mortgage information: Positive Changes In Florida's Mortgage Industry - 08/16/11 12:57 PM
Positive changes have indeed taken place in Florida's Mortgage Industry. Let's look at what has taken place in the last few years:Back in 2007 there were over 82,000 people working as loan originators here in the Sunshine State. The problem was that many of these people should have never been issued licenses. In 2008 The Miami Herald reported that there were 4,000 mortgage brokers in the state that had criminal backgrounds. 27% of Florida's mortgages were investigated in 2010. Many people went to jail for shady practices and remain there right now.Naturally, the majority of those working as loan originators were reputable individuals that … (2 comments)
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mortgage information: Honey, The News Report Says The Housing Market Is Getting Worse! - 06/04/11 02:37 PM
That is what I heard last night! From downstairs Ronnie reported that the news report on the television was saying that the housing market is getting worse! Getting worse? I haven't been this busy since 2007!!
It started right after the first of the year, both internet leads and local referrals picked up dramatically! I have been so busy that when I wanted to get my eyes examined last week I had to change the day and time five times before I got it done!
Don't get me wrong, I am not complaining, this is a GOOD thing! But WHERE ON … (13 comments)
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mortgage information: Home Affordability Still Soaring; New Records Reached - 05/29/11 11:32 AM
Chris Brown, a Florida mortgage broker, did a great job with this graph, showing Home Affordability during the first Quarter of 2011. Now is indeed the time to get off that fence and start the loan process!
Via Chris Brown | Florida's Government Loan Speciliast:
Home affordability moved higher last quarter, buoyed by stable mortgage rates and falling home prices in Florida and nationwide. The National Association of Home Builders reports that Q1 2011 Home Opportunity Index reached an all-time high for the second straight quarter last quarter.
Nearly 3 of 4 homes sold between January-March 2011 were affordable to … (2 comments)
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mortgage information: Understanding Mortgage Insurance – What does it all mean? - 05/29/11 10:23 AM
Clients often ask me about mortgage insurance. Who better to explain exactly what it is and what it is good for than a top notch mortgage professional? Read Jeff's post on the types of mortgage insurance and why it is important!
Via Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( - FHA Home Loans - Infinity Home Mortgage Company, Inc):
Understanding Mortgage Insurance and the different types The keys to home ownership can be tricky and confusing, unless handled by a true professional loan officer. You’ll sometimes hear loan officers … (4 comments)
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mortgage information: Comparing FHA loans and Conventional loans with 5 percent down – What is the best fit? - 05/29/11 10:19 AM
Purchasing a home is for many the largest investment they will ever make. It is vital that you have a team you can trust and that is there for you 110%! You need a team that is seasoned to work with you through experience! You need a top notch mortgage professional that can explain the various programs and work together with your Realtor so that you get to the closing table without problems! You also need a top notch home inspector! This team of three professionals can make your purchasing experience a breeze or a nightmare!
Via Jeff … (6 comments)
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mortgage information: Will Lenders move to the new credit scoring system? - 05/10/11 12:17 PM
Am I the only one that is just hearing about the new credit scoring system??? It sounds like it makes a lot of sense and will be a fairer system........let's see what the future holds and whether or not it is universally accepted!
Thanks for this blog, Brian!!!
Via Brian Reynolds (Shore Mortgage):
Last month the three major credit reporting bureaus Experian, Equifax and TransUnion introduced new scoring system called VantageScore. The idea is to focus on a broader history for each individual as well as a more accurate risk factor to decide if they are likely candidates to default (even if they … (2 comments)
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mortgage information: Barbara Hale - Bank of America Mortgage Professional - 04/06/11 08:23 PM
Yesterday I met with Barbara Hale, a Bank of America mortgage professional that I work with on a regular basis. Barbara has written mortgages and done bond loans for several of my clients and we are currently working on several deals together.
Yesterday we met at Panera Bread Company in Tarpon Springs to discuss our clients and different marketing approaches we have been working on together.
What makes Barbara Hale special is that she ALWAYS responds to my e-mails and phone calls within an hour and usually much quicker than that. If we have a deal that is approaching closing … (4 comments)
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mortgage information: Rising Interest Rates - A Time to Get OFF the Homebuying Fence - 01/04/11 12:22 PM
Myrl wrote a blog post that I have to share with my clients! I have been preaching this tune for over a year as interest rates were going down............they can't remain low forever, they ARE going to go back up!!! My Dad held a mortgage in 1987 and charged 18% to the people that purchased a house from him. WHY do people sit on the fence with interest rates this low???? I don't get it!
Via Myrl Jeffcoat (Real Living Great West Real Estate):
For some prospective homebuyers wondering if now is the time to buy, or instead waiting for prices to potentially dip a … (0 comments)
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mortgage information: AAA Credit Screening Services - A great, affordable, reliable credit screening service - 09/06/10 10:04 AM
This is certainly worth the reblog! We Realtors normally pay around $35 for credit checks if dealing with rental or lease property but here is a place that will do not only the credit check but also criminal background for only $22!!! A great resource to bookmark!
Via Ralph Gorgoglione California Real Estate - (800) 591-6121 (John Aaroe Group):
AAA Credit Screening Services - A great, affordable, reliable credit screening service.
I used to get all of my credit screening done by the mortgage brokers that I work with.
But then, when I needed to get a credit report for a lease … (2 comments)
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mortgage information: The Mortgage Hype that seller concessions on Conventional loans could be the better play than on FHA loans - Facts & Numbers vs Assumptions - Part2 - 08/05/10 04:32 PM
I have been waiting all day for Jeff to write and post this blog so that I can share this with my clients!
Please be sure to also read Jeff's comments after the post since there has since been a change and there is additional information available.
Via Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( - FHA Home Loans - Infinity Home Mortgage Company, Inc):
Facts & Numbers vs Assumptions - Part 2
I love what I do and I love crunching numbers, sometimes … (4 comments)
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mortgage information: The Mortgage Hype that seller concessions on Conventional loans could be the better play than on FHA loans - Part 1 - 08/04/10 10:15 PM
I am not a mortgage representative and think that just as a dentist does not treat a broken leg, I do not give my clients mortgage advice. That is what a mortgage representative does! However, I WILL assist you in finding a mortgage representative!!!
Via Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( - FHA Home Loans - Infinity Home Mortgage Company, Inc):
Planting Seeds in the Borrower's Head - Part 1
In regards to the world of mortgages, can one be more confused now then ever before? … (2 comments)
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mortgage information: No, it's not a T-Rex, aka Tyrannosaurus Rex killing your mortgage loan. It's your 4506-T. - 08/02/10 03:18 PM
Buyers need to work with a well seasoned mortgage representative! Follow their advice! Don't make any large purchases if you are planning on purchasing a home!!! Be prepared to let your lender see the last couple of years of your tax returns - work WITH your lender and LISTEN to what they have to say!
Jeff's post also covers little known facts about having and declaring that second job!
Via Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( - FHA Home Loans - Infinity Home Mortgage Company, Inc):
In … (8 comments)
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mortgage information: As a seller, do you listen to your listing agent's advice about potential buyer's financing offers with FHA Loans? - 08/02/10 03:14 PM
Here is another one from the expert! Read what Jeff has to say about potential buyer's financing offers with FHA loans. Folks, if you WANT to sell that place the more possibilities the better! Don't be afraid of letting your agent accept offers with FHA financing!
Via Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( - FHA Home Loans - Infinity Home Mortgage Company, Inc):
Sellers, don't accept offers from a buyer with FHA financing. Wait, don't accept offers with VA financing. Wait, don't accept offers with conventional financing. … (6 comments)
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mortgage information: 10 ways to murder your loan - 07/31/10 09:11 AM
Thinking of purchasing a home? If you are getting a LOAN to pay for it (which is normally the case) you need to be aware of this list of 10 things that can put an end to your dream of homeownership!!!!
Via Alan May, Coldwell Banker Evanston, Illinois Realtor® (Chicago's Northern Suburbs):
Here's a handy list of 10 things you can do to kill your chances of getting a loan today.
1. The house just needs too much work.This applies to REO's, foreclosures, and short sales... sure they're good deal, but the financing can be rough. Any broken windows, bad … (4 comments)
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mortgage information: DEED IN LIEU - PRESERVATION COMPANY FRAUDULENT BILLS - WATCH OUT! - 07/27/10 02:18 PM
It is ALWAYS important to do research prior to hiring a home inspector!!!!
Via Richard Zaretsky, Florida Real Estate Attorney (Richard P. Zaretsky P.A. - Bd Certified Real Estate Attorney):
I just can't get a day of rest! One of my clients had a rotten experieince this week with a home inspector.
REDC, the California company that does default solutions and auctions for lenders, has gotten a nice niche for doing home inspections for lenders just prior to the lender accepting and filing a deed in lieu of foreclosure. They hire local inspectors and contractors to review the interior and exterior of … (2 comments)
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mortgage information: Mortgage Interest Rates - Mortgage Market Reports - July 23rd, 2010 - 07/24/10 01:12 PM
Folks, mortgage rates are in the 1950s rate category right now! This WON'T last forever! If you are thinking of purchasing NOW is the time!!!
Via Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( - FHA Home Loans - Infinity Home Mortgage Company, Inc):
Mortgage interest rates continue to still be very low, ranging from 4.25% to 4.75% for a 30 year fixed rate.
So why are interest rates so low? Some investors on Wall Street fear a double dip recession approaching. And these investors will seek more stability in … (2 comments)
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mortgage information: My credit is not good - but my co-signers credit is excellent - Yippie, I can buy & use FHA loans - 07/24/10 01:10 PM
There is so much to know about getting a mortgage and each type of mortgage has it's own set of rules! Read on:
Via Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( - FHA Home Loans - Infinity Home Mortgage Company, Inc):
There will always be some sort of mortgage myth in our industry or a piece of information given by a loan officer that is misleading. What I am about to talk about is regarding FHA loans and a borrower using a co-signer to help them purchase their new home. … (2 comments)
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mortgage information: Interest Rates: Make Hay While The Sun Shines! - 07/21/10 03:14 PM
Great point made by Mike in Tucson - these interest rates won't last long!
Via Mike Jones (SUNSTREET MORTGAGE, LLC):
Pretty, isn't it? It won't last.
The same is true with the extraordinarily low interest rates available right now.
They won't last.
Don't be a spectator. Jump in and get that low-interest-rate nectar while the getting's good.
Real world conditions
The US has more than $8 trillion in Treasuries outstanding. That's nearly double the amount just three years ago. China, who holds much of our debt, is experiencing a real estate bubble, with values up nearly 12% from … (0 comments)
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mortgage information: Which came first, the Chicken or the Egg? - Is pre-qualifying a borrower like rocket science??? - 07/19/10 05:54 PM
Here is another important one from Jeff about that mortgage pre-approval/pre-qualification letter!
Via Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( - FHA Home Loans - Infinity Home Mortgage Company, Inc):
How hard it is to pre-qualify or pre-approve a borrower now than it was 2 years ago? Some would say much harder. I would agree and disagree. Here is why....
Let's put aside the appraisal issues, the mortgage insurance issues, credit scores, and several other factors, because those would be some of the main reasons why it is harder to … (2 comments)
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mortgage information: My Gold Card is better than your Platinum Card > Pre-Qualification letters vs Pre-Approval Letters - 07/19/10 05:50 PM
pre-approval letters vs pre-qualification letters: information for buyers! Read on for the latest from a mortgage expert!
Via Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( - FHA Home Loans - Infinity Home Mortgage Company, Inc):
Could one say that the sky is falling?
There has been a major discussion whether or not Pre-Approval letters will be like dinosaurs, extinct. It was started with this post by Marilyn Boudreaux - Pre-Approvals Disappearing? - It was then followed by Lenn Harley's post, Calling all loan officers on Active Rain?? What … (2 comments)
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