Restructuring Veterans’ Monthly Mortgage Payments

Are you a veteran who’s looking to lower your monthly mortgage payment? Try an IRRRL.


Today I want to talk about the VA IRRRL, or Interest Rate Reduction Refinance Loan. It’s an awesome product for veterans or someone who’s carrying a VA loan and is looking to refinance and lower their monthly mortgage payment.

It requires very little paperwork—no pay stubs, bank statements, or W-2s. We don’t even have to get an appraisal. The way that the VA looks at it, as long as there’s a benefit to the veteran, they allow them to refinance and lower their monthly payments. They allow you to do it without having to go through the process of a true refinance.

They allow veterans to lower their monthly payments without having to go through the process of a true refinance.

You will have to have paid your mortgage on time for the last 12 months. Interestingly enough, in terms of quotes, we’ve been half a point better than a lot of large lenders that you see on TV. Depending on the loan size, that in itself could be a huge savings.

If you’re in the state of Maryland and you’re considering refinancing or want to have a look at your VA loan, it only takes a little bit and doesn’t cost you anything. We’ll advise you based on your situation, and if it doesn’t make economic sense, we’ll inform you so.

We’d love to hear from you if refinancing is something you’re considering. Give us a call, direct message, or email. We look forward to hearing from you.

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Special Financing for Active Military and Veterans

A VA loan is a great home buying option for Veterans. Here’s what you should know about them.

You can also purchase a home with no money down up to the county limit. For example, if the county limit is $424,100, you can put zero down up to that limit.

In some of the high-costs counties, that limit can go as high as $600,000 or more.

The best part of the VA loan is that if you go over the county limit and you’re in what’s called a “true jumbo area,” you only have to put 25% down of the difference.

You can get a home for 0% down and the rates are just spectacular.

For example, if the county limit is $424,100 and you buy a $524,100, you would only have to pay 25% of the difference. In that case, the difference would be $100,000 and you would be responsible for putting $25,000 down.

The VA loan does require that you escrow your taxes and insurance into your monthly payment. As I said, there is no monthly mortgage insurance for the VA loan. You can get a home for 0% down and the rates are just spectacular.

If you are in the state of Maryland and have questions about buying a home with a VA loan, just give me a call or send me an email. I would be happy to help you!

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What Kind of Loan Programs Are Available to You?

There are a few different loan programs you can use to buy a home, but knowing which one is best for you can be tricky. That’s why I recommend you consult an expert such as myself.

Unlike banks, which are restricted to their own products and overlays, being a broker/owner in a wholesale market means I have access to many different mortgage loan programs. When I take a loan application, I’m going down the list and eliminating the banks I’m going to place that loan with.

How many different loan programs are available to homebuyers, though?

Let’s start with the zero down products, which include both USDA and VA loans. With the USDA loan, there are some income and area restrictions. Moving up, conventional loans offer 1%, 3%, and 5% down. After that, you have FHA loans, which offer 3.5% down.

Pick up the phone and call me so I can help you research which loan program is best for you.

In describing these programs, I like to keep it simple instead of going over all of their different highlights because, frankly, we get updates every Monday which change the eligibility on some of these products and programs.

If you’re trying to decide which loan program is best for you, don’t hesitate to call me so I can do the research for you and make that decision much easier.

If you have any questions, feel free to reach out to me any way you can. I’d be happy to help you.

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Why Trusting Zillow Is a Mistake

Zillow often has inaccurate and outdated information. Here’s where you should go if you’re looking to buy a home.

Did you know that Zillow is only accurate with its information about 18% of the time? Many buyers begin their search on a website like Zillow. The problem we often see them run into is they will find a property, request more info, and once an agent gets back to them, they’ll realize that the home is already under contract even though the website doesn’t mention it. This kind of thing happens too often.

You should have the most accurate information possible.

Here’s what I suggest if you’re a homebuyer. Reach out to an agent. Tell them what you’re looking for. Talk about your specific situation. They can even put you in their system so that you are getting the latest and most accurate listings from the local MLS.

You could also give me a call. I have great relationships with many agents on both sides of the transaction that I’d be happy to connect you with. If you have any questions for us or need any help, don’t hesitate to reach out by phone or email. I look forward to hearing from you.

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A Few Things to Do Before Starting Your Home Search

I found out recently that not everyone was aware of the benefits of having a buyer’s agent. Here are just a few of the many advantages of having one.

I just finished up a loan application for a first-time homebuyer and our conversation led us to talk about Realtors. I asked the buyer if she was currently working with a Realtor or not, and she said she wasn’t. She said her plan was to go out and call the listing agents that she sees on the signs if she needs an agent. It struck me that she had no idea about buyer representation and what it does to ensure you’re protected as a buyer.

Having a buyer’s agent is a huge advantage. Not only do they represent your best interest throughout the transaction, they can often help you find homes that match the criteria you’re looking for even if they’re not on the market yet. They also help immensely in negotiations.

If you need a recommendation, we’d be happy to provide one.

So if you or someone you know is thinking about buying a home, first have them come see us to get a pre-approval. Then, it’s time to hire a trusted Realtor. If you need a recommendation, we’d be happy to provide one.

If you have any questions for us in the meantime or need us to connect you with a local Realtor, give us a call or send us an email. We look forward to hearing from you soon.

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Episode 5: Credit Enhancements

In episode five of “The Peter Dellane Mortgage Show,”  we talk about how you can do a credit enhancement to improve your credit score.

In episode five of The Peter Dellane Mortgage Show, we’re focusing on the subject of credit enhancement. Basically, if you don’t quite qualify for the loan program you want to qualify for, you can do a credit enhancement to remedy the situation.

As always, we’ve timestamped the highlights of our latest discussion so you can forward to the points that are most relevant to you:

(0:23) A mortgage credit score will give you the strongest score in the industry because it has the largest amount of collateral tied to it.

(1:50) If you don’t qualify for the program you’re looking to qualify for and need help with your score, you can work with your lender to do a credit enhancement.

(3:52) The credit enhancement process typically has a quick turnaround, and after your score is adjusted, your lender can renegotiate the pricing on your loan to get a better rate during the home buying process.

 The credit enhancement process typically has a quick turnaround.

(5:55) Once you’re pre-approved, don’t do anything that would mess with your credit.

(7:33) The two best things you can do to improve your credit are paying your bills on time and the percentage of your total allowable credit available versus how much you’ve used.

(8:23) The biggest compensating factors you can use if your credit score is substandard are your rental history, your reserves, and a larger down payment.

(10:25) Always talk to your lender before making any credit decisions after applying for a loan.

Don’t hesitate to take advantage of this service we offer if you think it can help you. To hear our full discussion about credit enhancements, watch the video above.

As always, if you have any questions for us, feel free to give us a call or send us an email. We would love to hear from you.

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The Peter Dellane Mortgage Show: VA Loans and Our App

Today we’re bringing you the fourth episode of The Peter Dellane Mortgage Show. On this episode, we talked about VA loans and the Peter Dellane Team app.

Today on the fourth episode of The Peter Dellane Mortgage Show, we’d like to talk a little bit about VA loans.

Historically, VA loans have constituted about 10% of the real estate business. More recently, however, there’s been some positive growth. That number is likely now closer to about 20%.

VA loans are certainly gaining more traction. However, one thing people may not realize about VA loans is that when you purchase a house with one, the seller can actually pay all closing costs plus up to 4% in other costs, too. This is the case so long as there’s room in the appraisal to support it.

As long as it’s under 4% of the purchase price, this additional payment could go toward almost anything—including car payments, a new TV, furniture, or something else altogether. This is just one perk the VA gives to thank our veterans for their service.

With the VA loan, veterans not only pay zero money out of pocket, but they also don’t have to pay monthly mortgage insurance premium. Additionally, the rate is much lower than the conventional loan.

This is an amazing service—and we want to provide high-quality service for our customers, as well. If you’ve been thinking of refinancing, for example, please give us a call. We would love to help.

Right now, there are 117 banks competing for applicants’ business on the wholesale market. With that, along with cash to close being $4,700 less, it’s no wonder you want to be on the wholesale side of things.

Going above and beyond is important to us.

One thing we always recommend to people is that they don’t hesitate to contact us if you’re finding yourself frustrated or dissatisfied with your mortgage. For example, one customer called us after finding herself in that exact scenario, and we were able to give her a lower closing cost.

Another customer we had 13 years ago, however, was told by their bank that they were capped at the county limit of $517,000. This became an issue because this customer was paying off two mortgages at the time, as well. However, this cap was clearly incorrect. Unlike his bank, we were able to give him $540,000.

The VA has no official loan limit, but will only guarantee a certain percentage. So while there is no technical cap, anything over the county limit cannot be guaranteed. Usually when a customer is told they must not exceed a certain cap, they are working with a person who simply doesn’t understand the structure of a VA loan.

Working with the right people is essential to your success in any real estate transaction.

Because we believe in providing service that goes above and beyond, be sure to download The Peter Delanne Team’s app. This app comes with a lot of great features. If you’re showing homes on a Sunday afternoon, for example, and you’d like to refer them to The Peter Dellane Team, you can do so directly from the app.

They can also apply on the app in less than three minutes. By taking pictures of their pay stubs, tax returns, and other documents and uploading them to the app, we’re able to review their file and issue a pre-approval letter in just minutes.

There are many other interesting features in this app, as well, including reviews of The Peter Dellane Team.

Going above and beyond is important to us, which is why one agent on our team was working at 10:30 p.m. on a Sunday night to get a client pre-approved through our app.

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

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The Peter Dellane Mortgage Show: Episode 3

Episode 3 of The Peter Dellane Mortgage Show is here. 

Welcome back to episode three of The Peter Dellane Mortgage Show. Craig and I are happy to be back. In today’s show, we’re going to discuss a few of the big wins we’ve had recently that show exactly why our team is a cut above the rest when it comes to getting deals done for our clients.

Here is what we talked about, with timestamps so you can skip ahead to the parts that interest you if you’d like:

(1:00)- Craig discusses a few of our recent big wins and how his past relationships have come in handy.

(2:00)- What we bring to the table at Ability Mortgage Group that other lenders don’t.

These are just a few of the ways we help our clients.

(4:00)- Why the quality of our loans is so important for us.

(6:00)- Why our closed lock rate is at 87% when the industry standard is only 50% to 60%.

(7:45)- Our pricing structure and how that allows us to be the best possible lender to work with.

(9:00)- A few stories that demonstrate how dedicated we are to helping our clients close on their loans.

These are just a few of the ways in which we are able to take our years of experience and strong relationships within the industry and use them to our client’s advantage.

If you have any questions for us at all or you’re looking to lock in a low interest rate before they go up, give us a call or send us an email. We would love to hear from you.

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Episode 2: Overcoming Obstacles

Craig Reynolds joins me on episode two of the Peter Dellane Mortgage Show to go over loan products, common obstacles that your lender can help you with, and more.

Welcome to episode two of The Peter Dellane Mortgage Show! Craig Reynolds is back to talk about some of our loan products and how we managed to close on a few different properties. Each property came with its own set of issues—and some of these issues weren’t introduced until seven days before closing—but we managed to close each one.

We’ve time-stamped a few highlights of our discussion so that you can forward to the parts that interest you most:

(0:30) Craig and I discuss the details of our 1% down conventional loan product, which is available on the wholesale side.

(2:00) True or false: Do you really need a well and septic inspection when you use an FHA loan to buy a property?

(3:00) Overcoming issues with closing on a 40-acre, REO farm property—how we got the borrower approved.

(4:00) Two different condos had litigation issues, and one needed HUD-approval. We helped the agents and the buyers make it to the closing table.

(7:00) How one tweak to a loan helped a borrower close in a couple of weeks, after a credit union failed to help them.

(8:00) If you want to know what someone owes on a home before going on a listing appointment, what can you do?  

To hear our full discussion, watch the video above. If you have any questions, please don’t hesitate to reach out to us. We would be happy to help you!

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What Are the Benefits of Working With a Broker Instead of a Bank?

What’s the difference between working with a mortgage broker and a mortgage bank? A mortgage broker offers several important advantages, including saving you money.

In this episode of The Peter Dellane Mortgage Show, Craig Reynolds and I discuss the differences of working a mortgage broker and a mortgage bank and why working with a broker offers several important advantages.

For your convenience, here are the time-stamped highlights of our discussion:

(0:24) The difference between a mortgage broker and a mortgage bank is we have several different banks we work with, so when we’re taking a loan application, we’re eliminating the banks we’re going to deal with because banks have certain overlays. Our job as a mortgage broker is to find the best product and price for our client.

(2:00) Last year, we average $4,700 less cash to close than a retail bank.

(6:06) The little things we do increase the income per hour of the Realtors we work with and allow them to present better opportunities to their buyers.

(7:22) Our state-of-the-art communication system keeps our clients and Realtors in the loop through every step of the mortgage process.

(8:06) Not closing on time is one of the biggest complaints we get from Realtors, but we’ve never missed a closing.

(13:29) One of the things that has changed a lot of Realtors’ business is a personal note card. Writing personal note cards to clients, customers, and other people you come in contact with can increase your business substantially.

To see our full discussion, watch the video in it’s entirety. If you have any questions about the mortgage process, don’t hesitate to reach out to us. We’d be happy to help.

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