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Mortgage News Matters

What is the Difference Between Pre-Qualification and Pre-Approval?

Many home buyers know that pre-qualification and pre-approval are necessary steps in the home buying process, but not many understand how they differ, or when each action is required.

To help, we’ve broken down the process of each, and what – you as a home buyer – will need to provide.


What is pre-qualification?

Pre-qualification is an essential first step in the homebuying process. It tells you how much money you can borrow, based on your current finances and credit score, and gives you insight into your mortgage options, allowing your lender to better identify your unique needs and goals.

What do you need to provide for pre-qualification?

  • Income information
  • Credit check
  • Information about bank accounts
  • Down payment amount and desired mortgage amount

What is pre-approval?

Pre-approval is a much more in-depth process that requires more information and likewise carries more weight. This process requires you to complete a mortgage application and requires your lender to perform a credit check. Keep in mind that this process requires a detailed examination of your finances, so be prepared to answer unexpected questions.

The benefit of getting pre-approved is that it shows your seriousness as a homebuyer and your ability to secure a mortgage. Once you receive your pre-approval letter, it is valid for 90 days.

What do you need to provide for pre-approval?

  • Copy of pay stubs showing your income for the previous 30 days
  • Credit check
  • Bank account information or two of your most recent bank statements
  • Down payment amount and desired mortgage amount
  • W-2 statements
  • Personal and business tax returns from the past 2 years



Are you looking to get pre-qualified or pre-approved for a mortgage loan? Contact a VanDyk Loan Originator by calling 888-482-6395 today!

Categories
Mortgage News Matters

Sit Down with Steve Richman

We sat down with VanDyk’s new National Director of Strategic Growth and Branding, Steve Richman to talk about his new role and his plans on growing the team with a thoughtful approach while building brand awareness and bringing an exceptional client experience to every interaction.

Q: Why do you want to work with VanDyk?

Q: What sets VanDyk apart?

Q: Can you talk a little about your title and responsibilities?

Q: What can we expect to see happen in the industry in the next couple of months?

What is your perspective on customer service?

Categories
Mortgage News Matters

Steve Richman joins VanDyk Mortgage!

We are thrilled to announce that Steve Richman has joined the VanDyk Mortgage family as our new

National Director of Strategic Growth and Branding!

In this new role, Steve will use his wealth of expertise to work with the team at VanDyk on overall branding, strategy, and employee recruiting.

A nationally recognized speaker, motivator, and coach, Steve has spoken to over 350,000 professionals at over 750 lending institutions across the US.

He has taught accredited continuing education classes for real estate professionals at the Sellinger Business School, as well as spoke as a guest lecturer at the Business School at Columbia University.

A Master Certified Sales Negotiation Trainer and Certified Trainer in DiSC Behavioral Profiling, Steve is a highly accredited expert in the Mortgage Industry.

Having held many professional roles in the mortgage industry, as a loan officer, account executive, and manager of mortgage operations, Steve brings years of experience along with valuable insight to his new role.

We are beyond grateful to have Steve on the team and are eager to show you what we have in store!

Welcome to the VanDyk family Steve!

Categories
Mortgage News Matters

How to Remodel Your Home & Reduce Energy Costs

Thinking about remodeling your home? Then it may be the perfect time to start thinking about how you can improve its energy efficiency. Though it may not be the first thing on your mind when you’re ready to expand your kitchen or put finally put that bathtub in – yet making your home more sustainable can greatly reduce your energy bills and provide better functionality overall.

To help, we’ve compiled a list of 5 simple tips that can help you reduce energy costs when you’re ready to remodel your home.

  1. Update to energy-efficient appliances. Older appliances tend to be energy-suckers, and often leave you paying extremely high energy bills. Consider purchasing newer, more energy-efficient appliances to help you cut costs.
  2. Invest in smart power strips and surge protectors. With the advancement in technology, comes an increase in the use of electronics. From TVs and computers, to tablets and cell phones, high electronic usage, means high energy usage. Consider plugging your devices into smart power strips or use surge protectors to avoid overpaying monthly on your bill.
  3. Repair or replace your roof. Making repairs to your roof can make a huge impact on your energy bill. From simple repairs like adding new shingles or a heat repelling coating, to major changes like replacing your roof altogether, you can cut costs and greatly improve the sustainability of your home.
  4. Update HVAC system. Similar to getting rid of outdated appliances and replacing them with more energy-efficient ones, updating your HVAC system can have a significant impact on the energy efficiency of your home and create long-term savings.
  5. Window repair and replacement. Adding insulation and improving sealing properties on your windows throughout your home will keep your HVAC system from working overtime, and in the end, save you money.