Bill Vourazeris
Name
Bill Vourazeris
Company
Monarch mortgage
E-mail
Contact Monarch mortgage
Website
http://yourmarketguide.blogspot.com/
Office Phone
(443) 618-2880
Cell Phone
(443) 618-2880
Address
Rockville, md, 20852

About Us:

Bill Vourazeris and his professional team have the experience to ensure that your home financing is handled expertly from pre-approval to closing and beyond.

We take the time to listen to each client.  It is important that we hear and understand your needs and goals, so that we can present you with the very best loan options and strategies available.

When you work with Bill Vourazeris and his professional team, you can rest assured that your financing is in good hands.  As someone who knows and can deal with the many other parties involved such as appraisers, insurance agents, title or escrow companies, realtors and sellers - Bill Vourazeris and his professional team will make sure that your transaction is completed in a smooth and professional manner.

Bill Vourazeris and his professional team will keep you well informed throughout the home loan process.  We understand that your home financing is usually the largest financial transaction you will ever make in your life, and Bill Vourazeris and his professional team is committed to not just meeting, but exceeding your expectations.

My mission is to provide you with exceptional customer service.  As a partner with you in the home financing process, I will provide you with updated market information and a variety of lending programs to meet your individual needs.  In addition, I am committed to keeping you informed throughout the loan process, and am here to answer questions, explain options, and eliminate hassles and worry along the way.

  • Contact Bill Vourazeris to become pre-approved.  This will help you understand what you can afford.
  • Make a needs list and a wish list, being realistic and keeping your budget in mind.
  • Select a real estate agent to help you search - please ask us for a referral.  We work only with the very best!
  • Have your agent show you recent sales in the areas and price ranges you prefer
  • Don't feel pressured to make an offer on the first home you see, but be ready to move quickly when the time is right.
  • When your offer is accepted, consider hiring a home inspector for an in-depth evaluation of the home. 

 

If you want professional service and outstanding results, please contact me today.

Call Today 443-618-2880

Getting the best rate

A Qualified Mortgage Consultant Can Help Boost Credit Scores

By Bill Vourazeris
443-618-2880

 

Crofton, MD  Bill Vourazeris - Consumers interested in purchasing or refinancing a home will pay an interest rate based on current market conditions and their ability to pay back the loan. The borrower's income and debt ratios are taken into consideration by the lender, as well as the predictability factor provided by credit scoring. It's important to have a mortgage professional in your corner that has a keen eye for solutions to improving credit scores in an effort to get the best interest rate possible.

 

Interest rates associated with various loan programs are broken down into schedules based on credit score ratings. While each lender has its own guidelines, it's safe to assume that as the consumer's credit score goes down, interest rates will go up.

 

A borrower with an outstanding credit rating will get what is called an A-paper loan. This type of borrower is rewarded with a lower interest rate because they have a proven track record of using credit sensibly and paying their bills on time.

 

Loans designed for consumers with less-than-perfect credit - sometimes referred to as "sub-prime" - can range anywhere from A-minus, B-paper, C-paper or D-paper loans.

 

If you have already taken out a mortgage loan with a higher interest rate because your credit score was a little under par, you will really appreciate the value in doing a little work to improve your credit score. Refinancing from a D-paper loan to a B-paper classification can save literally thousands of dollars in financing fees over time, even though the B-paper loan is still considered sub-prime.

 

A qualified mortgage consultant will guide you through the nuances of the process of improving your credit score to refinance and save money. First and foremost, he or she will want to review the terms of the existing mortgage loan to determine if you have a pre-payment penalty clause written into your contract. In general terms, that means that if you sell the home or try to refinance before the pre-payment penalty expires and you have not already paid off 20 percent of the original loan amount, you will most likely have to pay a 3 percent fee back to the lender to compensate for the high risk and high costs incurred to provide that financing.

 

Next, you should obtain free copies of your credit reports from www.annualcreditreport.com and start working on improving the credit score six months prior to the expiration date on your existing pre-payment penalty.

 

There are five factors that make up the credit score and your mortgage consultant can coach you through some basic strategies to improve your credit score. This means very conservative use of credit cards, paying off debt as much as possible and not applying for additional credit cards unless you will benefit from such action. You will want to verify that negative items you have paid off are being removed from your credit report, and that good credit history is being reported to all three bureaus. You'll also want to dispute any errors that appear on your credit reports and seek to have those removed entirely.

 

Once your credit score improves, it's time to refinance at a better interest rate. Your mortgage professional should look for a program that carries no more than a two-year prepayment penalty so you can continue to refinance as your credit score increases. You can repeat this process until you reach A-paper status and secure the best interest rate available.

 

This is a strategy that also works well for first time home buyers who do not have enough credit history under their belt to get an A-paper loan at the time of purchase. The important thing is to work with a mortgage consultant who can give you a roadmap to follow and a strategy for success in building personal wealth.

Mortgage Products

FIXED RATE MORTGAGES

You are probably familiar with a fixed rate mortgage. Your parents more than likely had one, as did their parents before them. The major advantage of fixed rate mortgages is that they present predictable housing costs for the life of the loan. Some fixed rate mortgages you will probably hear about are:

  • 30-Year Fixed Rate Mortgages
  • 15-year Fixed Rate Mortgages
  • Biweekly Mortgages
  • "Convertible" Mortgages

ADJUSTABLE RATE MORTGAGES

Adjustable Rate Mortgages (ARMs) have become on of the most popular and effective tools for helping some prospective homebuyers achieve their dream of homeownership. Developed during a time of high interest rates that kept many people out of the housing market, the ARM offers lower initial rates by sharing the future risk of higher rates between borrower and lender.

ARMs can be an excellent choice of financing under certain conditions, such as rising income expectations, high interest rates, and short-term homeownership. But because payments and interest rates can increase, either steadily or irregularly, homebuyers considering this kind of mortgage need to have the income to keep up with all possible rate and/or payment changes. Each ARM has four basic components:

  • Initial interest rate, which is typically one to three percentage points lower than that of most fixed rate mortgages. Lower interest rates also make ARMs somewhat easier to qualify for. The initial interest rate is tied to certain economic indicators that dictate in part what the monthly payments will be.
  • Adjustment interval, at the time between changes in the interest rate and/or monthly payment will be.
  • Index*, against which lenders measure the difference between what they are making on their investment in the mortgage and what they could be making on other types of investments.
  • Margin, or the additional amount the lender adds to the index to establish the adjusted interest rate on an ARM. The margin is usually 1.5 percent to 2.5 percent.

FHA/VA MORTGAGES

The Federal Housing Administration (FHA) and the Veterans Administration (VA) offer a wide range of mortgage choices that may appeal to you. These include 30 and 15 year fixed- rate mortgages, as well as ARMs. Insured by these government agencies, the loans feature low or no down payment terms and are often assumable by future purchasers. VA loans are restricted to individuals qualified by military service or other entitlements, but FHA - insured loans are open to all qualified home purchasers. Note that there are limits to handle moderate-priced homes anywhere in the country. Talk to your lender about FHA/VA possibilities. With FHA we offer a great down payment assistance program called Neamiah which helps you with up to 6% towards closing costs and down payment.

INTEREST ONLY MORTGAGES

The loan product commonly called 'Interest Only Mortgage' is an interest-only payment option which is offered on fixed rate (FRM) or adjustable rate (ARM) mortgages or on option ARMs. The option to pay 'interest-only' lets you pay only the interest portion of your monthly payment for a fixed period (three, five, seven or ten years). At the end of that period your loan becomes fully amortized, thus resulting in greatly increased monthly payments. Your new payment will be larger than it would have been if it had been fully amortizing from the beginning. The longer the interest only period, the larger the new payment will be when the interest only period ends.

Example

If a 30-year fixed rate loan of $350,000 at 7% has interest only payments for 5 years, the payment during the interest only period is $2,625.00. Starting in month 61, the payment is $3,180.51. The fully amortizing payment (the payment that, if maintained over the term of the loan, will pay it off completely) would be $2,993.86. So in order to reduce your payment by $368.86 for the first 5 years, you pay an additional $186.65 for the next 25 years.

Interest only payment plans are for borrowers who expect to earn a lot more in a few years and want to maximize their buying power now or who will invest the difference between an interest only and an amortizing mortgage payments, and who are confident that these investments will make money.

Advantages

+ During the interest only term your monthly payments are as low as they can possibly get;
+ You can qualify for a larger loan amount, maybe even a larger home;
+ During the interest only term you won't pay out cash to build equity;
+ Make investments with payment difference to potentially build your net worth;
+ The entire monthly payment qualifies as tax-deductible interest during the interest only period