Buying Florida

Whether it makes sense to refinance or purchase with higher interest rates depends on several factors, including your individual financial situation and the specific terms of the loan or mortgage you're considering. Here are some factors to consider: Current Interest Rates : If the interest rates are significantly higher than what is currently available in the market, it might not be the best...

You get a month off of not making a mortgage payment, close in August your first payment is in October File for your homestead in the weeks after closing Do you have portability, did you own a home and sold to buy a new one? set up to do your mortgage payments online tune in and learn more at https://www.ddamortgage.com/blog Didier Malagies nmls#212566 DDA Mortgage nmls#324329 Support the show

Financial Stability : Before purchasing a home, it's important for your kids to have a stable source of income and a good credit score. They should also have a handle on their existing debts and expenses. Long-Term Plans : Are your kids planning to settle in the area for an extended period? Buying a home can make more sense if they intend to stay in the same location for several years. If the...

We use a system called Arive, which will update the realtors and the borrower on the status of the file from beginning to end so you always know where you are at automatically. When we take a loan, within days it is submitted to underwriting, no time at all and we du/lp approve loans that day we get the contract so we know where we stand from day 1. I also attend my closings to make sure all is do...

Are you in underwriting and no one is getting back to you on the status of your loan? Do they keep asking you for more information and nothing seems to be moving forward? Maybe it is time to get a second opinion on your status. I am closing on a loan today where the borrower originally went to their bank and 2 months later nothing happened. We closed them in 30 days after assessing the situation....

Mortgage Insurance: FHA loans require borrowers to pay an upfront mortgage insurance premium (MIP) at closing and an annual MIP as part of their monthly mortgage payments. The mortgage insurance protects the lender in case the borrower defaults on the loan. Credit Score Requirements: One of the benefits of FHA loans is that they are more lenient with credit score requirements compared to conventio...

Removal of collection account: When you pay off a medical collection, the collection agency may update the account status to "paid" or "settled" on your credit report. In some cases, they may even remove the collection entirely from your credit report. This can have a positive impact on your credit score because a paid or removed collection is generally viewed more favorably th...

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...