lee county mortgages: Mortgage Pie - 08/25/11 03:13 AM
In most cases when you bake a pie you use a certain recipe and you make sure you get all the ingredients correct, that would be those that you need and in the correct amounts.
well
A little while back I saw an article published by "constantly negative news," previously known as CNN. The gist of the headline was that a potential homebuyer with a 800 credit score was denied a loan. I'll touch on the lack of truthfulness in regards to the score in a minute, but my first bone of contention is
that a mortgage application is not approved … (0 comments)

lee county mortgages: a mortgage is like a nice dress or a suit - 08/23/11 02:15 AM
it should be tailor made for the person wearing it, not the person who made it.
Do you remember what's just so special about a mortgage company, or do you need a refresher course?
Do you remember how/why we came into existence? let me share some thoughts.
We are a mortgage company. We only do mortgages. We are mortgage specialists. We do mortgages well...or we go out of business.
here's an indisputable fact
My (mortgage) product line is more extensive than any individual banking institution.
Rather than trying to force fit a clients needs into one of our products, which may … (2 comments)

lee county mortgages: what is perfect credit anyway and is that all it takes? - 07/06/11 02:52 AM
Two articles caught my eye yesterday while checking CNNMoney.com for any bond yield changes. It is a real quick way to monitor any movement.
You have to remember that C(onstantly) N(egative)N(ews) just loves putting the olde negative spin on their stories, whenever possible, but when I saw
"Secrets to getting a mortgage with so-so credit"  by Les Christie
and
"Mortgage denied despite perfect credit"  by Alison Kosik
I couldn't help myself and I read the articles.
The first point I'd like to make is that in my wildest dreams I cannot, and do not believe that either Les and/or Alison has … (2 comments)

lee county mortgages: The Modification Failure - 06/10/11 03:45 AM
Stop and think for a moment;
how many people do you know personally have applied for a mortgage modification? and how many have been successful? if any.
I'm a mortgage lender and I know 1 couple, and they had to make a biiiiig concession.
Here it is;
I was allowed to attend the hearing and the first thing that the negotiator made very clear was
there will be NO balance reduction! NOBODY is reducing balances.
This brings up the biiiiig concession. While the mortgage holder was generous, in my opinion with the rate and payment reduction, the couple was still severely … (10 comments)

lee county mortgages: where do most of the oldsters live? - 05/31/11 04:40 AM
CNNMoney's Les Christie was nice enough to sort through some of the Census data to make a few points about our population.
So here's the answers to where the oldsters live.
like anything else it depends on how you figure it. If you use the new Census and base it on median age, it's not Florida, as you may think it's
Maine
Maine? really?
yup.
The median age in Maine in 2010 was 42.7, 4.55 higher than the national average and 2 years older than Florida.
Who da thunk it?
Three factors come into play;
low birth rate
outward migration … (4 comments)

lee county mortgages: USDA/RURAL HOUSING ALERT for Lee County Florida - 05/11/11 03:57 AM
Your being wiped out.
Not totally, but close.
Here's a statement from the Florida state office,
most of Lee County is ineligible
When will this occur?
According to the USDA not before September 1, 2011, so you may still go online and use the existing eligibility maps.
Beware, if this is the best program for a buyer, there needs to be a sense of urgency, such as buy now.
Here's the new proposed area;
All area contained within and beginning at the Charlotte/Lee County line and State Road 31, south along State Road 31 to Williamson Road, east on Orange River … (2 comments)

lee county mortgages: It's TIME! (to turn short sellers into buyers) - 05/04/11 04:17 AM
I'm known to be the master of the obvious.
We're missing a traditional part of our market.
that being
those sellers who became buyers, either buying up, or often here in Southwest Florida, downsizing.
What happened? well you know. They're stuck with properties they can't sell, or have chosen alternative solutions.
Right now I want to address the short sellers, and I'll try to do it in more of a business related, rather than emotional fashion.
Why the "short sellers," because as far as I'm concerned they have attempted to act responsibly, to a bad situation.
Back to the obvious.
Both … (6 comments)

lee county mortgages: BEWARE! Strategic Default(ers)...We know who you are - 04/29/11 02:04 AM
Inman News reported yesterday that Fair Issac, the company that brought you FICO scores has developed a system to predict which homeowners are the most likely to engage in a strategic default, that being homeowners who have the ability to pay, usually a good credit history, but still choose to walk away from their property and the mortgage obligation.
They now have
"THE BLACK BOX"
My first thought is
So what
Mortgage lenders have always attempted to identify those who will default and hopefully attempt to prevent that default.
nothing new there
This isn't brain surgery here now. Who might … (2 comments)

lee county mortgages: Blogging about Bloggers (who explain why they blog) - 04/14/11 01:08 AM
why do I blog? let me count the reasons.
It seems, and I imagine appropriately so that most "bloggers" blog because it's part of their marketing plan.
Okay, that makes sense.
"the rain" supports this idea, I believe, as they are constantly posting pictures of members holding checks, with big smiles on them. The big smiles are on the members, not the checks, just to be clear.
Personally I find that a little tacky, but that's just me. "The Rain" has been berry, berry good to me, and yes it is part of my marketing plan, and yes it works very well, and … (9 comments)

lee county mortgages: RIDE the Wave (of) USDA/Rural Housing - 03/15/11 02:46 AM
I just got my USDA/Rural Housing Florida newsletter.
Hey Charlotte, Lee, Collier Counties
Catch the Wave
The headline from USDA read
Funds are available!
"funding for this program is not affected by the current Congressional budget debate"
Don't believe the rumors!
Allllllllllright!
USDA is issuing a big thank you to Florida lenders, here's why
Fl lenders have assisted 2,154 families with $262,454,483 since Oct. 1, 2010. During the fiscal year ending Sept. 30, 2010, they assisted 6,766 families reach their home ownership dream.
That's a lot of dough.
Okay Realtors, listen up
if you are not knowlegable or are not participating … (2 comments)

lee county mortgages: Why we ask for what we ask for (income), the basics - 03/12/11 12:49 AM
Okay, I will not be able to address everything, but I'll try to cover the basics, kinda like bullet points, without all the bullet points.
Tax Returns
I want the last 2 years, ALL PAGES. Please don't leave any out, and notice I'm not asking for just the first 2 pages. Beware this is the time of year when a self employed person does not have completed returns for 2010. Once the filing deadline has passed I'll need a copy of the extension. If the business is a corporation, corporate returns, ALL PAGES.
Also, a YTD P&L is a standard request. To … (8 comments)

lee county mortgages: The LAST Loan Officer Standing! - 03/11/11 01:32 AM
That's me, or it could be.
WHY?
Because after over 30 years in this industry
I still LOVE what I do.
I've got to admit though I've heard a lot of whining lately, a real lot. Here's a couple of my favorite isuues.
LO Compensation
I've started to see some postings about "LO compensation." That would be how I get paid. The uneducated legislators, particuarly Mr. Dodd, and Mr. Frank, have created new laws regulating my compensation based on being fair to the customer. Let me make this perfectly clear that while I disagree with Mr. Dodd, and Mr. Frank, I … (2 comments)

lee 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
right?
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)

lee 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)

lee county mortgages: Rates soaring out of sight, break 5%...what are we to do? - 02/11/11 12:59 AM
CNNMoney.com'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)

lee 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)

lee 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)

lee 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)

lee county mortgages: are you listening to those "Little Voices," ahuh; what are they telling you? - 01/29/11 12:19 AM
"IT'S ALL IN YOUR HEAD!"
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)

lee 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.
BUY LOW
 SELL HIGH
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)

 


Listings

Links

Archives

RSS 2.0 Feed for this blog