Privacy Policy

Web Site Terms and Conditions of Use

1. Terms

By accessing this web site, you are agreeing to be bound by these web site Terms and Conditions of Use, applicable laws and regulations and their compliance. If you disagree with any of the stated terms and conditions, you are prohibited from using or accessing this site. The materials contained in this site are secured by relevant copyright and trade mark law.

2. Use License

  1. Permission is allowed to temporarily download one duplicate of the materials (data or programming) on Homestar Financial’s site for individual and non-business use only. This is the just a permit of license and not an exchange of title, and under this permit you may not:
    1. modify or copy the materials;
    2. use the materials for any commercial use , or for any public presentation (business or non-business);
    3. attempt to decompile or rebuild any product or material contained on Homestar Financial’s site;
    4. remove any copyright or other restrictive documentations from the materials; or
    5. transfer the materials to someone else or even “mirror” the materials on other server.
  2. This permit might consequently be terminated if you disregard any of these confinements and may be ended by Homestar Financial whenever deemed. After permit termination or when your viewing permit is terminated, you must destroy any downloaded materials in your ownership whether in electronic or printed form.

3. Disclaimer

  1. The materials on Homestar Financial’s site are given “as is”. Homestar Financial makes no guarantees, communicated or suggested, and thus renounces and nullifies every single other warranties, including without impediment, inferred guarantees or states of merchantability, fitness for a specific reason, or non-encroachment of licensed property or other infringement of rights. Further, Homestar Financial does not warrant or make any representations concerning the precision, likely results, or unwavering quality of the utilization of the materials on its Internet site or generally identifying with such materials or on any destinations connected to this website.

4. Constraints

In no occasion should Homestar Financial or its suppliers subject for any harms (counting, without constraint, harms for loss of information or benefit, or because of business interference,) emerging out of the utilization or powerlessness to utilize the materials on Homestar Financial’s Internet webpage, regardless of the possibility that Homestar Financial or a Homestar Financial approved agent has been told orally or in written of the likelihood of such harm. Since a few purviews don’t permit constraints on inferred guarantees, or impediments of obligation for weighty or coincidental harms, these confinements may not make a difference to you.

5. Amendments and Errata

The materials showing up on Homestar Financial’s site could incorporate typographical, or photographic mistakes. Homestar Financial does not warrant that any of the materials on its site are exact, finished, or current. Homestar Financial may roll out improvements to the materials contained on its site whenever without notification. Homestar Financial does not, then again, make any dedication to update the materials.

6. Links

Homestar Financial has not checked on the majority of the websites or links connected to its website and is not in charge of the substance of any such connected webpage. The incorporation of any connection does not infer support by Homestar Financial of the site. Utilization of any such connected site is at the user’s own risk.

7. Site Terms of Use Modifications

Homestar Financial may update these terms of utilization for its website whenever without notification. By utilizing this site you are consenting to be bound by the then current form of these Terms and Conditions of Use.

8. Governing Law

Any case identifying with Homestar Financial’s site should be administered by the laws of the country of United States Homestar Financial State without respect to its contention of law provisions.

General Terms and Conditions applicable to Use of a Web Site.

Privacy Policy

Your privacy is critical to us. Likewise, we have built up this Policy with the end goal you should see how we gather, utilize, impart and reveal and make utilization of individual data. The following blueprints our privacy policy.

  • Before or at the time of collecting personal information, we will identify the purposes for which information is being collected.
  • We will gather and utilization of individual data singularly with the target of satisfying those reasons indicated by us and for other good purposes, unless we get the assent of the individual concerned or as required by law.
  • We will just hold individual data the length of essential for the satisfaction of those reasons.
  • We will gather individual data by legal and reasonable means and, where fitting, with the information or assent of the individual concerned.
  • Personal information ought to be important to the reasons for which it is to be utilized, and, to the degree essential for those reasons, ought to be exact, finished, and updated.
  • We will protect individual data by security shields against misfortune or burglary, and also unapproved access, divulgence, duplicating, use or alteration.
  • We will promptly provide customers with access to our policies and procedures for the administration of individual data.

We are focused on leading our business as per these standards with a specific end goal to guarantee that the privacy of individual data is secure and maintained.

Rio Rancho House Prices

As a fellow Rio Rancho home owner, it is exciting to see the real estate market heating up and  house prices increasing!

If you are considering buying, selling, refinancing or remodeling a Rio Rancho house, you need to know it value first.

CLICK HERE

Rio Rancho house prices are on the rise!

 

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VA things to know!

Useful information that service members need to know about VA Loans:

Your VA loan is reusable. You can use your full VA entitlement over and over again as long as you pay off the previous loan each time.

FHA-VA-Mortgage

VA loans are for Owner Occupants on primary residences only. Since VA loans are for primary residences, The property must be ready for occupancy, not a home needing rehab work. Veterans looking to purchase investment property, fix-up property or vacation homes will have to let us know what their goals are and we will advise you on loan programs available.

They’re not issued by the VA. The VA isn’t in the business of issuing home loans. Instead, the agency provides a guaranty on each qualified mortgage loan.

Guaranteed by the government. If you have a VA entitlement, the agency guarantees up to a quarter of the loan amount. The guaranty gives lenders confidence and helps service members to secure great terms and rates.

Are they available after foreclosure or bankruptcy. Service members with a bankruptcy in their history or whom lost a home to foreclosure can secure a VA loan. Even borrowers who have had a VA loan foreclosed on can still utilize their home loan benefit.

VA loans do come with a mandatory fee. All those great benefits come with a cost: the VA Funding Fee. This fee (usually about 2 percent of the loan amount) helps the VA keep the program going and is required on both purchase and refinance loans. It can be rolled into the loan amount or may be waived entirely for those with service-connected disabilities.

They do have restrictions on who can be a co-borrower. Some loan programs have few restrictions as to who can be a co-borrower. That’s not the case with the VA loan program. The only acceptable co-borrower is your spouse or another eligible veteran who will live in the home with you.

The BIG advantage of a VA loan is that they don’t require mortgage insurance. Mortgage insurance is a monthly fee borrowers of other programs pay but not required on a VA loan.  For instance, an FHA loan requires 1.35% of the annual loan amount to be paid as mortgage insurance.  This is on top of the principal and interest payment and is due for the life of the loan.  For example an FHA loan with a balance of $250,000 would likely have a monthly mortgage insurance payment of more than $200.  This is a huge savings to the Veteran and may allow the Veteran to purchase in a higher price range than borrowers using other loan programs.

Conventional loans typically charge mortgage insurance on loans where the borrower is putting less than 20 percent down. For Instance, a $250,000 purchase would typically call for $50,000 as down payment to avoid either up front or monthly mortgage insurance.

The VA’s guaranty eliminates the need for any mortgage insurance or mortgage insurance premium, helping borrowers save even more money each month.

They don’t have a prepayment penalty. You can make extra payments any time you want, saving large amounts in interest over the life of your loan. You can even structure your payments to automatically deduct a little extra every month. Just an extra $100 per month can shave years and tens of thousands of dollars from the balance.

Would you like to get Pre-Approved?

 

Take just a moment and email me for a Quick Application.  I will let you know how much you qualify for–then you can start working with the Realtor.

Are you a Veteran?  CLICK HERE

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godzilla02

“Mortgage Monster … or Mortgage Mastermind?”

                       ToddZillaLoans.com 

Cornerstone Home Lending, Inc.      Branch  NMLS # 1224262

Todd McManigal   505-918-1028                    NMLS # 267557

                tmcmanigal@houseloan.com

 

 

 

 

Guaranty v. Guarantee: Does Every Veteran Automatically Get a VA Home Loan?

When considering a VA loan, there is some confusion between the VA Guaranty and the word guarantee.

A guaranty is issued when someone other than the borrower agrees to pay  for the borrower’s debt in the event that person defaults. It is similar with VA loans, the guaranty is the VA’s promise to repay a portion of the loan if you, the Veteran defaults. That financial pledge helps gives lenders the confidence to extend financing to qualified veterans with no money down.

But the VA guaranty doesn’t mean veterans and active military members are guaranteed a home loan. There is nothing guaranteed when it comes to qualifying for a mortgage, even for those who have proudly served our country.

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No Guarantee

The VA program is an incredible benefit meant to honor the service and sacrifice of military members and their families.  For nearly 70-years, the VA loan program has helped open the doors of homeownership to more than 20 million military borrowers.  Some of the major benefits of VA loans include:
1.  The ability to purchase with no money down
2.  No need for private mortgage insurance, which is required for other loan types unless you put down at least 20 percent
3.  More flexible and forgiving credit and income requirements
4.  Competitive interest rates that are often lower than conventional and FHA rates
5.  Fewer closing costs than other loans
These benefits are possible because the VA promises to repay at least a quarter of the loan amount if one of its borrowers defaults on the mortgage. The VA itself does not actually make home loans. It relies on private mortgage lenders to extend financing to military borrowers who meet both lender guidelines and the VA’s requirements.
Despite the VA guaranty, lenders are still responsible for the majority of the loan should the veteran default. As a result, VA-approved lenders will have their own requirements for a mortgage, many of which go beyond what the VA wants to see.

Credit scores are perhaps the most common example. The VA doesn’t require borrowers to hit any specific credit score in order to participate in the program. You simply need to be deemed a “satisfactory credit risk”.  This is demonstrated by a history of making on-time payments. But lenders are going to have a minimum qualifying score, in part because credit scores are indicators of your willingness and ability to repay debt.

Best Available Loan Program

Mortgage lenders would like to repay every service member or Veteran with a mortgage loan, but as much as they might like to extend credit to veterans and military families, mortgage lenders can’t simply give loans to everyone wants one.

A mortgage is a significant financial outlay, and lenders who make loans to borrowers whom can’t pay them back don’t stay in business very long.
It’s important to remember that even though there’s no guarantee when it comes to VA loans, these government-backed mortgages are often the only way veterans and military borrowers can make homeownership a reality. FHA and Conventional loan types will require some manner of down payment and often have higher credit score requirements than VA lenders.
So while there’s no guarantee, VA loans often represent the best available loan program for military borrowers looking to purchase a home.

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godzilla02

“Mortgage Monster … or Mortgage Mastermind?” 

ToddZillaLoans.com   

Cornerstone Home Lending, Inc.   Branch NMLS # 1224262

Todd McManigal   505-918-1028                     NMLS # 267557

tmcmanigal@houseloan.com

How Much Home Can I Afford?

For most of us, especially first time home buyers, we want to know “How much home can I afford?”  While this process seems daunting, it comes down to simple math.

Calculator_zps1dbe7afb

Call me or email me at tmcmanigal@houseloan.com for a quick calculation.

The factors that we consider in this calculation are annual income, existing debt payments, proposed property taxes and hazard insurance, down payment ( if any), interest rate and proposed term of loan.

 

Getting Pre-Approved

The first step toward securing your loan is getting pre-approved. This involves a pre-qualification process, where  we assess your financial situation and determine how much you qualify for.  Once this is complete, we work together to submit a completed loan application to the lender for approval.

This process seems like a hassle but it is actually quick and painless.

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godzilla02

“Mortgage Monster … or Mortgage Mastermind?”

ToddZillaLoans.com

Cornerstone Home Lending, Inc.           Branch NMLS # 1224262

Todd McManigal   505-918-1028                        NMLS # 267557

tmcmanigal@houseloan.com

 

 

 

Advantages of a VA Loan

Advantages of a VA Loan:

No Down Payment Necessary.

Traditional loans typically require a buyer to provide a minimum of 3.5% to 5% percent of the home’s price as a down payment — and with today’s stricter lending environment that down payment can reach even 15 or 20 percent.

For many first-time home buyers, down payment can come from cash savings or from a gift from family.  Either way, supplying this amount of money upfront may keep renters renting for a long period of time.

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The VA Loan is one of the few programs in the country that does not require a down payment. Of course, borrowers who would like to lower their monthly payments are still able and encouraged to make a down payment that’s comfortable for them.

Less Stringent Qualifying.   

Many first-time home buyers might not yet have a strong credit history, which can make it more difficult to obtain approval for a mortgage or qualify for an affordable interest rate. Since the VA Loan is government-backed, VA Loans are easier to qualify for at competitive rates.

Lower Monthly Payments.

Since VA Loans don’t require the added monthly expense of private mortgage insurance (PMI), they tend to leave more money in your pocket each month and give you more buying power.

In addition, the competitive VA Loan rates can save a typical buyer thousands over the lifespan of the loan.  Advantage Veteran!

 

Additional Benefits to a VA Loan  (BAH) Basic Allowance for Housing

          Equal Opp Lender Logo

Cornerstone Home Lending, Inc.   Branch  NMLS # 1224262

Todd McManigal   505-918-1028   NMLS # 267557

tmcmanigal@houseloan.com

ToddZillaLoans.com   godzilla02

“Mortgage Monster…or Mortgage Mastermind?”

 

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