George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
The Connecticut Middlesex Chamber of Commerce is continuing its Business After Hours events through the summer, and what better place to hold the July Business After Hours, than at Angelico's Lake House overlooking Lake Pocotopaug in East Hampton.
This event will be held on the 13th from 5:00-7:00 p.m. If you have never been to Angellico's Lake House you are in for a special treat. The food is excellent and the atmosphere on their patio overlooking Lake Pocotopaug is prefect for enjoying an evening with friends, co-workers, and business partners, as well as taking this opportunity to do some networking.
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
If I had to pick the question that I am asked most, it would be an easy choice "what do you think the rates are going to do?" I get asked this question almost every time I do a loan at the point when the Borrower has to make the decision whether to lock the rate or float it.
My answer to this question is simple "if I new what the rates were going to do, I would be on a very warm sunny beach, without a care in the world". If I could predict whether the rates were going to go up or down, I would be a very, very wealthy man.
My second response to this question is "that what ever I tell them that I think the rates are going to do, they will most likely do the opposite". I have been wrong so many times about what direction the rates will go in, that it is not even funny. You would think that the law of averages would be on my side by now, but it is unbelievable how I still get it wrong.
Many men and women much smarter than I am have tried to predict what the interest rates are going to do. But guess what, they are right about as often as I am. Yet every time a well known Economist comes out with a prediction on what they feel the interest rates will do, many accept it as if it were gospel.
There is only one thing that I know for sure about interest rates, and that is that they will constantly change, and that the only sure interest rate is the one I have at that moment in time. Which leads me to the answer that I give for the question "should I lock the rate now or wait to see what they will do?"
My answer is again a very simple one, "I am not a gambler, so for me the best rate is the one I know for sure right now." I then leave it up to the Borrower to decide for themselves, and hope that they make the right decision.
So what do you think the interest rates are going to do? :) :) :)
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
Yesterday I wrote a blog about a loan that was really tough to get to the Closing Table. Well today I had one that was the opposite. It was a loan that Andrea Swiedler referred the Buyers to me.
Both Andrea and the Buyers were a real pleasure to work with, everything I asked for was provide immediately. Andrea is a true Pro and really, really knows her stuff. The Buyers had lots of questions, but all of them were very well thought out, and a couple of times helped to direct me to the answers.
This deal went as smooth as they can go, this was a USDA Loan that went through CHFA, and the only little hitch was CHFA taking longer to sign off on the loan than the normally do. By putting the USDA Loan through CHFA we were able to get the best of both worlds. They got the below market interest rate that CHFA offered (4.875%), and no money down and no PMI, because it was a USDA backed loan.
The Commitment Letter on this loan was as clean as it could be. The only thing that the Buyers had to do once the loan was Committed, was to go out and get Homeowners Insurance.
I went to the Closing and it was great to see the smiles on everyone's face, even the two Attorneys were smiling. You need a loan like this every once and a while, especially after the one I Closed on yesterday.
Thank you Andrea for letting me be part of this experience today :)
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
Back in April I wrote a blog about a loan that I was doing for a young man that was purchasing a Bank Foreclosure. Well I am happy to say that the loan finally Closed this morning. It took a 110 days, and a lot of frustration, but it finally Closed.
When I was Pre-Approving this young man for this loan I tried to prepare him for the frustrations that I new he was going to encounter along the way, and the Realtor also did the same. But what this Borrower has gone through in the last 110 days was beyond what either of us could have prepared him for.
As I wrote back in the blog in April this transaction was a difficult one from day one. Before the bank even agreed to accept the offer, the Realtor representing the bank contacted my Borrower's Realtor and proceeded to inform her that the bank would not accept his offer because it was a VA (this was a backed loan (this was a CHFA/VA Loan), and that VA would not allow for the transfer of title within six months of the bank foreclosing on the property (flip rules). This Realtor went on to tell her that he had to go FHA or Conventional in order for them to accept the offer. My Borrower's Realtor contacted me right away to inform me of this. and to ask me to Pre-Qualify him for a FHA or Conventional Loan. I told her that I would be happy to do that, but that this bank and Realtor were wrong about that being a VA condition. The Borrower' Realtor asked me to call the other Realtor and make him aware of this.
After three days of going back and forth, and getting him a statement from a VA Underwriter, the offer was finally submitted. We were told that we would know if the bank would accept the offer withing two days, well it was three weeks before the bank accepted the offer verbally, and another two weeks before we got a signed Sales Contract.
Once we had the signed Sales Contract the Realtor contacted a Home Inspector right away, but this also became a problem because the house had be winterized. The bank was contacted and the Realtor was told that they would have the house de-winterized right away, but apparently right away means almost three weeks. Once the house was de-winterized the Realtor got the Home Inspector in the house within a couple of days. but this still left the little matter of an appraisal. Anyone familiar with VA Loans knows that the Lender does not assign the Appraiser, the VA does, which means that the Appraiser does not respond with the same sense of urgency as the Appraisers on our list. However, we got lucky here, the VA Appraiser that the VA assigned was someone that was on my approved list of Appraisers, and the appraisal was done within a few days.
This should have been the end of the delays, but unfortunately it would not be. Once my Underwriter had received the appraisal from the Appraiser, she quickly finished Underwriting the loan, and the loan packet was sent to the Closing Attorney. The Attorney had already been made aware of what had been going on, and did the Title Search right away. This was when the next problem came to light. It seems that no one could find the Deed to this property to begin with, but that was not the total problem with the Deed. When they finally found the Deed, the bank was not on record as owning the property, so now that Deed had to be corrected on top of producing another one. This little last set of events took a month to correct.
How this Borrower ever put up with all the frustration that he went through on this transaction I will never know, but he did. I attended the Closing at 9:00 AM today, and the look of relief on his face was beyond words. Had this loan been any other type of loan besides one through CHFA we would of had even more problems, because the standard Rate Lock Period is 60 days on all loans except CHFA which is 120 days. If this had been a 60 day Rate Lock, we would of have an interest rate issue, because the interest rate went up during this time period. Now that would not have been a pleasant issue to deal with.
I was happy for this young man today, and glad that this nightmare was finally over, but I would caution others that this is not all that uncommon. Well maybe all of these issues at once was a little uncommon, but a combination of these issues are very likely on Foreclousers and Short Sales. As was evident with this loan, we can never prepare our Buyers/Borrowers enough.
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
I wrote a blog yesterday about how I did not get to have my fried whole belly clams that I was craving for because of a huge storm that went through the state. The storm knocked down trees causing many power failures and forcing business to close their doors early.
One of the areas that got hit very hard was Wethersfield, Connecticut, where fallen trees not only cause power outages, but caused severe damage throughout the town. Police and Firemen were out in force do to traffic problems and down power lines.
The Hartford Courant printed pictures in this mornings paper that I think captured the since of what some parts of the state went through late yesterday afternoon and into the evening.
The first picture is a a tree that split a house in half, forcing its residents to flee into the street, luckily no one was hurt.
The second picture is of a scene that was all to familiar late yesterday. Downed trees like this forced many town residents, as well as the Public Works Department to be out with chain saws trying to clear away fallen trees.
I was very lucky that Middletown, Connecticut where I live, only experienced heavy rain and strong winds, but did not experience any of the power outages and damage that Wethersfield and other towns did.
It has been a while since I have seen damage like this around here, and I hope that it will be many more years before I see anything like this again.
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
Connecticut has been getting rain just about everyday for several days now. It hasn't been anything major, but just a lot of steady rain, that is up until today.
The day started out very warm and humid, with the sun making an effort to show itself, which I was glad for because I was having a new roof put on my house and was hoping that they could complete it today (they started yesterday). I got my wish the weather cooperated up until noon, which was just enough time for the Roofers to finish, and even clean up. But no sooner had they finish when our usual rain shower paid us a visit for about an hour, and things then looked like they were going to clear up, well lets just say that looks can be deceiving.
At about 5:00 it got very dark and the clouds opened up, and the wind started to blow. The rain came down in buckets, and even knocked over some of the outdoor furniture that I have on my deck. It has been a while since I have seen the rain come down that hard around here, but as hard as it was coming down around my house, it was even coming down harder in near by towns.
My wife and I enjoy sea food, and have made it a weekly custom to go to a fish market called City Fish a couple of towns over for take out fish & chips, scallops & chips, or fried whole belly clams & chips. We really enjoy the take out from City Fish because the fish is always fresh and they do a great job cooking it. So once the rain let up I jumped in my car and started out on my usual Friday trip. As I approached RT 91 the traffic was pretty backed up, and I figured that it was because the Traveler Championship Golf Tournament had completed its round for the day, and people were making their way home. But when I got off the exit for City Fish the traffic was still really backed up and no traffic lights were on.
As I made my way up the Silas Dean Highway I started to notice that not only the traffic lights were out but all of the lights were out. Non of the business had light, and all of them had closed. The parking lots were empty. Being the optimist that I am I kept on my way to City Fish, already tasting the fried whole belly clams that I had decided to have.
I continued on my way and I started to notice the reason for all the lights being out, there were huge tree branches down all over the place, and they had knocked down some of the power lines. I turned the radio on to a local news station and they were reporting power outages all over the area. It seems that even though the rain came down pretty heavy, and the winds blew really hard in my town, that it was even more severe in Rocky Hill, and Wethersfield Connecticut.
I finally made it to City Fish, and much to my disapointment they had lost power as well, and there would not be any fried whole belly clams for me today. Very, very disapointing. But I sure am glad that I don't live in Rocky Hill or Wethersfield, because I would be doing without a whole lot more that just my fried whole belly clams.
It has been a while since I have seen that many trees down, and even thought that it might have been a tornado, but luckily it wasn't. I hope they get their power back soon, after all I am still craving the whole belly clams that I did not get today :)
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The Connecticut Middlesex Chamber of Commerce is continuing its Business After Hours events through the summer, and what better place to hold the July Business After Hours, than at Angelico's Lake House overlooking Lake Pocotopaug in East Hampton.
If I had to pick the question that I am asked most, it would be an easy choice "what do you think the rates are going to do?" I get asked this question almost every time I do a loan at the point when the Borrower has to make the decision whether to lock the rate or float it.
Yesterday I wrote a blog about a loan that was really tough to get to the Closing Table. Well today I had one that was the opposite. It was a loan that 
Back in April I wrote a blog about a loan that I was doing for a young man that was purchasing a Bank Foreclosure. Well I am happy to say that the loan finally Closed this morning. It took a 110 days, and a lot of frustration, but it finally Closed.
Posted by 
I wrote a blog yesterday about how I did not get to have my fried whole belly clams that I was craving for because of a huge storm that went through the state. The storm knocked down trees causing many power failures and forcing business to close their doors early.
The second picture is of a scene that was all to familiar late yesterday. Downed trees like this forced many town residents, as well as the Public Works Department to be out with chain saws trying to clear away fallen trees.
at hard around here, but as hard as it was coming down around my house, it was even coming down harder in near by towns.
As I made my way up the Silas Dean Highway I started to notice that not only the traffic lights were out but all of the lights were out. Non of the business had light, and all of them had closed. The parking lots were empty. Being the optimist that I am I kept on my way to City Fish, already tasting the fried whole belly clams that I had decided to have. 
;)
;)
