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OVM NEWS & RESOURCES

Your Guide To Home Buying During COVID-19

While the world continues to navigate the challenges presented by COVID-19, the health and safety of our clients and team members is our top priority. We are working remotely to ensure that every client receives an exceptional mortgage experience from start to finish. If you were planning to purchase a home this year or if you are in...

April 3, 2020 Read More

Home Inspection 101: What To Know Before Your Home Inspection

You’ve found your perfect home and put in an offer. Before closing, though, you have to get a home inspection to make sure your potential new home is safe for you and your family. But what do they look for during a home inspection? We’re going to break down all of the need-to-knows about a home inspection to...

March 27, 2020 Read More

Fixed vs. Adjustable Rate Mortgages – What’s the Difference?

Buying a home can be an exciting but overwhelming process, especially when you try to sort through all of the mortgage loan options available on the market. Two of the most common options are a fixed mortgage and an adjustable-rate mortgage (ARM). Comparing ARMs vs. fixed-rate mortgages and knowing how these two loan options differ can help you...

March 27, 2020 Read More

Is It Possible to Use a VA Loan More Than Once?

If your family has outgrown your home and needs more space, you may be wondering: Can you use your VA loan twice? Luckily, the answer is yes. You can restore your full VA loan entitlement by selling your home or paying off the mortgage in full. Alternatively, you can also use the remaining entitlement amount from the purchase...

March 27, 2020 Read More

What Is Down Payment Assistance and How Can It Help Me Buy a Home?

Down payment assistance may be a viable option to help you purchase your home. These programs can provide you with funds in the form of a grant or gift in order to fulfill a down payment on a home — bringing you one step closer to homeownership. Why is down payment assistance important? No matter who you get...

March 20, 2020 Read More

Decoding Loan Types: Pros and Cons of Each

If you’re a first-time home buyer, understanding different loan types can be confusing. Each one has various requirements, rules, and costs. The right one for your situation will depend on numerous factors. To help you make an informed decision, here’s a quick guide to four of the most popular loan types: FHA, conventional, VA, and USDA loans. FHA...

March 20, 2020 Read More

7 First-Time Homebuyer Mistakes and How to Avoid Them

The home buying process can be confusing, even for people who have done it before. Here are some of the most common first-time homebuyer mistakes and tips on how to avoid them so you can make a smooth transition to homeownership. First-time homebuyer mistakes (and how to avoid them) 1. Skipping pre-approval Getting pre-approved for a mortgage is...

March 5, 2020 Read More

All the Companies Involved in the Mortgage Process

It may surprise you to learn how many other companies are involved in the mortgage loan process, especially if you’re a first-time home buyer who has never been through it before. It isn’t just OVM and a real estate agent – there are also different inspectors, title companies, and potentially government agencies that will be involved in the...

March 5, 2020 Read More

What Are Closing Costs and What Do They Cover?

When it comes to home buying and finances, there are two main upfront costs to think about— the down payment and closing costs. In this blog, we’ll be talking all things closing costs; particularly what they are and how you can prepare for them ahead of time.  So, what are closing costs? The term “closing costs” encompasses all...

March 5, 2020 Read More

Why a Fully Approved Mortgage Gives You an Edge in a Hot Housing Market

A bidding war occurs when multiple buyers are interested in the same house and make increasingly larger offers to try to win it. This drives up the final sale price of the home, sometimes well above the asking price. Bidding wars are most common in hot real estate markets like San Francisco and San Diego, but they can...

March 5, 2020 Read More

A Deep Look into the 2020 Real Estate Market

The housing market has been notoriously fickle when it comes to predicting what will happen next. However, industry experts have more tools and analytical data to work with than ever before, allowing them to predict recent trends with surprising accuracy. We’ve seen 2019 pass as a year of low interest rates, rising home values, and high demand for...

March 4, 2020 Read More

Changes To Government-Backed Loan Programs In 2020

The new year is finally upon us, and while everyone’s busy clearing out clutter and checking off resolutions, we should also take a look at what changes are taking effect in mortgage and real estate market and how they will affect us in 2020. For many, the new year means renewal and focus on self-improvement, but for our...

February 25, 2020 Read More

Flood Insurance 101: What you need to know

Do you have flood insurance?  FEMA (Federal Emergency Management Agency) notes that “floods are the most common natural disaster in the United States… There is a 26 percent chance of experiencing a flood during the life of a 30-year mortgage, compared to a four percent chance of fire.” You don’t have to be directly on the coast or...

November 13, 2019 Read More

Purple Heart Benefits May Include Lower VA Loan Costs & More

All of our military deserve much respect and benefits for servicing our country. But, some deserve even more of both. Those include purple heart recipients, which are service members who have been injured or killed in action. Therefore, this group of men and women deserve every benefit we can give them. Recently, there’s been a new VA loan...

October 28, 2019 Read More

Pre Approval vs. Pre Qualification: Which is better?

Imagine that you’re ready to buy a home, so you reach out to your local mortgage guy (let’s call him Mort the Mortgage Guy) to see how much you can qualify for. After a few questions about your income, monthly debts, and approximate credit score, Mort proudly announces that he can pre qualify you for $200,000! You excitedly...

October 28, 2019 Read More

Your Complete Guide to Buying a Second Home

Buying a second home is a dream for many, but it may be much more within reach than you think. At OVM Financial, we receive many questions on this topic. Some of the most common queries we hear include: What’s the difference between 2nd home and investment property? What are my second home mortgage options? What is the...

October 21, 2019 Read More

Can I Buy a Home With a Charge Off?

When a debt is not paid, it may go into collections or become a charge off. If an account is in collection status, it means the creditor is still attempting to collect the money. Although, a charged off account means the creditor has written off the debt and is no longer to collect. Just because the creditor is...

October 16, 2019 Read More

What is an Escrow Account? When are Escrows Required Plus Advantages and Disadvantages

When it comes to home ownership, most have at least some type of homeowners insurance and must pay property taxes. Mortgage companies particularly care about borrowers paying their taxes and insurance(s). So much that mortgage lenders and many home loans require an escrow account. Basically, an escrow account is where funds are regularly deposited, held, and then disbursed...

September 30, 2019 Read More

What is the Minimum Credit Score for a VA Loan?

As with all mortgage loans, a borrower’s credit score is a key component of the approval process. One of the most common questions that we receive is, “What’s the minimum credit score required for a VA loan?” Depending on the scenario and the lender, the minimum credit score for a VA loan can vary. We will explain the...

September 24, 2019 Read More

How VA Lenders Use the VA Residual Income Chart to Determine VA Eligibility

Most people in the mortgage process hear the term debt to income ratio thrown around a lot and know its importance. However, when it comes to VA loans, many are not familiar with the VA residual income chart guidelines. Actually VA residual income is more important than debt ratio because it shows how much is left for basic...

September 24, 2019 Read More

Home Buyer Resources

Your Guide To Home Buying During COVID-19

While the world continues to navigate the challenges presented by COVID-19, the health and safety of our clients and team members is our top priority....

April 3, 2020 Read More

Home Inspection 101: What To Know Before Your Home Inspection

You’ve found your perfect home and put in an offer. Before closing, though, you have to get a home inspection to make sure your potential...

March 27, 2020 Read More

Fixed vs. Adjustable Rate Mortgages – What’s the Difference?

Buying a home can be an exciting but overwhelming process, especially when you try to sort through all of the mortgage loan options available on...

March 27, 2020 Read More

all Home Buyer Resources

Mortgage Industry News

Your Guide To Home Buying During COVID-19

While the world continues to navigate the challenges presented by COVID-19, the health and safety of our clients and team members is our top priority....

April 3, 2020 Read More

VA Loans 101: What are VA Loans and How Do...

What are VA Loans and How Do They Work? A VA loan is a mortgage provided through a private lender, like OVM Financial, but is...

March 27, 2020 Read More

Decoding Loan Types: Pros and Cons of Each

If you’re a first-time home buyer, understanding different loan types can be confusing. Each one has various requirements, rules, and costs. The right one for...

March 20, 2020 Read More

all Mortgage Industry News

OVM News

Connor McNulty and Team Join OVM Financial!

Please join OVM Financial in welcoming another fantastic addition to the OVM Family! Connor McNulty and his team set the gold standard for excellent service ...

February 12, 2020 Read More

OVM’s Legum Legacy Inaugural Golf Tournament Sponsorship Opportunities!

The first-ever OVM’s Legum Legacy Golf Tournament will be benefiting Children’s Hospital of the King’s Daughter, a charity that had such a positive and personal...

January 13, 2020 Read More

OVM’s Legum Legacy Inaugural Golf Tournament Benefiting CHKD

We are proud to introduce the first-ever OVM’s Legum Legacy Golf Tournament. This tournament serves as part of the annual fundraising efforts for OVM’s Legum...

January 10, 2020 Read More

all OVM News

Real Estate Agent Hub

How to Deal With a Short Appraisal – Be Careful...

Everything is going well on your purchase, but then the appraisal comes in short of the sales price. First reaction to a short appraisal may...

November 4, 2019 Read More

Simultaneous Closing – Tips for Buying and Selling Homes on...

In a perfect world, a seller finds a buyer for their house and immediately goes under contract for their new home. Not only getting under...

November 1, 2019 Read More

FHA Well and Septic Distance Requirements for New Construction and...

Buying a home outside the city limits often means the home has a well and septic system. Although, the home may only have one as...

July 25, 2019 Read More

all Real Estate Agent Hub