04 Nov 2015

Know What You Want

Know What You Want

It’s Your Mortgage and You Have a Choice.

You Do Have Mortgage Options
It seems simple but you would be surprised by how unprepared some First Time Home Buyers and experienced homeowners really are.Lets Get Mortgage on the BrainWe want to give you a few questions to ask yourself so that your transaction goes smooth and you get the house you want.

  • What area do you want to live in?
  • What do you want your house to look like?
  • What do you want your monthly mortgage payment to be?
  • How much money do you want to use for a down payment?
  • How much are your closing costs?
  • What Mortgage Interest Rate do you qualify for?
  • Do you want a pool?
  • Is is far enough away from your in-laws? Just kidding but not really!

You are on Your Way!Those are just a few to get your brain going but the point is that when it pertains to your mortgage and your house, you need to do your research.

04 Nov 2015

If You Find a Great Deal, Make An Offer!

If You Find a Great Deal, Make An Offer!

If You Find a Great, Deal Make an Offer!

Florida is on sale and it will not last long!

The Bargain of Your Life!

Please don’t laugh when we you read the title because it happens everyday in the Florida Real Estate market.

We will approve a buyer for their new mortgage to find out that the buyer keeps low balling every house he likes and then gets frustrated when his offers keep getting turned down.

2008 is over and the times have changed!

The Florida Real Estate market is not the same as it was in 2008 or even a month ago especially with mortgage rates being at an all time low.

You must go into this process with the mindset of knowing what you want.

Do you know what you want?

How much do you want spend on a house?

How much do you want your monthly mortgage payment to be?

Where do you want to buy your new home?

Is this house the ONE

If you find a house that matches those three things and your body and mind feels that the stars have aligned, the sun is shining down on you and you just found twenty bucks in your pocket that was wrapped around a horseshoe, please make a serious offer on that house. PLEASE!


Make a serious offer or else…

If you don’t make a serious offer there is someone out there with cash in hand that will.If they are more serious than you, you will be outbid by them.

You do not want to lose the house of your dreams over a couple thousand dollars.

On a 30 year mortgage that will equal about $12 a month.

That is not worth the pain, regret and loss of time that you will incur for the price of a large pizza.


Find your house and make it yours!

The days of being the only buyer bidding on a house are long gone and you are buying a house at the price point that millions of Americans can only dream of.

Be serious about your offer, do your research and BUY YOUR DREAM HOUSE!

04 Nov 2015

Get in the Game and Get Pre-Approved

Get in the Game and Get Pre-Approved

You do not want to be looking at houses that you can’t afford or even worse, missing out on the houses that you could afford!

This Is the Most Important Item!

Once you are approved you will know what payment you qualify for along with the down payment required, closing costs and your sales price.

Want to Buy a Home? Get Pre-Approved!

Let’s say you are out looking at homes with no pre-approval and you find a house you like. You are all excited because this is the house you want and you are ready to make an offer.

You send in the offer but find out that hard way that NO seller is going to take their house off the market for a buyer that is not pre-approved by a Direct Mortgage Lender.

You then stress out and have to hurry up and get pre-approved, if you even can get approved, and take the first deal that comes by because you had no choice.

As The Mortgage Turns! (Soap Opera)

In the mean time while you are out trying to get pre-approved a cash buyer has made an offer on a house, had his proof of funds ready and stole your house from you.

You have to be prepared when you are out looking because this is a serious business with careers, livelihoods, thousands of dollars and sometimes someones retirement on the line.

The Mortgage Preapproval Process!

The preapproval process only takes about 10 minutes online and then depends on how fast you can gather your required mortgage documents.

Get the Ball Rolling Today!

04 Nov 2015

Don’t Forget the Extras

Don’t Forget the Extras

To Escrow or Not Escrow - That is the Question

After you have been preapproved by us, you are then going to start looking at properties which could possibly be your future home.When deciding on your future home you will want to be aware of the existing monthly or yearly payments that come with the house and whether or not you want your monthly mortgage payment to include your escrows.


What is Escrow?

Escrows are a monthly payment you will make, along with your principal and interest, to your lender as one payment. Your escrow amount can include your real estate taxes, homeowners insurance, flood insurance etc.

The lender holds your money in an “escrow account” until your yearly bill is due. The lender then sends the company a check on your behalf to pay the bill.


When Do I Have to Escrow?

If you are using a down payment of less than 20% you will be required to have your escrows included in your monthly mortgage payment.

If you use a down payment of 20% or more you will have the option to escrow or not.

What is included in Escrows?

Real Estate Taxes- This is a biggie and you can checkout your Florida Real Estate Taxes at www.leepa.org.

Home Owners Insurance- The newer the house the cheaper the insurance will be, usually. You are also able to obtain a wind mitigation inspection which will allow your insurance to be cheaper.

Flood Insurance- If you are in a flood zone you must have flood insurance

Condo Association Dues
- Condo dues are a hot issue in the Florida real estate market with many condo associations raising their rates due to lack of funds.

Is that all!

We have listed the bigger items for you but it boils down to working with your Florida Realtor to ensure that you know everything there is to know about the house you are going to buy so that you don’t regret the decision in the future!

04 Nov 2015

Do I Have to Pay Closing Costs?

Do I Have to Pay Closing Costs?

You Can Have the Seller Pay Your Mortgage Closing Costs!

Closing Cost Options are Limited Since you are out looking for a house and have been pre-approved by us, you will want to understand how closing costs will be paid.You will only have several options for your closing costs to be paid, either by the seller through the sales price or by the buyer with their own money.Try to Have the Seller Pay For Your Closing Costs

 

The ideal situation would be for the seller to pay the buyers closing costs but sometimes the seller will not comply nor do they have to.

Depending upon what type of loan you are approved for, the lender will only allow the seller to pay a certain percentage of the buyers closing costs.

Option #1- Seller Paid Closing Costs
FHA Mortgage and VA Mortgage– Seller can pay up to 6% of the buyers closing costs. Example: Sales Price is $100,000 and the seller can pay up to 6% of the buyers closing costs. That 6% will equal $6,000 to be paid towards the buyers closing costs. Conventional Mortgage– The seller is only allowed to contribute 3% towards the buyers closing costs unless the borrower is using a down payment of 20% or more, then the seller paid closing costs can go to 6%.USDA Loans/ Rural Development– USDA home loans are very unique in that the seller can pay an unlimited amount of the buyers closing costs. If the seller will not pay any of the buyers closing costs the buyer will be able to add the closing costs to the sales price to be financed with their total loan amount.

 

Option #2- Buyer Paid Closing Costs

You pay for your closing costs. Not too many choices here! The buyer pays for their closing costs with their own money or with a gift from a family member.When you are trying to obtain a mortgage, we would prefer that you use your money for a down payment over paying for closing costs.Paying for your own closing costs will give you a better chance of having your contract accepted.

 

The majority of this work begins with choosing the right Realtor that understands how to negotiate your sales contract so you can get your piece of Florida Real Estate!

04 Nov 2015

Be Honest with Your Florida Loan Officer

Be Honest with Your Florida Loan Officer

It’s Your Mortgage and You Have a Choice.

It seems simple but you would be surprised by how unprepared some First Time Home Buyers and experienced homeowners really are.

Lets Get Mortgage on the Brain

We want to give you a few questions to ask yourself so that your transaction goes smooth and you get the house you want.

What area do you want to live in?

What do you want your house to look like?

What do you want your monthly mortgage payment to be?

How much money do you want to use for a down payment?

How much are your closing costs?

What Mortgage Interest Rate do you qualify for?

Do you want a pool?

Is is far enough away from your in-laws? Just kidding but not really!

You are on Your Way!

Those are just a few to get your brain going but the point is that when it pertains to your mortgage and your house, you need to do your research.

04 Nov 2015

Have Your Mortgage Documents Ready

Have Your Mortgage Documents Ready

Start the Mortgage Pre-approval Today!

Documents Needed for Mortgage Pre-approval

When you apply for your new Mortgage you will be asked to provide us required financial and personal mortgage documents so that your loan can be pre-approved.This step needs to be done so you should start gathering these documents now if you are a serious home buyer.
 
And The Documents Are!
 
We will separate the required mortgage documents into two types of borrowers and you can click the appropriate category.

W-2 or Salaried Employee Document Checklist

Self Employed or Commission Borrowers Document Checklist 

The sooner you get all of your mortgage documents together the sooner we will be able to finalize your pre-approval.

You are now on your way to owning your own home and finalizing your pre-approval.

04 Nov 2015

Be Prepared to Explain Your Past Credit History

Be Prepared to Explain Your Past Credit History

Be Prepared to Explain Your Past Credit History!

Everything should have a reason for why it happened and how it will never happen again.

When you are obtaining a mortgage, especially if you are a First Time Home Buyer, you will want to be prepared to explain your past credit history.

This is assuming you had some problems in the past.

You will be asked to provide a Letter Of Explanation for any past derogatory credit that you may have had.

The following items will have to be explained:

  • Collections
  • Charge-offs
  • Late Pays
  • Credit inquires
  • Liens
  • Judgments
  • Bankruptcy
  • Short Sale
  • Foreclosure

Your Credit Letter of Explanation

We will assist you in the drafting your letter of explanation if need be but they must be your words.

It takes years to build your credit and only months to ruin it. Let us help if you have problems!

04 Nov 2015

Know Your Credit Health

Know Your Credit Health

Your credit is one of the most vital pieces to you being approved or denied!

Is your Credit on life support?

Does it have a bad family history of late pays, collections and charge offs?

When your credit is pulled does an ambulance automatically show up with a denial gurney? 

These are just a few of the analogies we came up with to get you thinking about your credit and hopefully you also cracked a smile.

Did we mention your Credit Score is IMPORTANT?

We will use your Credit Score as its main tool to judge if you are going to pay the lender back on time or give them another unwanted foreclosure.

If you already know that your credit is not a 620 or higher please do not let that stop you.

There are ways to improve your credit score quickly. It could also take months or years to fix your credit. The point is that if you don’t start your credit will probably never get better.

Take your credit serious……We do!