"Ok, well keep me posted if you see any good deals." I hear this all the time from would-be buyers on the phone who are stuck in the mud and never quite satisfied with what's on the table. These folk never buy, because they're always wating for something better to come along. "Sure," I say. What I really want to say is: "Are you kidding me? There are 22,000 listings in Orlando right now - half of them foreclosures going for a steal and we take a dozen calls a day. Why don't YOU get back [...]
Over the last few days, lenders have received many questions in regards to the availability of mortgage funds in the credit markets. Now that the Federal Government controls Fannie Mae and Freddie Mac in addition to FHA and VA, these traditional sources of mortgage funding are still readily available. In addition, working with a direct lender can help ensure a seamless process and access to these loans. More problematic is the availability of jumbo financing, as the current credit crunch has [...]
Thursday, August 21, 2008 Orange County Convention Center North Building - 3rd Floor - Room N320 9400 Universal Blvd. Orlando, FL 32819 2:00 p.m. to 8:00 p.m. EST RSVP: 407-685-9882 Contact: Mark Lindsey, Abernathy MacGregor. msl@abmac.com (310) 343-5844. The nation's second largest mortgage insurer PMI Group (www.pmi-us.com) has released its annual Economic Real Estate Trends report, and the study reveals that several major housing markets in Florida and California are at the highest [...]
One of the most serious misconceptions for potential home buyers right now is the idea that they'll qualify for a mortgage "no problem". If you're an all-cash buyer, you can ignore everything that follows, but if you're an investor looking to leverage, listen up - because the days of telling your Realtor "Don't worry about it, it's not a problem" are over. Right now, lenders are changing their guidelines on a weekly basis, and if you haven't pre-qualified, then you're unlikely to be considered [...]
You guys may notice a new logo at the top of this newsletter. Your friendly local mortgage    professional has decided to hang his hat at a new brokerage, opening up access to almost twice as many lenders and, most notably, FHA financing. The government's working for ME now. Take THAT, Uncle Sam. Aside form that, practically nothing has changed.Now to the fun stuff. Volatility continues to riot in the markets. The Dow Jones Industrial averÂage is at it's [...]
"You put down 20% and get a 30-year fixed-rate mortgage at today's rate of 5.5%. Monthly principal and interest come to $994.31. Let's say that 12 months from now the same house goes for 10% less, or $197,010. But by then the recession is history and the Fed is jacking up rates to stem inflation. If mortgage costs rise just half a point, to 6%, your monthly payment would be $994.94 and you'd have saved nothing. Meanwhile, some prices might steady and sellers might become less willing to [...]
A couple of weeks ago, we forecast the mass buyout of cheap condos by investors which could reduce condo inventory and begin to threaten Florida's "buyer's market." Now, the Miami Herald reports that Jorge Perez, south Florida's condo tycoon, is setting up a $1B fund to purchase some of these troubled condo developments. As this happens, condos become rentals again and inventory shrinks. Perez' decision to launch a vulture fund -- or an ''opportunity fund'' as he calls it - could be [...]
Fiction: Inquiries from multiple mortgage lenders while shopping for a loan will lower my credit score. Fact: Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though you're only looking for one loan. To compensate for this, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. If you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on [...]
Dear Sherry: What's the difference between getting pre-approved and pre-qualified for a mortgage? I hear these terms used interchangeably - are they the same thing? Though a prequalification and a pre-approval may seem to be the same thing, the differences are quite significant. Both require specific information from homebuyers. But that's where the similarity begins and ends. In both cases, home buyers provide the following information: Sales Price Down Payment (to determine the loan [...]
I recently spoke with a buyer who was interested in being pre-approved to purchase a new condo. After our initial meeting, we reviewed his credit and to his dismay his credit rating was much lower than anticipated. A further review of his credit revealed several open accounts with balances that he did not recognize. It soon became apparent that someone had "stolen" his identity and had been hard at work fraudulently opening accounts. My buyer needed to work towards clearing these discrepancies [...]
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