Ask Val

July 30, 2010

American Red Cross Shelby County Alabama

Valerie Springer appointed to Shelby County Red Cross Board of Directors 2011.

If you are interested in donation to the Shelby County Alabama Red Cross please contact Valerie Springer .

Qualifications for Reverse Mortgage

All reverse mortgage share several common characteristics. 

*All borrowers must be 62 or older

*Must occupy the home as primary residence (residence is defined as at least one person living in the home for at least 6 months of the year)

*One owner must be living in home at time of closing

*If there is existing lien, it must be paid off by the new HECM mortgage or assume a subordinate position.

HECM must always be in first-lien position.

A homeowner can finance any primary residence that is considered owner-occupied, single family residence, condominium, manufactured homes, two to four units, or a planned unit development.  Mobile Homes are not eligible for this type of loan.    As a government insured program the senior’s home must meet FHA guidelines in terms of minimum property standards to qualify.

There is no income or credit requirements and any senior who owns a home with sufficient equity and age requirement can qualify.  Even if there is a mortgage balance you can qualify.

If you have questions or would like to see how much is available to you, please visit my website to fill out an application www.vshomeloans.com or contact me at 205-995-7283.

Yours to Count On,

Valerie Springer  nmls 198749

July 28, 2010

American Red Cross Shelby County Alabama

The American Red Cross is an organization  who helps victims of more than 67,000 disasters annually and touches the lives of millions. 

I am honored to say I will be on the Board of Directors for the Shelby County Red Cross for 2011 which officially kicked off July 1, 2010. 

Our humanitarian mission connects us to people and communities dow the street, across the country and around the world.  I believe this will be a very rewarding experience and I look forward to representing Shelby County this year.

Shelby County Red Cross

4524 Southlake Parkway, Ste 5

Hoover, AL  35244

205-987-2792

www.alredcross.org

You may also contact me anytime.  www.vshomeloans.com .

July 12, 2010

Credit Bureaus ~ Equifax, Experian and Trans Union

Filed under: ASK VAL,Credit — Valerie Springer @ 4:05 pm
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Credit is a scary word for many folks.  Credit is something that is  relatively baffling to most.  Common sense is completely out the window when it comes to figuring out the process.  I will give you some tips occasionally to help you have a better understanding.

1. Did you know if you close accounts it could drop your credit score?  2. If you open accounts too close together it could drop your score?  3. If you charge all purchases on a credit card and pay it off monthly it could hurt your score?  I will answer these three questions in this post.

1.  If you close accounts it could drop your credit score…The credit bureau is looking at how much credit you have available to you as opposed to how much you have used.  In addition to how long you have had a credit line.  For Example:  You have a credit card that carries a $10,000.00 credit limit, you have had this since 1995.  You pay the card off and close the account.  Your credit score will probably drop because you have just lost $10k of available credit and closed an account you have had opened for 15 years.  The utilization of credit cards will pump your scores up faster than any other category because “YOU” control revolving accounts.

2.  If you open too many accounts close together it could drop your score…yes this is true.  When someone starts applying for credit in succession it sends a signal to the bureau there may be a problem.  For example:  Someone inquires about approval for a home purchase to see if they qualify, then they go to the car dealership and apply for credit to get a vehicle.  On the way home they stop by a department store and find a great sale and the store clerk asks if they would like to save 20% on their entire purchase.  These are three credit inquiries very close together and it makes creditors very nervous.   All of the sudden you trying to accumulate much debt on paper whether you buy anything or not.   These purchases or applications for credit need to be spread far apart.  If you are considering purchasing a home you should never make a large purchase before the home transaction.  Auto dealers may pull your credit multiple times which in itself  can make your score drop.  Beware around the holidays when everyone wants to save and are tempted to apply for every credit card out there, your scores WILL drop.

3.  Can my credit scores drop if I pay my card off every month…Yes they can.  If you have one credit card with a $10k credit limit and each month you charge all of your household expenses and then pay off at the end of the month, all the credit bureaus know is you are maxed out on your limit.  For Example  The creditor does not report to the bureaus you pay off each month they only show you pay on time.  While your credit standing with this company may be excellent it does not seem so with the bureaus.  Also, this will affect your debt to income ratio when applying for mortgage.  We must use your minimum monthly payment to qualify you.  There are a few ways to make this work to your favor  (a.)  If you normally charge $10k per month and your credit limit is $10k, ask your creditor to raise you credit limit to $20k, this at least keeps you at the 50% utilization.  If this is not an option  (b.) put your purchases on separate credit cards.  It is okay to use credit cards just keep the balance low as possible even if you plan to pay it off in the future remember they are looking at how much you have used as opposed to how much is available.

Please visit my website www.vshomeloans.com    I would love to help you with your residential financing needs. 

Valerie Springer     NMLS  198479

Today’s Milestone

Filed under: ASK VAL — Valerie Springer @ 3:16 am
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Today was a milestone in my life.   It marks the one year anniversary since I stopped smoking!

For years family members and friends had encouraged me to  break the addiction but after short discussions I would tune them out.  I knew I needed to quit but just felt I could not.  I had a friend who would ask me quite often if I had thought about setting a date.  My response to him was always, “Not yet, are you still praying for me?”.  Once he replied back, “yes I am praying for you but are you praying for yourself?”.  Sadly to say the answer had been NO.

From this moment forward I decided to start praying for strength that when the moment was right, I would be able to “kick the habit”.  After about a year of praying and preparing I decided I would make an appointment with my physician and ask about getting a prescription for Chantix.  I thought of every excuse not to make my appointment on that dreaded day but something kept pushing me in a forward direction.

When I mentioned it to the doctor he spent about 30-45 minutes explaining how the medicine worked and what I could do to make the transition easier.  He wrote my prescription for 6 months and sent me on my way asking to see me back at the end of the script unless I had side affects.

I had another couple of weeks of preparation and then I started to take 1/2 pill each day for a week.  During this time I could smoke all I wanted.  On the eighth day I was supposed to wake up and never smoke again???  Sounds crazy!  On my seventh day I smoked more in that day than I had in a long time and felt sure I would never be able to stop.  My eighth day fell on a Sunday so I woke that morning thinking about nothing else.  While on our way to church I thought I will probably make it until we get out of preaching.  Then I thought I would probably make it until after lunch, and so the story goes.

On the third week of taking the Chantix, I decided to stop taking the medicine.  By this time I knew the Lord had given me strength to make it and He was all I needed.  I continued to pray and wondered at what time I would be able to function without the thought of a cigarette consuming my every waking hour.  I talked about smoking all the time but never once was I tempted to light up.  I had kept an opened pack in my car for several months just in case I hit a moment of weakness which I may not be able to recover.  I also had an unopened pack in my home.  Thankfully, after about 3 months I ripped those cigs to shreds.

I had for about a year prayed hard for myself.  I was a little afraid to stop something that had been such a part of my life for so many years.  I felt like I would have misery beyond belief and never stop longing for what I thought I couldn’t do without.  After all, smoker’s always said they never really lose the craving.

For me this was one of the hardest things I could imagine but my Lord was waiting for me to rest in His hands.  Through Christ all things are possible.  On July 11, 2009, I woke and started my day without smoking and I am proud to say not one time did I consider lighting up or even taking a puff.  This is mostly because I felt the Lord heard my sincere plea and He gave me the strength to stop.  I was not going to do anything to shift my blessing.  :o)

Valerie Springer

July 9, 2010

Reverse Mortgage Alabama

HECM Reverse Mortgage  is a loan against your home that does not have to be repaid as long as you live there.   Using a “Reverse” mortgage, you can turn the value of your home into cash without having to move or repay a loan each month.

To qualify for a “Reverse” Mortgage you do not need income or assets.  You do however need equity in your home.   The money you receive is based on the age of the youngest co-owner.  All owner’s must be at least 62 years of age.  The older a borrower, the more money available.

The homeowner is still responsible for homeowner’s insurance and taxes unless exempt.

If you have questions about a “Reverse” Mortgage please contact Valerie Springer, Sr. Residential Loan Officer  NMLS 198479, Network Funding LP NMLS 2297, 205-995-7283 x 305

July 8, 2010

Hello world!

I have little experience in the blog world so I hope you will be patient while I do my best to bring you information.    If you ever have a question or suggestion for content please let me know. 

I am Valerie Springer, Sr. Residential Loan Officer NMLS 198479.  I am licensed in the State of Alabama and am able to offer financing on Conventional, FHA, VA, USDA Rural Development and Reverse Mortgages.

Please visit my website http://www.vshomeloans.com

Yours to Count On,

Valerie Springer

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