Home values dropped need to refinance my high rate loan

There are programs out that allow you to refinance up the 125% of you homes value.

This loan is designed just for that purpose. Call us and see how it may apply to you.

Some restrictions may apply, however a great opportunity for the right client.

When the client asks what is the cost, and what is best for me on a Mortgage Loan we show them Edge

Here is an illustration on what we are showing to our clients.

VA client was able to refinance and saved not only on their payment but see what else

Think on this as you watch could be you or someone you know

How Jack got into the business and why 10-20-10

Closing cost gone wild

Closing Costs Gone Wild!

We were talking today with Brian earlier , and we asked if we could  share this

By Brian P. Forrester on September 2, 2010 My Friend in Tampa

I don’t like to throw statistics around too often. They can be misconstrued and twisted. But some of them just shout out and leave absolutely no room for interpretation. Here’s one: According to Bankrate.com, buyers’ closing costs jumped almost 37% over last year.



Closing costs have increased because of the administrative burden placed on lenders because of these new disclosure requirements

This info is both startling and ironic. Startling because that is an insane number and ironic since HUD was bragging about all the alleged precautions they had to put into place to keep the fees paid to loan officers in check.

But actually, closing costs have increased because of the administrative burden placed on lenders because of these new disclosure requirements. Although designed to protect the consumer, they have only succeeded in unnecessarily costing them more.

Closing costs have also increased because of all the additional time that must be allocated to investigating borrowers on a molecular level. (Italics added by author to highlight the insanity in the lending universe.)



‘On average, the origination and third-party fees on a $200,000 purchase mortgage added up to $3,741 in this year’s survey. That’s a 36.6 percent increase over last year’s average of $2,739.

Fees charged directly by lenders went up 22.8 percent, while fees charged by third parties — for things such as appraisals and title insurance — rose 47.2 percent.’

At the end of the day, it’s a world gone mad.

Consumers aren’t being protected, they are being gouged. Back when Washington Mutual was manipulating their appraisal management company’s valuations, it sparked a lawsuit from New York state Attorney General Andrew Cuomo that inspired this HVCC insanity that triggered the widespread mandate of appraisal management companies that lead to the use of inexperienced appraisers whose pay was “more affordable” than those appraisers who really knew what they are doing.

The result of all this stuff rolling down hill?

• The buyer pays more

• The appraiser gets less

• The buyer receives an inferior product

• How is this serving the customer?

In my opinion, it would be hilarious if it weren’t so tragic; the answer to the original problem was to force everyone to have appraisal management companies. I understand the need for appraisers to have independence from those in loan origination roles, but there has to be a better way that benefits the consumer. Why not enforce the USPAP regulations that appraisers supposedly hold themselves to in the first place?

So with all that being said; why it is that the evil mortgage brokers are the scapegoats? And what color is the sky in their world?



This is not always the Mortgage Brokers Fault:

Think of me when you can.

Mr. Will

Seller consessions

Mortgage Loans and Seller Paid Contributions


by Brian P. Forrester on March 15, 2010 My dear friend outside of Tampa



Here we go again! In the mortgage industry, mortgage brokers have seen as many interpretations of rules as there are actual rules that govern the home mortgage business.



Seller paid contributions (money that can be allocated toward buyers’ expenses of everything from closing costs to pre-paids to escrows and are paid out of the sellers’ funds), may or may not soon be downgraded from the current 6% of the home purchase price to 3% of the home purchase price. Currently, we have no concrete information on an effective date for that change.



However, (mortgage brokers have had to use that word a lot lately!), since January 1st we’ve already seen hiccups in lender interpretations of how to treat owners’ title insurance and tax stamps on the deed in the context of seller paid contributions.



In many regions of the country, these title insurance and tax stamps expenditures were traditionally funded from the seller’s side of the HUD. But now, if a deal includes a 6% seller contribution, then the owner charges must be represented on the HUD. But some lenders are interpreting the tax stamps on the deed as a charge to the home buyer.



The impact on the home buyer is the discovery that he or she needs to come up with this extra cash at the point in the transaction when buyers are not at their most liquid. This surprise can really cause a hardship and is the kind of stress that can be avoided.



At the end of the day, best practices dictate that in a seller-paid scenario, the home buyer should confirm with their lender whether it is the seller or the buyer that pays for the title and the tax stamps. Avoiding a pre-closing surprise of a buyer paid contribution is priceless.

where are the rates and buys going, and what to do

With rate as low as they are one would be surprised that there is not more activity.




Well several things play into this. We need to feel secure in our jobs, have some equity in our homes and as my Stager Mary Habres would say an emotional attachment in our home to purchase and then a disconnect to our home if we are going to be selling.



There are some very good purchase opportunities out there for the first time as well as the move up buyers.

Refinancing there are programs available that one can get over the 80% loan if refinancing and not requesting cash out. The programs we are seeing are the 105% - 125% of the homes value if you can qualify. More on this at a later time.

Manny and Dawn Wedding 2010

Our Painter got Married Today meet Manny and Dawn Perez great couple and an excellent painter.

Soneshine paint express904-563-3444

Manny and Dawn Wedding 2010

Another Happy story

See the link here about a happy client  http://wrudloff.mediashare.com/?selectedalbum=wrudloff484350

Happy clients

See their story and what the results were.