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Wallkill Valley Federal Savings & Loan
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There’s been a lot of talk about identity theft in the past few years. Learn how to protect yourself from becoming a victim!

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We are excited to announce the launch of our brand new website.  With a modern look and quick links to the important information, we are very pleased!  For more information on the updates and features, read our latest blog.

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Low Closing Costs is just another way we put customers first.

When you are in the market for a home, there are a million things to consider. You have to figure out how much home you can afford, find the neighborhood that suits your needs, search for the perfect home, and find the right bank to make it all happen. When you are working on your budget for purchasing your home, aside from the amount you will need to have for a down payment on the home, you will also need to have funds ready to pay for closing costs.

 

How much will my closing costs be?

Typically closing costs will be between 2 – 5% of the purchase price of the home. So if the home you are planning on purchasing has an asking price of $200,000, your closing costs will run between $4,000 and $10,000. However keep in mind this is only an average, they can run as little as 1% and as high as 8%.

What am I paying for?

The closing costs typically fall within the 2-5% range, but that doesn’t mean that lenders pick a random percentage and charge that. Closing costs are various fees charged by those involved in the closing of the home. The fees can include:

 Credit report fee
 Loan origination fee (a paperwork processing fee)
 Appraisal fee
 Survey fee
 Attorney’s fees
 Inspection fees
 Title search fees
 Title insurance 
 Escrow deposit 
 Mortgage tax
 PMI (private mortgage insurance, if applicable)
 Recording fees
 Discount points
 LLPA (Loan level pricing adjustments)



An LLPA is a Loan Level Pricing Adjustment charged to the lender by Fannie Mae or Freddy Mac to balance the risk associated with a particular loan. So if you have a credit score that is less than stellar or if you are purchasing a condominium instead of a house, the lender will tack on fees to level the risk playing field. Let’s take a look at a specific example using our home with a $200,000 asking price. If you are making a down payment of $40,000, that means you are asking for 80% financing. If you have a credit score of 685, you would be charged a LLPA of 1.75% which is an additional $2,800 due at the closing table. Using the same purchasing scenario, if you are buying a condo, your LLPA fee would be an additional .75%, ($1,2000), making a total of $4000 LLPA costs due at closing. As you can see, those costs can add up quickly.

Why we are different

We do not charge Loan Level Pricing Adjustments. All of our loan approvals occur in-house. Our loan committee sits together and discusses the applicant and the property and then makes a decision whether or not to grant the loan. This streamlined process and face to face interaction allows us to have lower closing costs. If you have applied for a loan elsewhere but are still shopping, we would encourage you to bring us your Good Faith Estimate. We would be happy to review it with you and show you how we can save you money on closing costs.

What is a GFE?

GFE stands for Good Faith Estimate and all lenders are required by law to prepare one for you within three days of your loan application. A GFE is not a guarantee of the closing costs; it is merely an estimate of what the closing costs are projected to be at closing. Legally, the estimates can change by as much as 10% which can make a big difference in the cash you will need to have on hand at the closing table.

Wallkill Valley Federal Savings & Loan wants to help make your dreams of homeownership a reality. Our streamlined loan process and in-house approvals allow for lower closing costs than our competitors. Do you have a Good Faith Estimate from another lender? We encourage you to bring us a copy. Melissa Flickenschild (NMLS# 524987), our Senior Residential Loan Officer, would be happy to review it with you and show you how we can save you money. Give her a call at 845-895-2051 or email her at mflickenschild@wallkill.com.

NMLS # 404992

#communityfirst #goodfaithestimate #lowerclosingcosts #loanlevelpricing
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We want you…to be a part of the loan experience at WVFSL

We’ve been talking about home loans on our blog this month.  We’ve taken you through our unique loan process and discussed the differences between construction loans and conventional mortgages. Today on the Wallkill Valley Federal Savings & Loan blog we wanted to discuss you, our customer.

Could you be our loan customer?

Are you looking to gain advice and build a relationship with your lender?  If the answer is yes, you could be a prime candidate for a mortgage with WVFSL.   We want to get to know our customers, find out what they are looking for as well as understand what their goals are for home ownership.  We take our time getting to know prospective customers, asking questions and finding the products / terms that fit them best rather than trying to fit a customer into the loan product that works best for the bank.  

Is shopping local important to you?

We have a long history in the mortgage lending business. We've been doing it successfully since 1913 and helping thousands of area residents attain their homeownership dreams in the process.  All of our loans are approved and serviced in house.  In fact, we service our loans for as long as it exists.  This means that you always have someone to talk to, someone who understands you, your home and your goals.  

We want you; even other banks may consider you less than perfect!

We understand that not all customers have awesome credit, 20% of the home’s purchase price in the bank for a down payment, an excellent job history and a conventional property to purchase.  We can also excel at giving loans to:
• Customers with good credit, a down payment but are looking to purchase a property that is considered unique.
• Customers who may have credit bumps but have begun saving to purchase a home, have a good job and are getting back on track financially.

Wallkill Valley Federal Savings & Loan wants you to be part of our loan experience.  Could you be a future WVFSL Customer?  If we aren’t the best fit, we will tell you that up front!  Give Melissa Flickenschild (NMLS# 524987), our Senior Residential Local Officer, a call at 845-895-2051 or email her at mflickenschild@wallkill.com.

#communityfirst #inhouseloanapprovals #lowerclosingcosts #ourcustomer
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What is a construction loan and who is a good candidate for one?

Let’s start with a definition.  According to Wikipedia, a Construction Loan is any value added loan where the proceeds are used to finance construction of some kind.  Because it is designed for construction, the defining features of these loans include special monitoring and guidelines to ensure the project is completed so that repayment can begin to take place. 

Who needs a construction loan?

If you already own an approved building lot and are looking to build a home then a construction loan may be the type of loan you need.  At WVFS&L we understand that no two properties are alike.  We take the time to get to know you and your property so that we can work alongside you as you build your home and take it from a dream to a reality.  

What makes me a good candidate for a construction loan?

First, it is best if you own the property outright.  Also because loan advances are paid out once the work is completed in accordance with the preset advance schedule, you need to have some money saved to get your project started and to keep it rolling between advances.  The loan doesn’t close until after the foundation is in which means that all the starting costs will need to be fronted by you.  That means you will need to have money saved for the permits, survey, engineering and to put in the foundation.

What is an Advance Schedule?

The Advance Schedule is the schedule in which the loan will be paid out.  The schedule is reviewed with you in detail ahead of time so there are no surprises and we suggest that you share it with your general contractor.  If you would like to discuss the number of advances and inspections, give us a call.  We’d be happy to share them with you.  In general it would look something like this:
• Loan is closed after the foundation is poured.
• Next advance comes after the framing is complete
• Typically the next comes after all the installations are in (electrical, etc.)
• Final payment comes once the home is finished, has been inspected and the Certificate of Occupancy has been issued.

At Wallkill Valley Federal Savings & Loan, we understand that no two properties are alike.  We want to become your partner as you work to build your dream home.  Are you interested in finding out more about construction loans?  Melissa Flickenschild (NMLS# 524987), our Senior Residential Loan Officer, would be happy to sit with you, answer your questions and help you build your home. Give her a call at 845-895-2051 or email her at mflickenschild@wallkill.com.

#notwopropertiesarealike #yourlendoryourpartner
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We’re different from other lenders.  The loan experience at WVFS&L

You’ve probably heard it before, a bank telling you they are different from other lenders as a way of asking for your business.  At Wallkill Valley Federal Savings & Loan we don’t just talk about being different, we are different.  So today we thought we would walk you through our loan process so you can see for yourself what makes us unique and why we are the conventional loan lender of choice for the Hudson Valley.

The Inquiry  
When you are interested in applying for a mortgage, you might call a bank to inquire about a prequalification letter.  When you call us, we start asking tons of questions right from the start!  We want to get to know our customers and find out what they are looking for, what their goals are for home ownership.  Are you looking for a lower payment or a deal with a low interest rate?  We aren’t interested in selling a particular product, instead we focus on the needs of the individual with the hope of finding the right product to fit your needs.

The Pre-Qualification   
We’ve talked before about the importance of a pre-qualification letter and why they are important.  If you are interested in learning more specifics, please feel free to read our blog article on the topic here.  The bottom line, when we begin the loan process, the next step after the inquiry is the pre-qualification process.  To start, we pull the customer’s credit and review their paperwork.  We do our best to make this step as painless as possible.  If you want to email us the paperwork, that works.  If you want to fax it to us, that will work too.  You can start the process online or you can come in and meet with us face to face.  Whatever way you are comfortable, that is the way we will go.  Once the paperwork is ready, we will prepare the pre-qualification letter.

After your offer is accepted
Once you have found a home, put in an offer and had it accepted, you are ready to put in an application.  Our application fee is a low $150.  At this point we have 2 things working in our favor to keep the process moving forward quickly.  First, we have already gathered a ton of information and second, we process all our applications in house.  We do not have to wait for paperwork to be transferred to corporate, it is right where it needs to be.

The approval process
This is where WVFS&L shines.  Our team is under one roof.  We do not ship loan applications away to be decided on based solely on the numbers on the page. Instead our loan committee sits together and discusses the applicant, their goals and the property they want to purchase.

The closing
Our closings are special, we understand what it means to our customers.  Once your loan has been approved, we do our closings in our branch.  Additionally we have low closing costs.  We do not sell our loans to Fannie Mae or Freddie Mac and as a result, we do not have to adhere to loan level pricing.  

Servicing the loan
We service our loans in house.  Even long term mortgages such as the 30 year fixed.  In fact, we will continue to service the loan for as long as it exists.  This means that you always have someone to talk to, someone who understands you, your home and your goals.
Are you looking for a loan?  We have several different products and would love to help you find the one that is right for you.  For example:
• We offer 6 different mortgage products
• 4 different home equity loan products
• 3 products for investment properties

Wallkill Valley Federal Savings & Loan, wants to help you fulfill your dream of home ownership.  Are you looking for a mortgage?  Melissa Flickenschild (NMLS# 524987), our Senior Residential Local Officer,  would be happy to sit with you to review options and begin your loan experience. Give her a call at 845-895-2051 or email her at mflickenschild@wallkill.com.

WVFSL is an Equal Housing Lender. 
NMLS# 404992
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Pick us to be part of your dream!  Let WVFS&L help you invest in your business.

Owning a small business can be a challenge. Especially in an economic climate that is less than ideal.  You may have a vision for the future of your company but are unable to raise the funds you need to see it through.  We believe that local businesses deserve access to the capital they need.  We want to help businesses invest in their dream.

How do you know what type loan would be best for your needs?  Who do you rely on to help you make smart decisions?  How about your bank?   We are different from other lenders.  We take the time to get to know you, your business and your goals so that we can come along side you and help guide you to the right product.  

What product is right for you?

Are you looking to purchase new equipment or move into a new building?  Are you in need of working capital to purchase inventory or hire a new employee?  Getting to know our clients help us to match them with the type of loan product that will best serve their needs.  We offer:
• Commercial Term Loans
• Commercial Lines of Credit
• Commercial Mortgages

The Commercial Loan Experience

The loan experience at Wallkill Valley Federal Savings & Loan means you gain more than a lender; you gain an advisor who is by your side throughout the life of the loan.  We offer competitive rates and an efficient loan process.  What is more, each Commercial Loan we give is approved and serviced in house.

We hope you’ll pick us to be part of your dream team.  To get to know you, advise you and help you invest in making your dream a reality.

Our love of fiscal responsibility drives Wallkill Valley Federal Savings & Loan, to help businesses within our community make informed financial decisions.  Do you need capital for your business?  Our VP of Commercial Lending, Rolland Peacock, would be happy to sit with you to review options and help you gain access to the capital you need to help your business thrive. Give him a call at 845-895-2051 ext. 231 or email him at rpeacock@wallkill.com.

#buildingadreamteam #businessloans #investinginyourdream
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How much house can I afford?

Type “How much house can I afford” into Google and you will get 51,900,000 results, most of which link you directly to a mortgage calculator.  While Google is an awesome tool and mortgage calculators are great, there is just no substitute for actually speaking to a real life person.  A person can answer your questions and give you perspective which is what we excel at here at Wallkill Valley Federal Savings & Loan. Below you will find information about mortgage calculations, a link to the WVFS&L mortgage calculator and some things to keep in mind when it is time to purchase your home.  When you are ready, we trust you will give us a call.   

The Calculation
The main components of the calculation are your income, monthly liabilities (your other debt such as car loans, credit card debt or student loans), monthly housing expenses (how much your estimated taxes will be, your estimated homeowners insurance plus, if required, private mortgage insurance) along with the interest rate and type of loan.  You plug those numbers in and voila, you get your monthly mortgage payment estimate and the maximum mortgage amount. You can find our mortgage calculator here:
https://www.wallkill.com/calculators/maximum-mortgage.aspx

Debt to Income Ratio
Much of the calculation hinges on your debt to income ratio (also known as DTI).  Your debt to income ratio is the percentage of your monthly income that goes towards paying your monthly debt payments.  The industry standard is 43% or less for all debts combined.

The Down Payment
Remember that the mortgage is the amount of money you will be borrowing from the bank and does not include the amount you intend to pay upfront.  Most financial institutions are looking for homeowners to make a down payment between 3 – 20% of the purchase price of the home.  If your down payment is less than 20%, you will need to pay PMI or Private Mortgage Insurance.    

Important things to remember
Now that you have information, there are a few things we’d love for you to keep in mind as you plan for homeownership.
• Keep in mind long term financial goals as well.  Can you still afford to save for your retirement and /or your children’s college fund?  Do you want to put all the money you earn into your mortgage payment each month?  
• Is the home you are purchasing your forever home?  If it is and you are over 45, consider a 15 year mortgage verses a 30 year mortgage so that you can pay off your home before retirement.


Wallkill Valley Federal Savings & Loan (NMLS #404992) is dedicated to providing information to our customers so that they can take steps toward achieving their financial goals.  Are you in the market for a home?  Give our Senior Residential Loan Officer, Melissa Flickenschild (NMLS# 524987) a call at 845-895-2051 x226.  You can also email her at mflickenschild@wallkill.com. She would be happy to help you get started in the process of home ownership.

Wallkill Valley Federal Savings & Loan is an Equal Opportunity Housing Lender. 
#fiscalresponsibility #homemortgage  
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The 5 Ws of Mortgage Pre-Qualification Letters

Who?
Our first W is Who.  Who needs a mortgage pre-qualification letter?  The simple answer is that anyone who is in the market to purchase a home.  If that is you, read on, we are about to provide all the information you  need to get this valuable document working for you.

What?
The second W is What.  What is a mortgage pre-qualification?  A mortgage pre-qualification is when a lender reviews your financial situation and determines how much they are willing to lend you for a mortgage.  The lender provides you with a letter which states the mortgage you would qualify for, although in most cases, it is not actually an approval of a loan.  

When?
Our third W is When.  When do you need to obtain a mortgage pre-qualification letter?  It is a great idea to have your letter in hand as you start the process of finding a home.  A pre-qualification letter is a great tool to help you find out how much house you can afford.  It will save you time in the long run because you will not begin falling in love with homes that are beyond your price range.
Where?
Our fourth W is Where.  Where do you go to get a mortgage pre-qualification?  There are many places offering mortgage pre-qualifications.  A simple Google search will list tons of sites offering quick links to lenders offering pre-qualification letters.  You can also turn to a bank with which you already have a relationship.  If you have already established a relationship with a bank, that is a great place to start.  You can also turn to us!  Wallkill Valley Federal Savings & Loan is a great place for your mortgage.  We make the process of receiving a pre-qualification letter easy.  Get in touch with our Senior Residential Loan Officer, Melissa Flickenschild (NMLS# 524987) and she will be happy to talk you through the process! 

Why?
Our final W is Why.  Why do you need one?  We’ve already covered one really great reason, it can help you understand how much house you can afford, but there are a couple of other reasons:
• It makes real estate agents more eager to work with you.  Someone who has a pre-qualification letter in hand is serious about their home search.  
• It could give you the edge you need to be able to close on the home you desire.  If a seller gets two offers at the same time, one with a pre-qualification letter and one without, they are more likely to choose the potential buyer with a letter from their future lender.

Wallkill Valley Federal Savings & Loan is dedicated to providing information to our customers so that they can take steps toward achieving their financial goals.  Are you in the market for a home?  Give Melissa a call at 845-895-2051 x226.  You can also email her at mflickenschild@wallkill.com. She would be happy to help you get started in the process of obtaining a pre-qualification letter and help you move one step closer toward home ownership.
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Bank Easier with our enhanced online banking system.

The goal of Wallkill Valley Federal Savings & Loan is community first.
That means that we take a look at the services and products we offer our customers and do what we can to make banking easier for our customers.  

According to the Pew Research Center, 51% of adults in the United States do a portion of their banking online. With the idea of creating the ideal banking experience, we have recently launched an enhanced and updated internet banking system.

Features of the new system include:
• A single sign up for internet banking and online bill pay
• The ability to view copies of your checks online
• Pending transactions are now visible once logged into your account
• If your debit card is lost or stolen, you can deactivate online
• A Business Module has been added to make banking easier for our commercial customers

Need help establishing your online banking account or have any questions about the new features?  Our staff would be happy to help! Give us a call or stop by any branch.

#idealbankingexperience #bankeaiser
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