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Mortgage News Matters

What are the Benefits of Renting vs. Owning your Home?

Deciding whether to rent or own a home is a personal choice that requires careful consideration. In order to help you eliminate biases and make the right choice for your unique situation, we’ve listed the benefits of each below:


Benefits of Renting:

  1. Lower Acquisition Cost. Typically, buyers need an average of 3.5% – 23% of the purchase price for their down payment and closing. Compared to the cost of 1-2 month’s rent, renting is less costly in the short-term.
  2. Lower Qualification Standards. Though some programs, like FHA loans, have more flexible guidelines, renting requires less invasive paperwork by far.
  3. Freedom to Move. Renting allows the flexibility for renters to move every year when their lease agreement is up.
  4. Fewer Maintenance Costs. Renters can rely on their landlord or property manager to quickly fix any maintenance issues they may have. Homeowners, however, are responsible for all costs that go into all home repairs.

Benefits of Owning:

  1. Personalization. Owning a home gives the owner more freedom to alter their home’s appearance.
  2. Stability. Rentals can see drastic increases in price due to fluctuations in the market. Owning a home, however, ensures consistent monthly payments.
  3. Tax Benefits & Savings. Homeowner’s may be eligible for tax deductions on their home mortgage interest, property taxes and origination/discount points for owning a home.
  4. Appreciation of Property. Historically, home prices have exceeded consumer inflation, even with periods of declining value taken into account.
  5. Increased Net Worth. According to the Federal Reserve Board of Consumer Finance, the average net worth of renters was just $4,000 compared to that of homeowners worth $184,400.


To learn more about the benefits of renting vs. owning, contact your local VanDyk Mortgage Loan Originator 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 Navigate a Seller’s Market

Since the start of last year, homes for sale have been on the decline, while housing prices have continued to rise.

The combination of stay-in-place orders brought on by the pandemic and the rise of low mortgage rates in efforts to encourage homebuyers has only widened the gap between supply and demand.

Because of this, we find ourselves in a constant state of a seller’s market.

What is a Seller’s Market?

A seller’s market is when the number of buyers exceeds the number of homes available to purchase.

What Does This Mean for Buyers?

With homeowners choosing to stay in their homes for longer and mortgage rates becoming more affordable for a larger number of borrowers, appreciation of homes has only continued to increase.

This means that buyers must stand out while remaining diligent in their search, and buyers who are just entering the market should be prepared to bid over asking and waive certain contingencies if they hope to purchase a home soon.

What Does This Mean for Sellers?

Sellers, on the other hand, have the luxury of being picky. With the value of their home most likely continuing to increase, they can take their time when deciding on who they want to sell to and can expect a bid over asking.

For more on this, check out our post of Tips for Buyers in a Seller’s Market.