Are mortgage loans affected by coronavirus?

Steve Morrow with EverLEND Mortgage (our sister company in Utah) joined Nicea DeGearing on ABC4 today to talk about how home prices are heating up and what you need to know!

Steve has 20+ years of mortgage experience and he suggests that consumers check that their loan officers have the appropriate qualifications.

Read the full story here

Disclaimer: SecurityNational Mortgage Company, and its loan officers, unless individually licensed and specifically denoted in their credentials, are not qualified to, and are prohibited from representing themselves as accountants, attorneys, certified financial planners, estate planners, investment specialists or tax experts, and will not advise you in those matters. Always seek the advice of a licensed professional. By submitting your contact information you agree to our Terms of Use and our Privacy Policy. You also expressly consent to having SecurityNational Mortgage Company contact you about your inquiry. This is not a commitment to make a loan. Loans are subject to borrower and property qualifications. Contact loan officer listed for an accurate, personalized quote. Interest rates and program guidelines are subject to change without notice. SecurityNational Mortgage Company is an Equal Housing Lender. Company NMLS# 3116

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Journey to Home Ownership

1. Obtain prequalification from lender

2. Identify desired home

3. Contract is accepted/home is placed in escrow

4. Submit loan application to lender

5. Lender orders title and property appraisal

6. Loan materials are reviewed and processed

7. Loan submitted to underwriting for approval

8. Preparation of the Closing Disclosure

9. Loan documents are signed

10. The loan is funded and recorded

11. Buyers get the keys to their new home

Disclaimer: SecurityNational Mortgage Company, and its loan officers, unless individually licensed and specifically denoted in their credentials, are not qualified to, and are prohibited from representing themselves as accountants, attorneys, certified financial planners, estate planners, investment specialists or tax experts, and will not advise you in those matters. Always seek the advice of a licensed professional. By submitting your contact information you agree to our Terms of Use and our Privacy Policy. You also expressly consent to having SecurityNational Mortgage Company contact you about your inquiry. This is not a commitment to make a loan. Loans are subject to borrower and property qualifications. Contact loan officer listed for an accurate, personalized quote. Interest rates and program guidelines are subject to change without notice. SecurityNational Mortgage Company is an Equal Housing Lender. Company NMLS# 3116

Start your journey home today!

Community Partnership Benefits All

Under Sheriff Kevin McMahill & Amar Chadha
Photo by: Robert D. Harding Jr.

By Mikel Frederick
June Metro Volunteer Program (MVP) Newsletter

Las Vegas, NV — At the height of the Covid-19 pandemic, Las Vegas was facing a dire shortage of personal protective equipment (PPE), and many had lost their jobs.

In true Las Vegas Strong fashion, the Las Vegas Sikh community stepped up and handed out free food and masks to those in need.

In May, 2020, the Las Vegas Sikhs Engaged in Volunteer Activities (SEVA), in partnership with the LVMPD, held two free food and mask distribution drives, handing out over 2,500 free meals and 4,000 masks.

Amar Chadha, 45, the CEO of SEVA, said the event was hugely successful in large part due to the LVMPD and local restaurants that contributed meals for the events.

Chadha said the LVMPD was very helpful with logistics and organization of the events, giving special thanks to Undersheriff Kevin McMahill and Assistant Sheriff Christopher Jones, who helped with logistics and support.

“We cherish our relationship with Mr. Chadha and The Sikh Community. I would like to express my deepest gratitude to Mr. Amar Chadha for his commitment to our agency and Las Vegas. He is a true hero,” Jones said.

Chadha and his wife, Jasmeet, personally finance and run the grass roots non-profit organization. “We created the organization to help anyone who needs help,” Chadha said. “We’re no millionaires, but we desperately try to do what we can.”

For the past 10 years, Chadha, a devout Sikh, and Las Vegas local since 2000, has actively helped bridge the relationship between the LVMPD and the 9,000 strong Las Vegas Sikh community.

Chadha said his active involvement with the LVMPD began about 10 years ago, triggered by an event that changed his life.

At a local Starbucks, Chadha, dressed in a suit and wearing his turban, was reviewing a loan application when he was approached and detained by two LVMPD officers. Chadha said the officers were searching for a possible bomb suspect who had threatened a nearby bank. For him, it was a life-changing event that spurred him to get involved with local law enforcement.

In 2014, Chadha joined the LVMPD volunteer program to better understand the LVMPD and how it helped the community. “I wanted to get involved with other communities and thought this would be a great program to know about Metro and how they help locals on day to day basis, Chadha said.

Chadha devotes most of his time to the Airport VIVA program where he helps visitors – especially minority groups from India. “It’s always a great pleasure to be able to serve,” Chadha said. Chadha’s partnership with the LVMPD has allowed him to educate law enforcement personnel on what Sikhism is about. It’s a great partnership – going on 10 years now.

He added that his close relationship with the LVMPD and the FBI has vastly improved the Sikh community relationship with law enforcement.

Chadha has served on the Las Vegas Sheriff’s Metro Multi-cultural advisory board and is currently on the board of  directors for the FBI Las Vegas Citizen’s Academy Alumni Association.

Chadha had high praise for Sheriff Lombardo, saying, “He has really been accommodating to the Sikh community. They have really become familiar with who we are as a community.”

A mortgage consultant by trade and charity organizer in his spare time would seem a pretty busy schedule, but Chadha loves what he does. “I’ve been doing this all my life – helping the community,” Chadha said.

Disclaimer: SecurityNational Mortgage Company, and its loan officers, unless individually licensed and specifically denoted in their credentials, are not qualified to, and are prohibited from representing themselves as accountants, attorneys, certified financial planners, estate planners, investment specialists or tax experts, and will not advise you in those matters. Always seek the advice of a licensed professional. By submitting your contact information you agree to our Terms of Use and our Privacy Policy. You also expressly consent to having SecurityNational Mortgage Company contact you about your inquiry. This is not a commitment to make a loan. Loans are subject to borrower and property qualifications. Contact loan officer listed for an accurate, personalized quote. Interest rates and program guidelines are subject to change without notice. SecurityNational Mortgage Company is an Equal Housing Lender. Company NMLS# 3116

Start your journey home today!

Leading the pack among mortgage lenders

While other mortgage lenders struggle to keep pace, SecurityNational Mortgage Company continues to lead our clients to the finish line.
 

A mortgage company with a rock-solid reputation

You can feel confident that you’re getting the guidance and professional treatment you deserve. With over 50 years of experience, SecurityNational has the consistent track record and dependable financial backing of Security National Financial, our publicly traded parent company (NASDAQ: SNFCA). We’ve steadfastly weathered all the ups and downs of the economy and gained a reputation for outstanding leadership in the home loan market.

We’ve got professional mortgage branches from coast-to-coast, and hundreds of experienced loan professionals ready to take you through the loan process with top-notch service. Not to brag, but we’re consistently ranked a Top 50 mortgage company by Scotsman Guide in the United States.

Take advantage of historically low rates today. Find a loan professional in your area or visit a local branch office to learn more.

 
 

Disclaimer: SecurityNational Mortgage Company, and its loan officers, unless individually licensed and specifically denoted in their credentials, are not qualified to, and are prohibited from representing themselves as accountants, attorneys, certified financial planners, estate planners, investment specialists or tax experts, and will not advise you in those matters. Always seek the advice of a licensed professional. By submitting your contact information you agree to our Terms of Use and our Privacy Policy. You also expressly consent to having SecurityNational Mortgage Company contact you about your inquiry. This is not a commitment to make a loan. Loans are subject to borrower and property qualifications. Contact loan officer listed for an accurate, personalized quote. Interest rates and program guidelines are subject to change without notice. SecurityNational Mortgage Company is an Equal Housing Lender. Company NMLS# 3116

Start your journey home today!

Still need help?

We're great with directions!

No really, ask us for directions. Our mortgage professionals are waiting to help answer any questions or concerns you have as you begin your journey home. 

The difference between forbearance and forgiveness

Forbearance is when a lender agrees to let a borrower postpone payments until a later date. The payments are not eliminated. They will need to be paid at the end of the forbearance period, spread over time, or added at the end of the loan. It’s important to know this is not for everyone but only those who have lost a job or have a financial hardship due to the coronavirus pandemic.

 

Potential Benefits

If you are eligible and in true need, this can be a big, albeit temporary help with cash flow.

 

Potential Problems

If you’re without funds for monthly payments now, what is the likelihood of being able to make up missed payments all at once in a few months? This is the worst-case scenario, but you must ask your servicer if alternatives are available.

The CARES Act intends to protect your credit if pursuing forbearance, yet there’s no guarantee that will occur without errors. It will be important to monitor both your monthly statements and credit report to assure accuracy.

This is temporary, not long-term relief. It may take a year or more beyond the end of the forbearance before you can refinance. Saving every month for 30 years later may be far better than a little short-term relief right now.

 

Possible Alternatives

If you still have sufficient household income to qualify, pursuing a “cash out” refinance could be a better option. You may be able to access equity to create a cash cushion from which you can consolidate other debts, make timely payments and eliminate risk to your credit.

If you have a 15-year loan now, stretching the term to 30 years can save hundreds of dollars per month. Once your income has returned to normal, you can always add extra principal to pay the loan off in 15 years without having to refinance again.

If you have no choice but to pursue forbearance, you MUST reach out using the contact info on your loan statement to arrange a formal, documented plan.Documentation will be critical to clear any credit reporting issues that may arise.

Think it through. A forbearance is not forgiveness. It does not eliminate payments; it only delays them. If you have emergency savings, available lines of credit or other means to pay, these may be better options to get you through these difficult times.

Disclaimer: SecurityNational Mortgage Company, and its loan officers, unless individually licensed and specifically denoted in their credentials, are not qualified to, and are prohibited from representing themselves as accountants, attorneys, certified financial planners, estate planners, investment specialists or tax experts, and will not advise you in those matters. Always seek the advice of a licensed professional. By submitting your contact information you agree to our Terms of Use and our Privacy Policy. You also expressly consent to having SecurityNational Mortgage Company contact you about your inquiry. This is not a commitment to make a loan. Loans are subject to borrower and property qualifications. Contact loan officer listed for an accurate, personalized quote. Interest rates and program guidelines are subject to change without notice. SecurityNational Mortgage Company is an Equal Housing Lender. Company NMLS# 3116

Start your journey home today!

Still need help?

We're great with directions!

No really, ask us for directions. Our mortgage professionals are waiting to help answer any questions or concerns you have as you begin your journey home. 

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