cape coral loan officer: 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 … (4 comments)
cape coral loan officer: FHA to FHA Streamline Refinance; a government program that works!
- 10/08/12 08:49 AM
This program works! this is an opportunity for those who currently have an FHA loan to refinance into todays low fixed rate mortgages regardless of whether they have equity in their property or not. Here's why there is no appraisal necessary the lender is going to use the original purchase price of the property for determining value. Here's the basic requirements; it must be an FHA loan currently...FHA to FHA the homeowner must pay their closing costs out of pocket, they cannot be rolled into the mortgage this is not a "new" program or part of any attempt to address the … (0 comments)
cape coral loan officer: extending a helping hand (to first time homebuyers)
- 08/26/12 10:35 PM
First of all let's get this out there. Mortgage lenders have their own terms and guidelines. We hear all the whinning about those that many feel are too restrictive, but not too much about those that may be helpful. Try this one on for size. a first time homebuyer is someone who has not owned a home for the last 3 years so by definition someone who had previously owned a home, but not in the last 3 years may qualify for some first time homebuyer programs. I receive many calls from potential new homeowners professing to be first time homebuyers … (7 comments)
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 … (2 comments)
cape coral loan officer: "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 AS IS 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; … (8 comments)
cape coral loan officer: the real problems with prepapprovals are?
- 07/31/12 08:43 PM
As I am the master of the obvious let's start by clarifying the obvious; I am a lender, have been one for over 30 years, my perspective and viewpoints are those of a lender. now the answer to the question, the real problems with preapprovals are... too numerous to mention but I'll try anyway. Let's start with what it is or may be, once again from a lenders perspective. pre; meaning before...therefore a prapproval is before an approval. it does not guarantee anything. problem: a preapproval letter is not clearly defined in that there is no (national) standard as to what … (2 comments)
cape coral loan officer: Becoming an overnight sensation...can't miss opportunity
- 07/31/12 01:10 AM
If that's your desire I suggest you keep buying those lotto tickets. (you've done so well, so far) or maybe the following will help. Are you familar with the following term, it's Japanese Kaizen; improvement, change for the better, activities that continually improve all functions that definition I got from Wikipedia, but I had originally been introduced to the term by Tony Robbins, in his writings about Dr. W. Edwards Demming. Deming has actually received, from the Emporer of Japan ( I believe), the "2nd Order Medal of the Sacred Treasure," in 1960 for the pioneering, introduction, and implemetation of Kaizen … (2 comments)
cape coral loan officer: Bad, Bad, Cash; we just don't like it
- 07/24/12 09:04 PM
So what's so bad about cash? Mortgage lenders just don't like it, and they'll prove it to you. Hypocracy; let me be a little clearer here. You can make your payments in cash (sometimes), but it won't help you acquire a mortgage, rather it may help you get turned down. I teach a segment in a Homebuyers Education Class and last Saturday we had a nice (sarcasm) discussion about cash and its role in the mortgage process. You should have seen the snarl on one of the student's face, who realized she was being hit both coming and going. Income: … (66 comments)
cape coral loan officer: Downpayment not necessary...I'm not kidding
- 07/23/12 11:17 PM
So you want to buy a home in Cape Coral? How much of a downpayment is required? If it's a primary residence often... NONE How about Ft. Myers? Same situation, same deal...None If you're purchasing a home in Southwest Florida there may be programs availble that do not require a Downpayment. Here's some examples First, and always FIRST! VA qualified Veterans can purchase a primary residence with no downpayment and the seller can pay their closing costs. The maximum mortgage amount would be $417,000 and the interest rates are very good. USDA/Rural Housing rural housing loans offer 100% financing in many parts of … (2 comments)
cape coral loan officer: Dodd-Frank; financial regulation is a political success...otherwise (read on)
- 07/23/12 01:29 AM
Two-thirds of Dodd-Frank still not in place so says Jennifer Liberto of CNNMoney. That would also mean only one third of the new rules have actually been implemented Why are we not surprised. The legislators are obviously much better at writing and politicizing legislation than they are at implementing, and enforcing the regulations. You're just going to love the next part, I mean really really love it. With so much on their shoulders, regulators have been meeting regularly with bank lobbyists, many who are experts, but also have an agenda to ease or roll back parts of Dodd-Frank. I'm almost speechless (almost … (2 comments)
cape coral loan officer: he got me curious
- 07/21/12 09:01 PM
You know at times all this social media, and blogging stuff just confuses the daylights out of me. So if I don't make my points as clearly as possible please, forgive me. But, here's how the story goes. Actually. I'm over on Facebook and I notice that Steve Loynd is referencing a post he wrote, and was featured for on Active Rain. AR is where I first got introduced to Steve, and I followed and friended him on Facebook. I was rewarded for this "big time," in my opinion, as I discoved, and shared the fact, that Steve is an outstanding … (63 comments)
cape coral loan officer: 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 … (2 comments)
cape coral loan officer: Credit Bureaus increase fees to $100 for a joint report!
- 07/16/12 09:35 PM
Well not really, at least not yet but, while we're on the subject; CNNMoney reports; CFPB to supervise credit reporting agencies: credit reporting agencies will soon be subject to federal oversight for the first time September 30 (remember this date) Under the new rule that takes effect September 30, the CFPB will be able to monitor business practices, conduct on site examinations, and write new rules. "Write new rules" let that sink in for a few moments you'd think, on the surface, that we would all be jumping up and down, doing a little back slapping, issuing a few, "well it's … (15 comments)
cape coral loan officer: there's lots & lots of $$$$$ for first time homebuyers in Southwest Florida
- 07/13/12 09:35 PM
Do you live in Ft. Myers? Cape Coral? Lehigh Acres? Port Charlotte? or anywhere else in Southwest Florida? Are you a First Time Homebuyer? a little hint (help) here; the definition of a first time homebuyer, for our purposes, is anyone who has not owned a home in the last 3 years Do you need some help with downpayment and/or closing costs $$$$$ well, surprise...surprise...surprise Meet the Florida Housing Finance Corporation & the Florida Bond Program if you haven't heard much about this, or if you haven't heard anything Listen Up! Florida Housing offers a downpayment and closing cost assistance program … (2 comments)
cape coral loan officer: 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 copy … (0 comments)
cape coral loan officer: 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. Question: If you … (0 comments)
cape coral loan officer: the single biggest illusion in communication is that it has taken place
- 06/22/12 11:25 PM
that's a quote from George Bernard Shaw. Some people think that good olde George was a wise and inciteful human being. Some of the younger ones amongst us may be thinking Who? their loss. George went on to complete the thought; how will you know what people heard when the communication is one way? good question, don't you think? Sometimes when I sit wondering in amazement how those much younger than I have all of these wonderful technical skills, if in fact those are what they truly are, I also wonder, with concern, if they are lacking or not developing necessary … (1 comments)
cape coral loan officer: 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. Websters; 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.) How about "spread over" 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 … (2 comments)
cape coral loan officer: 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 "real" actually you use a ghost writer. These are not … (4 comments)
cape coral loan officer: 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: Closings; 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. … (2 comments)
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.
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