mortgage industry: Hurricane Season is Back. Things You Sould Know in the Mortgage Industry - 06/04/08 06:28 AM
Last year I wrote a post about purchasing a home during Hurricane season and the things you should be prepared for. Thankfully the AR higher up's did feature this post and after reviewing it I believe it really should re-looked at. so here is the post:
Mortgage Advice For Hurricane Season
Right now Florida really has really become a true buyers market. With Mortgage programs coming back such as Stated programs and many more I have seen people wanting to start to take advantage of such great buys. Don't let this true buyers market go by.
For More Mortgage Advice: … (8 comments)
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mortgage industry: Business Cash Advance. No Liens, No Collateral, No Hassle! - 03/12/08 08:00 AM
Business Cash Advance
As a Mortgage Broker in Palm Beach Gardens, Florida many of my clients are Self-Employed Borrowers. Many of these Clients Business are based on Seasons and therefore have up's and down's on their cash-flow. This is why I am so excited about a new product that one of my Investors/Lenders is now offering.
Business Cash Advance
You might be asking what is Business Cash Advance. BCA (Business Cash Advance) or sometimes called Merchant Credit Advance, is an advance of real Dollars $$ to a Merchant based upon the average Credit Card use (Visa/Mastercard only) Features include:
NO Personal GuaranteesQuick Funding (Usally between … (8 comments)
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mortgage industry: ATTN: ATTN: Mortgage Brokers / Loan Officers Turn Cannibalistic - 03/11/08 07:25 AM
As the Mortgage Industry continues to make changes and tighter underwriting guidelines more and more websites have popped up to "Help" place loans for the Mortgage Broker as well as the Loan Officer. Recently, I was on one of these sites to place a loan scenario for a hard to place loan. (yes believe it or not I don't know everything)
Now I have been in sales for over 20 years so this isn't my first rodeo. Now keep in mind the responses to these posts are supposed to only be by the Wholesale Lenders Account Executive. Below is two e-mails that I received … (13 comments)
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mortgage industry: Need More Information on Hard Money Type Loans? Please Read....... - 02/21/08 03:28 PM
As many of my readers know I am a Mortgage Broker in South Florida (Palm Beach Gardens) and work with several different lenders. Throughout my years in the business I have built up a reputation for Hard Money Loans, Jumbo, Super Jumbo's and Sub-Prime Mortgages. Lately, I have seen a big surge in Hard Money lending and have received many inquires as to them.
The phone call or E-Mail usually starts off with "Can you Give me Your Rates on Hard Money Lending". To me this is the same is if someone is asking what is your rate today on a … (7 comments)
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mortgage industry: Why Does Hard Money / Private Money Cost So Much? - 02/17/08 10:43 AM
Why Does Hard Money / Private Money Cost So Much?
As a Mortgage Broker in Florida (Palm Beach Gardens) I have built up a reputation as having many of these type of Hard Money Investors at my disposal. While this is true I am also asked many times why does it cost so much to borrow money from these Investors. I have always found in life that sometimes it easier to understand things if you look at it from the the other side.
Hard Money /Private Money is not always about greed but about using common sense. When you are need of … (8 comments)
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mortgage industry: Do You Really Know Your Title Company? - 02/13/08 09:29 AM
As a Mortgage Broker in South Florida (Palm Beach Gardens) part of what I do when a client is either purchasing or refinancing a property is get in touch with the Title Company. It is illegal for a Lender or a Mortgage company to restrict what title company the client would like to use. (Unless a purchase please speak to your Full-Time Realtor to find the answers in your area) However, in the case of Hard Money type loans it is allowed because in many cases these loans fall out of guidelines because they are private investors.
Getting back to the purpose of … (4 comments)
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mortgage industry: And People Say They Hate Mortgage People..How About Computer People?!?! - 02/10/08 04:35 PM
Many of us on Active Rain have outside blogs including myself (MortgageAdviceinSouthFlorida) and one of the features that I have on my outside blog is to preview comments before being posted to my blog. If I like the comment then I can allow it to be published or not. This has come in handy quite a few times including this one. Last night late this was the comment that a person wanted to publish on my blog:
WELCOME TO ww.----------.COMTHIS EASY TO USE COMPUTER PROGRAM WAS CREATED FOR THE SMALL BUSINESS OWNER IN MIND! FINALLY, A COMPUTER PROGRAM THAT WILL MAKE PERSONALIZED … (16 comments)
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mortgage industry: Stimulus Package Passed and My Phone Rings... - 02/08/08 05:59 AM
With the Stimulus Package passing congress it was amazing how fast my phone rang as a Mortgage Broker in Florida. Sure enough last night my phone rang around 8:30 (try that with a retail loan officer) from a client informing me that when bought his home his first mortgage was for $417,000and he had to do a second mortgage to close. Now he had just heard on the news about the government raising the loan limits and would this apply to him.
Now before I got this clients hopes up I went through the normal interview of asking credit, Loan-to-Value, provable income, etc...After the … (19 comments)
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mortgage industry: Hard Money / Private Money Construction Loans - 01/30/08 09:12 AM
Hard Money, Private Money, Construction Loans.... No this is not a Typo
You found your perfect property and now you want to build your dream home. You just found out do to your situation (job history, FICO, Loan-to-Value, etc......) you can't qualify for a conventional Construction home loan in Florida. As a Mortgage Broker in South Florida I have heard this story many times. This is why I am happy that I can offer this product to my clients.
Hard Money Loans/Private Money loans have had a myth that these type of loans are only for refinancing or a straight purchase of poor credit … (16 comments)
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mortgage industry: Mortgage Pro Week In Review -- 1/21/08 Through 1/27/2008 - 01/27/08 05:37 PM
When Jeff Belonger asked me to do the Mortgage Pro Week in Review I readily accepted the invitation. I have seen some good quality posts this last week. I hope you enjoy them as much as I have. I have read many mortgage posts over this past week and have come up with this weeks Mortgage Stars.
This Weeks Stars are:
Now lets get to the good stuff:
Mortgage Company Review..It Gets Ugly by Rob Blake. This post is a lead in to his outside blog but I really recommend you take the time and read this post.
Lowest Fee and Lowest Rate … (44 comments)
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mortgage industry: Mortgage Accelerator Programs.... You Know The Ones Pay Your House Off in 8 Years - 01/26/08 05:41 PM
Mortgage Accelerator Programs....
As a Mortgage Broker in South Florida (Palm Beach Gardens) I have been bombarded by phone calls, E - Mails and direct Mail about how I can make money off my clients by selling or pushing these type of programs. Now I have done the numbers and this not a post about whether they work or they don't but this is the reality of them. These programs are based off of Home Equity Line of Credit (HELOC).
In Florida, the reality is their is not a Lender out their offering these products! PERIOD!!.. Florida is labeled as a Declining Market and to … (19 comments)
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mortgage industry: MI (Mortgage Insurance) Vs. Sub-Prime Mortgage Programs Things You Should Know - 01/16/08 09:39 AM
MI (Mortgage Insurance) Vs. Sub-Prime Mortgage Programs Things You Should Know
With the Mortgage Industry facing huge losses in the Foreclosure and Short Sale area's, Mortgage Insurance (Mortgage Insurance is required when you have less then 20% equity) companies have changed rates to help compensate their losses as well. Mortgage Insurance is not here to protect the consumer but to protect the investor of risk.
I have always told my clients not to concentrate on rate but to look at their total payment. After all when they make a check out for their mortgage they are not making it out in rate … (14 comments)
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mortgage industry: Stated, No Doc, No Ratio Home Loans..Think They Are in The Past? Guess Again - 01/15/08 09:52 AM
Stated, No Doc, No Ratio Home Loans..Think They Are in The Past? Guess Again
As a Professional Mortgage Broker in Florida I found their are many misconceptions on what Mortgage Programs are available in today's Lending Industry. The following programs are still available:
Stated Income, Stated Assets (No Proof of income or assets)Stated Income, Verified AssetsNo Documentation LoansNo Ratio LoansBusiness Bank Statements Loans (For Proof of income)Personal Bank StatementsWhat are the Requirements?
First off, their is NO Set FICO for every loan throughout the Lending Industry. This is one of the reason's why I enjoy being a Mortgage Broker. I am able to sift … (44 comments)
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mortgage industry: Adjustable Rate Mortgage Due? Indices LIBOR, MTA, COFI? Don't Get to Comfortable - 01/12/08 09:04 AM
Is your Adjustable Rate Mortgage (ARM) coming due or know someone that is? Then please pass this information on to them.
As a Mortgage Broker in South Florida (Palm Beach Gardens), I have seen many market trends within the Lending Industry. Right now we are in a correction state of the market and we have seen both the Fix rate products as well as the ARMS coming down in recent months.
When your lock in period is over 2, 3, 5 years or even 10 years down the road the way you can figure your rate out is simple:
LIBOR- 4.41
+Margin- 2.50 … (8 comments)
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mortgage industry: What Should I have in 2008 When Applying for a Mortgage.....Patience - 12/28/07 10:23 AM
When Applying for a Mortgage in 2008 be ready to have Patience
As a Licensed Mortgage Broker in Florida (Palm Beach Gardens), I am seeing a trend in the later part of 2007 and predict it to continue into 2008 of each Lender (Bank of America, Countrywide, Indy Mac Bank, Wachovia, etc..) to really examine each application and each piece of paper. Maybe this should of been done from the beginning, but we really can not go back now and change what was. Gone will be the 24 hour turn times on a rush file.
Now please DO NOT get me wrong if you … (18 comments)
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mortgage industry: Where Do I Go In 2008 as a Mortgage Broker? - 12/26/07 07:58 AM
I believe when starting in an industry everyone should start with a business plan. This is something I have always done and once a year I review it and make changes if needed. Now that 2007 comes to a close it is time for me to once again review mine. This year I have seen many change's to the Lending Industry, (Some I agree with) which leads me to ask this question of myself. Where Do I go in 2008 as a Mortgage Broker? Where should I focus on my business?
Over the years as a Mortgage Professional I have made several contacts with Private Lendors … (18 comments)
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mortgage industry: Hard Money / Private Money: The Basics - 12/22/07 08:56 AM
Hard Money / Private Money: The Basics
With the Mortgage Industry in constant change lately many of my clients are turning towards Hard Money type loans. These Loans also go by the term Hard Equity and Private Money. Being a Mortgage Broker in South Florida (Palm Beach Gardens) I have over the years and continue to work with several of these type of companies as well as individuals.
Lately I have received many inquires from perspective clients asking me questions about these type of loans. This is the reason for the post just to give the basics of who gives them and what … (20 comments)
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mortgage industry: Things not tell Your Licensed Mortgage Professionals - 12/19/07 08:45 AM
As the year comes to a close, I find myself reflecting on this past year interviews from clients. Below is a list of phone calls and interviews that I have received from people looking for Mortgage's in Florida. Hopefully you will learn what not to say or do while speaking to a Licensed Mortgage Professional:
When asking about a Mortgage on the Phone don't take a hit on a Water PipeDon't start off the conversation with "Lets Just Say"This one I have had several times this year. "I have a buddy that will say I work for him"I need a Loan that Lets me Go … (37 comments)
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mortgage industry: What?! I Never Paid My Bank Those Closing Costs! - 12/18/07 08:06 AM
What? I never paid my Bank those Closing Costs!
As a Licensed Mortgage Broker I make sure my clients fully understand all of the papers they are signing plus the Mortgage and the Good Faith Estimate. When meeting with a client yesterday that was referred to me for his refinance of his property for a 3rd time (all no cash outs just redoing the ARM) I went over all the papers as always including the Good Faith Estimate and this is when the client was shocked to see what my closing costs where of his new mortgage. He went on to explain … (20 comments)
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mortgage industry: Feel Like Lenders Just Don't Care? - 12/14/07 10:45 AM
Lenders and Investors all over the country are being hit hard by the current crisis in Lending Industry. Do you feel like your Lender doesn't get it? Are Lenders like Kings and your are just their for amusement?
Press Play
Well this was just a movie and hopefully you got a good chuckle out of this. The truth is Lenders are not Kings and right now they have problems just like everyone else. If you are facing ARM that is coming due, Payment Lates or even the beginning of the Foreclosure process don't be intimidated by them. My first recomendation is to speak to your Licensed Mortgage … (21 comments)
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