VA Home Loan Benefit - The IRRRL (Interest Rate Reduction Refinance Loan)
Many veterans do not understand one of the best benefits of their VA home loan. It is designed to allow you to lower your interest rate and monthly payments. It is called an IRRRL: Interest Rate Reduction Refinance Loan.
An IRRRL is a streamline refinance process which allows you to refinance without an appraisal to take advantage of a lower interest rate! There is minimal documentation needed and a long as your payments have been made on time you should be able to qualify.
These loans can be closed quickly and provide relief when it is needed in a down market.
If you want to lower your payments or interest rate on your VA loan, or to apply for a VA loan, call the Best Loan Officer in the Rogue Valley to discuss your options:
David DuBeau
541.292.9663
541.608.2161
www.DavidDuBeau.net
Once you are prequalified for a VA home loan:
Call The Best Realtor In The Rogue Valley,
Cheryl Malone at Windermere Investors Marketplace and "Lets Go Shopping"!
541.951.1960 www.CherylMalone.com
OTHER RELATED BLOGS:
How Do I Use My VA Home Loan?
http://daviddubeau.blogspot.com/2011/02/va-home-loan-how-do-i-use-my-veteran-va.html
What is a "Preapproval Letter"?
http://daviddubeau.blogspot.com/2011/02/what-is-preapproval-letter-when-buying.html
Should I Buy A Home Right Now?
http://daviddubeau.blogspot.com/2011/02/should-i-buy-home-right-now-john.html
Is it cheaper to rent, or buy?
http://daviddubeau.blogspot.com/2011/02/it-is-cheaper-to-buy-than-rent-home.html
What is the difference between a Foreclosure, REO, and Short Sale?
http://daviddubeau.blogspot.com/2011/02/difference-between-foreclosure-and.html
Wednesday, June 22, 2011
How To Buy A Home In Medford with The Best Realtor in Southern Oregon
How to buy a home in Medford with The Best Realtor in the Rogue Valley and Southern Oregon...
The process of buying a home can seem daunting, but it is actually pretty simple! There are stages and different steps in the process, but to simplify it here is a short list:
1) Get prequalified or preapproved for a home loan. I recommend you do this by calling David DuBeau (see contact info below). In my opinion he is THE BEST LOAN OFFICER IN MEDFORD, OR!
2) Once you know what you are approved for, decide where you would like to find a home to live in, and what kind of a house you would like to live in (New, foreclosure, Stick Built, Manufactured, etc). If you need help, talk with Cheryl Malone (ME!) about what your thoughts are, or call and ask advice on what you should do.
At that point, "Lets Go Shopping"!
It really is that simple! There are other details to think about for sure, but any questions you have can be answered along the way by your loan officer and Realtor.
You can contact David for a prequalification or preapproval any way below. To talk to me about buying a home - look to the right of this blog, or, here is the best way to reach me as well:
Mortgage Loan Officer
C: 541.292.9663
O: 541.608.1800
david.dubeau@sterlingsavings.com
www.daviddubeau.net
Feel free to read some of my other blog posts if you have more questions and good luck in your search!
www.sellingoregonhomes.blogspot.com
The process of buying a home can seem daunting, but it is actually pretty simple! There are stages and different steps in the process, but to simplify it here is a short list:
1) Get prequalified or preapproved for a home loan. I recommend you do this by calling David DuBeau (see contact info below). In my opinion he is THE BEST LOAN OFFICER IN MEDFORD, OR!
2) Once you know what you are approved for, decide where you would like to find a home to live in, and what kind of a house you would like to live in (New, foreclosure, Stick Built, Manufactured, etc). If you need help, talk with Cheryl Malone (ME!) about what your thoughts are, or call and ask advice on what you should do.
At that point, "Lets Go Shopping"!
It really is that simple! There are other details to think about for sure, but any questions you have can be answered along the way by your loan officer and Realtor.
You can contact David for a prequalification or preapproval any way below. To talk to me about buying a home - look to the right of this blog, or, here is the best way to reach me as well:
Cheryl Malone (THE BEST REALTOR IN MEDFORD, OR!)
Windermere Investors Marketplace
C: 541.951.1960
www.CherylMalone.com
David DuBeauWindermere Investors Marketplace
C: 541.951.1960
www.CherylMalone.com
Mortgage Loan Officer
C: 541.292.9663
O: 541.608.1800
david.dubeau@sterlingsavings.com
www.daviddubeau.net
Feel free to read some of my other blog posts if you have more questions and good luck in your search!
www.sellingoregonhomes.blogspot.com
Saturday, June 18, 2011
What Kind Of Credit, Or What Credit Score Do I Need To Buy A Home?
David and I get asked a lot: "what kind of credit scores do I need to buy a home?", or "what kind of credit do you need to get into a home"?
Every loan program is different, and each loan also has different guidelines it follows on credit to buy a home. Some programs require 700+ credit scores while others can allow your score to go all the way down to a 380 believe it or not! It is all about what your report says, not the score itself when it comes to getting into a loan on a house.
It is possible that you may still qualify for a loan even though you have some of these issues in your past:
Divorce
Collections (even large medical collections)
Credit Card, car, or other debts
Foreclosure
Short Sale
Bankruptcy
Late payments
In our experience when a client checks and/or monitors their credit on their own can be confusing for them. What happens is that they will pull their credit and see their scores. Then, they will either feel defeated and not do anything, or, they will call us and ask to apply for a mortgage thinking they are ok. When we pull their credit it is a different score from what they originally saw - sometimes better or worse! The reason for this could be many things, just keep in mind that it is always better to ask the lender you are applying for a loan through as they are the decision maker anyways.
Here is a brief explanation and what often goes on in these situations:
There are 3 credit reporting agencies that report a credit score for you. Mortgages (home loans) are driven off of a "mid fico" score. What that means is your score, as applied to mortgages, will always be the middle of the 3 scores reported.
For example, if your 3 scores were 600, 700, and 800 then your mid fico (or credit score) would be 700.
When you check your credit, what can happen is sometimes only one credit reporting bureau is checked and people think that is their score! What if the one score you checked is the 600 score? Then you might think you need improvement when really you have a 700!
Another example is when you buy a car, they look at your "beacon" score. So sometimes people will say "I have "X" as a credit score, I just had my credit pulled". Car loans are driven off of a different score than home loans so when we check your credit... That's right, we pull a different score!
HERE IS THE BOTTOM LINE
You can bring in your credit report, and David can review it with you (if you pulled it yourself) and that's ok. But ultimately he is going to have to pull his own report anyway for the bank.
The best thing to do if you want to buy a home is to have him check your credit, let you know where you are at, what loan programs you qualify for, or, what needs to be done to get you there. We would love to help you with this.
Remember, the first step in buying a home is to get pre-qualified on a home loan! Sellers do not like to deal with buyers who might not qualify. There are plenty of different options out there (even other 100% financing options). Give us a call, it's easy to get started - Let's check your CREDIT and get you started in BUYING A HOME.
Cheryl Malone -- Real Estate Broker
Windermere Investors Marketplace
541-951-1960
www.CherylMalone.com
David DuBeau -- Loan Officer Sterling Savings Bank
541.292.9663
541.608.2161
www.DavidDuBeau.net
Once you are pre-qualified, call Cheryl Malone and "Let's Go Shopping"!
Monday, June 13, 2011
VA Home Loan - How Do I Use My Veteran VA Home Loan Benefits?
I have worked with many VA buyers lately and have used, David DuBeau with Sterling Savings Bank as my loan officer. Getting a home and a great loan for the veterans is easier than many people may think.
David DuBeau served in the military for 6 years total. After his tours ended he jumped into real estate and started doing home loans.
The VA home loan has a background and a name for itself as being a very good loan to get into (one of the best) but also used to be a hassle to apply for and get eligibility... But not anymore!
Having done over 200 VA home loans for veterans in 2010 alone, David DuBeau has arose as a specialist when it comes to VA home loans. He now knows them inside and out and has the ability to close them in a matter of weeks!
HOW TO APPLY FOR YOUR BENEFIT
You used to have to get your DD 214, fill out some paperwork, send it in to the VA and wait out your response for 30 days or so just to find out if you qualified for the loan and to receive your eligibility letter. You can see why everyone liked to "shy" away from these, especially loan officers that DO NOT UNDERSTAND these loans.
***NOTE: Never let a loan officer talk you into a FHA loan by telling you it is better than a VA loan! We hate hearing this and those loan officers need to be honest with you and admit they do not understand a VA loan!
Now, all you need with David DuBeau at Sterling Savings Bank Home Loans is to call and let him ask you a few questions about your service. They are set up online directly though the VA and can help you every step of the way.
Normally there is never a need for a DD 214, paperwork for you to bring in, etc and the turn times to see if you are eligible are within 24-48 hours!
Here are some major benefits to using your VA home loan:
1) 100% Financing
2) No mortgage insurance required!
3) Amazing rates for VA loans
4) Seller can pay your closing costs
5) Seller can also pay for the veterans bills to help qualify for the loan (if needed) or just take a slightly higher rate!
6) Your loan is guaranteed by the VA and if rates ever drop you can do a IRRRL refinance to lower the rate!
7) Possible financial assistance if you lose your job!
If you are a veteran, want to buy a home, want the best Realtor, hard working Real Estate Agent and great Loan Officer - then you have found the right team!
Here is David's information:
David DuBeau - Loan Officer
Sterling Savings Bank
541.292.9663
541.608.2161
www.DavidDuBeau.net
You may contact him directly to see what you can qualify for or contact me and we can set up an appointment to get you started.
Cheryl Malone - Real Estate Broker
Windermere Investors Marketplace
541-951-1960 - Cell
David DuBeau served in the military for 6 years total. After his tours ended he jumped into real estate and started doing home loans.
The VA home loan has a background and a name for itself as being a very good loan to get into (one of the best) but also used to be a hassle to apply for and get eligibility... But not anymore!
Having done over 200 VA home loans for veterans in 2010 alone, David DuBeau has arose as a specialist when it comes to VA home loans. He now knows them inside and out and has the ability to close them in a matter of weeks!
HOW TO APPLY FOR YOUR BENEFIT
You used to have to get your DD 214, fill out some paperwork, send it in to the VA and wait out your response for 30 days or so just to find out if you qualified for the loan and to receive your eligibility letter. You can see why everyone liked to "shy" away from these, especially loan officers that DO NOT UNDERSTAND these loans.
***NOTE: Never let a loan officer talk you into a FHA loan by telling you it is better than a VA loan! We hate hearing this and those loan officers need to be honest with you and admit they do not understand a VA loan!
Now, all you need with David DuBeau at Sterling Savings Bank Home Loans is to call and let him ask you a few questions about your service. They are set up online directly though the VA and can help you every step of the way.
Normally there is never a need for a DD 214, paperwork for you to bring in, etc and the turn times to see if you are eligible are within 24-48 hours!
Here are some major benefits to using your VA home loan:
1) 100% Financing
2) No mortgage insurance required!
3) Amazing rates for VA loans
4) Seller can pay your closing costs
5) Seller can also pay for the veterans bills to help qualify for the loan (if needed) or just take a slightly higher rate!
6) Your loan is guaranteed by the VA and if rates ever drop you can do a IRRRL refinance to lower the rate!
7) Possible financial assistance if you lose your job!
If you are a veteran, want to buy a home, want the best Realtor, hard working Real Estate Agent and great Loan Officer - then you have found the right team!
Here is David's information:
David DuBeau - Loan Officer
Sterling Savings Bank
541.292.9663
541.608.2161
www.DavidDuBeau.net
You may contact him directly to see what you can qualify for or contact me and we can set up an appointment to get you started.
Cheryl Malone - Real Estate Broker
Windermere Investors Marketplace
541-951-1960 - Cell
Best Real Estate Agent in Medford Oregon - Cheryl Malone - Windermere Investors Marketplace
If you are thinking about buying or selling real estate in the Rogue Valley then you need to have the best Real Estate Agent working for you.
While your property is listed with me, we work together to obtain the best possible sales price in today's market. I have a unique marketing plan for each and every property.
When you are ready to buy, it is not just a house you are looking for - it's a home. By listening to your needs I can make that happen.
I have been in the real estate business since 1987... I am licensed in Oregon and California. I have bought, managed, listed and sold many homes and apartments throughout my career. I would be happy to answer any questions you might have.
I service the Rogue Valley including Medford, Jacksonville, Central Point, Talent, Phoenix, Eagle Point, White City, Rogue River & Wimer Oregon.
Cheryl Malone - Service you won't be disappointed in!
541-951-1960
Saturday, June 11, 2011
VA Home Loan - How Do I Use My Veteran VA Home Loan Benefits?
I have worked with many VA buyers lately and have used, David DuBeau with Sterling Savings Bank as my loan officer. Getting a home and a great loan for the veterans is easier than many people may think.
David DuBeau served in the military for 6 years total. After his tours ended he jumped into real estate and started doing home loans.
The VA home loan has a background and a name for itself as being a very good loan to get into (one of the best) but also used to be a hassle to apply for and get eligibility... But not anymore!
Having done over 200 VA home loans for veterans in 2010 alone, David DuBeau has arose as a specialist when it comes to VA home loans. He now knows them inside and out and has the ability to close them in a matter of weeks!
HOW TO APPLY FOR YOUR BENEFIT
You used to have to get your DD 214, fill out some paperwork, send it in to the VA and wait out your response for 30 days or so just to find out if you qualified for the loan and to receive your eligibility letter. You can see why everyone liked to "shy" away from these, especially loan officers that DO NOT UNDERSTAND these loans.
***NOTE: Never let a loan officer talk you into a FHA loan by telling you it is better than a VA loan! We hate hearing this and those loan officers need to be honest with you and admit they do not understand a VA loan!
Now, all you need with David DuBeau at Sterling Savings Bank Home Loans is to call and let him ask you a few questions about your service. They are set up online directly though the VA and can help you every step of the way.
Normally there is never a need for a DD 214, paperwork for you to bring in, etc and the turn times to see if you are eligible are within 24-48 hours!
Here are some major benefits to using your VA home loan:
1) 100% Financing
2) No mortgage insurance required!
3) Amazing rates for VA loans
4) Seller can pay your closing costs
5) Seller can also pay for the veterans bills to help qualify for the loan (if needed) or just take a slightly higher rate!
6) Your loan is guaranteed by the VA and if rates ever drop you can do a IRRRL refinance to lower the rate!
7) Possible financial assistance if you lose your job!
If you are a veteran, want to buy a home, want the best Realtor, hard working Real Estate Agent and great Loan Officer – then you have found the right team!
Here is David’s information:
David DuBeau – Loan Officer
Sterling Savings Bank
541.292.9663
541.608.2161
You may contact him directly to see what you can qualify for or contact me and we can set up an appointment to get you started.
Cheryl Malone – Real Estate Broker
Windermere Investors Marketplace
541-951-1960 – Cell
Tuesday, June 7, 2011
How To Get Pre-Qualified or Pre-Approved For a Mortgage (Or Home Loan)
Working closely with a lender is an important part of my business. I like to stay informed and help my clients understand everything about buying a home. Many people have heard a lot of real estate terms, but don’t always know what they mean. I asked a loan officer to help explain the initial qualification process for me. This is what he had to say about Pre-Qualifing/Pre-Approvals:
This is a touchy topic these days with all the different regulations and laws that have come out. Everyone has to step lightly as to not get in trouble for saying the wrong things that could be taken as misleading or misguiding.
Take for example the words pre-qualification, and pre-approval. As a loan officer, you are not allowed to market a "Pre-Approval" anymore because "Approval" indicates you just approved a person for a specific loan. Although loan officers can issue pre-approvals, it is not allowed on marketing materials because it simply cannot be done correctly until a borrower has picked out a property, and a full loan application has been made.
"Pre-Qualification" simply means to sit down and cover the very basics of getting a loan. This simply means that you are "Qualified" to apply for a mortgage and have high chances of obtaining a mortgage and so this is the lingo they want loan officers to use. This is what realtors and sellers want to see happen before you write an offer on a house. Once you have a letter from a lender they then begin to take you seriously.
This is good for you too. You need to know you qualify for a loan (mortgage) before you buy anyway. And after the process is complete the loan officer can tell you how much money you qualify for, what payment ranges will be, and also a lot more needed information that you might not realize you need to know.
The process usually should take only 10-15 minutes. You can fill out information online, over the phone, or in person. Most people love a in person meeting at their place of business because of fraud these days.
What information a loan officer will need during the pre-qualification is your rough estimated income (gross- not after taxes!) to see what debt to income ratios you are at. He then talks to you about your overall credit situation, and then other details associated with each individual that may effect things like if you have any money to put down, etc. Every transaction is different and it is best at this point to be very open and give all the information you can.
After you sit and talk, your loan officer should be able to tell you what loan programs you qualify for or if there are any challenges you need to overcome before looking for a home. But, if you do qualify, your loan officer should issue a letter for you to give to your realtor to put an offer in on a home you love!
Take for example the words pre-qualification, and pre-approval. As a loan officer, you are not allowed to market a "Pre-Approval" anymore because "Approval" indicates you just approved a person for a specific loan. Although loan officers can issue pre-approvals, it is not allowed on marketing materials because it simply cannot be done correctly until a borrower has picked out a property, and a full loan application has been made.
"Pre-Qualification" simply means to sit down and cover the very basics of getting a loan. This simply means that you are "Qualified" to apply for a mortgage and have high chances of obtaining a mortgage and so this is the lingo they want loan officers to use. This is what realtors and sellers want to see happen before you write an offer on a house. Once you have a letter from a lender they then begin to take you seriously.
This is good for you too. You need to know you qualify for a loan (mortgage) before you buy anyway. And after the process is complete the loan officer can tell you how much money you qualify for, what payment ranges will be, and also a lot more needed information that you might not realize you need to know.
The process usually should take only 10-15 minutes. You can fill out information online, over the phone, or in person. Most people love a in person meeting at their place of business because of fraud these days.
What information a loan officer will need during the pre-qualification is your rough estimated income (gross- not after taxes!) to see what debt to income ratios you are at. He then talks to you about your overall credit situation, and then other details associated with each individual that may effect things like if you have any money to put down, etc. Every transaction is different and it is best at this point to be very open and give all the information you can.
After you sit and talk, your loan officer should be able to tell you what loan programs you qualify for or if there are any challenges you need to overcome before looking for a home. But, if you do qualify, your loan officer should issue a letter for you to give to your realtor to put an offer in on a home you love!
If you want to do this, contact David:
David DuBeau – Loan Officer
Sterling Savings Bank
541-292-9663
541-608-2161
www.DavidDuBeau.net
Once you're pre-approved, "Let's Go Shopping!" Shopping for a home has never been easier. I can send you information via email so you can preview many homes from your computer. Then, you can select which ones that best fit your criteria and then we see those in person. We can have you in a home sometimes in less than 30 days.
For a list of properties, give me a call:
Cheryl Malone – Real Estate Broker
Windermere Investors Marketplace
541-951-1960
www.CherylMalone.com
Remember, the first step in buying a home is to get pre-qualified on a home loan!
Sellers do not like to deal with buyers who might not qualify. There are plenty of different options out there (even up to 100% financing).
So get the best Realtor / Real Estate Agent and Loan Officer in Medford and the Rogue Valley working for you today.
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