VL 3 - The VA Lady EPub

V.A. LOAN LADY

V O L . 3 | A P R I L 2 0 2 2

CONTENT S

4 LEARN ABOUT WHAT I DO

9 RENTING VS. BUYING

15 LOVE WORKS

23 MOVEMENT MORTGAGE OUTREACH

2 MEET DENISE 3 MOVEMENT MORTGAGE 5 3 HOME LOAN HICCUPS TO AVOID 13 6 HOME BUYER TIPS IN A SELLER'S MARKET 14 5 THINGS TO CONSIDER WHEN BUYING A NEWLY BUILT HOME 17 2021 MOVEMENT IMPACT REPORT 21 THE ECONOMIC SIGNALS YOU NEED TO WATCH RIGHT NOW

24 15 YR VS. 30 YR MORTGAGES 27 SPRING HOME MAINTENANCE CHECKLIST

29 THINGS TO DO IN COLORADO SPRINGS 31 COMMUNITY FEATURED NON-PROFIT

MEET DENISE In 2017, I was an Air Force spouse of 14 years, trying to make a few pennies crocheting and selling my wares. We were purchasing our second home near Ft. Gordon, GA, and our Loan Officer happened to be a fan of the same football team as my husband and I. We became friends, and when he decided to open up his own Mortgage branch, he pitched the idea of me becoming a loan officer. I had no experience originating loans but had experience in sales. I also had a passion for helping my own military community. From that random meeting in 2017, The VA Loan Lady was born. My passion is to help borrowers, especially those in the military community, buy homes with the knowledge of knowing what is actually happening during the transaction. I pride myself on communication and will explain something 100 times if it helps the borrower feel more comfortable during the process I am highly experienced in VA loans, as well as educating my borrowers. I have videos that help break down the process of obtaining a home loan and what to expect. I’m known for excellent communication and my empathy towards my borrowers. I’m proud that I can say my passion for helping others, especially my own military community.

Movement was created to be different. Founded in 2008, amidst one of the biggest financial meltdowns in American history, Movement set forth on a mission to create a Movement of Change in our industry, in corporate cultures and in communities. First, we pioneered a unique approach to home loans centered around helping homebuyers, quickly and easily. Then, we created a model so that our profit creates a long-term positive impact in communities both close to home and around the globe. For our borrowers, we commit to building relationships based on communication. We get it home loans can be confusing and stressful – But they don’t have to be. And we work to make sure they aren’t. It all comes back to our mission, to love and value people in everything we do.

LEARN ABOUT WHAT I DO

Whether you’re buying, selling, refinancing, or building your dream home, you have a lot riding on your Loan Officer. Since market conditions and mortgage programs change frequently, you need to make sure you’re dealing with a top professional who is able to give you quick and accurate financial advice. As a seasoned loan officer I have the knowledge and experience you need to explore the many financing options available. Ensuring that you make the right choice for you and your family is my ultimate goal, and I am committed to providing my customers with mortgage services that exceed their expectations. I hope you’ll browse my website, check out the different loan programs Movement Mortgage has available, use my decision-making tools and calculators, and use our secure online application to get started. After you’ve applied, I’ll call you to discuss the details of your loan, or you may choose to set up an appointment with me using my online form. As always, you may contact me anytime by phone, fax, or email for personalized service and professional advice. I look forward to working with you.

For many people — especially first-time homebuyers — the process of buying a home can seem a little off-putting. To the unaware, it can look as if a huge financial fire-pit will swallow up unsuspecting newbies, especially if they don’t have a guiding hand. While it’s not that dramatic in real life, there is a bit of truth to the notion that there are things you can do to avoid unnecessary hiccups and make the process so much smoother. This blog looks at 3 of those hiccups, with advice to keep you from falling into a new home booby- trap! Let’s get started. Hiccup #1: Ignoring life’s little pleasures When getting pre-qualified for a mortgage, lenders look for what you technically can afford based on a high-level review of income documents you provide and debts listed in your credit report. Basically, they’re looking at your monthly DTI, or debt-to-income ratio. What mortgage lenders are not looking at when evaluating your ability to pay back a loan is disposable income. That’s the money you spend on things like hobbies, vacations, and indulgences. Skipping over this chunk of change, that is, not disclosing your disposable income spending to your mortgage lender, could make your life very difficult down the road. Let’s say that you have a steady job, tell the mortgage lender your income, and are honest about the amount you pay in rent, car loans, and student loan payments every month. Your loan officer will calculate your DTI and help qualify you for a loan that, on paper, you’ll easily be able to afford. That’s great if you’re bypassing after-work parties with colleagues, spending weekends watching Netflix, cooking from home, and taking up free activities like bike riding, nature hikes, and doing crossword puzzles. But most people don’t behave like that day-in and day-out. There may be dinners out a few times a month. Throw in a round of golf or tickets to a concert or a movie. Or a weekend away or a get- together with friends for weddings, birthday parties, even clothes shopping. You get the picture. Mortgage lenders may not ask how you spend your savings, so take the opportunity to take the high road and be very honest to yourself. Because depending on which version of you you are, the one doing crosswords or the one on a weekend golf getaway, you might end up “house poor” and have a mortgage payment you can only afford by scaling back on the things you really enjoy. That alone could turn your dream home into a nightmare. Buying a home? Avoid these 3 home loan hiccups

it focuses you on neighborhoods, and properties in those neighborhoods, that are within your range it keeps you fromwasting time at open houses that are beyond your means it gives you time to qualify for the loan that fits you best — and at the best possible rate it tells the seller you are a seriously qualified buyer and gives you the confidence to make a firm offer in a competitive market Getting your financing in order — and knowing the budget you have to work with — gives you four advantages in the home buying process: Hiccup #2: Finding that the home you can’t live without is also a home you can’t afford Without a doubt, the most costly hiccup that homebuyers make is putting in an offer on a house before having a clear picture of what you can afford. It’s like going grocery shopping on an empty stomach — you’re always going to buy way too much and may regret things in the long run. If you take away just one tip from this blog article, let it be this: always get pre-approved for a loan amount before you even start looking for a home. And if you can’t resist looking around, then at least follow this advice: never make an offer on a home without a pre-approval. Our advice is to seek out a mortgage lender at least 3-6 months before beginning househunting in earnest — even before working with a real estate agent. With this much lead time, you have an opportunity to pay down debts, save a little more down payment and remove errors from your credit report. These adjustments to your credit profile could result in hundreds of dollars of difference when it comes to getting a better mortgage rate. With a mortgage pre-approval in hand, when you finally find the home you want, your offer is much stronger and you’ll have more of a chance to end up in a new home that you really love and can afford years down the road.

Hiccup #3: Being lax about paperwork Let’s be real about this: getting a mortgage means managing paperwork. Documents and disclosures sail back and forth between the lender and the underwriter, the lender and the borrower, the buyer and the seller, and everyone and the closing agent.

Some of this paper shuffling and signatures required may feel redundant and you may feel like you have already been asked for and have supplied certain information multiple times. That’s because many things can change during the course of buying a home — locking in a mortgage rate, receiving an appraisal, dealing with inspections, and subsequent negotiations. It’s the nature of the beast and it can make the process feel daunting for first-time homebuyers. So don’t be casual when it comes to reviewing paperwork. If you don’t pay attention, you may be surprised by additional closing costs you weren’t expecting. And if your closing costs end up more than you hoped for, you’re starting off on the wrong foot before you even make your very first mortgage payment. If documents (and document requests) aren’t reviewed carefully, it could also end up costing you thousands of dollars over the life of your loan. Here are some key questions to cover with your mortgage lender. Don’t be afraid to ask repeatedly, as things can shift during the loan process.

What is the Annual Percentage Rate (APR)? What is the mortgage rate? What is the total payment you need to make each month to stay current? What are the loan terms? What is the total cost of your loan? Howmuch cash will you need at closing (Cash to close)?

Does the total amount match the loan estimate your lender communicated early in the process? Is the interest rate the same as the APR? Is the monthly payment in the closing docs what you expected from earlier discussions with the lender? Is the cash needed to close the same (or at least very close) to the last estimate you received? Then, as you get closer to closing day, keep a close eye on the closing document package, which should be delivered to you within three days of the closing date. Reach out to your mortgage lender immediately if you see increases or fees you weren’t expecting. Some figures will be more fluid than others. For instance, a simple thing like moving the closing date by a day or two can shift a number up or down. But mortgage rates and lender fees should be unchanged. Check both against the last loan estimate you received thoroughly. Ready to buy a home hiccup-free? Sure, the entire home buying process sounds like a massive undertaking, but the secret is to be prepared. If you follow our advice — be honest about your spending, get pre-approved before you shop for a home, and carefully review all paperwork — you’ll do fine. To get started on the right foot, find a loan officer early on. They’ll help you navigate the whole hiccup-free process with more confidence.

"The ache for home lives in all of us, the safe place where we can go as we are and not be questioned." ~ Maya Angelou

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Buying a home is a massive undertaking for just about any family, but it can be incredibly daunting if you’re a single parent. If you’re afraid that there’s nobody else to bounce ideas off of, research neighborhoods, or figure out a budget, remember that there are plenty of kind people and services out there to help you navigate your experience as a first-time homebuyer. This article will look at the pros and cons of buying vs. renting to help you determine — as a single parent — if taking the plunge is a good idea for your family at this point. But first, let’s touch on finances. Breaking down the budget While prospective homebuyers stress about a slight increase in mortgage rates, it pays to remember that 15% interest rates were standard back in the early 1980s. Rates haven’t been above 5% since 2010, and, just last year, the average interest rate was just 2.79%. So even if rates rise, they’re not predicted to go above 4% in 2022. That means homebuyers and homeowners are still finding rates that make even today’s high home prices affordable. Don’t forget that just as home prices have risen since the pandemic started, rents have risen, too. Check out our mortgage calculator to estimate your monthly payments for a comparison. Then speak with a loan officer who can dig into your finances to help develop a personalized homebuying budget to use as a guide. Now, let’s consider the advantages and disadvantages of buying a home versus renting as a single parent.

Advantages of being a homeowner Get a grip on housing costs. Continue renting and you’re at the mercy of a landlord who might raise your rent, evict you or sell the building outright. But when you buy a home with a fixed-rate mortgage, your monthly payments stay the same month after month, year after year. That consistency can help you plan and save for other expenses down the road. Sure, you might be taking on additional housing costs, like taxes and insurance, but those shouldn’t change that drastically over time. Force yourself to save. According to a Federal Reserve study, in 2019, U.S. homeowners had a median net worth of $255,000, while renters were at just $6,300. That’s a 40X difference! It’s clear that homeownership is one of the best ways to build wealth. As your home appreciates and you pay down the mortgage, you build equity in the property, something experts call “forced savings.” Lower your tax bill. Another benefit of homeownership comes from taxes. If you itemize your annual deductions, you may be able to also reduce your taxable income by whatever you’re shelling out for property taxes, mortgage interest and — sometimes —mortgage insurance. Just remember to speak to a tax pro before applying for a home loan solely on potential tax credits — they’re different in every state.

* https://blog.movement.com/2022/03/30/renting- vs-owning-big-decisions-single-parents/

Advantages of being a renter There’s no stress about a payoff. While buying a home is considered a good investment, there’s no guarantee you’ll see a profit down the road. Sure, paying down the mortgage and keeping up with home maintenance builds home equity, but there are a lot of factors that are out of your control. What’ll the economy be like when you put it on the market? Will yours be one of many homes for sale at that time? Did a park or a parking lot get built near your home? These all could affect your resale price, causing your home to drop in value when it’s time to sell. Renters don’t have this over their heads. Maintenance is not your job. If you are a homeowner, you need to save and budget for home repairs that are bound to happen sooner or later. For renters, it’s somebody else’s problem. When it comes to the costs and the hassle of hiring someone to take care of repairs in your apartment, that’s the landlord’s headache. Moving is often easier. Owning a home shouldn’t keep you from changing jobs or transferring to a new city, but it’s not as simple as just breaking your lease and dealing with the fallout. Maybe you’re a renter who wants the option of being able to change things up if neighbors get too loud or the commute gets too long. Compared to homeowners, renters can usually act much quicker when making a move.

Express yourself. Renters usually aren’t allowed to make any changes to their apartments. Some aren’t even allowed to paint. If you take it upon yourself to go DIY, it’ll probably come out of your pocket, not the landlords. But as a homeowner, you get to personalize your space in any way your sweat equity or budget will allow. Plus, if you’re a pet owner, you have the freedom to let your furry companion live with you without asking for permission! Join an IRL community. The feel-good benefits of getting involved with the local community are something that homeowners and renters can take part in equally. However, it is true that renters — especially younger renters — are more likely to move once or twice over ten or 15 years than homeowners will. That’s why they call buying a home “putting down roots.” Have a say in the school district. When you’re raising a family as a single parent, school district quality is a big part of the “where should we live” decision. It’s great for kids to have a stable community with school chums that they can grow up with — they’re putting down roots, too! So, it’s important to be mindful of the school district you’ll live in. Look for those that are well funded, safe, and have plenty of extra-curricular activities to take the pressure off you as a sole source of supervision. Plus, you get the chance to build long-lasting friendships with the parents of your kid’s classmates.

Fewer checks to write. Renters, by definition, pay monthly rent. And many of them have to cough up for cable, utilities, and — if they’re smart — renters insurance. On the other hand, homeowners pay mortgage principal and interest, property taxes, homeowner’s insurance, sometimes mortgage insurance, regular maintenance, security services, and all the utilities mentioned above, and then some. There is also homeowner’s association (HOA) fees for condos or gated communities. So while there are many benefits to buying a home, homeowners tend to write more checks than renters do. Ready to move forward? As a single parent, you may be your family’s sole breadwinner, but deciding whether to buy or rent is not a purely financial decision. There are emotional factors that go into it as well. If you need help weighing the pros and cons, please don’t hesitate to reach out. Movement Mortgage exists to love and value people, and we’d love to help you determine if buying is the right move for you and, if so, what you can afford. To get started, find a loan officer in the area you and your family are looking to call home!

Movement created the Love Works fund to act as a source of financial support to employees and their family members in times of crisis. The fund is comprised of employee contributions. This fund is one small way that our staff can love each other by providing a helping hand when it's needed most.

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The economic signals you need to watch right now

The Federal Reserve’s most reliable indicator of inflation just confirmed what most every American is feeling these days: things are just plain expensive! The core personal consumption expenditures index (core PCE) measures the prices paid by consumers for goods and services while excluding the more volatile components of food and energy prices. The Fed watches this figure closely to identify underlying inflation trends. The latest core PCE >Page i Page ii Page iii Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37

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