Cara Hunt Erickson, Sr. Mortgage Banker, NMLS #834056, licensed in VA & NC

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Virginia Beach, VA
Cara Hunt Erickson, Sr. Mortgage Banker, NMLS #834056, licensed in VA & NC

Atlantic Bay Mortgage Group, LLC NMLS 72043

Equal Opportunity Lender

www.nmlsconsumeraccess.org

Helping homeowners with their financing journey.

09/29/2026

Nobody puts this on the fun weekend conversation list, but homeowners really should talk about it.

What happens to the house if you pass away?

A mortgage doesn’t simply disappear. And the house doesn’t automatically go wherever everyone assumes it will.

Who owns the property, how title is held, whether there’s a will or trust, who inherits the home and what happens with an existing mortgage can all matter.

This is one of those conversations where your mortgage advisor, estate attorney and financial professional may each have a different piece of the puzzle.

If you own a home and haven’t thought past “the kids will get it,” this Reel is your reminder to get the right people around the table.

This is general education, not legal or estate-planning advice. Talk with a qualified attorney about your specific situation.

09/28/2026

The market moved a lot last week, but this is where the opportunities are.

If you’re buying a home, or homeownership is a 2026 goal, don’t let the recent increase in mortgage rates scare you.

Let’s run a strategy session to see how you can buy in today’s market, and use seller concessions to your advantage.

Information is for educational & marketing purposes only and is not a commitment to lend.

09/23/2026

Your offer just got accepted. Now what?

Here’s exactly what happens between contract and keys — step by step, no surprises.

STEP 01 — Within 24–48 hours: Earnest money is due.

Your good faith deposit — typically 1–3% of the purchase price — goes into escrow and is applied at closing. Do not miss this deadline. Do not write the check from an account your lender hasn’t seen. The clock starts the moment that contract is signed.

STEP 02 — Days 3–10: Schedule your inspection immediately. Good inspectors book up fast and your inspection contingency has a deadline. This is your one chance to see exactly what you’re buying. After inspection you can accept the home, request repairs or a credit, or walk away with your earnest money intact — if you’re within the contingency window.

STEP 03 — Days 7–21: The appraisal. Your lender orders an independent appraisal to confirm the home’s market value. While you’re waiting — do not open new credit, make large purchases, change jobs, or make large undocumented deposits. Anything that changes your financial picture can change your loan approval.

STEP 04 — Days 14–30: Underwriting and Clear to Close. Your full file goes to underwriting — the final review of everything. Respond to every document request the same day. Every 24 hours you wait adds a day to your closing. When underwriting is satisfied you’ll receive a Clear to Close — the three best words in real estate. That is when you call the movers. Not before. “Conditionally approved” is not Clear to Close. Wait for those three words.

CLOSING DAY: You sign. You get your keys. You’re a homeowner. Bring your photo ID, certified funds for cash to close, and your patience. It’s a lot of signing. It’s also one of the best days of your life.

Save this for when you need it — and share it with anyone who just went under contract.

Want to walk through the whole process before you even make an offer? DM me “BUDGET” and let’s build your plan.

09/22/2026

If your buyer needs down payment help — Virginia Housing has two options. Here’s how to know which one to recommend.

Virginia Housing offers both a DPA Grant AND a Plus Second Mortgage.

They serve different buyers and knowing the difference means you can send the right buyer to the right product before the offer goes in.

THE DPA GRANT:

→ 2–2.5% of the purchase price — true grant, never repaid
→ Buyer contributes minimum 1%
→ Must use Virginia Housing FHA or conventional loan
→ Best for: buyer who needs a smaller amount of help

THE PLUS SECOND MORTGAGE:

→ 3–5% of the purchase price as a second mortgage
→ Monthly payment built into the total mortgage payment
→ Best for: buyer who needs more than 2.5% to make the deal work

While the Plus Second can only be used for FHA & conventional buyers, there is an available Closing Cost assistance grant of 2% that can be used for eligible VA & USDA buyers that is similar to the Down Payment assistance grant!

DM me “DPA” and let’s talk about what your buyer’s picture looks like.

Information is for educational purposes only and should not be relied upon by you. Information deemed reliable but not guaranteed. Not a commitment to lend.

09/21/2026

THE FED JUST RAISED RATES.

And this could actually be one of the best opportunities Hampton Roads buyers have seen in years.

Here’s the thing nobody’s talking about: mortgage rates near 7% is the headline. Buyer leverage is the real story. Sellers are offering credits, covering closing costs, buying down rates — because right now, in segments like Suffolk and Portsmouth attached homes, they have to.

So stop negotiating on price alone. Ask about seller credits. Closing costs. Rate buydowns. Repairs. The goal isn’t just a cheaper house — it’s a better deal.

Waiting for the “perfect rate” is still a bet. Most Fed policymakers are projecting another hike before year-end. The smarter move? Find the right house, negotiate aggressively, and make the market compete for you.

Save this for your next buyer consult.

09/18/2026

10 days. 3 buyers. 3 other lenders who couldn’t get the deal done. We closed all three.

DEAL 01 — Conventional buyer. Condo purchase. Their lender became rude, unprofessional, and ultimately threatened to cancel the loan. The buyer panicked and called us. We reviewed the file, took over the transaction, and closed in 8 days.

They left us a 5-star review. ✓

DEAL 02 — VA loan. First-time buyer. Their lender required 24 months of documented payment history on an existing liability. That requirement alone was going to blow the entire closing timeline. We reviewed the actual guidelines. We omitted the debt entirely.

He still closed on time. ✓

DEAL 03 — VA loan. First-time buyer. Denied on closing day. His lender denied him on the morning of closing. He called us. We got the loan approved. Then we found him a 2% grant that bought down his rate, lowered his monthly payment, and zeroed out his cash to close. He went from denied on closing day to closed — with money back in his pocket and a debt paid off. ✓

Three different buyers. Three different problems. We solved each one. If you’re an agent and you have a deal going sideways — please call me before you call it dead. I have seen situations that looked impossible close on time. Your buyer deserves that chance.

DM me “RESCUE” and let’s look at what we’re working with.

09/15/2026

Rates are elevated. Buyers are nervous. And the deals are still getting done — because the agents and lenders who know how to structure them aren’t waiting for perfect conditions.

Here are 5 strategies we’re using right now in Hampton Roads to get buyers to the closing table:

1. TEMPORARY 2-1 RATE BUYDOWN The seller funds a buydown that drops the buyer’s rate 2 points in year one and 1 point in year two. On a $350K home at 6.75%, that’s over $350/month in savings in year one. Buyer refinances when rates fall. Best of both worlds.

2. SELLER CREDITS FOR CLOSING COSTS Instead of negotiating a price cut, structure the concession as a credit. Over 52% of sellers nationally are offering concessions right now. Buyer keeps cash liquid and lowers their out-of-pocket at closing.

3. DOWN PAYMENT ASSISTANCE — FOR REPEAT BUYERS TOO Virginia DPA programs are not just for first-timers. Repeat buyers qualify. Finance the down payment, keep the equity from the sale, free up monthly cash flow. VA buyers can stack this with seller concessions to cover virtually all closing costs.

4. NON-QM PRODUCTS FOR NON-TRADITIONAL INCOME Self-employed clients. 1099 contractors. Retired buyers with assets. These buyers are in every agent’s database — and most lenders turn them away. Bank statement loans, 1099 loans, and asset depletion loans exist for exactly this situation.

5. CREDIT & DTI OPTIMIZATION One $300/month car payoff can add $50,000 in buying power. A higher credit score can save $135/month for 30 years. Rapid rescore strategies can move a buyer from “not yet” to “approved” in 30 days.

The buyer who says they can’t afford it right now often can. They just haven’t had someone look at the full picture.

DM me “AFFORD” — or send your buyer to me directly. I’ll find a path, or I’ll tell you honestly if the timing isn’t right. Either way, you’ll know.

09/14/2026

Your Monday Market Minute is here

This week’s inflation data came in hot — PPI up 5.4% annually, core CPI accelerating to 0.3% for the month — pushing the odds of a Fed rate hike higher just days before the September 16 meeting.

Here in Hampton Roads, the inventory gap is widening. Suffolk and Portsmouth attached homes remain the softest segments in the region, and now Norfolk detached is loosening too, jumping from 2.1 to 2.8 months of supply. Well-priced, move-in-ready homes are still holding value — but buyers are gaining real room, especially outside Virginia Beach and Chesapeake.

If you’ve got a buyer sitting on the fence because of this week’s rate jump, swipe to the last slide — the data says waiting hasn’t been paying off here, and there’s a better way to have that conversation.

Save this post for your next buyer or listing consult.

09/11/2026

The national headlines are screaming about inventory. Here’s what they’re not telling you about Hampton Roads.

If you’ve been reading the news lately you’ve seen the narrative building. Inventory is up. Listings are sitting longer. The market is shifting. And between the lines — the whisper that nobody wants to say out loud — is that a correction might be coming.

Here’s what I need you to understand: real estate is not a national market. It never has been.

The data that matters for your decision is not what’s happening in Phoenix or Austin or Tampa. It’s what’s happening on the street you want to buy on — in the zip code you’re watching — in the market you actually live in.

So let’s talk about Hampton Roads.

Yes — listing inventory is increasing here. That part of the headline is accurate. More homes are coming to market than we’ve seen in recent years and buyers have more options than they did in 2022 and 2023.

But here’s what the national story conveniently leaves out:

Buyer activity in Hampton Roads is increasing right alongside it.

When supply goes up AND demand goes up at the same time — that is not a correction. That is a growing market. A correction happens when supply increases and demand falls. That is not what the data shows here.

Hampton Roads has something most markets don’t — a built-in, consistent, year-round buyer pool driven by military PCS orders that doesn’t respond to national sentiment the way civilian markets do. Rates go up. Sentiment dips nationally. Orders still come through. Buyers still need homes on a timeline.

The national headline is written for a national audience. You live here. The local data is what should be driving your decision — and right now that data tells a very different story than what you’re reading in the news.

If you want to know what the numbers actually look like in your specific area of Hampton Roads right now — DM me. Let’s look at real data for your real situation.

09/10/2026

The data is shifting — and 2026 is quietly becoming a better time to buy than most people realize.

Here’s what’s actually changed:

INVENTORY IS UP.

Supply has risen to 4.5 months nationally — the highest since before the pandemic frenzy. More than half of sellers are offering concessions. Buyers who were losing bidding wars in 2022 and 2023 now have negotiating power they haven’t had in years.

PRICE GROWTH HAS SLOWED. The median existing home price is $429,300 — up just 1.3% year over year. Compare that to the 15–20% annual spikes of 2021 and 2022. Prices are still rising, but gradually. This is stabilization, not a spike.

BUT THE COST OF WAITING IS REAL. On a $400,000 home appreciating at 3.9% per year, waiting 12 months means the home costs $15,600 more. Add the rent you paid while waiting — roughly $25,000 — and the total cost of sitting on the sidelines is over $40,000.

And here’s the part nobody talks about: when rates eventually drop, more buyers flood the market simultaneously.

More competition means higher prices.

The buyers who move before the crowd are the ones who win.

2026 isn’t a perfect market. But it’s a more orderly one — with more inventory, more negotiating power, and sellers who are willing to work with you in ways they weren’t two years ago.

Information is for educational purposes only and should not be relied upon by you. Information deemed reliable but not guaranteed. Not a commitment to lend.

Address

600 Lynnhaven Pkwy #100
Virginia Beach, VA
23452

Website

https://hmbt.co/KMyGXm

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