New construction is booming throughout Northeast Florida and has left buyers with an important decision to make: buy a new home or a previously owned home. We recently sat down with Bank of England Production Manager Troy Silhan for tips to help homebuyers understand the differences in the buying process and how to avoid issues.

According to Troy, the buying process is essentially the same from pre-approval through closing, but there are a few distinctions. His advice is to follow a few simple guidelines: determine your priorities early, utilize a Realtor’s expertise and thoroughly understand the contract.

read more +

Comments Off on Deciding Between Buying a New or Pre-Owned Home?  

If you’ve ever applied for a mortgage, you undoubtedly asked a lot of questions. Troy Silhan knows all too well that answering borrower questions is vital to an open, productive lending process. And as Bank of England Mortgage Production Manager and Davidson Realty’s resident mortgage expert, he has the answers.

“Because of ever changing lending regulations, market adjustments and so on, it’s not uncommon for borrowers to have a long list of questions – even those who have purchased several homes,” said Troy. “This is a big investment, so it is important to understand each step throughout.”

read more +

Comments Off on Five Common Mortgage Questions Answered!  

I recently caught up with Troy Silhan, Production Manager and resident mortgage expert for Bank of England. He works with many local homeowners and was happy to provide major tips on what NOT to do before and during the loan process. The obvious list of problems to avoid includes pay your bills on time, save for a down payment, and so on. Here are some tips you might not have thought of:

1. DON’T change your name.
Regardless of the occasion (marriage or divorce), make sure not to change your surname when applying for a mortgage. As Troy says, “If you applied for a mortgage as Ms. Jones, then became Mrs. Smith, there is additional paperwork and things to do to make sure you are, in fact, one in the same person.” Your loan officer can let you know when you’re cleared to make the change!

read more +

1 Comment  

Almost 10 years ago, the U.S. housing market turned downward and many Americans lost their homes to foreclosure. As a result, these families moved to rental homes, apartments and condos, waiting for the right time to buy again.

Now that the market has recovered, “boomerang buyers” as they’re called, are returning to the market ready to jump back in. However, many others still don’t know if they’re financially ready.

Bank of England Production Manager Troy Silhan recently explained how boomerang buyers can know when they’re ready, as well as what they can expect in this new market.

read more +

Comments Off on Ready To Buy Again? Lending Expert Troy Silhan Answers Common “Boomerang Buyer” Questions  

Ready to begin your next house hunting adventure? Great! Before you hit the pavement, Troy Silhan of Bank of England has some sage advice: Be certain you understand your pre-approval!  It is vital that home buyers recognize what a pre-approval is – and isn’t – as well as the differences between the various pre-approval processes and documents.

We recently caught up with Troy to discuss pre-approvals and clear up some lingering misconceptions about this important step in the purchasing process.

read more +

Comments Off on Bank of England’s Troy Silhan Answers Common Pre-Approval Questions  

The process of getting a mortgage was, for the most part, taken for granted before the recession.  But times change and getting a mortgage became a major headache.  Bank of England (BOE), however, bucks the trend by offering excellent communication and customer service throughout the mortgage approval process.  “Bank of England has been very effective at getting transactions closed for our customers in World Golf Village and throughout Northeast Florida,” explains Sherry Davidson of Davidson Realty. “In many banks, customers are not given personalized service and it is hard to get anyone to care about the timing of the closing. With BOE, they strive to close transactions in 21 days and you can get someone to help if your transaction has an issue.”

Bank of England is a state chartered, full-service FDIC insured bank founded in 1898 in England, Arkansas.  BOE’s corporate headquarters is in Little Rock, Arkansas; one of the company’s top mortgage divisions is located in Northeast Florida. Although BOE is licensed to do business in all 50 states, its Northeast Florida mortgage banking center primarily focuses on doing business in our backyard – a benefit to homebuyers looking to purchase in World Golf Village, the 210 corridor, and throughout St. Johns and Duval counties.

read more +

Comments Off on Business Spotlight: Bank of England – Responsive, Customer-Centric Mortgage Banking Focused on Northeast Florida