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florida mortgage information: Why is my Loan Taking so Long to Close??? - 01/06/08 07:27 AM
As a mortgage broker, I work with a lot of first time homebuyers. The loan process is sometimes scary and intimidating. It really doesn't need to be that way, however you do need to be prepared to provide certain information so the lender can determine if you can pay the loan back.
A purchase that I am working on is consuming a lot of my time and energy, so I've decided to write this "letter" to hopefully educate and inform first time buyers and anyone else who may not be familiar with the mortgage loan process.
Dear Borrower:
As a mortgage broker, I pride myself … (4 comments)
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florida mortgage information: Stop Foreclosure with a Reverse Mortgage - 12/29/07 08:42 AM
If you are age 62 or over, and are having trouble making your mortgage payments, you may want to consider a reverse mortgage as a way out.The proceeds from a reverse mortgage can be used to pay off the current lender, allowing you to stay in your home and never have another mortgage payment. My post on reverse mortgage basics will give you some information on how a reverse mortgage works.Investigate your options with a reverse mortgage as soon as possible. Once your mortgage is in default, interest, attorney and other fees add up quickly, making the payoff amount several thousand … (11 comments)
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florida mortgage information: Buy a Home in Boca Raton for Under 200K!!! - 12/12/07 06:00 PM
As a mortgage broker in Boca Raton, Florida, I often help homebuyers become pre-approved for a mortgage before they begin home shopping. Many of these borrowers are first time homebuyers.
Boca Raton has a bit of a "snobby" image. Many people think they need to be wealthy to afford a home in Boca Raton to take advantage of the wonderful amenities and the excellent school systems. But this is not the case.
We all know this is a buyers market today. To test my theory, I decided to do a search on Craigslist for homes for sale in Boca Raton under $200,000. My search … (3 comments)
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florida mortgage information: Understanding Settlement Charges and the Good Faith Estimate - 12/07/07 12:52 PM
As a mortgage broker in Boca Raton, Florida, I am often asked by mortgage "shoppers" to provide a Good Faith Estimate of settlement charges. I am proud to say that the Good Faith Estimates that I provide very closely match the settlement statement at closing. A Good Faith Estimate cannot be exact, because some settlement charges, such as prepaid interest, are calculated based on the number of days left in the month when the loan closes.However, not all lenders provide accurate Good Faith Estimates. Some conveniently omit certain fees to make you think you are getting a better deal. With that … (2 comments)
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florida mortgage information: Don't Call Me if You Want the Cheapest Mortgage Broker - 11/25/07 11:55 AM
"No points, no fees, free appraisal, 2.25% rate fixed for 5 years..." I won't tell you any of those things. So maybe you'll move on to the mortgage broker who does. Yes, you want to be a savvy consumer, but you know the saying..."if it sounds too good to be true, it is" Obtaining a mortgage is one of the biggest financial decisions you will make. And you are doing a disservice to yourself if you shop for a mortgage based upon misleading advertising. Because it all comes out in the wash. That "free appraisal" will cost you somewhere else. Here's … (4 comments)
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florida mortgage information: World Savings Tightens up Guidelines on Foreign Investor Loans - 11/18/07 06:32 PM
There have been media reports about foreign investors finding properties in Florida attractive, yet these investors are waiting, like so many others, for the market to hit bottom so they can get even better deals. Well, I am wondering, will they be waiting too long???
World Savings has been one of our great go to lenders for Foreign National loans with LTV's up to 75% and no income or asset verification. I recently received a memo from our rep at World Savings regarding some issues they are having with Foreign National loans.
Here are the key points:
1 - "When a Foreign National is … (4 comments)
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florida mortgage information: You Can Do a Reverse Mortgage on A Manufactured/Mobile Home - 11/11/07 10:44 AM
I have come across a lot of questions lately regarding reverse mortgages and manufactured/mobile homes. Many people think these types of properties do not qualify. As a mortgage broker in South Florida, I have recently done several reverse mortgages for people living in manufactured/mobile homes. Reverse mortgages can be done on manufactured/mobile homes, but there are some conditions that apply.
Here's some information about what's needed to qualify for a reverse mortgage for these types of properties:
The home must have been built after 1976The home must be permanently attached to a foundation an appraisal will be needed- the cost is around $460 - more than a … (7 comments)
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florida mortgage information: Reverse Mortgage Real Life Example - 11/08/07 01:58 PM
Thought you might be interested in hearing about an actual reverse mortgage that I recently closed for one of my clients.
While I am a mortgage broker located in Palm Beach County, I originate loans thoroughout the entire state of Florida.First, some background on the client situation.Mrs. Sanders, widow, age 72 (not her real name) recently contacted me to do a refinance. She lives in a double wide mobile home in Central Florida. She had a $26,000 mortgage at a rate of 11%. She was hoping to lower her rate and save some money. Her monthly mortgage payment was $330. Her monthly … (9 comments)
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florida mortgage information: Still Waiting for Home Prices to Go Down?? Now is the Time to Buy - 11/02/07 07:36 AM
You've been thinking of buying a home, but the media reports of declining values here in Palm Beach County make you think you should wait. Maybe you can get a better deal??
Well, there are good deals out there now. Do your research, find a competent realtor and you can be on your way to your dream home. Sellers are willing to make concesssions and help with closing costs, which means less money out of pocket for you.
Will prices continue to fall? ...probably...maybe... There have been downturns and rebounds in the past, and real estate historically has remained a good investment over the decades. If your … (4 comments)
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florida mortgage information: What is your rate? - 10/21/07 04:41 PM
As a mortgage broker, I am often asked this question. I can't just go to my computer and pull up a rate sheet and quote you a rate. Well, I could, but the rate might not be accurate for your particular situation.
The actual interest rate you may be able to lock in is based upon a number of factors:
your employment history and incomedown payment amountloan amounttype of propertycredit historycan you document your income with paystubs, W2's and tax returns?if you're refinancing, are you taking cash out?There may be other variables to consider as well.
So if you are "shopping" for a rate, and … (0 comments)
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Cheryl Hale - South Florida Mortgage Lady
Boca Raton,
FL
More about me…
Boca Raton Mortgage Broker
Cell Phone: (954) 675-9531
Email Me
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