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Alcova Mortgage

Alcova Mortgage - Greater Roanoke Area, VA

Alcova Mortgage 540-772-3877 www.yellowbook.com

Pros and cons of getting a mortgage online

The internet has allowed people to complete many once complex processes online, ranging from earning a degree to becoming ordained as a minister. However, these accomplishments are often derided as an inferior substitute to completing a goal the old-fashioned way.

Does the same hold true for home mortgages? Online services promise prospective buyers a quick, easy way to acquire a loan for their home purchase. While buyers can realize a number of benefits from online mortgage applications, they should also be cautious about the pitfalls these services can create.

Pros

The main attraction of online mortgages is their speed and convenience. Jordan Steinberg, writing for the financial services resource ConsumersAdvocate.org, says you can complete all steps of the mortgage application from the comfort of your own home instead of going to see the lender. You can also upload necessary materials such as pay stubs instead of putting together a bundle of documents.

Couple who purchased twice-flooded Peterstown property claim they were told it wasn't in flood zone

The suit states that the plaintiffs were seeking to purchase their first home in January 2017. The plaintiffs allege they signed a purchase contract for the property at 715 Ballard Red Sulphur Parkway, Peterstown for $85,000 and had to obtain financing and an appraisal for the contract price. The plaintiffs allege they worked with Alcova for the mortgage and Ronald Shumate was hired to perform the appraisal. Shumate appraised the property at $91,500 and the plaintiffs' closing was scheduled for March 15, 2017, the suit states.

The suit states Nationstar currently holds the mortgage loan.

The plaintiffs allege they were given a flood hazard determination that stated that the property was not in a Federal Emergency Management Special Flood area and that flood insurance would not be necessary. They allege they property, however, was in a special flood area and the contract failed to include that information. 

The defendants allegedly informed the plaintiffs that the property was not in a flood area in addition to making a number of other misrepresentations about the property. The plaintiffs allege that if they had been aware of these details, they would have changed their purchase decision. 

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