• psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813

Bank of America Introduces Mortgage Relief Program to Military Service Members

Bank of America announced programs for its mortgage customers serving in the United States military, improving key benefits for those on active duty and extending mortgage protections for service members beyond active duty.
The newly introduced programs include a principal forgiveness loan modification program for military borrowers behind on their payments when leaving active duty; a reduced 4 percent interest rate on mortgages for customers who are eligible for Service members Civil Relief Act (SCRA) protection; and a mortgage customer service unit dedicated to servicing military customers.
Bank of America’s Military Loan Modification Program assists military customers who are leaving active duty domestically or abroad and are struggling to afford their mortgage payment. The program builds on the government’s Home Affordable Modification Program (HAMP) and provides a number of solutions starting with principal reduction measures to help customers achieve a more affordable mortgage payment as set forth in the HAMP guidelines:

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Mortgage Rates at ALL TIME LOW

The average 30-year fixed-rate mortgage dropped this week to tie its all-time record at 4.32 percent, according to Freddie Mac.

Last week, the average rate was 4.37 percent and a year ago the average rate was 4.94 percent.

mortgage rate chartThe 15-year, fixed-rate mortgage hit an all-time low of 3.75 percent. That was down from last week’s average rate of 3.82 percent. Last year at this time, the average rate was 4.36 percent.

“Confidence in the state of the economy fell among consumers and businesses, which led to a decline in long-term bond yields and brought many mortgage rates to record lows this week,” Frank Nothaft, vice president and chief economist of Freddie Mac, said in a statement. “The September Consumer Confidence Index by the Conference Board fell to the lowest level since February of this year.

Might we see a 0 % mortgage in the future ?

Well, if rates continue to drop, as some in the mortgage industry suggest they may, mortgage rates could inch in the direction of 0%. The Federal Reserve’s recent indication that it is willing to take extraordinary steps to keep the economy growing and continued concerns of deflation may also put pressure on mortgage rates.

"So long as the Fed allows the word ‘deflation’ to get bandied about, mortgage rates will ease lower," said Dan Green, a loan officer with Waterstone Mortgage in Cincinnati.

How much lower?

"In theory, the only stopping point there is is 0%—that’s where all nominal interest rates have to stop," said Mike Larson, real-estate analyst for Weiss Research.

Think about it: 0% financing has long worked as an incentive in the auto industry. And home builders have been known to pay down mortgage rates for their buyers, so these days it wouldn’t be unheard-of for them to entice people with a 2% or 3% mortgage rate, at least for a period of time.

That isn’t to say mortgage rates couldn’t drop from their levels now. After all, two years ago, few people would have thought a 4% mortgage was possible.

Rates on 30-year fixed-rate mortgages have dropped more than a percentage point since the end of the recession in June 2009.

This summer, the average rate on the 30-year loan broke record low after record low.

Since 1975, fixed-rate mortgage rates have fallen over the 12 months following every recession, with the exception of the 1980 downturn, Freddie Mac chief economist Frank Nothaft said. The 0.7 percentage-point decline from June 2009 to June 2010 was "the largest decline during the first year of recovery over the last six recessions," he said.

We are in an era of historically low mortgage rates, reaching levels not seen in decades. Coupled with four years of home-value declines, homes are more affordable than we’ve seen in years.

If you want to explore homes, condos, town homes or land for sale in the Williamsburg or Hampton Roads, Virginia area contact John@MrWilliamsburg.com .

Search homes for sale here

Looking to explore monthly payments or refinancing options ? email me John@MrWilliamsburg.com and  I will have one of our preferred lenders contact you. They are very experienced in VA, FHA, Conventional, USDA, VHDA loans and more

Here are rates being quotes as of Yesterday:

mortgage rates williamsburg va

Mortgage Rates hit new low…

Fixed mortgage rates fell again to an all-time low last week, according to Freddie Mac.

The average rate for a 30-year, fixed-rate mortgage in the U.S. was 4.54 percent, down from 4.56 percent the prior week. This marks the sixth straight week of record-low averages since Freddie Mac began its weekly report on 30-year mortgage rates in 1971.

Typical payments ( principal and interest) on a  $300,000 mortgage ( @ 4,54%, 30 year mortgage) would be $1527.19   WOW

During the same week a year ago, the average 30-year, fixed-rate mortgage was 5.25 percent.

Fifteen-year mortgages also hit a new low at 4 percent, compared with 4.03 percent a week ago and 4.69 percent last year.

I would be happy to introduce you to one of our preferred lenders to explore mortgage payments, refinancing or any other related questions.

Send an email to John@MrWilliamsburg for further information,

FDIC head supports Loan Write Downs

The possibility of solving the underwater mortgage problem by writing down principal has been deemed politically impossible by the Obama administration, but some government officials see write-downs as the best long-term solution.

One of the most outspoken supporters of write-downs is Federal Deposit Insurance Chair Sheila Bair. This week, she called underwater mortgages a continuing problem and said the FDIC is “actively looking” at ways to encourage principal write-downs in the deals it does to facilitate acquisitions of failed banks.

As loss mitigation efforts continue, we need to recognize the evolving nature of the mortgage problem. The initial phases of the crisis involved poorly structured mortgages that posed an affordability problem. Now we’re dealing with underwater mortgages. That’s why we’re actively looking at principal write-downs within our loss share agreements and other failed bank programs.

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Williamsburg VA- Mortgage Lenders

Question:Are you able to give a short list of mortgage companies in the Williamsburg/ Hampton Roads VA. area which I might want to consider.  I understand that you can’t really recommend one over another.  But a short list of generally approved businesses would be a help.


Answer: To achieve a preferred status with out company Lenders had to agree to not charge for credit reports and not to charge junk fees, Admin Fees, etc.  That´s the pledge from lenders we have hand selected to earn ‘preferred’ status to offer mortgage services to Liz Moore & Associates´ buyers.  And adding up the dollars NOT spent on extraneous fees results in an amazing amount of money our buyers now have to spend on their new homes!  When it´s your home, everything counts. They work out of an office in our building and are available seven days a week.

You would be surprised at what these extraneous fees add up to. I have seen mortgages where the fees  added up to over $4000.

Our preferred lender list includes B.F. Saul, Wells Fargo, Suntrust and a local company Atlantic Bay. Contrary to popular belief our Broker (Liz Moore) has advised us that we can recommend one lender or home inspector or contractor or surveyor, etc.

Her reasoning was if a client is asking who should they should work with, who has the best service , who has the best rates then why can’t we tell them ?

To that end I would recommend Ginny Phillips at BF Saul. Great to work with, great rates, Great service.

In the last five years of selling real estate, the only times I have had issues was with out of state lenders who we don’t have relationships with. I could fill a book with the last minute snafus and displeasure that they have caused .

Ginny’s contact info is below.


Ginny Phillips Loan Officer BF Saul


(757) 599-2827

(757) 572-9635

Send her an email

Read her bio

BF Saul Mortgage

721 Lakefront Commons
Suite 201
Newport News, VA 23606