Why you shouldn’t go late if you don’t have to…

As a Real estate industry veteran i receive a lot of calls from friends, family and clients asking me what to do about there mortgage. I here, this attorney told me that if I’m late…I can get a mortgage modification….SHAME ON YOU ATTORNEY.

That is the furthest thing from the truth not to mention there is no guarantee your bank will modify you mortgage. First of all, part of one of Obama mortgage plans is to help home owners who are CURRENT on the mortgage yet fallen on hard times due to an overall weakening economy. So you don’t need to be late in order to receive a loan modification.

Here’s the reason I think you shouldn’t go late if you don’t have to…

In today’s mortgage market place it is very difficult to get a mortgage, so find value in the fact that you have one. Ask your self if you want to rent the rest of your life or try????? Even if your mortgage is slightly underwater pay it if you could, because once you stop paying you are not getting a conventional mortgage for a really long time. People are so caught up in what the heard is doing they forget to evaluate there own personal situations and just want to do what every one else is. Everyone is may not be in your situation or they didn’t deserve a house in the first place…If you feel you deserve a house PAY YOUR MORTGAGE.

 FL Refinance

If you can’t pay your mortgage, try a short Refinance before you go late. A short refinance basically allows you to negotiate your current refinance due to unfortunate circumstances and refinance into a new FHA loan with a lower payment.

Avoid getting caught up in the heat of the moment. You’re making a contract to purchase a home, which will legally bind you if the seller accepts. You also will submit a deposit with your offer, which is only refundable under certain conditions.

Do Your Research

Find out about:

• Current market conditions. The more demand there is for housing, the more you can expect to pay. 
• Prices of comparable homes sold in the area recently. The range varies, so get up-to-date figures. 
• Current value of the home. Work with your agent to get a list of recent sales of similar properties in the neighborhood. 
• The seller’s motivation. In cases such as divorce or relocation, the seller may settle for a lower price in exchange for a quicker sale. Questions to Ask the Seller. 

 

Prepare Your Offer

• Always make an offer within your ability to pay.
• To strengthen your offer, include a letter of pre-approval from a lender.
• Attach standard contingencies, or conditions, to your offer.
• You usually have to include a deposit with your offer, to be applied to the down payment if the deal goes through.

how much to offer on a house

Other Resources:

• Decide to Buy
• Prepare you Offer
• Get Organized
• Shop for a Home
• Get a Loan
• Close the Deal
• Back to Roadmap

Curious to know what to offer…

10 20% off the list price…click here How Much to offer on a House

This should help

Find out about:

• Current market conditions. The more demand there is for housing, the more you can expect to pay. 
• Prices of comparable homes sold in the area recently. The range varies, so get up-to-date figures. 
• Current value of the home. Work with your agent to get a list of recent sales of similar properties in the neighborhood. 
• The seller’s motivation. In cases such as divorce or relocation, the seller may settle for a lower price in exchange for a quicker sale. Questions to Ask the Seller. 

 

Prepare Your Offer

• Always make an offer within your ability to pay.
• To strengthen your offer, include a letter of pre-approval from a lender.
• Attach standard contingencies, or conditions, to your offer.
• You usually have to include a deposit with your offer, to be applied to the down payment if the deal goes through.

The seller may accept, reject or counter within hours or days, depending on the quality of your offer and the seller’s desire to sell. You can then accept the counteroffer or “counter the counter.” Once the seller accepts, a third party (a lawyer or an escrow or title company) completes the transaction with your lender.

Other Resources:

• Decide to Buy
• Prepare you Offer
• Get Organized
• Shop for a Home
• Get a Loan
• Close the Deal
• Back to Roadmap

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FHA Loans will help Florida recover from it’s current real estate woes. Future Homeowners get to take advantage of tax credits with this type of loan.

There are many companies that are writing FHA Loans Florida one particularly is TLG.

FHA Loans allow borrowers to buy homes with as little as a few percent down and lock in very low historic interest rates.

The Federal government realized that the only way out of this is to get people buying again and with home prices back down to being more affordable then it is to rent, homeowners are really starting to come back to the market.

There are many First time Home buyer Loans with down payment assistance out there as well, so do your research to see what you may qualify for. We learned this after speaking to one of the Loan Specialist at TLG she commented on some city grant programs.

For some FHA Loans maybe the answer to First time home-ownership, for others the opportunity to get back in a house that they may of lost from being on hard times. FHA Loans underwriters understand people who fell on hard times so don’t say to your self I will never get approved…You will be surprised what we have learned, People with credit scores down to a 530 getting approved.

Looking for the BEST Florida Mortgage rates….Try TLG.

You can call them Directly at 1-866-938-0550 ask one of there loan officers for a good faith estimate for your next home purchase or refinance.

When shopping around for mortgage rates make sure you understand that no rate is guaranteed until you are approved. Loan Officers tend to say you have a rate when in reality until you are approved your rate isn’t usually locked.

Work with someone who explains to you how this works….There is nothing to hide when you are working with a broker, they have to disclose everything so just ask questions.

Where as when you get a rate from a bank you never get to see what the person is making because they dont have to disclose this information to you.

Mention this blog when you call and tell them you want an appraisal credit at closing…They usually will work with you on that.

Best Florida mortgage rates

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As a Florida based title company located in south Florida we really get to see first hand whats going on in our real estate market.

Purchases are picking up!

The purchase market in Florida has obviously been one of the most troubled markets in the country but we boomed because we live in a great place and we will recover because we live in a great place.

Florida Title Company

We see the mortgage industry consolidating and FHA loans taking off, FHA loans have really probably been our savor and with the new increase thats coming next month we really anticipate a major increase in closings. From what we understand it is set to increase around 25% that will really open things up for people who just dont have the down payment conforming loans are requiring.

Attention: Florida Home Buyers…The time is now.

We have been interviewing mortgage professionals in our local area and 70% of their business has turned into purchases. Is The end near? We hope so!


According to last weeks numbers home purchases rose unexpectedly but inventory followed, is this good? We think so…The only way we will put the bottom into our housing market is by prices falling to affordable levels and if home buying is up…We may be here.

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