Information on My Credit Report?”

First, you want to carefully look over your credit report for all activity. If you spot something off, you need to dispute it with the credit reporting agency right away. The dispute is free of charge, and depending on the agency, you may have to call or send in the dispute by mail. Equifax offers free and easy online disputes. If you send in a dispute and it is resolved, the one credit reporting agency will notify the other two agencies of the corrected information. If you want to have the most up to date information though, in the case of needing to have a spotless report for an application for a mortgage in Atlanta or the like, you should contact each agency independently and immediately.

After you report your dispute, the credit agencies are legally required to investigate within 30 to 45 days, and before the time has elapsed, the credit agency will inform you of their findings. From there, the disputed item will either be removed or the reporting agency will explain that the findings of their investigation lead them to keep it on.

Even if the disputed item wasn’t removed, you should keep a close eye on your credit report going forward and dispute as necessary. If you are concerned about activity on your credit file (due to identity theft or potential identity theft), you may want to sign up for a credit monitoring service like the Equifax Complete plan.

For more information about protecting your credit score and more

personal finance advice, check the Equifax Finance Blog.