Buying Florida

Educate them about credit: Teach your kids about credit, including the importance of responsible credit management, how credit scores work, and the impact of credit on their financial future. Ensure they understand the responsibilities and potential pitfalls of using credit. Add them as an authorized user: Consider adding your child as an authorized user on one of your credit cards. As authorized...

Increased risk: Lenders perceive financing a second home as riskier because borrowers are more likely to default on payments for a second property compared to their primary residence. In times of financial difficulty, people are more inclined to prioritize their primary residence over a secondary property. Less owner occupancy: Second homes are often used as vacation homes or rental properties, wh...

My mortgage statement after receiving it for 10 years got mailed to a previous address. then the escrow payments each month were used to pay down the loan at the end of the year. there were no escrows. Last July they changed the address to the previous address and then began paying down my loan each month with the monthly escrow.  It is imperative you review your monthly statement each month plus...

Whether a reverse mortgage makes sense for an individual depends on their specific circumstances and financial goals. A reverse mortgage is a type of loan available to homeowners who are typically aged 62 or older and allows them to convert a portion of their home equity into cash. Here are some factors to consider when deciding if a reverse mortgage is suitable for you: Financial needs: Determine...

Can you consolidate credit card debt, student loans or a car and save money with a higher interest rate on a mortgage? How much will it cost to refinance and how much will you save? then if you are saving money each month and can recuperate closing costs quickly then when the rates do come down refinance again and see what the cost and savings would be. it seems the price of everything is not goin...

is it over 3 stories has an engineering report been requested and what are the results is it an older condo Has the Master Insurance policy been paid and has the premium gone up are you reviewing the budget making sure the 10% reserve requirement is there read the bylaws and articles of incorporation tune in and learn more at https://www.ddamortgage.com.blog Didier Malagies nmls#212566 DDA Mortgag...

Traditionally, FHA loans, which are insured by the Federal Housing Administration, have required borrowers to obtain flood insurance through the National Flood Insurance Program (NFIP). The NFIP is a federal program managed by the Federal Emergency Management Agency (FEMA). Private flood insurance refers to flood insurance coverage provided by private insurance companies as an alternative to the N...

I'm sorry to hear that wire fraud is occurring with scammers targeting lenders. Wire fraud is a serious issue that involves the use of electronic communications to deceive individuals or organizations and manipulate them into transferring funds or sensitive information to fraudsters. It's important to be vigilant and take steps to protect yourself and your organization from such scams. H...

wanting to cash out and refinance your home on appraised value, must now wait 12 months. for 1st time home buyers making under 64k, you can get 1,250 to 2,500 at closing after taking a class and getting your first-time home buyer certificate Didier Malagies nmls#212566 DDA Mortgage nmls#324329 #mortgage tune in and learn more at https://www.ddamortgage.com/blog Support the show

There could be various reasons why the government might choose to curtail mortgages on second and investment homes. One potential reason is to reduce the risk of a housing market bubble and subsequent financial crisis. By limiting access to credit for speculative real estate investments, the government can help ensure that housing prices are more closely tied to underlying economic fundamentals ra...

There may be some situations where it makes sense to refinance at a higher interest rate in order to consolidate debt. For example, if you have multiple high-interest credit card debts and can only qualify for a personal loan with a slightly higher interest rate, consolidating your debts with the personal loan may still be beneficial if it allows you to pay off your credit cards and avoid high-int...

New legislation being passed on May 1st for getting a mortgage will 1. Credit score from 680 to 780 will be penalized for having good credit 2. Putting more money down like 15 to 20% will be penalized via higher rates and more fees. So having excellent credit and putting more money down will hurt you and not help you when it comes to getting a great rate. tune in and learn more at https://www.ddam...

Final verification: The loan officer can verify that all the loan documents are correct and accurate. They can also ensure that the loan is being disbursed according to the agreed-upon terms. Clarification: If there are any last-minute questions or concerns about the loan, the loan officer can be present to answer them and provide clarification. Customer service: Attending the closing is an opport...

So what is a trigger list and how does it work? Each time that you apply for a credit card, auto loan, mortgage, or refinance, your personal information is distributed to lenders, insurance, and credit card companies who have subscribed to products known as a “trigger list”.  Prospective creditors purchase a subscription to a trigger list service. They set the criteria for their list - for example...

Pre-approval: Before you start looking for a home, you may want to get pre-approved for a mortgage. This involves submitting an application to a lender and providing information about your income, assets, and debts. The lender will then review your application and credit history to determine how much you can borrow and at what interest rate. Home search: Once you have a pre-approval, you can start...

It is generally recommended to wait until after a home inspection before ordering an appraisal because the inspection can provide valuable information about the condition of the property that could affect its value. During a home inspection, a professional inspector will thoroughly examine the property to identify any issues or defects that may need to be addressed. This could include problems wit...

Deciding whether to lock in your mortgage rate when getting a mortgage is an important decision that can have a significant impact on your finances. A mortgage rate lock is a guarantee from a lender that the interest rate on your mortgage loan will not change for a specified period of time, typically 30 to 60 days. Locking in your mortgage rate can protect you from potential rate increases while y...

In some cases, the failure of a bank could actually lead to lower mortgage rates, particularly if the government steps in to bail out the bank or provide support to the broader financial system. This can happen because government intervention can help calm markets and increase investor confidence, leading to lower interest rates across the board. Overall, the impact of a bank failure on mortgage r...

FNMA/FHMC loans will be affected by the rate due to ltv, credit scores, and income/debt ratio will it be better in some cases to go FHA will a higher than 40% income debt ratio affect your rate down payment can affect your rate tune in and learn more at https://www.ddamortgage.com/blog Didier Malagies nmls#212566 DDA Mortgage nmls#324329 Support the show

FHA dropped their monthly PMI payment from .85 down to .55 this is huge in terms of reducing the monthly mortgage payment. There still is the upfront funding fee of 1.75% but the monthly pmi has dropped As the market changes and FHA comes back into the market, another reason to use an FHA loan for the purchase of your home And if you own a home that is in a flood zone and have no mortgage thru cit...

A comfortable mortgage payment is one that you can afford without feeling financially strained or stressed. In general, a mortgage payment that is no more than 28% to 30% of your monthly gross income is considered to be affordable and comfortable. However, this can vary depending on your individual financial situation, including your other expenses, debts, and savings goals. It's important to...

How much are you saving by consolidating your debt into one mortgage? how long does it take to recuperate the cost if you are saving thousands a month? Are costs on your credit cards at an all-time high, are you getting ahead? Can you get relief by refinancing and getting the house in order we know the government will pivot and drop rates, but can we do well now before they pivot? Take the opportu...

Is it a good idea to close at the end of the year or the beginning of the new year what about portability from one home to the new home filing for homestead is a must tune in and learn more at https://www.ddamortgage.com/blog Didier Malagies nmls#212566 DDA Mortgage nmls#324329 #mortgage #mortgagetips Support the show

s it best to close at the end of the month or the beginning one could be short of cash to close and then end of the month makes the most sense or you are in a lease and need the extra month, how does it all work tune in and learn more at https://www.ddamortgage.com/blog Didier Malagies nmls#212566 DDA Mortgage nmls#324329 #mortgage Support the show

will your pension, social and 401k last your lifetime? will you have extra money for whatever may happen that is not in the budget what happens when the gov't pivots and prints another 10 trillion? will costs go up more why not have an equity line that you do not have to make payments on? why not have an equity line that goes increases with inflation tune in and learn more at https://www.ddam...