Mortgage Presentation

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.

Self Employed Borrowers & Mortgages

Being self employed leaves you with the freedom to make your own decision as well as not have to answer to a boss. Unfortunately, it is not the 90's anymore, when borrowers only needed a few months of bank statement to show your cash flow. Now self- employed borrowers must prove their income with two years of tax returns instead of using a stated income loan.

Declining income is most likely a result of the recession, but for someone who is attempting to qualify for a loan that takes the average of the past few tax returns; this can actually prevent a borrower from qualifying for the loan.  

Many self-employed borrowers report the gross income minus their expenses for a net income. It is more beneficial to have the net as low as possible, but the net is what they use to qualify the borrowers income. They have to ask themselves "what is more important? Being approved for a larger loan or avoid paying taxes?" 

They must also prove their business exists. In addition to the tax returns a lender may request the following: 

1. Written statement from their accountant.

2. Business License

3. Website

4. Client Statement

5. 1099

Jumbo Loans aka a Jumbo Mortgage

What is a Jumbo Loan?

A jumbo loan is a non-conventional loan that agencies such as FHLMC and FNMA, will not buy and trade due to the loans cost. When lender offers a mortgage loan, they normally do not keep the mortgage for the duration of the loan. They sell the loan on the secondary market to agencies such as FHLMC and FNMA.

Jumbo loans were designed to help people with high incomes afford homes in higher price range. Whether it be a luxury home or a smaller home in a higher end neighborhood. With home prices rising more middle-income Americans have turned to Jumbo loans to purchase their dream homes.  

a.k.a. "Jumbo Mortgage"

The pro's of a Jumbo Loan

- You need the money, you get the money

- No need for multiple loans

- Variety of different Jumbo loan programs

- Dropping interest rates

- Easier to apply for

- Refinancing can bring huge savings

- Special offers from banks & lenders

The con's of Jumbo Loan

- HIGHER interest rates

- More difficult to get

The bottom line is that if you are considering a jumbo mortgage loan, DO YOUR HOMEWORK!

As with any major purchase, weigh your options, both the pros and cons to ensure you make a well informed decision for your loan. 

Pre-approved!!

What is pre-approval?
 It is a written commitment from the lender (The Mortgage Firm) stating that the borrower (you) qualify for a particular loan amount based on your credit information and income.

Why?
There are many reasons to get pre-approved. The most important reason for accurate idea of how much you can afford. This will ensure that you only look at houses that are truly in your price range. A pre-approval letter is essential in a competitive real estate market. If you make an offer on a house without a pre-approval the seller will not take your offer as seriously as someone who has been pre-approved. This means you could lose out on your dream house.

**Most bank owned homes will require a pre-approval letter 
from the lender before accepting the offer**

How do you get pre-approved?

First contact your lender (me) 

You will need to provide:

• W2 from the past two years
• Your pay stubs for the past 2 months
• Your tax returns for the past 2 years
• Your checking and savings account statements for the past two months
• Your statements for all other assets for the last two month
• Current mortgage statement or contact information for current landlord
• If you are self-employed: you will also nee your business tax returns for the past two years as well as your year-to-date profit and loss statement with a balance sheet
• As your lender I will also need to pull a current credit report for you and the co-borrower.
• If you are divorces, separated, or paying child support or alimony- documentation will be needed

We will analyze your credit report for any red flags, the credit score will affect your ability to qualify for a loan, as well as the rate your can get. A score above 720 will get the most favorable rates. 

What happens if you are denied?

This just means that you have some work to do. Three most common ways:

1. Correct the errors that may have been discovered in your credit report
2. Decrease the debt and improve your debt to income ratio
3. Increase your down payment amount in order to qualify for the price of the home you want

What NOT to do after you have been pre-approved

• Do Not apply for a new credit card
• Do Not make any major purchases
• Do Not pay off all debt
• Do Not co-sign any loans
• Do Not change jobs
• Do Not ignore your lenders requests
• DO keep a paper trail of all deposits
• DO stay current on existing accounts
• Do Discuss seller 

For more information specific to your situation is available, just a phone call away! 

What are the Mortgage Do's & Don't?

The home buying process is no walk through the park. There are many little mistakes or oversights that could be made during the process that can cost you the home of your dreams. Here are a few do's and don't that can help keep you on the right path.

Do...

...disclose all your income and debts. i.e. side business, alimony, child support, additional homes that you may own

...be prepared to provide a great deal of financial documentation

...keep paying your bills

...pay your existing mortgage/rent on time.

...be upfront about your credit. Good, Bad, or otherwise.

Don't...

...quit or change our job

...open any new lines of credit or finance/buy any large purchases i.e.cars, furniture, boat, or RV

...incur overdraft fees

...make ANY cash deposits

...pay off debts or close accounts without speaking to a mortgage professional

...DON'T MOVE!

For more information, give me a call! 

Join Me!

I'm 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.

 

Wishing everyone a wonderful & safe Holiday Season and a Happy New Year! 

A Little Bit About Suzanne Morton of The Mortgage Firm

 

 

I believe in making ethical common-sense loans that benefit the customer, our real estate partners and our company.  I am here to select the best possible loan program for you and will guide you throughout the loan process.

 Being a mortgage originator is about building relationships, not just conducting a transaction.  My clients over the past 22 years have relied on my accountability and my ability to work effectively in obtaining the financing they desire either for a new home purchase, refinance or investment property.

I am proud to be a part of The Mortgage Firm which has been providing quality real estate financing since in 1995.  I enjoy being a part of a team where our sole focus is providing you the best experience possible and delivering your loan on-time with no surprises. 

I am also active in the Delray Beach Chamber of Commerce, the South Florida Chamber of Commerce, Coastal Conservation Association and The Florida Cattlemen’s Association.

I am always available to my current and future clients and real estate partners through the following contacts:

 Delray Beach office:  DelrayBeachMortgages@gmail.com

1045 E. Atlantic Ave., Ste. 307, Delray Beach, FL  33483   Phone:  561-865-5475

 Boynton Beach office:  yourbestmortgagechoice@gmail.com

240 S. E. 23 Ave., Boynton Beach, FL  33435                        Phone: 561-336-3258

 

Cell Phone:  561-389-5102

 

 

 

 

 

 

 

 

Florida Mortgage Fraud Resources

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 Instead Of 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.

Big Job Change

Hey everyone, sorry for the delay in updating my blog.  As you may be aware there are lot's of things going on in the mortgage industry recently keeping me very busy.  There are many great opportunities for new home purchases and mortgage rates are at historic lows.

I am excited to announce my affiliation with the The Mortgage Firm, which has recently expanded their operations into South Florida. 

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.

Whether you are dreaming of buying your first home, lowering your existing payments or considering investment properties or home improvements, I can help by offering a variety of mortgage loan programs.  Even if you have had recent credit issues, I can help.  Call me today!