Mortgage Loan Blog covering Refinances & Home Purchases

Reverse Mortgages can help in many ways…

1. If you are behind on your current mortgage…a reverse mortgage can be used to get you current and out of potential foreclosure.
2. Help better your way of life, most seniors we talk to are just getting by, that does not have to be….you spent your whole life paying for a house not let it pay you to enjoy the rest of your life.
3. Help the Kids, many senior homeowners we speak too tell us that they have been having to help their kids as the economy weekend, if your kids are going to end up with the house, you might us well see it the equity get put to use your way making sure the kids are helped with the necessities.

Apply here for a Reverse Mortgage and get a free consultation

What is a reverse mortgage?

A Florida Reverse Mortgage allows older homeowner’s (62+) to convert home equity into cash through monthly income, a line of credit or cash. The Florida reverse mortgage is different from conventional home equity loans: No income or credit qualifications, no monthly or immediate repayment due. The Florida reverse mortgage is repaid when the home is no longer the primary residence of the borrower (s).

There are several types of Reverse Mortgages:

• FHA insured HECM, sponsored by a branch of the U.S. Department of Housing and Urban Development (HUD)
• Fannie Mae Home Keeper, sponsored by Fannie Mae
• Proprietary programs by private banks

FL Reverse Mortgage Property Qualifications

Single family up to four units…

The borrower has to reside in one unit as their primary residence but can rent the other unit (s).

Condos…
The condominium needs to be HUD approved or receive HUD spot approval. This can be done with a spot condominium affidavit completed by the homeowners association (provided by the lender). Special assessments and on-going litigation are not acceptable. HOA reserve must be sufficient. Planned Unit Developments (PUD).

Manufactured Homes…
Manufactured Homes maybe acceptable under certain conditions.

How do I the borrower get paid?

Monthly Payments…
As a tenure plan: receive a check for as long as one lives in their home.

As a term payment: receive a check for a certain period, i.e. 10 years or 15 years (only available on the HECM).

Line of Credit…
With the FHA HECM loan, the balance in the credit line could grow at .5% higher than the current interest rate being accrued. This could result in more money available for the borrower at future dates (There is no growth rate with the Fannie Mae Home Keeper loan).

Lump Sum or a Combination of the above…
With either the FHA or Fannie Mae loans, the payment plan may be changed during the term of the loan. A small one-time fee will be charged to the loan balance at the time of each change.

If you are considering a Reverse Mortgage you may also want to obtain a Title Insurance Quote

If you are behind on payments and not interested in a reverse mortgage, try What is a Short Sale for everything you need to know about short saling your home.

Homes for sale in Deerfield Beach

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Have you been trying to Refinance Florida Home? Struggling to do so, we have solutions that can help.

In some cases you don’t even need an appraisal to Refinance Florida Mortgage.

Refinance Florida Rates are lower than ever and getting qualified is quick and painless.

Refinance Florida is available in Miami, Boca Raton, Fort lauderdale, Tampa, Jacksonville, orlando and through out the rest of Florida and many other states.

Always get a Florida Title Insurance Quote so that you know exactly how much your title closing costs will be.

Also, if you are like some other unfortunate homeowners and may be in need of a short sale, try What is a Short Sale for info on Short Selling your home, they will provide you with a free Short Sale Package

Florida Home Refinance

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Loan Modification vs Short Sale

Like many real estate property owners, short sale as become part of their vocabulary recently and yet unfortunate could give you a new lease on freedom once you complete the sale of your home. Prior to short sale, a homeowner should really try and ask the bank for a modification. Loan modifications can work if you still have a job and able to meet a new monthly obligation. The idea of being able to pay less interest, let’s say of a 5 year period allows you to maybe make some extra payments which in return would lower your principal balance, bringing it more in line to your home’s value. Now that’s a plan right, maybe stay in the home, eventually really own the home, after all it will be along while before you get the opportunity again because foreclosure doesn’t go away quick.

If Loan modification is out of the question your next best bet is to try and short sale your home.

In order to short sale your home you will need help from certain people, one being a realtor who understands the short sale process and two a short sale title company who can help you submit all the necessary documents to the bank.

The realtor, this person should really understand how to work a short sale as it will challenge them way more than a normal sale. They need to understand the process so that they can explain it to you and help prepare you for the sale. They need to be able to market with confidence and with a budget as buyers are more likely to go with a normal sale, as it will result in a much quicker close.

The short sale title company, the title company is “key” to a quick sale. As the title company they need to be able to handle the work load of a short sale, able to carry the upfront cost of processing and title reports if they offer a Free Short Sale Program or Free Short Sale Processing. A short sale title company needs to understand the documents and have the knowhow in creating the HUD for a short sale.

All in all a short sale may not be better than a Loan Modification but it is definitely better than a foreclosure. A short sale shows that, you took responsibility for the home you bought and at the end of the day if you ever went for a new mortgage someone with a little commonsense will realize that and maybe give you a new mortgage loan.

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Bank of America short sales are on the move….

With Bank of America short sales starting to move quicker into closing, we should be setting up for the best spring home buying season in years. Thanks to B of A’s implementing the equator system getting files submitted and worked on has become a much quicker process. The equator system allows the person who submitting the short sale whether it’s the client, realtor or title company submits via an online portal versus the old fashion fax method they were using.

This short sale process for Bank of America eliminates a lot of the phone calls or going back and forth emails that you would normally have to deal with making sure that your file was received and is being worked on.

What’s great about the B of A equator system is that it sends you email notifications letting you know what you are missing or may need to fix within your package, again eliminating huge amounts of waste time you used to spend doing follow up calls.

Although great, it does have some draw backs. For instance, if the your are requesting a huge reduction request like over $150,000 or more your file may get kicked back and you will have to submit via fax.

All in all with B of A adopting the equator system for short sales and other banks like GMAC who has also implemented some features from the system, we expect at our Title Company closing will be robust for the Spring home buying season

For more info on short sales try what is a short sale

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WhatisaShortSale.org was formed by a team of real estate, financial and legal professionals with over 50 years industry experience who have come together to provide homeowners with a no up front cost solution to completing a short sale.

What is a Short Sale free service to homeowner’s includes a free consultation that explores their present situation to see if they would qualify for a short sale. After the free consultation the homeowner’s are introduced to an expert in our network in their local area that will work hand in hand with them from start to finish during the short sale process.

Our network of experts do all the work from listing and showing the home, to processing all the necessary documentation that is needed for the banks approval to get your short sale approved in a timely fashion.

We help thousands of homeowners and agents across the nation short sale their properties. We understand it can be difficult for homeowners to pay their bills during a time of hardship, so there is cost for our services and no cost with our industry partners who help you with your short sale.

We have developed contacts within the banks that we utilize to assist in getting your short sale approved in a fast and efficient manner.

Free Short Sale Processing provided Whatisashortsale.org by Assure America Title Co.

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Florida Home Loan Refinance.com was created with the intention to bring a better mortgage search to the consumer. Our google custom search module has been created to bring you the results you are looking.

Florida Home Loan Refinance

Florida Home Loan Refinance Lender ready to compete for you business

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Short Sale Buyers should really beware of liens associated with a real property that they are interested in…

We are seeing a lot of properties come back with tax liens or judgments attached to the owner and the property. These particular properties are becoming more & more difficult to get a settlement on because there is not enough money to cover all the liens.

“For The Better Deal & Faster Closings…Perform a Preliminary Search”

Before you commit to a property and wait for a short sale to be completed only to find out the lender is not willing to settle, perform a search. A title lien search will tell you what liens are on the title, if you see that the numbers will be tough on that particular property…Move on to the next one.

Finding a property with little or no liens associated with it will end up closing faster and probably for a better deal due to the fact that there are less lien holders having their hand out when you close. Our Short Sale Help program will help you find the right property, we will help you perform the search and explain to you what you are up against from the beginning. Call us for more info 1-877-427-9696

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Fast Florida Mortgage Refinancing at TLG…

The TLG mortgage refinancing team truly understands how important it is to you to close your Florida mortgage refinance on time.

Usually a person may refinance for consolidating debt, needing cash or just to take advantage of lower rates.

Right now people are refinancing their mortgages due to lower rates, we feel the rule of thumb is…If you can save anything close to a point when you are considering refinancing, it makes sense to refinance.

It is best to have professional mortgage broker run numbers for you and provide you with a Good Faith Estimate so you truly understand all the costs associated with you refinance, like recoding fees for your new mortgage.

This will provide you with hard numbers to compare and most important figure out how long it would take you to make back the costs and start saving additional money. In some cases we have seen clients make back the costs in just months. In these cases we were able to lower the clients interest by multiple points and it really save them a lot of money each month.

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The South Florida Real Estate problems have drastically improved over the last 2 months; personally I have seen 7 out of 13 houses sell in my neighborhood in the last 30 days.

By no means is our problems over though, almost a 3rd of all Florida mortgages are delinquent and that’s a real problem…

The flip side to that is after speaking to someone I know yesterday, they told me “I just completed a loan modification…Saved over $700 a month…Reduced my payment to $1000″. This is Great for us, that means all those delinquent mortgages may just eliminate foreclosure.

The $8,000 home buying credit from the government is getting close to it’s end which we all hope may get an extension like it’s sister “Cash for Clunkers”….I believe that program has had a huge effect on helping the south Florida real estate market and can single handily get rid of at least 40% of the current home inventory.

Now, all we have to do is hope our Government realizes it too!

If you have gone out to look at properties yet, go and call your accountant first, he will provide you with the form you need to get your $8,000…then call your favorite realtor and buy a house. You will never get an opportunity like this again…

Get a Title Insurance Quote and save money on your closing costs

Content by: Real Estate Blog

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