collier county mortgages: We have a winner..."Naples Mansion Sells for Record Price" - 05/04/12 11:28 PM
$47.25 Million, that's chump change, right.
Let's look at it differently
That actually looks like more now doesn't it?
Here's the deal as reported in our local rag;
On March 15th, Randal Bellestri paid $47.25 million for a 4 acre beachfront compound on Gordon Drive in Naples Florida.
That's a record folks, most ever, best we can tell
Now is it to be considered an abnormally, or the beginning of trend? What was the previous record? and when did it occur?
Great question
Ahem, apparently we had a sale
back in April for $42 million for another Naples beachfront property.
Are … (7 comments)

collier county mortgages: Portfolio Loans; what they are...and what they're not - 02/27/12 10:02 PM
It seems that when the term "portfolio loan" is brought up that it conjures up different images in the minds of different people. Let me see if I can give a definition of what a portfolio loan is, at least in my mind, and later, what it isn't.
to me a portfolio loan, in its simplist sense, is a loan where a banking institution establishes its own guidelines. In essence they decide, who the loan will be made available to, and the criteria for acquiring the loan. These guidelines/criteria usually vary from common agency/traditional requirements.  
 For example in my marketplace it … (19 comments)

collier county mortgages: Southwest Florida's on the move...and we're being Chase(d) - 01/22/12 01:23 AM
Many times it would be easy, living in Southwest Florida to just lay back by the pool, soak in the 80 degree weather, and sigh, "it just doesn't get any better than this!"
Wel,l considering the difficulties of the last 3-5 years I've just got to tell you
it is getting better...much better...and we're being
What do I mean by that, well let me tell you.
When I first arrived in Southwest Florida I marveled at times on Publics ability to identify the new "hot" areas. Back 15-20 years ago they were the anchor for a commercial plaza on the corner … (0 comments)

collier county mortgages: Collier County First Time Homebuyers you've got a friend in USDA/Rural Housing - 01/19/12 09:56 PM
USDA/Rural Housing "LOVES" Collier County!!!
Yes they do
No Doubt about it
and let's make something perfectly clear right now
USDA/Rural Housing is NOT limited to rural properties
Rural Housing is available wherever USDA determines it is necessary and that's ALL of Collier County
So, what's the big deal? check it out.
NO Downpayment required
competitive 30 year fixed rates
no prepayment penalties
seller contributions and gifts allowed
that's not all, that's just some highlights
there are some income restrictions
1-4 families   $83,750
5+  families   $110,550
there are some income exceptions
Also, this progam is not limited … (0 comments)

collier county mortgages: I Paid Cash for my home...NOW I'd like some back - 01/19/12 12:39 AM
In Southwest Florida, where I live, for the last 2-3 years at least an extremely large number of sales have been consumated by $$$$$ buyers, much to the delight of the Realtor World I may add.
Why so many cash Buyers you may ask?
I think that there are a few reasons;
1. you have your traditional cash buyers who don't want a mortgage and don't need one
2. some did it for convenience and timeliness, that being to complete the transaction quickly
3. others needed to pay cash due to the property quality. It needed work and the buyers … (5 comments)

collier county mortgages: Hey First Time Homebuyers (and others) in Collier County check out USDA/Rural're gonna like it! - 07/02/11 07:38 AM
First things first;
on June 28th, despite a previous announcement to the contrary, USDA/Rural Housing announced that the current eligibility maps would not change.
that means, well check it out for yourself
go to
and click on the state of Florida. On the right hand side you will notice a heading entitled
Quick list of counties containing ineligible areas
You're not on it!
That's because there are no ineligible areas in Collier County.
Now let's just make it perfectly clear that Rural Housing does not mean that you're buying a farm, or a property with acreage. It means that you're … (0 comments)

collier county mortgages: Employment Rate Increases, Best since April 2009 - 03/05/11 12:25 AM
Haven't heard of the employment rate? Well if you take the unemployment rate and subtract it from 100% you get the
Employment rate
Now, before all you naysayers get all fired up, and start talking about "real employment," let me ask a few questions, and have you all address some issues, which you conveniently ignore as it does not support your negative outlook.
The employment rate would be higher if we could somehow include those who don't work, won't work, or have never worked. I'm not talking about those who are unable to work, just those who don't.
Next, how about those … (2 comments)

collier county mortgages: Lenders are easing up on FHA guidelines (or are they?)...Hold on there, let's get a few things straight first. - 02/14/11 05:09 AM
Let's start with "the SCORES"
Man, we have had these scores beaten into us as guidelines, as to what can get done and what can't. I've got to tell you that I've been around mortgage lending long enough...way long enough, to remember when there weren't any scores. It was all about the total package then, and how that package was presented to an underwriter. I could go as far back as loan committees, but that's really ancient history.
Now if a lender states that they will do loans with scores as low as 600 you need to stop for a minute … (2 comments)

collier county mortgages: Rates soaring out of sight, break 5%...what are we to do? - 02/11/11 12:59 AM's Les Christie says,
it's time to say hello to 5% loans
Oh NO, what shall we do?
To start, here's some numbers for you.
At 4.25% a $100,000 mortgage generates a P&I payment of $491.94 per month. While at 5.25% that same $100,000 mortgage creates a P&I payment of $552.20. Without getting into a discussion of prices in Southwest Florida I would have to believe strictly from a monthly payment (PITI) standpoint it could still be cheaper to own than to rent.
So here's some more rate stuff.
According to Freddie Mac's Primary Mortgage Market survey rates averaged 5.05% with … (7 comments)

collier county mortgages: Unemployment Rate falls to 9%; What does this REALLY Mean? - 02/08/11 12:24 AM
Nice #
These things are all relative and compared to where we've been 9% is a nice number. I mean in December it was 9.4%
Before you all get started with the BUT
If we want to receive any benefit from the analysis and/or comparison we need to compare these numbers as they have been traditional calculated.
I know, I know
Many of you want to jump right out there and state that the "actual" unemployment rate is higher. I hear numbers thrown all over the place, usually in the 16-17% range because of those who have "fallen off" of the … (5 comments)

collier county mortgages: Okay you can't blame ME this time! this just isn't my fault! - 02/05/11 02:49 AM
Come on don't play coy with me. You know what I'm talking about.
It's SUNNY again today
This is just not my fault. I was hoping for some of that
freezing rain
As I remember from living all those years in NH you can kinda just slide around uncontrollably. Sounds like fun.
BUT Noooooooooo, we get SUNSHINE
You know maybe we could get a little of that snow stuff. I mean from what I can see some of you all got more than enough to share some. I mean first you get a foot or more and a day or … (7 comments)

collier county mortgages: Water, Water, it's everywhere; Nobody has more Waterfront Property than Cape Coral Florida - 02/02/11 01:37 AM
Okay, here's the challenge;
Prove me WRONG!
You can't do it, you just can't.
I was speaking with the Bus Driver this morning, aka Jay Lagace of Remax Realty, and he was telling me that the Cape has 400 miles of canals. Let me say that again
400 miles of canals
No, there is not a home on every available lot on every canal, but there sure are a whole lot of homes on canals. And they're in every quadrant of the city. So no matter your preference, be it NW, NE, SE and/or SW the Cape has a waterfront property … (2 comments)

collier county mortgages: are you listening to those "Little Voices," ahuh; what are they telling you? - 01/29/11 12:19 AM
so says Blair Singer, CEO of Salespartners Worldwide, and he wrote a book about how to quiet them. Well I don't know about you, but sometimes I don't want to quiet them I want them to
Shut Up!
Okay, so now I've given it away...I too have those"little voices" talking to me all the time, helping me make decisions, discouraging me from making others, and/or taking action, but don't worry
I will conquer them, they will not win.
So, let's hit the negatives first;
You need to start or complete a task, and you are carrying on … (2 comments)

collier county mortgages: Right NOW, Southwest Florida is the BEST place to buy a home in the olde US of A! - 01/26/11 11:08 PM
Okay so you're all sure I've finally lost it, right. Well actually it's too late for that, but that's another story.
I know you've been watching CNN, constantly negative news, and listening to the national media. The markets a mess, Naples won't recover for 30 years.
Ya, right
Where do they get this stuff?
Here's one of real estates oldest adages. It's been around forever, it's no secret.
Anyone listening out there?
You betcha there is.
I'll tell you a secret, but please keep it to yourself. This is the LOW time.
I'm a mortgage guy and in … (4 comments)

collier county mortgages: STOP Whinin, and START Helpin (please) - 01/24/11 02:00 AM
Many years ago, or so it seems, in a far away place you used to be able to acquire a mortgage with little or no documentation required. Basically all that was required was a
Now it hasn't been that way for quite awhile. I mean we've been "over documenting" loan files for a bit now but still I hear the
I recently saw a post title that asked, " I'm not self employed, why must I provide tax returns?" or something like that. I didn't read the post so I'm not sure if that is what the content was … (0 comments)

collier county mortgages: BOOMER POWER!!! Talkin 'bout my gennnnneration - 01/08/11 12:30 AM
You just gotta love the "Who"
I confess
I am a "Baby Boomer"
I was born in 1952. In general, boomers are those born between the years of 1946 & 1964. That would mean that the tip of the iceberg is turning 65 in 2011.
Back to the "Who" as they ask the big question?
who are you? who, who, who, who?
Well, Dr.Kenneth Dychtwald, in a book entitled "The Age Wave," compared the Boomers to
a pig going through a python
Because we have had a dramatic effect over ever segment of the economy and society in general, that we … (7 comments)

collier county mortgages: Forget about it - 12/29/10 11:59 PM
wow, I've been in the mortgage industry for over 30 years, but I'm not sure I've had this much fun. 
They gave us a new GFE, actually they forced it upon us. It's 3 pages and replaces the 1 page form. HUH? I need another form to actually explain what the buyers real costs should be. That makes sense, right?
Anybody out there know what the letters stand for? Guessing is permitted. Anybody out there have any idea whether this will be helpful or not? Does this change anything?
(nationwide mortgage licensing system?)
Has anyone seen … (10 comments)

collier county mortgages: I wanna buy a house; How do I improve my FICO scores? - 12/29/10 01:24 AM
If your buyer really wants to improve their scores the information is everywhere, and it's not hard to interpret or to establish a plan, BUT let me go back to
if your buyer "really" wants to improve their scores
If they don't, and their scores are low, let's say below 640 for the sake of argument, then stop reading now and seek other "qualified" buyers. Just a suggestion here.
Just in case you're interested the info I'm about to share came from "Frequently Asked Questions: FICO Scores." It was published on July 11, 2010 by the National Association of Realtors Government Affairs … (5 comments)

collier county mortgages: Rates are up! Does it matter? - 12/14/10 01:44 AM
Rates are up!!! Is the proper response, oh no! or who cares?
Are rates having any effect, whatsoever, over purchases, or is just really nice to have a low payment?
I lived through 18, 19, 20% rates and we still had some sales, and we were very thankful, when the rates began going down. At that time we never believed rates would/could go back to single digits.
In my opinion, for what it's worth, the only thing that matters about the upturn in rates is
that they were lower 2 weeks ago!
shoulda locked, dam!
Here's some boring data for your consumption.

collier county mortgages: The Foreclosure Freeze...shhhhh! we just want it to go away. - 10/20/10 01:08 AM
Okay, I checked out Bloomberg and I just couldn't find any new "foreclosure freeze" stuff. So I zipped over to, and...nothing...nada.
So, what's up?
Bank of America has told us they're going to resume with the foreclosure's and why not. Here's a question I would like someone to answer for me that I can't find any data on.
Of all the foreclosures filed, how many go unopposed?
Even in a judicial state, such as Florida, if you don't go to the hearing(s) and oppose the action than the summary judgement will be granted. So
It won't matter what the documents do … (0 comments)





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