This week, to kick off our new podcast season on The Money Millhouse, we have a special interview with Joseph Kelly from Heroes Come First that share how heroes of all kinds can enjoy rewards and grants from a program that benefits Heroes at Home.
Enjoy this great information and be sure to share the following blog from our guest writer, Joseph Kelly, with a hero that you know.
Ellie Kay, Founder and CEO
You may or may not feel like it, but as a military veteran, active duty or reserve you are designated an American Hero, and that means you qualify for significant rewards you probably are not aware of when you take out a mortgage or buy or sell a house.
Most are aware that they have VA Benefits that include mortgage benefits. And that program has some wonderful advantages. But few are aware that there are additional benefits available that can give you an extra $2,000 to the $7,000 or more without any cost or added paperwork!
A national program called Heroes Come First defines heroes as people who serve their community. This includes active duty military personnel, veterans as well as all current and former medical professionals (nurses, doctors, dentists, EMS, etc.), police officers, firefighters, first responders, teachers, and clergy.
Before I tell you how this reward program works please allow me to offer two key pieces of advice if you are considering buying a home in the next year that will save you from added stress and confusion.
1st Key– BEFORE you find of call a realtor and start looking at homes GET PRE-APPROVED from a trusted, reputable, recommended lender. (if you desire we offer this in all 50 states). Get your questions answered on your qualifications, credit, savings, options, etc. BEFORE starting to look at properties. This will allow you to make adjustments if needed and be prepared to speak to real estate professionals who will have confidence in working with you.
2nd Key– Using sites like Zillow, Realtor.com, etc. are great tools to see what properties are out there however I encourage you to be VERY CAREFUL before entering your contact information on these sites. Read the “fine print” at the bottom of the website. These companies will sell your information to multiple lenders and realtors who then will call you and email you for months! While some of these companies be ones you wish to consider it can be overwhelming and confusing as lenders buy your information as a “lead.” (FYI the program we are about to discuss does NOT sell or provide any information to other companies)
How the rewards work …
Buying a Home
There are several ways that the Heroes Come First program saves you time and money when you purchase a primary or second home or an investment property and get a mortgage to finance the purchase.
If you, or another hero you know, is thinking of buying in the next 12 months the most important first step is speaking to a pro-hero lender and getting “pre-approved” for your financing. The Heroes Come First team can introduce you to a participating lender who focus on heroes with both financial and added service rewards to get you on the right track for your purchase.
- You get a Lender Hero Reward of a minimum of $500 – $1000 toward closing costs.
- Work with a pro-hero realtorand receive a portion of the realtor’s commission. For example receive $700 for every $100,000 in the sales price, which is a rebate of a quarter of the realtor’s commission. So if you were to buy a home worth $300,000, you would get a check for $2,100; if the home you buy costs $600,000, you receive $4,200.
- You can earn a discount over usual title fees, averaging about $350, from the title companies that participate in the program.
- You may qualify for a Purchase Grantof up to $10,000, to be used toward the down payment on a home or closing costs. This grant does not have to be repaid.
Selling Your Home
When you sell your home, you get a break on all of the real estate fees that are usually part of the closing. The average reduction is $2,000, but it could be more for a high-priced home. The participating realtor that handles your listing rebates one quarter of their commission to you at the closing, which could amount to several thousand dollars more, depending on the price of the home.
Refinancing Your Mortgage
When you refinance your existing mortgage to get a lower rate and payment, you qualify for a Lender Hero Reward between $500 and $1,000, which is applied toward your closing costs. The lenders who participate in this program offer competitive interest rates in all 50 states, so you don’t have to compromise on settling for a higher mortgage rate to get these discounts. The participating title companies also offer discounts of up to $350 for title searches that are needed when you refinance your mortgage.
Example of Heroes Come First Savings
Real Estate Transactions:
- Sell your home for $300,000
- Purchase a new home for $450,000
- Take out a $360,000 mortgage on the new home
Costs and Discounts:
Realtor’s rebate of selling commission: $2,250
(25% of standard 3% commission)
Pro-Hero Realtor reward on purchase of new home: $3,150
(up to$700 per $100,000)
Lender discount on $360,000 mortgage: $1.000
Title company discount for title settlement costs: $350
Total Savings: $6,750
It really is simple to get started with the Heroes Come First program when you are in the market to buy or sell your home or refinance your mortgage. There are no restrictions, paperwork, fees, or fine print to read in order to qualify. Start the process by registering at www.HeroesComeFirst.com or call them at 800.272.5626 and they will refer you to a participating lender, title insurance companies, and realtors who serve where you live.
Know other heroes? Help them too!
The Heroes Come First program can help not only you but also other heroes you know. And if you tell other heroes in your life—like your children’s teachers, your local firefighters and police officers, or any veterans or active duty military you can be a hero to them by saving them a significant amount of money on their home transactions.
Since 1989 Joseph Kelly has brought a unique blend of technical, marketing, sales and leadership experience to the mortgage industry. As a graduate of the University of Virginia with a degree in Aerospace Engineering (yes….a rocket scientist), he realized that the mortgage industry was lacking a critical component – consumer education and programs to help increase savings and reduce debt through mortgage management.
Joseph Kelly is very proud of having three sons who are veterans. Two Army and one Navy. Their service inspired the development of a national financial program to help all military (active, reserve and veterans) receive mortgage financing advice focused on their long term benefit, not a one time “sale” for a mortgage company.
Heroes Come First was launched to include all of our nations heroes; Military (active, reserve and veterans), current & former Firefighters, Law Enforcement, Medical & Educational professionals and is dedicated to saying “Thank You” in a practical & financial way when they Buy, Sell or Refinance a Home.