lee county mortgages: One size does not fit all
- 10/15/12 10:27 PM
When I first started in the mortgage business, somewhere before electricity I believe, I went to work for a mortgage company, and it was thought that we had a diverse product line because, well we had more than one product.
Consumers just didn't have many choices back then.
The clients pretty much needed to conform to the product.
Today it is evident that buyers are all different, with many different and unique needs.
While there may be many similarities, buyers in Cape Coral and Fort Myers may have different needs from those in Melbourne, and Palm Bay.
Today, once again I
lee county mortgages: But, you said I'd qualify
- 08/23/12 11:41 PM
But you said I needed a score higher than 640 for FHA. Mine's 651, but now you tell me my credit isn't good enough.
What's up with that?
Okay, lenders/investors establish credit score minimums for the programs they offer, and essentially if you don't pass the scoring test than you don't pass GO!
Just as a reference, for clarity's sack. We're talking about
middle score, for one applicant, or lower middle score for two
What this means is that the lender throws out your highest and your lowest scores, and when there are two applicants then uses the lower of the
lee county mortgages: LOOK OUT FLORIDA...here comes Isaac
- 08/21/12 09:52 PM
Well that sure doesn't look good!
From the business side of Real Estate, you won't be closing your transaction, in all liklihood if you do not already have your insurance bound. Once a storm is named
All bets are off
On the positive side (you mean there's a positive side?). Despite the weather gurus claims of accuracy these early models are often off a bit so
Hey Isaac, break...hard right
the Atlantic would be a good place for you.
many of these storms when crossing Cuba tend to go towards the panhandle, but personally I don't think it's right to
lee county mortgages: "AS IS," ahuh, sure
- 08/19/12 09:31 PM
So I'm not a listing agent, and I'm not sure what the motivation is to say
when listing a property, but if I was a selling agent, or a buyer, I don't think I'd pay much attention to that, unless there are major issues.
I'd really like to see some data on how many properties listed "AS IS" actually had work completed on them, in order to close. I don't imagine that it exists, but it might be interesting.
Here's two issues I see that are problematic to completing an AS IS sale without doing any repairs.
the Home Inspection;
lee county mortgages: Homebuyer Education...Get It
- 07/18/12 11:53 PM
Why wouldn't a perspective homebuyer not take a homebuyers education course?
Obviously, first time homebuyers should, right? do you agree?
Why not those who have previously owned a home?
I can tell you just from a mortgage perspective there have been a great deal of changes over the last couple of years, and as a matter of fact I hear myself telling both Realtors, and buyers that the mortgage industry is in a constant state of change and has been for awhile.
Don't you think it might be helpful to get an update here?
Also, keep in mind that in the mortgage
lee county mortgages: there's lots & lots of $$$$$ for first time homebuyers in Southwest Florida
- 07/13/12 09:35 PM
Do you live in Ft. Myers? Cape Coral? Lehigh Acres? Port Charlotte? or anywhere else in Southwest Florida?
Are you a First Time Homebuyer?
a little hint (help) here;
the definition of a first time homebuyer, for our purposes, is anyone who has not owned a home in the last 3 years
Do you need some help with downpayment and/or closing costs $$$$$
the Florida Housing Finance Corporation & the Florida Bond Program
if you haven't heard much about this, or if you haven't heard anything
Florida Housing offers a downpayment and closing cost assistance program
lee county mortgages: I need what? or what's up with Mortgage Documentation
- 06/27/12 10:59 PM
Okay I teach a segment of a first time homebuyers course in regards to the mortgage process. One of the things we cover is the documentation which is required to obtain a mortgage. But do we really know up front everything that is needed? Actually
No, it's a mystery
But as a loan officer, here's my first request. Documentation that I must have no later than at the time of application;
2010 & 2011 tax returns (all schedules)
2010 & 2011 W2's
most recent 30 days of paystubs
most recent 2 months of bank/asset statements (all pages)
copy of drivers license
lee county mortgages: Do you "really" want to help a Veteran?
- 06/26/12 09:36 PM
well do ya? or are you just going to wave your flags, put on a nice shirt, maybe with an eagle or something on it, and leave actually helping Veterans acquire homes to someone else. You may disagree, and you may argue with me, but I am thoroughly convinced that
there are many Veterans who could buy a home for themselves and/or their families, and want to buy a home, but will only be able to do so by using their VA benefit, which is referred to as an entitlement.
In this particular case their entitlement is earned.
lee county mortgages: is "overlay" a dirty word?
- 06/12/12 11:21 PM
well is it?
are you not quite sure what it is? let me help, if I can.
overlay 1 spread over 2 cover with decorative layer
Not sure that helped much? or did it?
I'm going to throw out the "cover with a decorative layer," because some of the overlays I've seen applied to mortgage guidelines aren't that pretty.
(so, we're talking about mortgage guidelines are we? yup.)
actually I think that might do it.
Lenders take traditional fannie mae, freddie mac, VA, FHA (whatever) guidelines, and essentially "spread over" their on requirements. That's "spread over," as in add
lee county mortgages: are you "the real deal"
- 04/06/12 11:04 PM
I don't know why I've been thinking about this so much. I guess maybe I'd just like to live in a simpler world sometimes, where things actually are as they appear to be.
So, what's really real?
Here's Websters take
real actual, true; genuine
Let's say I'm attracted to you, want to do business with you, and/or refer clients to you because of your blogs. They are well thought out, interesting topics, and the content is first rate.
Then I find out that what has attracted me to you isn't
actually you use a ghost writer. These are not
lee county mortgages: Cape Coral's Cookin... and I don't just mean cheeseburgers and bow wow's; although there's plenty of that
- 04/01/12 12:35 AM
you know, ordinarily in a posting about Cape Coral I'd want to make sure I mentioned our 400+ miles of waterfront and I'd certainly want to sneak in a shameless plug about the weather like
currently it's sunny and 70 degrees heading to a high in the upper 80's
today I'm going to leave that stuff out.
What's really got my attention here though are these numbers:
Nov 2011 318
Dec 2011 330
Jan 2012 339
Feb 2012 379
better get em while they're hot
Here's some interesting numbers if you're still concerned with instability, you know foreclosures and short sales.
lee county mortgages: Portfolio Loans; what they are...and what they're not
- 02/27/12 10:02 PM
It seems that when the term "portfolio loan" is brought up that it conjures up different images in the minds of different people. Let me see if I can give a definition of what a portfolio loan is, at least in my mind, and later, what it isn't.
to me a portfolio loan, in its simplist sense, is a loan where a banking institution establishes its own guidelines. In essence they decide, who the loan will be made available to, and the criteria for acquiring the loan. These guidelines/criteria usually vary from common agency/traditional requirements.
For example in my marketplace it
lee county mortgages: Southwest Florida's on the move...and we're being Chase(d)
- 01/22/12 01:23 AM
Many times it would be easy, living in Southwest Florida to just lay back by the pool, soak in the 80 degree weather, and sigh, "it just doesn't get any better than this!"
Wel,l considering the difficulties of the last 3-5 years I've just got to tell you
it is getting better...much better...and we're being
What do I mean by that, well let me tell you.
When I first arrived in Southwest Florida I marveled at times on Publics ability to identify the new "hot" areas. Back 15-20 years ago they were the anchor for a commercial plaza on the corner
lee county mortgages: I Paid Cash for my home...NOW I'd like some back
- 01/19/12 12:39 AM
In Southwest Florida, where I live, for the last 2-3 years at least an extremely large number of sales have been consumated by $$$$$ buyers, much to the delight of the Realtor World I may add.
Why so many cash Buyers you may ask?
I think that there are a few reasons;
1. you have your traditional cash buyers who don't want a mortgage and don't need one
2. some did it for convenience and timeliness, that being to complete the transaction quickly
3. others needed to pay cash due to the property quality. It needed work and the buyers
lee county mortgages: Your Lenders Package...and/or how to make the process go smoothly
- 10/29/11 06:35 AM
Okay, you've decided that you want to buy a home, and you're going to need to acquire a mortgage. You know that they are going to want documentation up front, and you're the type of person(s) who like to be prepared.
here you go for starters...you will need
2009 & 2010 tax returns-all schedules
2009 & 2010 W2's
your most recent 30 days of paystubs
your most recent 2 months of bank/asset statements-all pages
note; if your bank statement says there are 4 pages and the last page is a worksheet/scratchsheet, provide all pages. the underwriter doesn't know what's on the last page
lee county mortgages: is Truthfulness important to your business?
- 10/27/11 06:02 AM
Okay what brought this on you may be thinking?
Yesterday I received a totally unsolicitated inquiry in regards to my interest in employment with a Chicago based mortgage company.
Here's the introductory line
Thank you for you initial interest in------------ -------.
I had had not made any inquiries, had not had any contact, or did not have any idea who this company was, but being in an unusual mood I responded. Usually I just delete.
i don't recall ever expressing an interest.
in today's environment ethics is very important, and attempting to establish a relationship with a lie is
lee county mortgages: The S.A.V.E. Act; more worthless legislation
- 10/25/11 05:24 AM
If this is what is going to continue to come out of our Congress, maybe we should just extend their vacations, and let them all stay at home.Just a thought.
the essence of the bill is to include energy calculations in the mortgage underwriting process, thus improving lending standards
Indirectly all costs are considered when underwriting a loan. But more importantly I would like to state
that Senators Isakson and Bennet have absolutely no qualifications to be able to make decisions as to underwriting mortgage loans and the quality thereof.
you know what this is...YUP
lee county mortgages: Are you an expert? Do you claim to be?
- 10/09/11 04:09 AM
I was just reading a post over on "Short Sale Superstars" posing a question about the claims that we make or the labels we attache to ourselves and the ethics and/or liability involved, if any. I mean I don't know about you, but I see people making claims as to their levels of expertise in particular areas that knowing and/or having done business with them I'd have to challenge.
expert- very skillful, one with great skill or knowledge in a field
Since my experience, over 30 years, is in the mortgage industry, I'll use some examples there.
Just awhile back,
lee county mortgages: I WANT MY MONEY BACK
- 10/08/11 05:48 AM
you caaaaan't have it!
well, maybe you can, or maybe you can't, and even if you can it may not be easy, and it could cost you
what is this all about, you may ask?
Many of my Realtor friends are extremely happy because most of their sales are cash. Cash continues to pour into Southwest Florida regardless of what the national press may report. Also the market is fairly strong, and we now are experiencing inventory problems. But that's not my point.
so what is my point, you may be wondering?
Here's the potential problem;
when a buyer pays cash
lee county mortgages: well just let me say this about that
- 09/20/11 08:53 AM
My good friends at cnnmoney.com have rated Cape Coral, Florida as the second best place to retire out of the top 25. Now on the surface that may sound nice, but I've got to tell you sometjhing; based on their own info it's obvious
got to be
here's their first bone of contention.
Marquette Michigan, yes get out your maps, is number one because and I quote
As lovely as it sounds to sip margaritas on the beach, doing it year round can get old.
i'll tell you a little secret. we have plenty of people who have been engaging