The Den: Vicki Williams, Insights from a Seasoned Mortgage Professional

The Den: Vicki Williams, Insights from a Seasoned Mortgage Professional 

Vicki Williams, a seasoned mortgage professional with over three decades of experience, joins us to discuss the ins and outs of the mortgage industry and how she helps clients achieve their homeownership goals here in East Tennessee.

Table of Contents

Vicki's Background and Expertise

Vicki Williams is a seasoned mortgage professional with over three decades of experience in the industry. She has been an integral part of the mortgage world for more than 30 years, witnessing and navigating through significant changes and challenges, including the Great Recession. Vicki's expertise extends to various types of residential mortgages, including purchase, refinance, and reverse mortgages. Her specialization in residential mortgage lending sets her apart, allowing her to provide in-depth knowledge and dedicated service to her clients.

Vicki's Role as a Mortgage Loan Originator

As a mortgage loan originator at Movement Mortgage, Vicki focuses solely on residential mortgages, offering specialized assistance to individuals seeking to purchase, refinance, or obtain a reverse mortgage. Her role involves guiding clients through the entire mortgage process, leveraging her extensive experience and expertise to provide tailored solutions that align with their specific needs and goals.

Mortgage Loan Products and Options

When it comes to mortgage loan products and options, Vicki offers a wide range to cater to diverse needs and situations. Here are some of the key mortgage options she provides:

VA Loans

  • 100% Loan to Value (LTV)
  • Beneficial for veterans

Conventional Loans

  • Available with as little as 3% down for first-time home buyers
  • Options for 5% down and more

FHA Loans

  • Require 3.5% down payment

USDA Loans

  • No money down option for eligible areas

THDA and Movement Boost

  • First-time home buyer down payment assistance
  • Movement Boost for down payment assistance, not limited to first-time buyers

With this assortment of options, clients can find a suitable mortgage solution that aligns with their needs and financial circumstances.

The Importance of a Local Lender

Working with a local lender offers numerous advantages, especially when it comes to the intricacies of the home buying process. Here are some key reasons why choosing a local lender is crucial:

Personalized Service and Trust

Local lenders prioritize personalized service and building trust with clients, fostering a strong, reliable relationship that enhances the overall home buying experience.

Understanding of Local Market Dynamics

Local lenders have a deep understanding of the local housing market, enabling them to provide valuable insights and guidance tailored to the specific area and its unique dynamics.

Efficient Communication and Timely Closures

By working with a local lender, clients benefit from efficient communication and a streamlined process, ensuring timely closures and minimizing potential complications that may arise with non-local lenders.

Credit Scores and Credit Repair

When it comes to credit scores and buying a home, there are common misconceptions about the required credit score. While having an 800 credit score is advantageous, it's not a mandatory requirement for purchasing a home. Many loan programs accept lower credit scores, with some allowing scores as low as 580. However, even if a buyer's credit score falls below the desired threshold, there are steps that can be taken to improve it. For instance, paying down credit card balances or resolving outstanding collections can positively impact credit scores. Additionally, it's essential for buyers to understand that closing existing lines of credit before applying for a mortgage can actually harm their credit utilization and, in turn, their credit score. Therefore, it's crucial to be well-informed about credit-related decisions before pursuing a home purchase.

Guidance and Assistance

Seeking guidance from a knowledgeable mortgage professional can be immensely beneficial for individuals with credit concerns. A reputable lender can provide insights into credit improvement strategies and offer a clear roadmap for enhancing credit scores. Moreover, a proficient mortgage advisor can utilize credit simulators to illustrate the potential impact of specific actions on a buyer's credit profile. By leveraging these tools and resources, buyers can gain a comprehensive understanding of their credit standing and work towards achieving an optimal credit score for their home purchase.

Cost and Support

Understanding the financial implications of improving your credit is crucial for potential homebuyers. While some entities may charge exorbitant fees for credit repair services, reputable mortgage professionals, such as Vicki Williams at  Movement Mortgage, are dedicated to assisting buyers without imposing additional costs. Through personalized guidance and support, individuals can navigate the process of improving their credit efficiently, ensuring that they are well-prepared to embark on their homeownership journey. 

Preparing for the Homebuying Process

Embarking on the journey to homeownership involves various considerations, including financial preparedness and understanding the intricacies of the homebuying process. To ensure a smooth and informed homebuying experience, it's essential for individuals to take proactive steps and collaborate with experienced professionals who can provide comprehensive support and guidance throughout the process.

Financial Readiness and Affordability

Prior to initiating the homebuying process, it's crucial for prospective buyers to assess their financial readiness and affordability. This involves evaluating factors such as down payment requirements, closing costs, and ongoing homeownership expenses. By gaining clarity on their financial standing and setting realistic budgetary expectations, individuals can make informed decisions about their home purchase. Furthermore, understanding the relationship between mortgage pre-approval amounts and actual comfortable monthly payments can empower buyers to make prudent choices aligned with their financial well-being.

Loan Product Evaluation

Exploring diverse mortgage loan products is a pivotal aspect of preparing for the homebuying process. With a myriad of options available, such as VA loans, conventional loans, and FHA loans, buyers can benefit from understanding the distinctive features and eligibility criteria associated with each loan type. Engaging with a trusted mortgage advisor can facilitate a comprehensive evaluation of available loan products, allowing buyers to identify the most suitable financing options based on their specific circumstances and financial goals.

Collaboration with Trusted Advisors

Establishing a collaborative partnership with experienced and trustworthy real estate and mortgage professionals is instrumental in preparing for the homebuying process. By leveraging the expertise of seasoned professionals, individuals can gain valuable insights into market dynamics, financing options, and essential steps involved in purchasing a home. Furthermore, aligning with reputable professionals who prioritize personalized service and prioritize the best interests of their clients can instill confidence and clarity as individuals navigate the complexities of the homebuying journey.

Understanding the complexities of the mortgage process can be challenging, especially with the evolving dynamics of the housing market. As a seasoned mortgage professional, I prioritize initiating conversations with clients to comprehensively assess their unique situations. Once the initial assessment is completed, I facilitate seamless communication with my clients and guide them through the mortgage process, ensuring that they are well-informed and comfortable with the steps involved. This open dialogue and collaborative approach not only instills confidence but also enables clients to make informed decisions aligned with their homeownership goals.

Vicki's Favorite Loan Products and Homebuyer Segments

VA Loans

Beneficial for veterans.

Conventional Loans

  • Available with as little as 3% down for first-time home buyers.
  • Options for 5% down and more.

FHA Loans

  • Require 3.5% down payment.

USDA Loans

  • No money down option for eligible areas.

THDA and Movement Boost

  • First-time home buyer down payment assistance.
  • Movement Boost for down payment assistance, not limited to first-time buyers.

My favorite loan product revolves around VA loans, as I have a deep appreciation for assisting military families due to my personal connection to the military. However, every loan product and homebuyer segment is equally rewarding, as it allows me to understand the unique narratives and aspirations of each client, contributing to a fulfilling and impactful professional journey.

Vicki's Involvement in the Knoxville Community

Vicki's involvement in the Knoxville community extends beyond her professional endeavors. She actively participates in various charitable initiatives and organizations, aiming to make a meaningful impact on the lives of individuals in need. Some of the charities and community-focused activities I have been involved in include:

Wesley House

Wesley House provides after-school and summer care for lower-income students, offering them a safe and nurturing environment while also assisting senior citizens living below the poverty level. Vicki actively engages in activities such as feeding the seniors, organizing Bingo games, and contributing to the food pantry, supporting the community's most vulnerable members.

Second Harvest

Second Harvest is dedicated to providing food for the underserved across multiple counties. Vicki actively participate in events like Hunger Action Month, where they raise awareness and gather essential food items for those in need. Additionally, She supports the backpack program, ensuring that children have access to necessary food supplies, addressing the issue of childhood hunger.

Sacred Ground Hospice House

Vicki is actively involved in supporting the Sacred Ground Hospice House, a vital resource for individuals in their final days. This facility provides a peaceful and supportive environment for those transitioning to the next phase of life, offering comfort and care during a challenging time for families and their loved ones.

Sleep in Heavenly Peace

Vicki has been actively involved in fundraising and volunteering for Sleep in Heavenly Peace, an organization dedicated to providing beds for children in need. The initiative aims to address the issue of children in our community lacking proper sleeping arrangements, ensuring that every child has a comfortable and safe place to rest.

Rotary Club

As an active Rotarian, Vicki is committed to serving the community through various service projects and initiatives. The Rotary Club or Farragut allows me to collaborate with like-minded individuals to make a positive impact on our community, addressing critical needs and contributing to the well-being of those around us.

Vicki's Love for Knoxville and Future Plans

Vicki's deep-rooted connection to Knoxville extend beyond her professional and community involvement. She has been a proud resident of Knoxville since 1987, and her love for this vibrant city is unwavering. The unique aspects of Knoxville, including its scenic mountains, diverse seasons, and the sense of community, have solidified her commitment to this region. As for her future plans, she is dedicated to continuing her efforts in supporting the community and making a positive difference in the lives of the people of Knoxville.

 

Vicki Williams
Senior Loan Officer
M

114 Lovell Road, Ste 102, Knoxville, TN 37922
NMLS # 646431

State License #AL-74952, KY-MC409814, TN-113108, VA-MLO-47611VA

p: (865) 742-4505

o: (865) 558-8871
f: (865) 329-7416

 

e: [email protected]

AL-74952, KY-MC409814, TN-113108, VA-MLO-47611VA | Movement Mortgage LLC. All rights reserved. NMLS ID #39179 (For licensing information, go to: www.nmlsconsumeraccess.org). Additional information available at movement.com/legal. Interest rates and products are subject to change without notice and may or may not be available at the time of loan commitment or lock-in. Borrowers must qualify at closing for all benefits.

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