Patrick Avery Mortgage

There's never been a better time to refinance your current mortgage. Contact me today to see if a refinance could be in your best interest.

5.0 star review received on Experience.com for Patrick Avery by Aimee L M - Excellent communication , always present, and made it a seamless process!

New ★★★★★ 5 Star Experience.com Review by Aimee L M Click to see all 315 reviews of Patrick Avery, Senior Mortgage Loan Officer | NMLS 697981

It's been a great couple days for rates. Don't wait for them to keep falling. As these rates go down, it will only bring out more competition making the sales price higher. You can always refinance a rate, you can never refinance a sales price.

If you would like a quote, please give me a call so we can get you pre-approved.

Owning a home offers more than just a roof over your head. Discover the financial advantages, stability, freedom, and sense of achievement that come with homeownership in today’s blog article.

https://rwtownemortgage.com/blog/mortgage/exploring-the-timeless-benefits-of-homeownership/

Contact me today to start your journey to homeownership!

Your credit can affect where you can live, what jobs you’re eligible for, how much money you can borrow, the interest rate you will pay, and might even influence aspects of your personal relationships.

Dive into our latest blog highlighting 5 crucial reasons why annual credit checks are your key to a secure and prosperous financial future!

https://rwtownemortgage.com/blog/mortgage/5-reasons-to-check-your-credit-annually/

Meeting the closing date is my #1 priority and I strive to get my clients comfortable in their new home when they need to be. Have a closing date you need to meet? Reach out to me directly!

As the spring homebuying season kicks into high gear, why not partner with a local lender who can provide a personalized service.

- We're here for you and your clients, day or night.
- Get quick responses and streamlined communication channels to keep things moving.
- Our app puts loan management at your fingertips! Track progress, upload documents, and stay connected.
- We handle processing and underwriting in-house for faster turnaround times and personalized service.
- We work with trusted local appraisers, avoiding delays and ensuring a smooth experience.

Ready to level up your home buying experience with a LOCAL advantage?
Contact me today to get started.

5.0 star review received on Experience.com for Patrick Avery by GRANT S R - Patrick was very detail oriented. He caught a mistake our realtor made in some document that would've cost us extra money. At all points throughout the process he was available and communicative.

New ★★★★★ 5 Star Experience.com Review by GRANT S R Click to see all 314 reviews of Patrick Avery, Senior Mortgage Loan Officer | NMLS 697981

Summer Sizzles! Keep Your Pet Cool
The sun's out, but remember - so are the dangers of overheating for our furry friends! Here's a quick reminder:

What is your favorite part of your current house?

Another Friday, another closing for a borrower who was denied by a previous lender. This certainly took some work, but I couldn’t be more excited for this new FIRST TIME HOMEBUYER!!
If there’s anything we can do to help, don’t hesitate to give us a call. Couldn’t make this happen without Leslie!!

Nice success story to end the month. I was referred to a very nice couple who was denied by a previous lender. The issue was due to a condo questionnaire being completed incorrectly. With our team at TowneBank Mortgage / RW Towne Mortgage we were able to get the document completed correctly and closed the deal in just 14 days! Very fortunate to have the best team in the business.

Congratulations to these rockstars. I feel very lucky to play a small part in the success!! Cheers to a successful 2024.

Congratulations to our Norfolk Office's 2023 Chairman's Circle Platinum Award Winners, representing the Top 1% of the Network: Bobby Lawrence, Howlett Home Team (Katie Howlett, BHHS RW Towne Realty, Ashley Link BHHS) and Lin Miller, REALTOR.

Congratulations to our Norfolk Office's 2023 Chairman's Circle Gold Award Winners, representing the Top 2% of the Network: Julia Shea- Norfolk, Virginia Real Estate and Charlotte Webb Chandler.

Congratulations to our Norfolk Office's 2023 President's Circle Award Winners, representing the Top 5% of the Network: Emil Nazaryan, Associate Broker, Shannon Allen Luxury Homes, Ryan C. Benton - Realtor, David Cacace, Realtor, Jenn Mele, Beth Marino, Realtor at BHHS RW Towne Realty, and Terri Baker Realtor.

Congratulations to our Norfolk Office's 2023 Leading Edge Society Award Winners, representing the Top 9% of the Network: Andrea Moore, Ashley Swindell- Realtor & Coastal Virginia Living, The People's Real Estate Agent, Jamie Kudary, Realtor and Kellie Tucker Real Estate.

Congratulations to our Norfolk Office's 2023 Honor Society Award Winners, representing the Top 14% of the Network: Katrina Cantrell Real Estate, Janette Woodruff - Realtor, Stacy Goode, Realtor, Carl Johansen, Norfolk Virginia Real Estate, Hampton Roads Realtor, Alan Psimas Realtor, Paula G Powell - Berkshire Hathaway RW Towne Realty and Jason Robinson Real Estate.

Great Job everyone, your hard work and perseverance has paid off. Well done!

A special thank you to our RW Towne Mortgage Team Patrick Avery Mortgage and John Bovie Mortgage NMLS #2053812 for assisting our Norfolk Office agents & clients with all their mortgage needs.

Feeling very fortunate to be busy working on a Thursday night! If you need a mortgage call a local lender who’s willing to work after hours.

As I am sure you've seen on the news lately mortgage rates have begun to improve. This is great news for people in the market.

But when the rates improve, that gets more people off the fence. The more active buyers there are means more competition. Having more competition typically means higher prices, less seller concessions, etc. Last month (before we even saw this latest improvement) mortgage applications for new homes increased by 39.7% as compared to a year ago.

If the rates keep getting better, I would only expect the applications to continue to increase.

Don't hesitate to reach out if you have any questions.

What a great day for rates!! If you’re in the market for a new home give me a call.

Fall back, but don’t fall behind on your dreams! As we adjust our clocks, let’s also adjust our focus – towards achieving those homeownership goals. Time to make it happen!

Honoring the vibrant and rich traditions of Dia de los Mu***os, a day to celebrate our loved ones who’ve passed. Let us come together and embrace the beauty of their memory.

Wishing you a hauntingly happy Halloween! May your day be filled with spooktacular surprises and mortgage-free frights!

Buying a home is an exciting milestone, but it also comes with financial responsibilities, including making mortgage payments. One of the crucial aspects of managing your new mortgage is understanding when your first payment is due. Dive into the details of when your first mortgage payment is typically expected and what factors can influence this date on our blog!

https://www.rwtownemortgage.com/blog/mortgage/when-is-my-first-mortgage-payment-due/

Right now it’s more important than ever to start the conversation with your loan officer EARLY. We can keep you apprised of what the market is looking like and help you find a payment that you’re comfortable with. Plus, if rates drop in the future, we can help you to refinance and lower your rate. Homeownership has historically been a great investment, and today’s market is no different. If you need to make a move or are ready to become a homeowner, let’s start the conversation today.

Exciting news for home buyers and investors!

Fannie Mae has just announced a game changing policy that will allow for a reduced 5% down payment on owner occupied 2-, 3-, and 4-unit multifamily homes.

This shift marks a substantial decrease from the previous down payment requirements of 15-25% for such properties and allows homeowners to gain valuable landlord experience by collecting rent from other units while building equity in their property.

Sitting at home scrolling through houses online? Call me to get pre-approved, then call your agent to schedule a showing!

With all the Back To School 🚌 Excitement, we almost forgot to share all of the great closings we've had in the past 2 weeks! 🔑 Our clients have been movin' and groovin' and we're just excited to help! If you know someone that is thinking about buying and/or selling a home, please encourage them to give us a call. We will work tirelessly to give them the absolute best service and care! 757-763-8514. 🏠

And as always, DeFeo Real Estate is happy to make a donation on behalf of every real estate transaction we close. Our clients helped us choose Mutts With A Mission and Roc Solid Foundation as the beneficiaries of our most recent closings.

Shout Out 📣 to Patrick Avery Mortgage, Anderson Legal Group, PC and Arch Property Services of Virginia LLC for being true professionals and helping us with one or more of these transactions!

What's the cost of waiting for rates to go down? Check out this video!

Video Aug 25 07:12:31 Video Aug 25 07:12:31

Very excited to have received 3 contracts this evening to originate under RW Towne Mortgage on Monday morning. Looking forward to the future.

Hello Everyone!

I hope you’re all doing well. If you have recently seen this below graphic on the news, please read this post and I will try to help you make sense of it 😊. Please note, this is ONLY for conventional loans. VA, FHA, and USDA loans will NOT be affected by this.

This has to do with changes to Loan Level Price Adjustments (LLPAs) imposed by Fannie Mae and Freddie Mac. These two entities guaranty a vast majority of new (conventional) mortgages. So LLPAs are nothing new, we will see rates adjusted for Loan to Value, Debt to income, property type, occupancy type, and you guessed it Credit Score. That’s why typically when I am asked what rates are, it’s not a quick answer and will sometimes lead to me asking several questions before giving an answer. This change was actually announced in January for loans delivered by May 1st, 2023. Once a loan is closed, it’s not delivered right away. This can take around a month in the current market, but sometimes longer. SO… This change has already been taking effect in mortgage rates.

I do believe the above headline is misleading… What this new LLPA does is borrowers are not “punished” as much for having a lower credit score. We do NOT suggest buyers to miss a credit card payment or max out their card for a better rate. Please see below updated chart for LLPAs based on credit score:

RED = rising costs. GREEN = falling costs

As you can see, if you have a score of 640, you'll be paying significantly more than if you had a 740. Using an 80% loan-to-value ratio as an example, your LLPA at 640 is 2.25% versus 0.875% for a 740 score. That's a difference of 1.375%, or just over $4000 on a $300k mortgage. This is almost HALF the previous difference, and that's certainly a big change.

So is this news headline true? Kind of… Borrowers now will not get hurt as much for having a lower credit score, and don’t get as much as a benefit as they used to for a better credit score. Please don’t hesitate to contact me with any questions!

Why you should NOT wait until 2024 to “save money” with a lower rate. Many experts are projecting rates to fall below 6% in 2024 (see article in comments). This would allow all new homebuyers to save on their monthly payment compared to current rates.

But why does this mean a buyer should NOT wait? First, there’s no guarantee that rates will drop. Second, the lower rates go the more competition there will be. Just think back to 2020 & 2021 when rates were historically low. You or at least someone you know bought a house during that time. It was a stressful process with fierce competition. Sellers were reviewing multiple contracts sometimes with 24 hours of listing their property. Multiple offers will typically mean higher prices for buyers, possibly paying over list, waiving inspections, not asking for closing costs.

When rates do fall, you can always refinance your rate making a payment lower. You cannot refinance a sales price. Long story short, if it’s the right home for you and your family, the payment is in your comfort level, and your comfortable in the cash needed to close it’s the right time to buy.