Oct
30
Why Should I Consider a FHA Home loan to purchase a home?
FHA home loan Florida, FHA Mortgage Florida, Florida home loan,
Why Should I Consider a FHA Home loan to purchase a home?
Purchasing a Florida home is one of life’s major landmarks and for some, it is even a dream come true. Securing a FHA mortgage is the most crucial piece of the Florida home loan puzzle
The FHA loan program was created to help increase homeownership. The FHA home loan makes purchasing a home easier and less big-ticket than other types of tangible estate mortgage home loan programs. Some highlights of the FHA loan program are:
Other FHA loan Advantages Include:
Minimal Down Payment and Closing Costs.
Down payment less than 3.5% of Sales Price Gift for down payment and shutting costs let. No reserves or necessitated. FHA modulated closing costs. Seller can credit up to 6% of sales price towards buyers costs.
Easier Credit Qualifying Guidelines such as:
Minimum FICO credit score of 540. FHA will let a home purchase 2 years after a Bankruptcy. FHA will let a home purchase 3 years after a Foreclosure.
Easier Debt Ratio & Job Requirement Guidelines such as:
Higher Debt Ratio’s than other home loan programs. Less than two years on the job is let. Self-Employed individuals o.k.
APPLY TODAY AT www.FHAmortgageFHALoan.com,
Homeowners enjoy the benefits of investing in their Florida home year after year. For some, there comes a time when that investment can come in accessible. Refinancing your home loan with FHA can prove to be an efficacious way to set that equity in your Florida home to work
Florida has FHA loan limits these FHA loan limits were established to define how much you can borrow for FHA home loan. Each state has antithetic FHA loan limits, so be bound to appear up your state to understand what is accessible for your FHA home loan.FHA home loans are easier and less big-ticket than other home loan programs
There are many reasons for Florida homebuyers to investigate a FHA home loan for their next purchase. First time Florida homebuyers should diagnose FHA loan options because it’s easier to measure up for a FHA loan than measuring up for an accepted mortgage.. FHA mortgage loans are vouched by the government, making your home loan application more attention-getting to FHA approved lenders. Since the characteristic first-time FHA mortgage applicant is young and just getting down out their careers, chances are they still have student loans and other credit card debts to content with; The FHA mortgage loan costs less and is more exculpatory of immature indiscretions with credit and payments
FHA mortgage loans don’t require a big down payment. For most Florida first-time homebuyers this can be an advantage; that characteristic Florida mortgage applicant in the aboriginal stages of a fresh career often doesn’t have an ample down payment set aside specifically for acquiring a Florida home. Luckily the FHA mortgage only requires a humble 3.5% down payment, and that money can come from a variety of sources including a FHA down payment assistance program including Florida Grants
For Florida first time buyers, closing cost can be another issue to contend with. For the Florida homebuyer characteristic shutting costs for FHA home loans are around 6% of the purchase price. One of the biggest advantages with a FHA Loan is that the seller can pay up to 6% of the Florida homebuyers closing cost and prepaid
FHA mortgage loans are not just for Florida first-time home buyers. Florida homeowners use FHA finance mortgages to assist people get out of sub-prime adaptable rate mortgages with interest rates on the brink of a big increase. Florida homeowners on the brink of foreclosure with an accepted mortgage loan are happening that FHA home mortgage refinancing is a godsend for those who desire to keep their Florida home.. The advantages of utilizing a FHA mortgage admit a humble repaired rate mortgage vouched by the FHA. This means, foreseeable FHA mortgage payments over the life of the loan and lower interest rates making it easer for mortgage applicants to measure up with lower payments.
FHA also provides cash-out refinancing for those who need to use equity built up in their Florida home for unexpected expenses. FHA cash-out refinancing mortgage may proffer lower interest rates than conventional home equity loans; you may measure up for one of two FHA mortgage plans which proffer cash-out refinancing. One offers loan amounts for up to 97.75% of the measured value of the home, another FHA refinancing loan offers amounts up to 85% of your Florida homes measured value. Each FHA mortgage loan has its personal requirements;
FHA home loans should take up no more than 35% of your Gross monthly income ( income before taxes) , and your FHA loan officer will ask for verification of your income to make the calculation. While some Florida mortgage applicants are competent to get accepted loans utilizing “put forward income”, necessitatements for FHA home loans much as FHA refinancing loans necessitate copies of your income tax returns to affirm the existent amount of money you report to the government. If your job situation has changed since your last tax registering, you may be able to furnish proof of income through your fresh employer
FHA mortgages have specific requirements for income, debt-to-income ratios, maximum FHA loan amounts and other details; each type of FHA mortgage loan is unique and must be applied for individua
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Oct
26
Married Couple With A Newborn Needs A Mortgage Without a Lot of Money Down
Filed Under Find Money | Leave a Comment
Oct
25
You found a house, and you made an offer. The offer is accepted, and you’re excited! You agree on a purchase price of $300,000, and you’re able to put 3% down. That means you need a mortgage for $291,000. Now you’re ready to apply for a mortgage.
Have many of you will look for the mortgage with the lowest rate and lowest fees? (I bet YOUR hand went up!) Have you ever thought that maybe – just maybe – you can get a higher rate mortgage and pay LESS per month?
Let me explain the situation. First, I’m talking about comparing 30 fixed rate mortgages. I’m not talking about adjustable rate mortgages, Option ARMs (Pick-A-Payment Loans), 3-2-1 Buydowns, 2-1 Buydowns, or interest only mortgages.
To make sure that we’re all on the same track, I’m going to compare three different fully amortizing 30-year fixed rate mortgage programs for a loan amount of $291,000. This is just 3% down on a purchase price of $300,000.
We’re all on the same track? Good! Now let me ask this question: Which program will result in the lowest overall monthly payment:
1. A 30-year fixed rate mortgage at 6.5% with PMI; 2. A 30-year fixed rate mortgage at 6.875% with Lender Paid PMI; or 3. A 30-year fixed rate FHA mortgage at 6.25% with MIP?
(Note: PMI = private mortgage insurance. MIP = monthly insurance premium)
Did you pick program #1? Or did you pick program #3? (I bet none of you picked program #2!)
Let’s break them down one by one:
1) A 30-year fixed rate mortgage at 6.5% with PMI
If you select this mortgage, your monthly mortgage payment will be $2091.52. You will pay $1839.32/mo for principal and interest, and $252.20/mo for mortgage insurance.
2) A 30-year fixed rate mortgage at 6.875% with LPMI
If you select this mortgage, your monthly mortgage payment will be $1911.66. The lender will pay the mortgage insurance premium, so your total mortgage payment will be $1911.66/mo for principal and interest.
3) A 30-year fixed rate FHA mortgage at 6.25% with MIP
If you select this mortgage, your monthly mortgage payment will be $1941.68. With FHA mortgages, there is an upfront mortgage insurance premium of 1.5%. You can roll that into the loan, which I did in this case. So, your initial loan amount will be $295,365. Your monthly mortgage payment will be $1818.61. You will also pay a reduced mortgage insurance premium of $123.07/mo.
Result
As you can see in this case, Option 2, or the mortgage with the HIGHEST interest rate, will actually result in the LOWEST monthly mortgage payment. In this case, you will save $179.86 month in payments compared to the conventional mortgage with PMI. You will save a total of $2158.32/year. That’s 1 mortgage payment per year! You will save more than $10,790 in payments over 5 years.
If you have lower credit scores (less than 680), you may want to consider the FHA option (Option 3). Even though you have the upfront MIP, your overall monthly payment will be just a little higher than the conventional mortgage with PMI (Option 1) because the interest rate is less, and the monthly MIP is less. In this case, you will save $149.84 month in payments compared to the conventional mortgage with PMI (Option 1), for a total of $1798.08/year. That’s about 1 mortgage payment per year! You will save more than $8,990 in payments over 5 years.
Now, some people will say over the course of 30 years, the higher interest rate mortgage will result in more payments. That’s true. It will. But, how many people will stay in their current mortgage over the course of 30 years? Not many. Most people will refinance or sell their current home and buy another in 4 – 7 years.
Others will say that when the principal balance of the existing mortgage is less than 78% of the original balance of the note, the PMI has to be eliminated by law. That’s also true. But, do you know how long it will take to get to that point? It will take 157 months. That’s more than 13 years! Can you wait that long?
Finally, others say that when you can show at least 20% equity in the home, you can apply to the lender for the removal of PMI. That’s also true. Let me ask you this: How long will it take in today’s real estate market for your house to increase in value while at the same time your principal balance drops to the point where you will have 20% equity? 2 years? 5 years? 10 years? If houses appreciate at a rate of 3% per year (which, by the way, is NOT happening in most areas today), it will take you 5 years in this case to see 20% equity in your house. Your house will have to be worth at least $341,000 in 5 years as your remaining mortgage principal balance will be $272,770. Hmmm. Do you want to take that chance?
Conclusion
When comparing mortgages, don’t just shop rates. Also compare the total monthly mortgage payments on the loan programs both with PMI and without PMI. Also compare both programs with the FHA program to see which will result in the lowest overall monthly payment. And be sure to weigh all options before selecting the mortgage program that’s right for you. I sincerely hope these tips and ideas are of value to you. For more information about mortgages, or if there is any way I can be of service, please don’t hesitate to give me a call. I’d consider it a privilege to be of service to you!
Jessica
Oct
22
Mortgage Marketing Online- Ten Practical Strategies You Can Use Today
Filed Under Internet And Businesses Online | Leave a Comment
These days, many mortgage professionals are turning to the Internet for marketing and lead generation. And rightfully so, given the number of home buyers and mortgage shoppers online.
But while most mortgage folks know they need to be active online, they’re just not sure where to start. So in this article, I’ve offered ten “jumpstarts” for your online mortgage marketing. These are strategies you can start using tomorrow to improve your online marketing success. These ten points will also serve as jump-off points for further research.
So without further ado, here are ten online marketing ideas for mortgage brokers.
1. Create an online Mortgage Q&A forum and pay somebody to help you moderate it and promote it. Can you imagine having your own “captive audience” of consumers seeking mortgage information?
2. Use a keyword research tool to identify your top three search phrases, based on the number of people who search those phrases. Have a reputable SEO company help you increase your search engine ranking for those phrases (and similar ones).
3. Publish a mortgage blog about your particular niche or specialty. Check out the Mortgage Fraud Blog for a great example of this. Talk about search engine success … Google the phrase “mortgage fraud” and see where Rachel Dollar’s blog appears.
4. Take the articles you created in the last step and publish them through article directories like EzineArticles.com, and also place them with real estate niche websites like HomeBuyingInstitute.com.
5. Have news to share? Maybe a new loan package or qualification process? Announce it with optimized press releases through service like PRWeb.com or PRLeap.com.
6. Create a “Reading Room” of high-quality mortgage articles and then offer them to real estate news websites, mortgage websites, your local news, and any other relevant online publication you can think of. Allow republication of the articles with the stipulation that they keep your author’s note with link to your website.
7. Write an ebook on a certain aspect of mortgages, and promote it on your website, through press releases, etc. Offer the book for free, but require an email address so the book can be emailed to people. Make the book very specific to your target audience so only qualified prospects will request it.
8. Create a massive FAQ section of your website pertaining to the various aspects of mortgages you work with. Make every question link to a separate page with the answer in full. This will help you grow your website, keep people onsite longer, and boost your search engine visibility. Add to your FAQ library on a weekly basis.
9. Do you work with certain real estate agents on a regular basis? Why not cross-promote each other? The agent could recommend your services on his or her website, and you could recommend the real estate agent on your website.
10. If your mortgage website has (A) valuable online resources and (B) an effective form of lead generation in place, then drive traffic to the website through as many marketing channels as possible — direct mail, SEO, online articles and press releases, email signature block, etc.
Conclusion
When it comes to mortgage marketing online, you have to keep trying new ideas to find out what works best. So use your imagination. Blaze new marketing paths. No mortgage marketing idea is so absurd that you shouldn’t at least try it.
Stacey
Oct
19
Lender Faq
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Oct
18
Fixed Rate Mortgages Explained
Filed Under Real Estate | Leave a Comment
A fixed rate mortgage does what it says on the tin – it comes with a rate of interest that’s fixed for a certain period of time. This means that you’ll pay the same amount each month for your mortgage throughout the fixed rate period. Typically, fixed rate mortgages can run from two years right up to ten years and sometimes longer. After the fixed rate period ends, then your mortgage will usually revert to a standard variable rate mortgage.
So, say you chose a fixed rate mortgage with the rate fixed for five years and your monthly repayment was