Tera Shawd | Virginia Loan Officer

mortgage rates Virginia
Knowledgeable, Professional and Friendly
Tera has been providing expert advice to homeowners for over 8 years.  After graduating  from Moorhead State University, Tera moved from Minnesota to Cleveland, Ohio where she began her career in the Mortgage Industry.  In 2001 she was the recipient of the “Sales Leadership Award” which is given to the top Mortgage Banker at her firm.  Her expertise ranges from the new home buyer and a complete knowledge base of the FHA market, to new construction and multi-million dollar developments.

Tera understands the value of the Realtor-Broker relationship.  In October 2006, she arranged sponsorship for the Ohio Association of Realtors (OAR) at their Annual Conference held in Cleveland, Ohio.   Before Tera and her family relocated to Virginia, she was a member of the Women’s Board of Realtors, the Medina County Board of Realtors and sponsored numerous charity events throughout the Cleveland Area.  As the mother of 3 children, she understands the value of relationships and family and is committed in providing professional results in a friendly and honest environment.  You can trust that she will listen to your financial needs and be prepared to help you obtain those financial dreams.

Options... Every potential client is striving to find the best options for their situation.   Here at Choice Finance®, Tera will help you make sure that you know what is available and what steps you need to take to get what you want. 

FHA loan limits



Ask me about FHA !

FHA cash-out refinance to 95%


Not the best credit?  Ask me about buying a home!

Homeownership- 100% financing options


FHA loan limits

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Do you have high balances on revolving credit card debt?
The balances just stay the same because you can’t afford to pay more than the minimum payments. What you may not know is that by carrying those high balances, your credit score is in serious trouble, whether you pay them on time or not!

These balances are just not going to disappear.  Why not pay them off and make that interest tax deductible by using the equity in your home? By rolling your credit card debt into your mortgage or taking a home equity line to pay them off, at least the extra money you have worked so hard for is going into your home, not the credit card companies.  You would actually be paying DOWN your debt, and getting a break from Uncle Sam at the same time.
Your credit score is adversely affected if the balances exceed or even approach the high limit granted by the creditor. Even though you may have never made a late payment (more then 30 days beyond the due date) on ANY accounts, you could have a 600 score or lower! To raise your score, it is vital to pay off or to pay down the revolving debt. When you have a low score or credit concerns, the process of repairing your credit can seem daunting.

There are a lot of factors involved in the mortgage process. Many people have the misconception that as long as you have great credit, you qualify for all products at the best rates. Unfortunately, this is not true. Factors that also contribute are:

  1. Your income and debt/to income ratio (money coming vs money going out)
  2. Loan to Value: loan amount’s percentage of appraised value (LTV)
  3. Are you a W-2’d (salary) employee or are you self-employed. This is a huge factor to the type of loans made available to you. Being self-employed may add to the complexity of the loan.
  4. Reserves: most lending institution now require anywhere from 2 to 6 months worth of mortgage payments in the bank.
  5. Your payment history on your revolving and installment debt and the amount of trade lines open

I usually request to have a one-on-one free analysis of your situation. This consultation gives me the ability to determine your specific wants and needs. Once I know this, I can look at your finances and we can build a plan for you to obtain the financial security you deserve.

Every current and future homeowner should learn how the basic mortgage process works. If not, it’s like buying a car and not learning how to drive it. You don’t just get in and not know what makes it go or what controls to use to get where you need to go. What could be more important then your finances? Call me today to set up an appointment with me either by phone or in person. You will get a free analysis and together we can plot your course into the future.

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