Upcoming Seminar Regarding New Mortgage Rules

Buying or Selling Florida real estate in 2014?  Don't miss this important presentation being held on February 4 at the Delray Beach Chamber of Commerce.

Buying a new home? Refinancing? Now is the Time!

Are you thinking about refinancing your home? Contemplating buying a home? 

If you answered yes either of those questions there are a few tips that will help you in the process...

1. Procrastination NOT allowed
If you haven't recently refinanced your mortgage there is a big chance that you are paying a higher interest rate then you should. Now is the time to take advantage of the current record low mortgage rates. The rates will gradually grow as the year progresses. Don't miss the opportunity to utilize the lowest mortgage rates in history.

2. Hurry Buyers Hurry!
Rates are low. Homes prices are on the rise. Now is the time! If you qualify for a mortgage, TAKE ADVANTAGE! Get pre-approved, don't miss out on the home of your dreams.

3. FHA vs. Conventional
The FHA's 3.5% down is very enticing for a buyer, but don't forget about the fees that are added to your loan (increase expected this summer). A Conventional loan is 5% down given your credit history. If you are able to afford the higher down payment, get quotes from both and compare to see what works best for you.

4. Good Credit, Good idea
2013 will bring new rules and guidelines, but the standards will not change. IF a new mortgage is a goal, then you must consider your credit to be the most valuable asset in obtaining that mortgage. A credit score of 720, no problem; at 680 you will still be able to get a good deal, but the approval process may be a bit more difficult. Tip: check your credit, if you are using more then 30% of your available credit you may be hurting your score. 

5. Pay off early? 
Every though about refinancing from a 30 year to a 15-20 year mortgage? Can you afford a slightly higher monthly payment? 
6. Underwater?
Like many Americans you may owe more than your home is worth, but have had no luck with refinancing in the past? There is a program that may be able to help. The Home Affordable Refinance Program (HARP) was altered to help the homeowners to refinance no matter how underwater they were on their mortgage. There were recent revisions to the program that will help borrowers overcome obstacles they have run into in the past. Don't let a lenders' No, be the end.                                                                                     

7. Communicate, your Lender knows
There are new programs available for those who grapple to keep up to date with their mortgage payments. Lender are willing to work through delinquent loans and assist the homeowner in the best way possible. They can help modify the loan  or even short sale the home if the homeowner cannot afford to stay in it. The only way to find a solution is to communicate through what will be a maddening process. 

8. Compare & Shop
Comparison shopping is for more then groceries and car insurance, but what lender can help you get the best mortgage possible. To make a fair comparison get 3 quotes from different lenders, quotes including closing costs. Start with referrals from friends and relatives, even someone you worked with on a previous home. Read online reviews from others borrowers they have worked with in the past, favor a good reputation. 

9.  You're APPROVED, don't mess it up now!
It is not uncommon that a lender order a second credit report just prior to the closing dates. Knowing this you don't want to open a new bank account or make any changes to existing accounts or credit cards. These actions are a capable of hurting your score and causing a last minute denial of your mortgage loan. 

10. It's only just begun

Your application is in, rate is locked, and yet the fun has just begun. It is important to submit any and all requests from your loan officer in a timely manner to avoid any delay ion closing or worse,risk losing your locked rate. Follow up with your lender at least once a week to ensure there are no snags in the process.

Tornados, Hurricanes, and Floods, Oh My!

Floods, Hurricanes, and Tornados, Oh My! 

Florida is famous for weather related problems and those weather related problems cause insurance problems. Problems that lead to the cost of insurance is one of the main concerns for buyers when purchasing in Florida. Anyone that works in real estate sales or the mortgage industry has to be capable of addressing legitimate concerns of clients when it comes to the cost of homeowners insurance. To do that you must be familiar with the history of Florida’s insurance issues over the years.

Over the last forty years Florida has been one of the fastest growing states in the US. Florida, also known as The Sunshine State is known for its sandy beaches and beautiful coastline, it is not hard to figure out where people want to live. The most desired location is of course the hardest hit when it comes to hurricanes and floods.

In the aftermath of 1992’s Hurricane Andrew Category 4 devastation that cost insurance companies more than $25 million, smaller companies closed and larger insurance companies were able to petition the state for a massive premium increase to help cover their losses. It took until 2004 for them to catch up, leaving many of the smaller insurance companies hesitant to write policies in Florida. Homeowners were left with rising insurance rates and cuts to the coverage just in time for not one or two or even three, but four major storms in one hurricane season throwing the insurance industry in to complete chaos. The next season brought even more destruction with five major storms including Katrina, the most expensive Atlantic hurricane in history. 

The vast number of claims submitted to insurance companies still in business lead to a large number of policy holders to be dropped while others joined the mass "evacuation" that started in the wake of Andrew.

As for real estate agents, they understood that the only thing worse than expensive insurance was no insurance at all. The banks will not close on a loan without proper proof of insurance. So Citizens Property Insurance Corporation was put into action in 2002, to ensure that Florida home owners, no matter where they lived would have access to property insurance. The more other insurance companies dropped their policy holders the more Citizens evolved from the last resort insurance to the largest insurance provider for the state. Since Citizens is a tax-payer funded insurance company, this created new issues, potentially every homeowner in the state could be on the line for claims. 

With the cost of insurance and its availability becoming an important hot topic during the 2006 Florida elections, Citizens Insurance charged its customers the highest rate approved by the Office of Insurance Regulation to avoid competing with private carriers. Insurance agents were actually prohibited from writing policies through Citizens if there was a private (not surplus lines) carrier who would write the risk. If a qualified insurance company was willing to take a group of policies, Citizens Insurance would transfer them to that company and cancel coverage. Customers had no recourse.

As a result Florida Senate Bill 2498 a.k.a. The Glitch Bill, was signed into law by Governor Christ in June of 2007. This legislation permitted agents to write a Citizens policy for customers if the premium for a comparable policy offered by a private carrier was 15% more expensive. Customers were also allowed to stay with Citizens Insurance if they were notified that their policy was being assigned to a private carrier.

In 2010, eight global insurance carriers entered or re-entered the Florida market. While the cost of reinsurance dropped 10% the cost of insurance to consumers remained the same.

Which brings us to February of this year, Florida Sen. Jeff Brandes filed Florida Senate Bill 724, a comprehensive bill to overhaul Florida property insurance law to avoid new "hurricane taxes" which would be necessary if another catastrophic hurricane ravaged the state. The proposal is unpopular among many Citizens customers because it would mandate more rate increases to what they consider to be already high premiums. A similar bill was defeated in 2012.

I hope this helps you in understanding the many issues that can effect a successful closing of your home purchase and the added demands of homeownership.

Join Me Next Week!

I am happy to announce a presentation focused to help professionals in the real estate industry brought to you by Digital Docs and Forever Marketing, Smart Title and Settlement Service, Inc., and The Mortgage Firm.  This cutting edge hyper-focused event is being put on to showcase the next generation of real estate closing and post closing marketing. The union of these three companies works out in every Realtor’s favor because of the unique benefits each company provides.

·         Digital Closing Docs with Forever Marketing - Created by real estate professionals, for real estate professionals. Digital Closing Docs with Forever Marketing provides you with automatic effective contact with past clients and repeat business—just by closing with Smart Title & Settlement Service Inc.

·         Smart Title and Settlement Service Inc. - Title orders have a 24 to 48 hour turnaround time. Providing nationwide coverage requires them to adhere to the individual state guidelines therefore each state has a different time schedule. Smart Title and Settlement Services Inc. has a network of notary closers and attorneys available day, night, & weekends. They close and disburse accurately and timely.

·         The Mortgage Firm - Suzanne Morton - The Mortgage Firm takes great pride in the ability to offer the most complete selection of financial options available. They are a full service mortgage banker with an experienced, knowledgeable staff who will work closely with you offering you both guidance and support in recommending mortgage solutions that meet your financial situation.

The skill and experience these professionals bring to any real estate transaction will help you close deals and provide repeat business down the road. Please join us for the presentation on April 17^th, 2013 at Slainte Irish Pub in Boynton Beach, Florida at 9:30 am for the presentation.

10 Things That SQUASH Your Mortgage Application

10 things that could SQUASH your ability to get a mortgage...

1. Bouncing from job to job
2. You're a deadbeat paying child support or alimony
3. You continue to apply for credit
4. Closing a credit account
5. Borrowing money for the down payment
6. If buying a condo, current condo owners are in arrears on their association dues
7. Small loan amount
8. Outstanding collections
9. Too many hits on your credit score
10. Double "apping"

Confusing?  Contact us today...

The Mortgage Firm South Florida

Wishing everyone a safe and Merry Christmas and a Happy New Year!

The Mortgage Firm

The Mortgage Firm

Headquartered in Orlando, Florida, The Mortgage Firm has been providing quality real estate financing since 1995. With a proven track record, we serve the lending needs of real estate professionals, builders and individual homebuyers throughout Florida and Georgia.

Our qualified and licensed professionals offer expertise in every area of mortgage lending: Conventional, FHA, VA and USDA.

We have access to a full range of mortgage sources and all of our lending specialists are dedicated to find the right loan with the best rate, terms and cost to meet your unique needs. But that?s just the beginning. Throughout the lending process, our talented staff will provide regular updates and progress reports so you know exactly where you stand, in person or online.

Now more than ever, experienced people and solid financial resources are two of the most important qualities to look for in a lender. With 15 years of success, The Mortgage Firm is a bonded, insured and licensed loan originator that offers both. We are committed to responsible lending and are well capitalized for the regulatory and industry changes to come.


Welcome to The Mortgage Firm

Here at The Mortgage Firm, we take great pride in the ability to offer the most complete selection of financial options available. We are a full service mortgage banker with an experienced, knowledgeable staff who will work closely with you offering you both guidance and support in recommending mortgage solutions that meet your financial situation.

Our company began with the belief that taking care of our customers would be our #1 priority! We have built a strong foundation because of our clients.

Amy Needs Help

Find out how Suzanne Morton of The Mortgage Firm in Delray Beach, Florida can help you too!  Call me at 561-865-5475 or email me at:  DelrayBeachMortgages@gmail.com or yourbestmortgagechoice@gmail.com.

The Mortgage Firm - "Amy Needs Help"

Hey everyone, please enjoy our new video, "Amy Needs Help"!

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.

Visit my Facebook page at facebook.com/themortgagefirm

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.

Housing Relief Plans For FHA Borrowers and Servicemembers

The Obama administration has announced two new steps that will be taken to assist FHA borrowers and servicemembers in a statement released this week.

The administration estimates that 2-3 million FHA borrowers will be eligible.  Plans for FHA borrowers include refinancing at a lower cost and a reduction in the insurance premium.  The FHA currently charges an up-front mortgage insurance premium of 1 percent of the loan balance and an additional 1.15 percent of the balance per year; the up-front premium will be reduced to .01 percent for loans originated prior to June 1, 2009.  Annual fees for refinancing will be reduced to .55 percent.

One provision will have servicemen who were foreclosed upon since 2006 reviewed, and if any are found to have been wrongfully foreclosed upon, they can receive compensation equal to a minimum of lost equity, plus interest.  In addition to foreclosure reviews, service members will be reviewed for interest rates to see if any were charged more than 6 percent after a request to lower the rate.

For veterans, $10 million will go into the Veterans Affairs fund to guarantee loans on favorable terms.

Mortgage Fraud Resources For Florida

The list of resources below has been compiled for anyone that suspects that they may be a victim of any type of fraud or scam. The list was originally designed as a resource to report mortgage fraud, predatory lending scams and identity theft in Florida but may also serve those who are victims of many types of fraud in Florida. Other types of fraud may include:

Internet Scams Phishing/Email Scams Credit Card Fraud Investment Scams

Financial - Debt Elimination Business/MLM Scams Etc.

FBI Field Offices, Mortgage Fraud
White Collar Crime Supervisor
http://jacksonville.fbi.gov/
7820 Arlington Expressway, Suite 200
Jacksonville, FL 32211-7499
Phone: (904) 721-1211

White Collar Crime Supervisor
http://miami.fbi.gov/
16320 NW 2nd Avenue
North Miami Beach, FL 33169-6508
Phone: (305) 944-9101

White Collar Crime Supervisor
http://tampa.fbi.gov/
500 Zack Street, Room 610, FOB
Tampa, FL 33602-3917
Phone: (813) 273-4566

Florida Attorney General - Consumer Protection
http://myfloridalegal.com/consumer
The Capitol PL-01
Tallahassee, FL 32399-1050
Phone: (850) 414-3300

HUD Field Office
Jacksonville Field Office
Charles E. Bennett Federal Building
400 W. Bay Street, Suite 1015
Jacksonville, FL 32202
Phone: (904) 232-2627
Fax: (904) 232-3759

Miami Field Office
909 SE First Avenue
Miami, FL 33131
Phone: (305) 536-4456
Fax: (305) 536-5765

Orlando Field Office
3751 Maguire Boulevard, Room 270
Orlando, FL 32803-3032
Phone: (407) 648-6441
Fax: (407) 648-6310

Tampa Field Office
500 Zack Street, Suite 402
Tampa, FL 33602
Phone: (813) 228-2026
Fax: (813) 228-2431

HUD Regional Office
Atlanta Regional Office
40 Marietta Street
Five Points Plaza
Atlanta, GA 30303-2806
Phone: (404) 331-4111
Fax: (404) 730-2392

Florida Department of Banking and Finance
Division of Financial Investigations
http://www.flofr.com/
101 East Gaines Street, Suite 516
Tallahassee, FL 32399-0350
Toll Free: (800) 848-3792 (Florida only)
Phone: (850) 410-9275
Fax: (850) 410-9628

Nationally Chartered Credit Unions
Region III – Atlanta
http://www.ncua.gov/AboutNcua/org/Region3.htm
7000 Central Parkway, Suite 1600
Atlanta, GA 30328
Phone: (678) 443-3000
Fax: (678) 443-3020

State-Chartered Credit Unions
Florida Division of Banking
101 East Gaines Street, Ste. 636
Tallahassee, FL 32399-0350
Phone: (850) 410-9111
Fax: (850) 410-9548

Savings & Loan Association or Savings Bank
Office of Thrift Supervision
http://www.ots.treas.gov/resultsort.cfm?catNumber=88&dl=17&edit=1
E-mail: consumer.complaint@ots.treas.gov
Southeast Region - Atlanta
1475 Peachtree Street, N.E.
Atlanta, Georgia 30309
Phone: (404) 888-0771
Complaints: (800) 842-6929

National Fair Housing Alliance
To locate your local office:
http://www.nationalfairhousing.org/
National Contact: E-mail: nfha@nationalfairhousing.org
1212 New York Avenue, NW Ste 525
Washington, DC 2005
Phone: (202) 898-1661
Fax: (202) 371-9744

Florida Department of Agriculture and Consumer Services
Division of Consumer Services
http://www.800helpfla.com/~cs/complaints.html
2005 Apalachee Parkway
Terry Rhodes Building
Tallahassee, FL 32399-6500
Phone: 1-800-HELP-FLA (435-7352)

Florida Real Estate Commission (FREC) Home Page
DBPR Customer Contact Center
http://www.myfloridalicense.com/dbpr/re/complaint.html
1940 North Monroe Street
Tallahassee, FL 32399-1027
Phone: (850) 487-1395
Fax: (850) 922-4191

Better Business Bureaus
Better Business Bureau of Northeast Florida
http://www.bbbnefla.org
E-mail: info@bbbnefla.org
4417 Beach BV., Suite 202
Jacksonville, FL 32207
Phone: (904) 721-2288
Fax: (904) 721-7373

Better Business Bureau Serving Southeast Florida and the Caribbean
http://www.bbbsoutheastflorida.org
E-mail: info@seflorida.bbb.org
2924 N Australian Ave.
West Palm Beach, FL 33407 –
Phone: (561) 842-1918
Fax: (561) 845-7234

Better Business Bureau of West Florida
http://www.clearwater.bbb.org
E-mail: info@bbbwestflorida.org
PO Box 7950
Clearwater, FL 33758 -7950
Phone: (727) 535-5522
Fax: (727) 539-6301

Better Business Bureau of Northwest Florida
http://www.nwfl.bbb.org
E-mail: info@nwfl.bbb.org
PO Box 1511
Pensacola, FL 32591 -1511
Phone: (850) 429-0002
Fax: (850) 429-0006

Better Business Bureau of Central Florida, Inc.
http://www.orlando.bbb.org
E-mail: info@orlando.bbb.org
151 Wymore Road, Ste. 100
Altamonte Springs, FL 32714 -
Phone: (407) 621-3300
Fax: (407) 786-2625

Why Short Sale Over A Foreclosure Defense?

One of the services I offer to homeowners, investors and commercial borrowers is a full review of their current mortgage (sometimes known as an audit), if the mortgage is in foreclosure.  I have had many instances when the borrower has been able to establish a defense or gain leverage to negotiate based on our findings.  To date we have helped borrowers negotiate millions of dollars in reductions.  

However, over time I've also become a big proponent of short sales if they can be successfully closed with a waiver of deficiency.  Statistics show that on average a home sold through a short sale brings a 24 percent greater return to the lender than a foreclosure.  While banks are offering incentives to homeowners and borrowers to short sale, in many cases this 24 percent can be a tool for negotiating more favorable terms for the borrower such as cash for keys or a waiver of deficiency.  

Regardless of the decision you make to short sale the property or establish a foreclosure defense, it is imperative that you have a professional on your side.  I have seen many foreclosure defenses botched by inexperienced attorneys and short sales fall through due to a lack of knowledge on the part of real estate agents and attorneys.  

Due diligence is the key to putting a negative real estate experience behind you.  Should you have any questions or need an introduction to a capable and knowledgeable real estate agent or attorney, please don't hesitate to contact me.

yourbestmortgagechoice@gmail.com

@TheMortgageFirm

Suzanne Morton is a partner in Compleat Consulting Group, Inc. and is a respected consultant in the mortgage field working with  over 50 law firms as an expert in foreclosure defense and compliance.  Additionally, Suzanne is a Senior Loan Originator with The Mortgage Firm originating residential loans.

Incorporating Social Media Into Your Marketing Efforts

As we welcome in the new year and resolve to continue our successful growth in the South Florida real estate and mortgage market, we have made focusing on social media marketing a priority at my office.

Participating in social media marketing may seem a little overwhelming at first, but it is really quite simple and most services make it very easy to register and begin your marketing immediately.  I concentrate my social media marketing efforts through a few sites that have proven successful from the beginning, those being my company pages on facebook, google+, foursquare, whocanihire, twitter and my blog.   My recommendation is to start with these sites and expand to others over time.

I have found that the key to marketing through social media has been to position myself as THE reliable source for mortgage information to potential and past clients and to the real estate community.  It is important to be relevant, current and open in your postings and communication.  Many social media experts believe you need to subscribe to the 80/20 rule (80 percent of your updates should provide value for your followers and 20 percent can be self-promotional).  In my opinion, if you are providing value, you are promoting.  Please don't be afraid to promote yourself along with the benefits and services you provide, people expect this.

Already in the new year I have received inquiries from other mortgage and real estate professionals asking my advice and how it is working for me.  If you have not begun social marketing, hopefully you will begin soon.  I believe you will find success and a return in your investment in time in a fairly short time.  I am always available to help and answer any questions you may have.  In future posts, I will expand on my social media marketing efforts along with providing information regarding the mortgage industry.  

I am passionate about the mortgage business and love helping families attain home ownership, but in the interest of full disclosure, my husband is a partner in the company Who Can I Hire, Inc. which is the consulting firm that owns whocanihire.com.

A little about whocanihire.com, this is a website that acts as a hub and directory for small business and services to market using social media.  When a business joins the directory, they set up their profile, contact information, social media links, chamber of commerce links, and gallery page.  Plus, the site contains numerous resources for small businesses of which many are free or little cost.