Unseen difficulty in short sale or foreclosure real estate transactions.
Continue reading about Unnecessary Short Sale & Foreclosure Drama By No’s
Taking Mortgage Broker Recommendations There’s a big difference between inexpensive and a good value where home loans are concerned. Throw in a few dozen flashy ads with teaser interest rates and all the magic the loan officer promises to work for you and let the mortgage cyclone begin. Getting a mortgage is unsettling for some [...]
Continue reading about Time Zones, Online Mortgages and Russian Roulette
Pros and Cons of a Bi-Weekly Mortgage Program When a borrower enters into a contract to make bi-weekly payments on their mortgage, the amortization schedule is accelerated. For example, with a 30-year amortization schedule, the borrower makes 12 payments per year. In a bi-weekly arrangement, the borrower makes 26 ‘half’ payments, which allows the loan [...]
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The Low Interest Rates Won’t Last Forever To everyone’s great relief, fixed mortgage rates have been extraordinarily low for the last year averaging between 4.75% – 5.25%. However, perhaps you remember the summer of 2008? Gas prices crested $4/gal, inflation was all the rage and home buyers were snapping up 6.5% mortgage rates like they [...]
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Know Your Credit Score In the past, it wasn’t out of the question to obtain a mortgage with a FICO score in the low 500 range. In fact, if you were willing to accept the payment, you could even do so with little money down. Today, however, if you have a low FICO score, you [...]
Kinda Makes Me Want To Pull The Fire Alarm A buyer recently asked me if there is anything that I can do to speed up the short sale process. Why funny that they asked on the heels of the shiny, new and improved rules that that have just been formed to streamline the short sale [...]
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That Warm Fuzzy Feeling It’s that time of the year folks. It’s time to give. Give heartily and freely because it’s the right thing to do and there are so many people in need. Why I even received an email with the greatest header that read “Dignity, Peace, Prosperity” asking me to give, give, give. [...]
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Mortgage Rates Hit All-Time Low Levels Again! In case you haven’t caught the news, home loan rates have done it again, dropping to their lowest level…ever. Not only has the 30 Year Fixed rate returned to its lowest all time level, rates across the board are at their lowest levels. Yes, that means, go [...]
Continue reading about The Time Financing a Florida Home Couldn’t Be Better
Don’t Think We’re in the 4′s Anymore Toto Over the weekend a major tornado wreaked havoc on the mortgage industry. Analysts are certain of the cause, but while siphoning through the damage, on thing is certain. 4% interest rates have disappeared from this realm of reality. While we can only hope that these rates find [...]
Continue reading about Bonita Springs Florida Monday Mortgage Report 10-12-2009
Financing after bankruptcy, foreclosure, short sale, deed-in-lieu
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Record Low Rates, Get What You Need "You can’t always get what you want, but if you try sometimes, well you just might find, you get what you need." – Rolling Stones What does that have to do with this week’s mortgage rate report? Well, funny you should ask. I have heard from a very [...]
Continue reading about Bonita Springs Florida Monday Mortgage Report 09-21-2009
Banks Get The Gold Mine Consumers Get The Shaft … and Jesus Loves You Sometimes actually getting the bank to give a loan modification doesn’t end with the borrower being getting their issues solved. Loan modifications are an emotional roller coaster. From the day a borrower finally gets a living, breathing human on the phone [...]
I am changing the format of this up a little bit to make it work with our site’s that we post for, so please work with us as we try this this out. Mortgage rates have been holding steady for the past couple weeks. Mortgage applications have increased. Is this a sign that the [...]
Continue reading about Bonita Springs Florida Mortgage Monday August 31, 2009
Interest Rates Trotted Down Under 5% The Mortgage Loan Interest Rates Report for Bonita Springs, Florida. Rates as of August 17, 2009. Holy 4.875% Rates, Batman!!! Yes, it is in the 4% range again. How many times are you going to flirt with this before you decide now is the time. Product Rate Discount [...]
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Visit msnbc.com for Breaking News, World News, and News about the Economy If you can’t see the video above, CLICK HERE. This is a little ditty about how the real estate market really is. Many buyers of real estate worry that because the market is moving so swiftly they won’t get a great deal. [...]
Continue reading about The Banks Are Still Loaded With Toxic Assets
Conventional, Cash and FHA Financing Statistics Wondering how things get paid for in the Bonita Springs and Estero Florida real estate market? These are the number for July 2009 taken from the Sunshine MLS. This is the closed real estate sales only during that month. Cash is king, followed by conventional mortgages and [...]
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The Second Run of Investors “But I thought it was a buyer’s market” … That’s what the last buyer said to me that had put in a half dozen offers on homes and lost the contract on every single bid. It is, in fact, a buyers market but there are also a lot of buyers [...]
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Florida Mortgage Rates It looks like rates have pretty much held steady this past week. But how much longer will it hold out? Product Rate Discount APR Monthly Payment Conforming Fixed 30 Year 5.125% 0.00% 5.278% $816.73 Conforming Fixed 20 Year 5.250% 0.00% 5.458% $1,010.77 Conforming Fixed 15 Year 4.625% 0.00% 4.883% $1,157.10 [...]
Continue reading about Bonita Springs Florida Monday Mortgage Report 07-20-2009
Bonita Springs Real Estate Myths 1. There are homes for sale on the Imperial River for sale for $100,000. No. There are barely any homes available at that price, let alone on the river. That price is a ridiculous stretch for gulf access real estate in Bonita Springs. There are more bar stool stories about [...]
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Interest rates for Bonita Springs Florida real estate.
Continue reading about Bonita Springs Florida Monday Mortgage Report 07-13-2009
Your $8000 SHIP has come in. But are you first in line? July 1, 2009 marked the new fiscal year for SHIP (State Housing Initiative Program), a state funded down payment assistance program for low-level income home buyers. However, this year the $161 million grant used to fund this program has been cut to $30 [...]
Continue reading about Bonita Springs Florida Monday Mortgage Report 07-07-2009
Why HVCC just must loans and funding worse for consumers.
Continue reading about Bonita Springs Florida Monday Mortgage Report 06-22-2009
Up To $8,000 Up For Grabs Since the first of the year, many first time home buyers have staked their claim in the Southwest Florida real estate market. Besides the low prices and historic low interest rates, the tax credit of up to $8,000 has been a huge motivator. There are still folks on the [...]
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Mortgage Prequalification VS Mortgage Approval OK, by now most Consumers realize that they should have financing in place before even starting to look for real estate – so I won’t beat up on that topic any more! (BTW – even if you’re not a first time buyer take a look at First Time Home Buyers [...]
Continue reading about Bonita Springs Florida Monday Mortgage Report 06-01-2009
Congratulations! Your mortgage Was denied Many people in today’s market are hesitant to apply for a mortgage, whether it be a purchase or refinance. They are scared, or more so embarrassed, about the possibility of being denied for the loan. However, those that are denied for a mortgage are one step closer to getting approved [...]
Continue reading about Bonita Springs Florida Monday Mortgage Report 05-18-2009
Are you too late to the home buying or refinancing game? Some people still think that things are going to get better. So I decided to hold off one week on writing something, so this way I could write on what did happen. As they say, “Hindsight is 20/20.” Now, there is no arguing that [...]
Continue reading about Bonita Springs Florida Monday Mortgage Report 05-11-2009
Mortgage Rates Hit 5 Year High This week it is projected that mortgage rates will reach a 5 year record high. Thanks to declining markets, credit lending guidelines tightening down, banks going out of business or merging to avoid bankruptcy, and many other economic factors, potential homeowners will now be facing an even more difficult [...]
Continue reading about Bonita Springs Florida Monday Mortgage Report 04-27-2009
USDA 100% Financing Gets An Income Facelift Effective Monday, April 20, 2009, the income eligibility guidelines for USDA 100% guaranteed mortgage loan financing will be changed. The change, unlike most changes in our current mortgage industry, is for the better. So what is the change?… Higher income limits in bracketed tiers versus the original per [...]
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Bonita Springs Refinance Rates Still Below 5% Recently, President Obama talked about the record low interest rates available for home loans and how this is a great time for millions of homeowners to refinance. Quite a few news sources criticized him for sounding too much like a salesman – but hey, they have to have [...]
Continue reading about Bonita Springs Florida Monday Mortgage Report 04-14-2009
If you don’t see the video below click this link: Why Won’t My Mortgage Company Help? The video is complements of the Consumer Warning Network. You can read the entire article about how Wells Fargo isn’t cooperating with these home owners HERE.
Foreign Buyers Mortgage Guidelines One of the questions home owners ask their agent when they list their home is “What about foreign buyers?” Ah, yes, the foreign buyer’s whose money is worth gobs more than American currency after conversion. The foreigners simply must be snapping up real estate hand over fist just to take advantage [...]
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HomePath Mortgages – What You Need to Know Earlier in the month, I discussed the new Fannie Mae mortgage loan program, HomePath : no mortgage insurance, no appraisal, low down payments, and contributions up to 6% of the purchase price. Now that the program has been running for a couple weeks, I am going to [...]
Continue reading about Bonita Springs Florida Monday Mortgage Report 03-02-2009
Truth in Lending | Good Faith Estimate ‘Transparency’ is one of those terms that gets thrown around a lot in the mortgage world these days. It’s actually pretty simple – you as the Client should be able to see everything that’s going on with the home loan that you are getting for your purchase (or re-finance). Nothing [...]
Continue reading about Bonita Springs Florida Monday Mortgage Report 2-18-2009
USDA Rural Land Development Loans You have another choice for financing property in Florida – have you heard of USDA mortgages? Most people aren’t familiar with that program- We’re all bombarded by Freddie, Fanny, FHA, VA, etc – but USDA financing is alive and well and available in a much larger area then you might [...]
Continue reading about Bonita Springs Florida Monday Mortgage Report 02-09-2009
Those Who Wait, Lose – Agonizing Over Financing There’s been quite a bit posted lately about mortgage rates – they’re going up, they’re going down, what’s the Government going to do, etc. There’s nothing wrong with wanting to get the best deal possible and save a few $$ – but people have been taking things [...]
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Maybe Credit Isn’t Always The Issue Setting off to purchase a new home is usually a daunting task and it’s mostly due to the learning curve. Chances are a buyer hasn’t dealt with the process in some time and quite often their last real estate purchase was made in another state. How they did it [...]
Continue reading about Blind Sided in Underwriting | Bonita Springs Condo Loans
What Makes More Sense Than a Mortgage Pre-Approval? What makes more sense? Knowing what you can afford BEFORE looking for real estate … Or finding something you want to buy and then hoping that you might be able to get the money or loan for it? The answer is pretty obvious, but for years consumers [...]
Continue reading about Bonita Springs Florida Monday Mortgage Report 01-12-2009
Options on loan payments? Absolutely! And I am NOT talking about the ‘Option ARM’ that got so much bad press over the last few years. I was a good loan IF you knew what you were doing, but it was so often misrepresented that people tend to cringe when they hear the words. Someone just [...]
Continue reading about Bonita Springs Florida Monday Mortgage Report 12-29-2008 0
Lowest Rates in 37 Years I’m going to make this morning’s update a quick one- Everyone seems to be taking it easy now that the Holidays are upon us. Hey – everyone needs a little break every now and then! But keep a few things in mind…… * We still have a very strong Buyer’s [...]
Continue reading about Bonita Springs Florida Monday Mortgage Report 12-22-2008
Banks Didn’t Turn Their Back on Homeowners They Turned Their Back on Our Nation Billions and trillions of dollars of bail out money is what they have all got their hands out for. That’s not even counting the auto industry. Since I’m not expert about the auto industry I won’t be touching that subject with [...]
Continue reading about Banks, Bail Outs and Bull Sh*t in Bonita Springs, Florida
Mortgage financing that you may not be aware of…. Home financing is available through the USDA – the zoning of the property is important, but you would be surprised at how many areas actually do qualify in Florida. Believe it or not, 100% financing IS still available. Features of these mortgages include: No Mortgage Insurance [...]
Continue reading about Bonita Springs Florida Monday Mortgage Report 12-08-2008
Down But Not Out, Credit Is Still Available Throughout Southwest Florida home sellers have been waiting it out. They’re waiting for buyers, waiting for prices to go up and they’re waiting for something to happen that is going to make their Bonita Springs real estate sell. One of the most frequently asked questions I get [...]
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Bonita Springs FHA Loan Limits If you are a buyer of Bonita Springs real estate and you qualify for a conventional mortgage, you are fortunate enough to be escaping some of the side effects of our recent economic woes. Perhaps, through your investment brokerage you are able to obtain financing and if that works for [...]
Continue reading about Bonita Springs Florida Monday Mortgage Report 11-14-2008
The Florida Mortgage Market Starting this week, Knightlines Mortgage Services will be publishing “Mortgage Information for REAL People“. We’re going to focus on two main things: We will discuss what is going on in the world of home financing, but unlike most other mortgage reports you will not need an advanced degree in finance to understand what we [...]
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Happy Monday! Traffic has picked up, and we know what that means… things are moving! Rates are still very low and two of the best programs in the market center are: 30 year fixed rate at 6.125% loan amounts up to $417,000 5/1 ARM at 5.5% with loan amounts up to $3,000,000 If you need a [...]
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