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mortgage: Foreclosure is Not the Only Option if You Can't Make Your Mortgage Payments - 01/16/08 11:59 AM
This post was inspired by a comment from Alex regarding my post Borrowers Don't Wait for the Well to Run Dry. That post discusses some changes in mortgage underwriting guidelines and how it is getting more difficult for borrowers to qualify for a mortgage."Well it is sure the trends show that it is going to harder for the consumers to cover the requirements but what happens with those who didn't make their payments. Those who failed at a certain point. They loose their home?"Alex,You are correct about the trends. Lenders are being much more cautious.
You've asked an excellent question that I am … (10 comments)
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mortgage: 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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mortgage: Florida Mortgage Market and Rate Report - 11/30/07 11:41 AM
Looking to purchase a home in Florida? Here's what conforming interest rates are looking like today:
30 Year Fixed Rate - Conforming Mortgage Interest Rate - No Prepayment Penalty
Quotes below are based on the following: Owner Occupied purchase transaction, minimum 680 credit score, 20% down payment, minimum 2 months reserves and full documentation of income within guidelines. Maximum loan amount of $417,000. 30 day lock.
Example: Purchase price $250,000. $50,000 down payment
5.5% (APR 5.703%) - 1 point origination fee Principal and interest payment = $1135.58
5.75% (APR 5.8625) - 0 points Principal and Interest payment= $1167.15
This quote is for illustrative purposes only and does not a guarantee … (0 comments)
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mortgage: How Much House Can You Afford - Some Examples - 11/06/07 10:40 AM
As a mortgage broker in Palm Beach County, I am often asked to pre-approve homebuyers. Unfortunately, in a lot of cases, I find homebuyers, especially first time homebuyers are mislead by the "teaser" rates that are advertised, and have unrealistic expectations as far a monthly payment.
Buyers are looking at homes in the $300,000 range and expecting a monthly payment of $1200. That just isn't the case.
With that in mind, I have included some examples of what a housing payment would look like in a few price ranges. These examples are based on a 30 year fixed rate program. These are estimates only. Rates … (4 comments)
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mortgage: Basic Information About Reverse Mortgages - 11/06/07 08:16 AM
As a mortgage broker in Palm Beach county, I am often asked about Reverse Mortgages and how they work.
Below is some basic information about them.
You must be at least 62 years old and own a home. The property may be a mobile home as well.You ALWAYS retain title (ownership) to the home. The lender never, at any point, owns the home, even after you (or last surviving spouse) permanently vacate the property. You must still pay property taxes and insurance, and keep the home well maintained. If you are unable to pay your property taxes and insurance, then a special … (2 comments)
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mortgage: Must Read- Today's Sun Sentinel Article About us Horrible Mortgage People - 10/28/07 07:01 AM
What a way to start the day! I wake up and check my google alerts and this article is the first thing I see.
Reporter Harriet Johnson Brackey makes some rather general uninformed and misleading comments about mortgage brokers and loan officers, pretty much slamming our profession.
She states that the mortgage crisis has been caused in part by mortgage brokers who put people in more expensive subprime loans because the commissions were higher.
Oh, please....subprime loans didn't come with additional commission incentives
She also states that consumers cannot necessarily rely on a mortgage broker for information... because all we need to set up shop … (15 comments)
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mortgage: Why You Should Work with a Local Mortgage Broker - 10/27/07 08:49 AM
It's a buyers market here in South Florida. In addition, many people still want to take advantage of the equity in their homes, or want to refinance to consolidate debt or get out of an adjustable mortgage. So now you're shopping for the best rate and loan program.
Those low rates advertised on the internet sure sound good, don't they? So why not work with one of those brokers over the phone? You can do everything by fax, overnight mail and email. Now I am not knocking these out of state loan officers..a lot of them are very competent. But what they don't … (7 comments)
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mortgage: What's Involved in The Mortgage Application Process - 10/27/07 07:36 AM
So now you're ready to take the plunge. You want to buy a home in Palm Beach or Broward County and you decided to take my advice and get pre approved for a mortgage before you shop for a home. So what does that involve?
Your next step is to set up a consultation with your mortgage broker. You will probably start out with a phone conversation. Your mortgage broker will pre qualify you with a series of questions about your income and assets, and will want to review your credit report. After that, he/she will ask you to provide some documentation so … (0 comments)
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mortgage: Tips for Homebuyers in Palm Beach County - 10/24/07 04:21 PM
So, you've heard it's a buyer's market and you've decided it's time to take the plunge and buy a home in Palm Beach County. What should you do first??
Before you start looking at homes, it's important to start off with a budget so you know how much you can afford. Knowing how much you can handle will also help you narrow the field so you don't waste time looking at homes that you can't afford. There are a number of calculators available on the internet that can give you an idea of how much house you can afford. I have one … (2 comments)
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mortgage: More Gloom and Doom for South Florida??? - 10/22/07 12:46 PM
According to the Mortgage Bankers Association, (Al Sunshine, reporting for CBS4 Miami), the mortgage business is not expected to reverse it's decline anytime soon - with mortgage applications expected to fall 15% this year, 18% next year and 6% by 2009.
They also forecast a decline in home prices of 2% for both this year and next year.
http://cbs4.com/topstories/local_story_290173849.html
So, nothing new. I'm just getting a little tired of hearing about it. How about something positive for a change???
Baby boomers and snowbirds are retiring with cash and good credit and still consider Florida a very attractive retirement haven. In addition, foreign investors are showing considerable interest … (2 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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