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.

Getting The Lowest Mortgage Rates

Potential clients often come to me wanting the best possible rate not realizing the parameters for receiving the best possible rate.  The following infographic should help to understand...

Selecting a Real Estate Agent

Selling your home or buying a new home is a business transaction and should only be thought of as such. It is best not to make decisions based on impulse or emotion, in the end it could end up cost you money. This makes choosing the right Realtor is an important step in the process. 

Searching for the right real estate agent can go a few different ways. 1. Some of the best referrals come from word of mouth, friend to friend or colleague to colleague. There is something reassuring to hear a client speak highly of their experience. 2. Many of us have friend or family in the industry, but are they the agent you need? 3.There is always Google search or LinkedIn. Whoever you may be considering should still go through the interview process. It will allow you comfort and security in your final decision.   

• How long have you been in business?
• What is your average List Price-to-Sale Price Ratio?
• What is your marketing strategy for what I need?
• As a buyer...
• How will you search for my new home?
• How many will i look at before i find one want to put offer in on?
• Will there be competition from other buyers?
• How would you handle multiple offers?
• Do you present the offers yourself?
• As a seller...
• How do you plan too sell my home?
• Do you do direct mailing? Why? 
• Are there sample flyers you can show me?
• Do you market online? How?
• Do you have references?
• Reviews from past clients are a great source
• What makes you better than other agents?
• Keywords: Honest, trustworthy, dedicated, assertive, good communicator, friendly, analytical, and available.
• What documents will I be signing and may I review them first?
• Buyers will be asked to sign
• Broker Agreement
• Agency Disclosure
• Purchase Agreement
• Buyer Disclosure
• Seller will be asked to sign
• Agency Disclosure
• Listing Agreement
• Seller Disclosure
• Will you help me find other professionals? 
• Mortgage Broker
• Title Company
• Insurance Agent
• Fee? What is it? 
• Figure that agents charge from 1-4% to represent one side of transaction
• Any Guarantee?
• If I am not happy, can I cancel my contract?
• What is your companies policy on canceling contracts?
• Have you ever had a client cancel a contract? Why?
• Is there anything else I need to know, but haven't asked?

• There is always something more to know when buying a home, pay attention to how your agent prospect answers this question.

Interviewing a Real Estate Property Appraiser

Real Estate Appraisals are not the same as an inspection. An inspector will point out the items that are a potential problem and could turn into a costly nightmare. An Appraisal is the process of valuing real property. An appraiser will provide you with an unbiased estimate of what a buyer might expect to pay or a seller receives. This will let you know if the asking price is higher or lower then the actual value of the property.

This is an important step in getting the financing needed to purchase a home and usually the confusing part of the mortgage process. Both the buyer and the seller are reliant on the opinion of a stranger.

Asking questions can help you determine if the appraiser is the right one for the job, so what do you ask?

Are you licensed or certified by state?
     A licensed appraiser is the lowest level of authorization by the state. They are not allowed to appraiser expensive or complex properties for lending purposes. A certified appraiser is the highest level. They are permitted to appraise any residential property in any price range regardless of size or complexity.
    An appraiser who has an SRA Designation means that their primary focus is residential properties and has more education and experience than a licensed or certified appraiser. There are fewer then 1% of appraisers that have obtained an SRA or MAI Designation.

FHA will not accept an appraisal from a "licensed" appraiser, 

ONLY a "certified" appraiser.

What is your background? Education?
      Certified and Licensed appraisers have passed the government's minimum standards. A Designated appraiser means that the person has become more than minimum.

Where is your office?
Do you have specific experience with the type of property and area?
     The odds of a competent knowledgeable appraiser that is up-to-date on the market area diminishes with distance from their office. You want to find an appraiser that works or even lives locally. They tend to be more familiar and know the neighborhood variables that affect the property value.
     An appraiser that works from home vs. professional office. Working from home indicates that he is a "one man show". A professional office tends to produce higher quality products and allows appraiser to share experiences, methods, and knowledge that may not be available to a one man show.

How long have you been in business?
     You will want an appraiser that has at least 5 years experience for simple properties. For a more complex, unusual, or waterfront home the appraiser should have at least 10 years in the field as well as a history of appraising similar properties in the area.

Are you a member of the local MLS?
     A good appraiser has access to the local MLS. If the appraiser you are interviewing doesn't that is a sign they are either from a distant area or incompetent. MLS are not nationwide, without local access they are no use.

What do you charge? What does that include?

     By asking about the fee, the borrower or REALTOR is confirming the appraiser is paid properly.

A properly trained appraiser, geographically competent, experienced, and capable appraiser is what you should end up with. Remember, hire a qualified appraiser, not the cheapest.   

All the Single Ladies...

All the single ladies have out ranked the men in home buying. Going all the way back to the 90's the ratio of single ladies to single men buying home has remained constant even though the recession. The demographics show that single ladies are second, married couples are still ranked #1.  

1. More women are single- Between younger generations putting education and career ahead of marriage and a increasing divorce rate, there are more single ladies in the market. They seem to understand the benefit of buying vs. renting. Younger men don't start thinking about real estate until they start settling down, leaving the door open for single ladies who are interested now. 
2. Equal Credit Opportunity Act of 1974- this made credit available to anyone regardless of sex or marital status. Builders are now including single women in their marketing strategy, where in past years families were their target. 
3. Money Talks- without money, you can't buy a home. More women are graduating college and holding more of the white collar jobs then men are. Women's salaries have increased with their increase in education, jobs, and finances.Making it easier for them to purchase a home. 
4. Its all about the kids- It's not unusual for the kids to live with mom, which is one of the main reasons to buy a home.
5. Biology- Females in most species are the ones that build the homes. If you are a single lady or a married one, they make most of the decisions when it comes to the home. They have proven to be more financially savvy then men. 

For ladies that are interested in home buying, like many you may have a mix of eagerness and hesitation, 

so ask yourself a few questions?

• Will i be able to afford the mortgage and other costs on my own?
• Be realistic, what can you afford? Buying a home means big money. 
• Purchase Price + closing costs + homeowners insurance + property taxes plus maintenance and upkeep=$$
  1. Review your budget
  2. Research Monthly Costs (& hidden costs as well)
  3. Consult a Mortgage Lender 
  4. Consider a loan from family
• What kind of space will fit me and my lifestyle?
• It's about what you like, what is important in your life?
• Will I feel safe?
• Investigate the area, not just once, but various different times of day & night. 
• Contact local police department for neighborhood crime statistics
• Review the safety of the property you want. Is there a garage, security system, solid doors & locks?
• Can you improve or add what is not provided
• What if I have to move?
• Buy a home with a resale value
• Be aware of Mortgage Prepayment penalties
• How do I begin? 
• Get informed. Educate yourself 
• talk to others have already gone through the process as a single lady
• Attend courses for First Time Home Buyers
• Visit open houses in your area to get an idea of price range
• Assemble a team of professionals to help, interview to find the right ones!

So ladies keep this in mind when house shopping...Plan, Research, and finally BUY.

For all your mortgage needs, Contact Suzanne Morton

Home Inspections Save you Money $

A home inspection is a limited non-invasive objective examination of the conditions of the visible accessible components of a home. It is the best way for a buyer to learn about the conditions of the property they are investing in. Meeting the expectation of home buyers required a unique combination of skill sets- construction, engineering, and architecture. In the 1970’s The American Society of Home Inspectors (ASHI) formed, combined all the required skills and established the Standards of Practice and Code of Ethics. These were standards and guidelines that gave comfort to buyers about the investment they were making.

It is not mandatory to have a property inspected prior to purchase, yet buying a home for some is the single largest investment they will ever make so why would you not want to know exactly what you are investing in? If you were buying a car or investing in the stock market you would research, so why would you want to risk an investment that will house the most precious gift life gives, your family?

A home inspector is not an appraiser, their job is to check the structure and the major systems of the home for wear and tear as what as what could be a future problem and provide a buyer with a better understanding of physical condition. The major systems include the heating system, central air conditioning system, interior plumbing and electrical systems, the roof, attic, and visible insulation, walls, ceilings, floors, windows, and doors. This also includes the foundation, basement, and visible structure. Following the inspection, inspector will supply a written report that describes the conditions of the home at the time of inspection, but gives no guarantee of future conditions, efficiency or life expectancy of systems. So what is involved with a home 

Inspection Checklist

Exterior:

ü  Structural inspection for rotten wood, termites, broken bricks, possible location for water seepage

ü  Gutters are installed properly with no rust or corrosion, leading water away from structure not towards home where water damage could occur or mold

ü  Paint looks good, no chipping or flaking

ü  Windows and doors show no signs of leak or deterioration, open and shut with ease, no gaps or other signs of foundation movement

ü  Foundation has no cracks or weakened areas, treat from near- by tree roots

ü  Agriculture causes no potential problems for safety, healthy vegetation

ü  Decks and paths have no rotten wood, loose railings, or wobbly bricks

Interior:

ü  Flooring- stains, slopping, sagging, or broken tiles

ü  Walls have no cracks, loose plaster, bowing, or signs of water damage

ü  Ceiling have no sagging, stains, or other signs of leaky roof

ü  Doors and windows are in good working condition, tight seal when closed, no cracks or damage to frames or trim

Roof:

ü  Roof for broken or missing shingles, bubbles in tarpaper, loose or curling shingles, and holes where water could get in

ü  No bowing in walls or roof, both should have straight lines

Plumbing:

ü  Plumbing has no leaky fixtures, free of cracks, caulk is

solid, staining or rotting on/under the countertops, good water pressure

Electrical:

ü  Electrical system are all outlets are working, no water damage

ü  Electrical boxes appear to be installed per building code

ü  Wiring is current and up to date, no exposed wires

HVAC:

ü  Check age and working conditions of the heating and cooling system

ü  Ensure that the cooling/heating system is large enough for the floor space

ü  Filters are clean

Appliances:

ü  Appliances are in good working condition, no repairs needed

ü  Hot water heater and plumbing, no visible signs of rust, corrosion or leak

The most common sited issue within a home inspection is improper installation of everything from gutters to outlets, from insulation to bathroom tiles. All items that will cost the new homeowner money to repair or replace, unexpectedly if no inspection is done.

Homes built in 1900-1950:

Knob and tube wiring consists of fuses and fuse boxes and is considered outdated and inadequate to cover today’s load

Homes built 1942-1958:

Orangeberg Sewer piping was a sewer line made out of papier mache that connected the house to the main sewer line. This piping was used as necessity during WWII, the military was using all of the iron for war efforts. If it still functions…expect replacement soon.

Homes built in 1984-1990:

Defective ABS piping made out of recycle plastic was produced by 5 manufacturers. The pipe had a tendency of cracking within the glue joints. Extremely costly to replace

Homes built in 1990-2000:

A NOX rod consolidated furnace has heat exchangers that will crack and release carbon monoxide into the home and potentially cause fires. Used widely during these years and is on a recall list. A home inspection will detect this type of furnace.

Homes built in 2004-2005:

Chinese drywall- contains corrosive sulfur compound and is detectable by the strong sulfur (rotten egg) odor. As a result of active hurricane season construction materials were in short supply, so builder began importing materials from other countries, including the hazardous “Chinese Drywall”. Amazingly the hazardous drywall wasn’t even from China.  The most infamous exporter of the harmful drywall was a company called Knauf out of Germany.  Knauf acquired the raw materials from a gypsum mine sited in China.  Even though we haven’t been able to trace the precise cause of the contamination in the gypsum, it is believed that poor pollution controls in China allowed the raw gypsum to be contaminated within the mine.  Since then, millions of sheets of this hazardous drywall have been imported and installed into homes and business across America. (it has been found in homes as early as 2001 and as late as 2009) The cost of remediation can be astronomical- include the complete replacement of the following:  all drywall, all electrical wiring, the air conditioning system, all metal plumbing components, all appliances with major metallic components, all carpeting, all wall insulation, all wood flooring, all wood baseboards or crown molding and all metallic bathroom fixtures or components.

An inspector should also look in the attic; in the garage; and under the house, if possible.

If your home has a swimming pool ask the inspector ahead of time if he inspects the pool -- some inspectors do and some do not.

The better the checklist the better the home inspection.

Just the facts, ma'am

We want to know the facts.
Want to know what ingredients are that being used in the food we eat; "google it".
Want to know if the chemical being used in your home is safe for your family, animals, and environment: google it.
When you are making a purchase as important and expensive as buying a home of course you want to know the facts and some of the answers you will not on the internet. Who better to ask then those who know first hand, the sellers.

Here are some questions that will help lead you to make the best decision for your investment:

• How long has the property been on the market?
• How much did seller pay for the home?
• How did the seller come up with the asking price? 
• How flexible is the price?
• How much does the seller still owe on the home?
• What is the property worth in the current market?
• How many offers have been received? 
• What is included? 

• real vs. personal property

• Why is the seller moving? 
• What is the neighborhood like? 
• neighbors?
• schools?
• noise?
• crime? 
• HOA?
• any foreclosures in the neighborhood? 

• The history of the home? 
• average cost of the utilities? 
• has the property ever been rented? 
• repairs done? 
• repairs needed? 
• preventative maintenance? 
• remodels?
• flood zone?
• haunted? 
• any problems? 
• roof? how old is it?  
• foundation? Any cracks or areas of concern?
• electrical?
• plumbing?
• termites? 
• What do you like/ dislike about the property? area? neighborhood? 

Do research...

What is close by? shopping? Parks? major roads? public transportation? Any foreclosures in the neighborhood? 

Stay tuned for the next blog on home inspections! 

History of Father's Day

Father's Day is celebrated all over the world to honor and celebrate fatherhood and their influence in society, but do you know how the holiday began?

It was Mother's Day 1909 in Spokane,WA, Mrs. Sonora Smart Dodd was listening to a sermon honoring mothers. Having lost her mother young, she and her siblings were raised by their father, Henry Jackson Smart,  she wanted to honor him for the same sacrifices, nurturing, guidance he gave them growing up.
Sonora's original thought was to have the celebration on her dad's birthday June 5th, but that gave the town no time to prepare. So it was on June 19th , the third Sunday in June,  Sonora honored her father and all fathers for the men, teachers, and protectors that they were. Thus creating the first Father's Day.
It took a bit of time to get the word spread about this new holiday even with the help of politician William Jennings Bryan it wasn't until 1916 that President Woodrow Wilson initiated it after attending a Father's Day party with friends. In 1924, nearly a eight years later, President Calvin Coolidge declared it a holiday , but it wasn't until 1966 that President Lyndon B. Johnson made it official. Father's day would be celebrated the 3rd Sunday of June as it was with the first. Americans at first rejected the idea for decades  thinking it was just merchants trying to make profits as they did for Mother's Day, newspapers often make jokes in reference to the holiday. Finally, in 1972 the holiday was acknowledged by the Congressional Act  permanently setting President Johnson's order.


What makes a Dad
God took the strength of a mountain,
The majesty of a tree,
The warmth of a summer sun,
The calm of a quiet sea,
The generous soul of nature,
The comforting arm of night,
The wisdom of the ages,
The power of the eagle's flight,
The joy of a morning in spring,
The faith of a mustard seed,
The patience of eternity,
The depth of a family need,
Then God combined these qualities,
When there was nothing more to add,
He knew His masterpiece was complete,
And so, He called it ... Dad
~unknown author

This Father's Day take a moment to thank you dad for all that he has done to make you,

 YOU!!

You & your Credit Score

Your credit score is calculated from your credit report.                                                                

However, lenders look at many things when making a credit decision including your... 

Income. 

How long you have worked at your present job. 

The kind of credit you are requesting.

Credit scores follow you anywhere you go in the financial world.

If you recently reviewed your credit report and the score is lower then you expected, here are some of the possible reasons why:

• Paying bills late
• Skipping payments
• Having an account charged off or closing it.
• When an account is sent to collections
• Defaulting on a loan
• Filing bankruptcy
• Your home is foreclosed on
• High credit card balances
• Maxed out credit card balances

Here's how to make sure yours is the best it can be...

• Find and dispute mistakes on your credit report
• Pay down credit card balances
• Raise your credit limit
• Don’t close accounts
• Don’t apply for credit before a big purchase
• Pay on time
• Ask for a good will adjustment
• Try to remove black marks
• Use an old credit card
• Apply for different types of credit
• Shop for credit fast
• Open a secured card
• Don’t consolidate your credit
• Rehab your student loans
• Make sure every company reports
• Find out when your balance is reported
• Don’t co-sign
• Start early and wait...

If you are planning to purchase a home in the near future, don't hesitate to contact my office for a more in depth look into your credit standing. Your referrals are always appreciated!! 

NAR Member Profile Report

I found this very interesting.  The biggest issue for REALTORS is the difficulties encountered in getting financing for their clients.  The bulk of my new business comes from clients that came to me because their REALTOR sent them to an "in-house" mortgage person or a "to big to fail bank" that couldn't get them approved due to a lack of knowledge or lack of motivation on the lenders part.

America the brave...

“The cost of freedom is always high, but Americans have always paid it. And one path we shall never choose, and that is the path of surrender, or submission.” 
~John Fitzgerald Kennedy


There are only two works to describe the meaning of Memorial Day...Thank You! 
This holiday was created to honor those who died while serving their country, our country. It is not about politics, bbq's, or weekend sales. It is about the men and women that protect our country. 

So this Memorial Day, enjoy the time with your family and friends, but remember to take a moment and thank all that have served and are still serving in our military for all that they do.

The Unknown Soldier

You need not ever know my name
This unknown soldier seeks no fame
I'm here to bring out thought from you
May your heart see more then your view
America, we marched with pride
We gave our life, for you we died

How well we knew the time might come
When life could sound that final drum
Please think of us as life moves on
We tried so hard till that last dawn
Do let our spirit fill the land
Pass treasured freedom, hand to hand
God blessed this country with such love
Hold in your heart, abundance of
and when you stand before my grave
Think not of one, but all who gave.
                                     ~ Roger J. Robicheau

Anyone is free to pay their respects to those who made the greatest possible sacrifice so that the rest of us can continue to do what we enjoy doing.  The traditional time to visit cemeteries or war memorials is at 3PM local time on Memorial Day, which is Monday. U.S. flags will be flown at half-mast until noon. According to the US Government’s website, you can also “Pay tribute to the U.S. men and women who died during military service by observing a minute of silence at 3:00 PM, local time.”

Thank you for our freedom, our rights, and for your bravery!

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...

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.

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.