First Time Home Buyers

Purchasing a a first home can be very exciting and also very nerve racking. The excitement may take over and you may find yourself doing things a little out of order. Most people think they should find the home they want then start the mortgage process. Those people would be wrong. 

When I speak with first time home buyers I like to know that I was the first stop on their journey to home ownership. When I speak with first time buyers I can make it clear exactly what they are going to be able to afford and give a very good estimation of what a monthly payment will be. This protects the buyer from the disappointment of house hunting outside of their price range. 

When I have buyers into my office I want to make sure they are getting the entire picture so I request these documents:

·        Most recent two years (2010 & 2011) federal tax returns and W2’s or 1099’s

·        Most recent pay stubs if salaried

·        All pages of your most recent two months bank statements or quarterly statements for investment or retirement accounts, if there are any large and unusual deposits be ready to explain where they came from

The process of getting a mortgage can be very challenging and frustrating without the proper guidance from a professional.

Thinking Of Buying A Foreclosure In South Florida?

South Florida leads the nation is distressed home mortgages.  In Palm Beach, Broward and Miami-Dade Counties 25% of mortgages are at least 90 days overdue or in foreclosure, this information according to data released May 9^th from Foreclosure-Response.org.

Because of this glut of foreclosed homes, some analysts’ worry that banked owned homes could flood the market, and drive the prices of homes down even further.  But many others expect values to remain stable because willing buyers are enticed by low prices and historically low rates.

So if you are in the market to buy a new home, the timing could not be better. Low rates, buyers market, and an expert to guide you with all of your mortgage needs.

I have been in the mortgage business for nearly 30 years and have seen everything that the mortgage market can deliver.

Conforming Mortgages Rates Continue To Drop

Nationally, the 30 year fixed mortgage rate fell to a new all time low for the second consecutive week. The average 30-year fixed mortgage rate dropped 1 base point down to 3.83% for those willing to pay .7 discount points plus the full set of closing costs, this according to Freddie Mac’s weekly mortgage rate survey.

Not only did the 30-year fixed mortgage set a record but so did the 15 year fixed rate mortgage, dropping down to 3.05% along with the .7 discount plus closing cost.

This is a great time to refinance or purchase a home due to the fact you can get such a great deal on borrowed money.

I have nearly 30 years experience in the mortgage business and has seen the ups and downs and been able to help people realize their dreams of homeownership.

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Freddie Mac & Fannie Mae Changes

Because regulations change daily in our industry, it's critical that we share updates and insights with referral partners. As you may know, Freddie Mac and Fannie Mae recently announced changes to the short sale process. Beginning in June, servicers will be required to make decisions on short sales under new timelines. Additionally, if these timelines cannot be met, there are requirements on keeping borrowers updated on the process. The Mortgage Firm, Inc. and I appreciate our partnership and thank you for doing business with us. If you want to discuss in more detail about this change and its impact, or if there are any opportunities to do business together today, please contact me by phone at 561-336-3258 or email suzanne@themortgagefirm.com.