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mortgage broker: 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)

mortgage broker: 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)

mortgage broker: 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)

mortgage broker: 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)

mortgage broker: 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)

mortgage broker: 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)

mortgage broker: 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)

mortgage broker: No Money Down/Down Payment Assistance - 10/20/07 05:19 PM
Looks like DPA programs are going by the wayside according to reports on recent FHA activity.  But not to despair..it appears that the Nehemiah DPA program will still be available until March of 2008..plenty of time for buyers to take advantage.  And rumor has it that FHA may come up with a 100% financing program???  If not, you can still buy a home with as little as 3% down.  With seller concessions for closing costs ( a natural in this buyers market), you can buy a home for less money out of pocket.
It's a buyers market these days, and ever more … (7 comments)

 

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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