Prosperity Home Mortgage, LLC Blog

Blog

Prosperity Home Mortgage Consultants Recognized by VHDA

Oct 12

2:58

Category | Newsroom

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/)

Download the Prosperity Home Mortgage App

Sep 29

10:46

Category | Prosperity News

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!

Renting Vs. Owning

Sep 14

5:27

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.

Things to Consider Before Buying a Home

Aug 30

10:30

Category | Prosperity News

For many people, buying a home may be the biggest purchase they will make in their lifetime, and the right time to buy is different for everyone. Before making the decision to buy a home, consider the following questions:

How do lenders determine who qualifies for a mortgage?

Lenders take many things into consideration: credit score, the cash you have available for a down payment and closing costs, your income, and your existing debt and financial obligations are just a few. Two housing ratios are used:

The housing expense-to-income ratio compares your anticipated monthly mortgage payment (principal, interest, taxes and insurance), to the total gross monthly income (pre-tax) for your household.
The debt-to-income ratio compares total monthly expense, including the anticipated monthly mortgage payment to the total gross (pre-tax) monthly income for your household.

How do I know how much money I can borrow to buy a home?

Your mortgage consultant will help you get a preliminary approval that lets you know the maximum loan amount you might be able to borrow.¹ With that information in hand, you can then determine a price range with which you are comfortable.

What is a credit score?

The three credit reporting agencies — Experian, TransUnion and Equifax — serve as a clearinghouse for credit information. “Credit score” is a term often used to refer to credit bureau risk scores. It broadly refers to a number generated by a statistical model which is used to objectively evaluate information that pertains to making a credit decision (i.e. credit cards, car loans, student loans, etc) that includes:

Your payment history
The total amount you owe
The amount of time you’ve had available credit
Whether you have any judgments entered against you
Whether you filed bankruptcy
The number of times potential lenders have reviewed your credit

Information in the agencies’ reports is evaluated and interpreted into a “credit score,” which help lenders make loan decisions. Credit scores range from 300 to 850, and yours may determine whether you are approved for a loan, the terms of the loan, and the interest rate.

Note: Making large purchases with a consumer loan or credit card just before applying for a mortgage may impact your ability to qualify. So consider your needs and priorities carefully.

If you still have questions about the home buying process, don't worry. We are committed to providing information that will help you make well-informed decisions about the financing process. Our mortgage consultants will pay attention to your goals, help you understand your options, and clearly explain how different loan programs work. So, you can take an informed, hands-on approach to achieving your goal of owning a home.

Contact your local mortgage consultant for today!

1. A preliminary approval is based on our preliminary review of credit information only and is not a commitment to lend. We will be able to offer a loan commitment upon verification of application information, satisfying all underwriting requirements and conditions, and providing an acceptable property, appraisal, and title report. Preliminary approvals are subject to change or cancellation if a requested loan no longer meets applicable regulatory requirements. Preliminary approvals are not available on all products. See a mortgage consultant for details.

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

The VA Home Loan Advantage

Aug 10

12:33

Category | Prosperity News

A Foundation of Service

At its core, our company has been shaped by military education and dedication to service. Wes Foster, Chairman and Chief Executive Officer of The Long & Foster Companies, graduated from the Virginia Military Institute (VMI) in 1956 and served as an officer in the U.S. Army.

Wes Foster has generously given millions of dollars back to his alma mater, which is dedicated to educating the next generation of our military. His loyalty has been so strong to the school, he was awarded VMI’s Distinguished Service Award, the highest award given to an alumnus for service to the institute.

Our Commitment to Service

Prosperity Home Mortgage, LLC has continued in the tradition of placing our men and women of uniform at the forefront of our new ideas and promotions. Since the program’s inception, our exclusive VA loan program has accomplished the following:

Over $1.2 million in appraisal savings
Over $3.1 million in origination savings
Total borrower savings of over $4.3 million
Over 2,900 military families served with a customer satisfaction survey rating of 94.6%

We want your help spreading the word that our VA home loan incentives continue to be available! In fact, our goal is to give back over $6 million in savings to service members and veterans. Here is an overview of the exclusive incentives we offer:

No loan origination fee (up to $1,085 value) through Prosperity Home Mortgage, LLC
Complimentary appraisal (up to $450 value)¹

“We are delighted to offer all the benefits of a VA home loan, while also providing additional assistance to service members and veterans that will help lower their cost of purchasing or refinancing a home.”, said P. Wesley Foster, Jr., Chairman & Chief Executive Officer of The Long & Foster Companies.

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 $450.00 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 09/30/2017.

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 07/01/2017 and 09/30/2017. Loan must close within 90 days from the date of loan application. Only one discount permitted per New Loan.

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