Deanna Valeo
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"Pre-Qualfied" .vs. Approved - Save yourself a headache April 5, 2010

Pre-Qualified" what does that mean?  At the Valeo-Croy Team this means getting a credit score and understanding the type of income a borrower has for qualifying purposes.  If a client has W2 income we can usually use his/her gross income from the weekly paystubs.  For self-employed or commissioned borrowers this means getting last two years complete tax returns upfront and doing an analysis to get the mortgage qualifying income.  For business owners this means personal and business returns.  Without this information your borrower may not be qualified at all. 

At the Valeo-Croy Team we always work to see that your clients will be Approved, not just qualified.  So there will be no surprises.  Please make sure when your borrower gets "pre-qualified" that their credit checked and their income was qualified as well.

These simple steps will keep you from having surprises during your closing process. 

@ The Valeo-Croy Team, we are here for you.
The Valeo-Croy Team -  (704) 366-7711
Todd Croy - NMLO license #91428
Deanna Valeo - NMLO license #91421

Accessible | Program Expertise | On-Time Closings  


What to look for when picking a lender April 12, 2010

"When one door closes another door opens; but we often look so long and so regretfully upon the closed door that we do not see the ones which open for us." -Alexander Graham Bell

Deanna and I came accross this article we had written a few years ago.  Funny how things do not change.    All our best,  Deanna and Todd.

Whether you’re purchasing or refinancing, your loan officer (often referred to as a "mortgage broker") will play a key role in the process. It pays to choose carefully. Many people’s first instinct is to go with the person who promises them the best interest rate. Granted, the interest rate is important. But the truth is that these days, lenders are offering very similar rates. Other factors can have a big impact on your overall experience, and they’re worth taking into consideration. Here are a few things to look for – and look out for.

Communication. A good loan officer practices good communication. When you shop around, evaluate the loan officer’s communication skills using criteria like these:

Is the loan officer accessible? It’s important to work with someone you can rely on to follow through, and needless to say, unreturned email and phone calls don’t exactly scream professionalism. A good loan officer will make him or herself available to you.

Is the loan officer straightforward? Good loan officers will answer your questions in plain English, not "lender lingo." They will also be direct. Any vague or noncommittal response should be considered a red flag.

Is the loan officer asking you questions? It’s important that a dialogue takes place in which the loan officer genuinely tries to get a detailed picture of your situation.

Is the loan officer listening to you? If the person sitting across the desk from you is fast-talking about low interest rates and "no fees," head for the door. A good loan officer will listen to your concerns in order to find the loan that suits you best.

Information. Clear, accurate and complete information is another mark of a winner. A good loan officer will make sure you have all the information you need to make the best decision, and keep you informed throughout the process. This includes giving you a clear picture of the total cost of your loan, including all closing costs and fees. Ask about this, and look for a direct, clear answer. A wide range like, "somewhere between $1500 and $3500" is not acceptable. You should also receive a Good Faith Estimate, which is a written list of all costs your transaction is likely to incur.

Accountability. A good loan officer will have no problem giving you things in writing, and you should be wary of any refusals. For example, if you want to lock in a rate (which you can typically do within 14-90 days, though the rules vary), you should get this in writing rather than relying on verbal assurances. Likewise, because good loan officers are competitive, they are willing to match or beat someone else’s offer and get you the terms you want. If they can’t, they should be able to explain why. It may be that the lower offer has hidden costs, or some special requirement that you don’t meet. Regardless, your loan officer owes you a clear explanation.

So, where do you find a good - or better yet, great - loan officer? Referrals are best. Ask your friends and relatives about their personal experiences, and talk to your Realtor. A Realtor can be a great help. Since they interact with many different loan officers, they know who’s out there and can point you in the right direction.

A good loan officer is a valuable asset, both in monetary terms, and peace of mind. Take your time choosing one. And when you find a great one, be sure and spread the word.

 

The Valeo-Croy Team, we are here for you.

The Valeo-Croy Team -  (704) 366-7711

Todd Croy - NMLO license #91428
Deanna Valeo - NMLO license #91421

Accessible | Program Expertise | On-Time Closings                             
 
The Valeo-Croy Team and Cunningham and Company Mortgage Bankers are Equal Housing Lenders.

This information is for illustration only. It does not constitute an application for a loan or an offer or commitment for Cunningham and Company to make a loan on these terms. Interest rates are subject to change until an application is completed and you lock in your interest rate. The figures noted are estimates and may vary depending on discount points, taxes and insurance. Programs, terms and conditions are subject to change without notice. Mortgage loans are subject to credit qualifications. Normal credit standards apply.   Date: 4/12/2010


Repair Issues Can Slow Your Closing - Repair rules to know April 19, 2010

With the beginning of the buying season Deanna and I thought we would remind you that home inspection issues need to addressed early; especially if closing cost are going to be used to bargain for repairs.  Due to the Mortgage Disclosure Improvement Act the TIL cannot be changed with less than 48 hours for the buyers' to contemplate the change.  In most cases this really means a 72 hour delay.

Lenders have come out with new overlays not allowing for buyers to escrow for repairs.  In all cases all repairs must now be done ahead of time.  Funds can then be paid to the vendor from the sellers proceeds.  No more getting quotes and having the attorney hold the funds and pay the vendor after the work is completed once the buyer has closed.  Bottom-line:  Repairs done first, closing only comes after repairs are complete. 

Below are some of the more common problems found in a typical home inspection. While most of these problems are usually obvious and have already been reflected in the purchase price, a home inspection lets you know if your personal opinion of the structural condition of the property is correct.

  1. Minor maintenance problems. Poor overall maintenance usually leads to a large range of problems that will require the new homeowner's attention. These can include everything from peeling paint to rotting decks.
  2. Minor structural problems. These problems are typical in older homes, and can cover everything from cracked plaster to small movements in the foundation. While they are not likely to cause the house to fall down, they should be corrected before they become more serious.
  3. Grading/drainage problems. In many parts of the United States this is a very common problem. Improper grading and drainage can often lead to damp or wet footings/basements. Correction can range from installing new roof gutters and downspouts to installing weeping tiles. It should be noted that sometimes simply re-grading the surrounding lawn to channel surface water away from the house is sufficient.
  4. Older/insufficient electrical system. It is very common to find older homes with undersized services, aluminum wiring, knob-and-tub wiring or inadequate/poorly-renovated distribution systems. It is important to have these problems looked into since they are potentially dangerous.
  5. Older/poorly installed plumbing. It is also very common to find plumbing problems in older homes. Repairs can range from a simple 10-minute fix to expensive replacement. It is a good idea to get an expert opinion.
  6. Older/leaking roof. On average an asphalt roof lasts 15 to 20 years. It is difficult to estimate roof age accurately from the ground unless the roof is either very new or very close to the end of its lifespan. You also need to know how many layers are under it in order to determine if the roof needs to be completely stripped before installing the new shingles.
  7. Older heating/cooling system. Older and poorly maintained heating/cooling systems are inefficient and could pose a serious safety and health risk. While replacement may seem expensive, the newer more efficient systems do reduce heating/cooling costs substantially, thus helping to recoup your investment.
  8. Poor ventilation. Excessive moisture from bathrooms and cooking areas, which are not properly vented, can damage plaster, promote the growth of mold and fungus, deteriorate windows and cause allergic reactions. These problems need to be corrected before the damage becomes excessive.
  9. Excessive air leakage. Poor weather-stripping, badly fitted doors, deteriorated caulking and poor attic seals all contribute to a cold and drafty home. Repairs are usually simple and inexpensive.
  10. Environmental problems. These can include asbestos, formaldehyde, leaking underground oil tanks, nearby gas stations, contaminated drinking water, lead-based paint and radon gas. It is important to discuss these potential hazards with a professional and arrange for a specialized inspection if necessary.

The Valeo-Croy Team, we are here for you.

The Valeo-Croy Team -  (704) 366-7711

Todd Croy - NMLO license #91428
Deanna Valeo - NMLO license #91421

Accessible | Program Expertise | On-Time Closings                             
 
The Valeo-Croy Team and Cunningham and Company Mortgage Bankers are Equal Housing Lenders.

This information is for illustration only. It does not constitute an application for a loan or an offer or commitment for Cunningham and Company to make a loan on these terms. Interest rates are subject to change until an application is completed and you lock in your interest rate. The figures noted are estimates and may vary depending on discount points, taxes and insurance. Programs, terms and conditions are subject to change without notice. Mortgage loans are subject to credit qualifications. Normal credit standards apply.   Date: 4/12/2010


USDA Funds Are on the Way April 19, 2010

USDA Fuinding looks to be on its way.  It appears that a bill will be marked up in the appropriate committees in both the House and the Senate and hopefully will be available for vote on the floor of each chamber before the end of April.   Looks like the up-front fee will increase from 2.00% to 3.50%.  Latest news from Washington.  Will keep you advised.
 
Please pass this on to anyone who could use this information... Thank you for helping get the word out.
 
 
Deanna Valeo and Todd Croy
 
NMLO License #91421 and #91428
 
Phone 704.366.7711  or www.valeocroyteam.com
Accessible | Program Expertise | On-Time Closings