The Mortgage Oasis would like to take this time to wish everyone a Happy Holiday season. Let us continue to strive to obtain our goals in 2008 as we continue to weather the current economic climate..... This too shall pass!

Remember in 2008...When you Have  A Mortgage Question.... -

Ask The Mortgage Oasis! 

Happy Holidays! 

Single Family FHA Education Sessions, Ft. Lauderdale

Event Date: September 18, 2007 - September 19, 2007

Event Time: All Day Event

Description: The Atlanta Homeownership Center will be conducting FREE Single Family FHA Education Sessions for our industry partners in Fort Lauderdale. The sessions will provide the most recent information on FHA programs and procedures and will cover topics developed for lenders, appraisers, and other mortgage professionals.

Day 1: 9:00AM - 5:00PM Underwriting--Credit, Property, and Quality Assurance

Day 2: 9:00AM - 1:00PM Appraisal Session

This training is free but you must register online by September 14. You also must register for each session you wish to attend. Group registrations cannot be accepted. Seating is limited, so please register early.

Register online

Location: Sheraton Suites Cypress Creek, 555 NW 62nd Street, Fort Lauderdale, FL 33309

HUD  - FHA  Florida Event

I have not blogged in a while...but that does not mean I have not been getting questions. In fact these past couple of months have generated many questions from prospective buyers, homeowners, Realtors, etc. Even a normal service call to my phone carrier generated some questions from the customer service representative. People want to know what is really happening in the market. Everyone has their 2 cents to add and at least 10 fingers to point blame. My advice...is what it has been since day 1. Be informed consumers and work with trusted professionals and turn to trusted sources of information. Continue working on your credit and paying your bills on time and work with financial professionals that help you place your housing and associated expenses within the total context of your financial future. Do not borrow trouble. There is so much change ...Be Optimistic.

For our many clients, thank you for your continued support ! The Mortgage Oasis rocks on because of you!

Have a Question....Ask The Mortgage Oasis.

As I was surfing through the web, I came across a pretty cool site (at least I think so!) that has many paycheck calculations. A nice tool to help you budget your money.

The site allows you to enter deductions, calculate 403bs, stock options and much more. Very easy to use. Check it out. PayCheck City. Happy calculating!

Have a Question? Just Ask the Mortgage Oasis

Do you own a home or have you applied for a mortgage lately? Chances are, you have been inundated with mortgage offers from other companies - everyone trying to beat their competition. Within the last year and a half or so --- often times you can point your finger back to Trigger Leads.

When your credit is pulled, the credit bureaus directly (not the vendor, mortgage company or loan officer) may sell your information to other brokers or mortgage companies. Trust that your mortgage company or mortgage professional would not sell away your information. So you may get the calls and letters and more calls and more letters-all trying to sway you to the better deal.

If you are working with somebody you trust and that person is doing a fine job - stay with that person and let them continue earning your business. Some, not all, of these offers will use "bait and switch" tactics. They lure you in with something really good and then change up the program on you. Because these leads are expensive, the persons who have purchased them, may have an aggressive approach to getting your business. Don't put yourself in this type of situation.

We personally do not cold call or solicit business through trigger leads. I mean really - who wants to be sold a mortgage by a random stranger just before dinner? Might cause a little indigestion.

How to Opt Out:

If you want this solicitation to stop - yes - you can opt out. We help our clients opt out, if they ask us to -- as well as show them how they can opt out themselves. The website to opt out is https://www.optoutprescreen.com/.

•·         Opt-Out from receiving Firm Offers for Five Years - (electronically through this website).

•·         Opt-Out from receiving Firm Offers permanently - (mail Permanent Opt-Out Election form available through this website).

•·         Opt-In and be eligible to receive Firm Offers. This option is for consumers who have previously completed an Opt-Out request - (electronically through this website).

Before Opting Out:

Opting out will remove you from all types of offers. So if you still want to receive pre-screen credit offers (such as revolving credit or business credit) - then just get a nice shredder and be pre-pared to shred the offers that do not interest you!

Have a Question - Just Ask the Mortgage Oasis...The Stress-Free Way to Find A Mortgage!

June is Home Ownership Month.

I would like to take this opportunity to wish everybody a Happy Home Ownership Month. That is right - June is homeownership month and celebrated across the country. If  home ownership is your dream - stay encouraged and continue to working toward that dream.

As a reminder of a previous post I did - 24 months to homeownership.

• Home ownership is a decision and consideration should be given in advance. You shouldn't wake up one day and say I want to buy a home tomorrow.

• Save. Establish a savings pattern. There are down payment, closing costs and upfront housing expenses that you want to have funding set aside for. With the changing market, lenders are also wanting to see more "reserves" - assets still in your possession after closing. You should not leave the closing table with nothing to your name - except that deed and mortgage. While there are sill low down payment programs and 100% financing available  -  all effort should be made to save.

• Employment. Make sure your employment is steady or increasing in the 24 month period. Lenders like consistency in employment and like to see consistency or advancement if there are job changes within the 2 year period prior to your purchase.

• Credit. Establish it. Use it sparingly. Pay off balances or keep them low. Remember your credit history is important and it is used as an indicator to how you will pay your mortgage. No lender wants to pull a report and see a series of collections, judgments and pay-offs. This increases your risk level - and YOUR interest rate.

• Rental History. As a first time buyer, your housing history is your rental history. If you pay rent, make sure it is documented. Have an audit trail - in other words do not pay in cash. First time buyers can have excellent rental histories with no way to show it because they paid in cash to a private landlord. For first time buyers with light credit - rental history can often be used as a compensating factor or additional trade line.

• Participate in a home ownership class - These are free and housing providers can be found on HUD. Classes are free or offered at a very low cost. Learn about the true costs to own a home and make sure you are on track with budgeting.

• Have a positive outlook and be realistic. Your first home -I s just that. It is a starter home and can be used as stepping stone your dream home.

Once again...Happy Home Ownership Month from The Mortgage Oasis!

Have a Question....Just Ask The Mortgage Oasis.

Portfolio lending usually occurs among Savings and Loan institutions and banks which many mortgage companies having lending relationships with.  Essentially portfolio loan are not sold on the secondary market therefore leaving the S&L or bank to offer niche products that do not mean customary underwriting guidelines. With compensating factors, a loan that seems impossible can possibly be done. For example, a sub  FICO score doesn't mean a deal is dead if there are compensating factors.

Because these are sometimes referred to as a last resort because these loans can help an individual that can not qualify otherwise.

Have A Question?....Just ASK. 

Every time I read something about someone using someone's SSN to purchase a home, inflated appraisals, straw-buyers, falsified documents-- on and on, I can't help wonder how greed can possess someone or a group of individuals to move forward with a Mortgage Fraud scheme. It is never worth it.

I occasionally check the clearinghouse house for mortgage information. Ms. Rachel Dollar's Mortgage Fraud Blog sheds light on the subject and the names of the companies and individuals who are being sentenced for these fraudulent transactions.

In the blog, I did a search for Florida Mortgage Fraud stories and the results  went on and on. Is this the type of attention you want? Also, when you are caught -- there is nothing to enjoy. Everybody suffers from these schemes....The profession, the lenders, the community and you.

Have A Question...Just Ask. 

Tax Collector, Palm Beach County
2007 Tax Certificate Sale

The Tax Certificate Sale of unpaid 2006 Palm Beach County real property taxes will begin at 9:00 a.m. June 1, 2007. The sale will be conducted on the County's tax certificate auction web site, http://www.bidpbtc.com/. Bidders can review the advertised list of unpaid real property taxes and begin to submit bids on the web site starting on May 16, 2007.

For More Info, please visit the Palm Beach County's Tax Collector 

Have a Question?...Just Ask!

Two years ago, Miami Dade County began conducting it's Tax Certificate Sale via the Internet.

Please visit the Miami Dade Tax Collector's Site  for frequently asked questions on the County's Tax Certificate Internet Auction and to stay abreast of the 2007 Tax Certificate Sale for Miami-Dade County.

Have a Question?...Just Ask.