mortgage: Home Buyers still don't get it! - 01/30/23 09:09 AM
I was talking with a friend yesterday as we were watching The Philadelphia Eagles beat San Francisco to go forward to play in the Superbowl. Go Eagles!
Anyway, I digress, because as our conversation progressed I realized that even with so much talked and written about it buyers still think they need 20% as a down payment to buy a house. 
This friend mentioned that without 20% she would need to pay a large PMI, mortgage insurance rate, so she has been renting. As a single mother she is in the process of putting her daughter through college, however her rent is about … (12 comments)

mortgage: Other costs associated with buying a house! - 03/04/22 08:01 AM
Lots of people think the only amount of money they need to buy a house is the down payment. But, there are many other costs associated with buying a house, inspections, insurance, appraisal, and many more. Our video with Shawn DeAngelo of Prosperity Home Mortgage today addresses some of these more fully.
Don't forget to subscribe to our YouTube channel and check the bell to be notified of when we post new videos.
Let us know what other home buying subjects you have questions about.
 
Check out our video on How Much Money do I need to buy a house? and What help is … (9 comments)

mortgage: Why your pre-approval is no longer as good as you think it is! - 01/27/21 09:10 AM
As agents for years we have been telling our prospective clients to speak to a mortgage provider and to get preapproved as the first step in searching for and buying a home.
Most prospective buyers know this and dutifully speak to a mortgage provider and get their preapproval for a mortgage and with this in hand then contact a Realtor to help them buy a home.
But something has happened over the last few years that no longer makes that pre-approval of any value. For the past three years, agents have been talking about the low inventory of homes for resale, as well … (11 comments)

mortgage: What Do Lenders Want to See in Bank Statements? - 03/21/18 08:02 AM
One of the biggest complaints I get from buyers is about their mortgage process. I try to paint the most dire picture so that it won't seem so bad when they go through it. But, what is actually the problem is not understanding the process and/or how it has changed over time. This post by John Meussner is a great explanation of one step of the mortgage process and why it is required.
Well worth a read if you are going to be applying for a mortgage soon so you are better prepared for the process and hopefully it will go more smoothly.
Once you … (4 comments)

mortgage: My Lender just got suspended - What now? - 07/14/17 09:08 AM
This week a local lender was suspended by HUD from issuing any FHA program loans due to fraudulently submitting false accounting statements to the government authority. The company, Seckel Capital submitted accounts over a period of years which were supposedly audited by independent certified public accountants. But, they weren't. As such HUD has suspended the lender from issuing loans backed by FHA.
 "In addition, HUD's Departmental Enforcement Center suspended owner John Seckel from doing business with the Federal government"
Suddenly, borrowers in the process of obtaining mortgages with this company are finding they can no longer obtain them. 
So what do you do in … (15 comments)

mortgage: Prove to Sellers You're Serious: Be Pre-Qualified! - 06/22/17 06:44 AM
If you are thinking of buying a home now or in the next few months you have to read this blog post written by a mortgage provider. What he says is so true and it will help you to be successful in this hot home market.
 
 
Prove to Sellers You're Serious:  Be Pre-Qualified!
 
Be Pre-Qualified for your Mortgage before you go and view homes!
There, I've said it.  First thing.  Right out of the box.  So it can't be missed.
I place that advice right at the top of this post in bright colors so it's not overlooked.  And because it's such a … (9 comments)

mortgage: Applying for a Mortgage? When "Plan A" Doesn't Work .. - 02/24/17 06:06 AM
Tredyffrin Easttown home buyers often ask about why they need to be pre-qualified before an agent will show them homes. And yes, there are plenty of agents and I am sure you will find one who will unlock a door and let you see the house. But this post below Applying for a mortgage? When Plan A Doesn't Work.. by Gene Mundt is a fine example of why we insist on buyers getting pre-qualified.
You are not always ready to purchase and it is better to discover the roadblocks early on and find your way around them as suggested in Gene's post … (15 comments)

mortgage: Tredyffrin Easttown Real Estate - FAQ Why do I need a pre-approval? - 02/23/17 09:18 AM
In this series we are answering frequently posed Tredyffrin Easttown real estate questions.
We get many inquiries to show homes and buyers often balk when we ask them if they are pre-approved for a mortgage and if so how much. This video answers this question. Let me know if you have a real estate question, you can email me a t Nick@VandekarTeam.com. In the meantime subscribe to our blog and to our channel on YouTube so you don't miss any of this series.
 
Points from the video:
Put your self in the sellers shoes, you are asking them to vacate their home, often … (14 comments)

mortgage: Main Line condominium buyers need help with your credit? - 01/21/15 05:02 AM
Main Line condominium buyers need help with your credit?
Condominiums are very popular with first time buyers on the Main Line because they generally have lower prices, maintenance is mainly covered under the condominium fee as often are many of the utility costs depending on the development.
Whilst credit is slowly easing, and buyers can get loans with 3% down, one of the biggest challenges for Main Line first time condo buyers is a low credit score for one of many reasons. Credit scores used by the mortgage companies and banks are based on a FICO score, FICO refers to the Fair … (2 comments)

mortgage: So many advantages - 05/08/14 01:47 AM
How can you improve your chances of buying a home especially when there are so many multiple offer situations?
Paying Cash, waiver of contingencies, mortgage pre-approval but what if you could actually not just have a pre-approval but an actual commitment when you go house hunting?
Prosperity Home Mortgage is offering buyers the Buyer Advantage. It takes about 7-10 days and you end up as a buyer with an actual commitment with a Commitment Letter putting you in a stronger position than a buyer who only has a pre-approval.
The Prosperity Buyer Advantage is complimentary, there is no additional cost to … (0 comments)

mortgage: Are the new mortgage rules good or bad for you the customer? - 01/13/14 04:36 AM
Prosperity Home Mortgage held a seminar last week and I got an opportunity to interview one of the local managers Bob Frazer about what the new qualified mortgage (QM) and qualified residential mortgage (QRM) will mean for our customers.
Most thoughts are that the rules are not that bad and won't adversely affect consumers only affecting about 10% of loans; a big change is the cap on fees of 3% for the mortgage conmpany and any affiliated companies, so if you use mortgage, title and insurance  and those companies are all affiliated companies the most you can be charged is 3%, … (0 comments)

mortgage: Selling a home with a Wachovia mortgage? - 08/13/07 03:25 AM
We just heard from one of our conveyance staff that Wachovia have recently changed their systems for providing payoff information.
It now seems that this is a several step process and you need to allow plenty of time to obtain the final payoff amount.
First you have to fax them an authorization form requesting a payoff, that takes 4 days (usually) what you get back is an ESTIMATED payoff.....title companies WILL NOT close on this payoff, once you get the estimated payoff the borrower has to sign off to close the account, you have to then fax back that authorization to Wachovia and … (4 comments)

mortgage: Mortgage Insurance now tax deductible! - 03/04/07 03:03 AM
Yes, you read that headline correctly, but there are some key provisions according to the Pennsylvania Association of Realtors, so read on.
Firstly the idea is to help those most unable to buy a home and give them some relief from 80-20 mortgages to avoid PMI.
Key Provisions:
Applies only to mortgage insurance policies issued in 2007Does not apply to premium payments for policies issued in prior yearsApplies to private mortgage insurance and to FHA, VA and Rural Housing premiums. The premiums will be treated as mortgage interest.Is available only to individuals or families with less than $100,000 adjusted gross income on a joint … (0 comments)

 
Nick Vandekar, 610-203-4543, Selling the Main Line & Chester County (Realty ONE Group Advocates 484-237-2055)

Nick Vandekar, 610-203-4543

Selling the Main Line & Chester County

Downingtown, PA

More about me…

Realty ONE Group Advocates 484-237-2055

Address: 92 Lancaster Avenue, Devon, PA, 19333

Office: (484) 237-2055

Mobile: (610) 203-4543

Some thoughts and ideas about Tredyffrin Easttown, Main Line and Chester County Real Estate that might help you when you buy or sell.



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