The FloridaMortgageCenter.com

Steve Verrier (904) 514-8884

Additional Loan Options and Creative Financing Products

One of the options you must consider when obtaining a mortgage is which program is best suited to your comfort levels and long range goals.

There are many options to choose from which suggest that it is always best to meet with the lender first to get pre-approved BEFORE you go house hunting.

If you would like to schedule your own No-Obligation No-Cost Consultation; please call me directly,  click here or email me at the address found on my website also.

While many borrowers choose a fixed rate loan there are several other options to consider:

Hybrid ARM’s: These are Adjustable Rate Mortgage loans. They will usually be offered as a 1 year, 3 year, 5 year, 7 year or 10 year term. This means your rate will adjust after the initial fixed term of 1, 3, 5, 7 or 10 years.  These are often used by folks not planning on being in a particular house for a long time period.  They can often save money in the initial tears due to the lower rates these products offer compared to a fixed rate loan.

There are also several different indexes lenders will use to calculate the amount of the adjustment, rate caps and margins are also key factors in this adjustment calculation.  The Margin is a fixed percentage based on credit risk and the index is a moving quantity based on market performance.

If ARM’s are of interest to you and you would like to learn all of the details you can call me to discuss your options.

Interest Only Loans: These loans offer the flexibility of paying only your interest which results in a lower initial payment, typically for 10 years at which point the loan is recast and full balance is due in the remaining 20 year term. This is a product that requires careful consultation and review. Most often used again by borrowers with shorter term interest in a property.

Non QM Loans: These are for borrowers that fall outside of agency (FNMA, FHLMC, FHA, VA or USDA) guidelines. Some borrowers have experienced credit related issues and may not have sufficiently seasoned them. A more common situation is borrowers (IE. self-employed) that write off much of their effective income to where they do not qualify so an alternate form of income verification is needed.  In this category you will find your bank statement loan, no ratio loan, DSCR or no income verification at all.  For details on these products, please contact me directly.

Reverse Mortgages or Home Equity Conversion Mortgages (HECM): These are a great product for seniors over 62 years of age.  This type of loan allows you to utilize or otherwise tap into a home’s equity and they come with no monthly repayment requirement!  The interest gets deferred to the loan balance.  It is a great product for those now living on fixed incomes with little spending money left over after making their payments.  In a purchase scenario, it allows a buyer to purchase a home for almost half out of pocket (actual percentage of purchase price is pending on the borrowers’ actual age).  It is designed to be a persons last mortgage and it does not become due until the last borrower on the loan expires or no longer resides in the house within a 12 mos. period.  At that point the borrowers heirs are given a period of 6 mos. to either pay off the loan through a sale or refinance, should they wish to retain the property.  These loans are non -recourse though so if the home value is less than the risen balance of the mortgage the lender must allow the short sale and accepts what the home sells for as a payoff.

Non-institutional/Hard Money loans / Private Money loans:  These loans are not attractive for cost but they are attractive as possibly the only way to get into a home at the time desired.  Most borrowers using this option are determined to correct whatever caused the need to use this option and refinance as quickly as possible.

New products arrive and guidelines get modified all of the time.  For the most up-to-date information on programs and products please call me at (904) 514-8884 and we can customize the one to best fit your needs.

You can also contact me through my website at: https://www.thefloridamortgagecenter.com/contact.htm

In our next issue we will cover an important question you should ask your loan officer (if not me) which could save you thousands on your mortgage…

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If you would like to get started now, please fill out a Secure Online Application and we will contact you to set up your free consultation and get you into the home of your dreams with the best terms available-regardless of your credit!  https://www.thefloridamortgagecenter.com/application

I hope you have enjoyed this step of our home buyer guide.  We have many creative loan programs to fit your needs.

Until our next lesson,

Steve

P.S. We have more valuable information and resources at: https://www.thefloridamortgagecenter.com

The post Buying a Home – Part 7 – Loan Options / Creative Financing appeared first on TheFloridaMortgageCenter.com at ANE Lending.

TheFloridaMortgageCenter.com

Steve verrier (904) 514-8884

How to have the government help you make your mortgage payment!

 You may often hear your friends and family saying that owning a home is great for your taxes. What do they mean?  When you own a home the property taxes and the mortgage interest is often tax deductible. Of course this is a subject you should always discuss with your accountant. I am not one.

Many consumers will experience a large tax refund every year as a result of having these two large expenses as tax write-offs. Rent is usually never tax deductible.

But there is a better way to get a refund that is often overlooked by most consumers.

When the government issues you a refund check they have in effect held your money for over a year and paid you no interest.

You can instead (with your accountant’s help) amend your W-4 form and get this money coming back to you in each and every paycheck. You can then use this money to help pay your mortgage payments.

As an example, let’s say that owning a home provides you with a tax refund of $2,400. You can instead change your W-4 form to get back $200 more each month in your paychecks which you can use to help make your mortgage payments.

You will not get it back as a refund then. With your accountant’s help you should adjust your W-4 form so that you do not owe any money at the end of the year nor do you get any money back. Instead, you are using this money every month to help with your expenses.

If you would like to discuss this in more detail and get a better idea of the exact benefits you may be entitled to please call me for a No-Obligation No-Cost Consultation

at (904) 514-8884 or visit my web site at: https://www.thefloridamortgagecenter.com.

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If you would like to get started now please fill out a Secure Online Application and we will contact you to

set up your free consultation and get you into the home of your dreams with the best terms available…

regardless of your credit!

Or if you have questions, call us or submit them here

In our next issue of Insider Mortgage Secrets and Home Buying Guide, we will cover the many creative loan programs that are available to fit your unique needs.

Until our next lesson,  Steve

The post Buying a Home Part 6: How to have the government help you make your mortgage payment! appeared first on TheFloridaMortgageCenter.com at ANE Lending.

Since obtaining a mortgage is often the largest financial decision in your life it is important for you to know who is involved in your loan application process.

Mortgage Loan Officer (or Mortgage Broker) – This is the person who will meet with you to discuss your program options and recommend to you the best program to meet your needs.  The loan officer will then take your loan application and follow it through to the actual settlement or closing.

Processor – This is the person who will be working on your file to prepare it for submission to the underwriter for approval. The processor will usually order the appraisal and all of the other forms needed to verify your income and assets.

Underwriter – The underwriter is the person who will either approve your loan application or decline it if it does not meet the program guidelines.

The key to a smooth and successful transaction is working with a loan officer who knows the guidelines and knows how to package your loan application so the underwriter has no choice but to approve your application.

Loan Closer/Title agent – The loan closer is the person who makes sure all of the paperwork necessary for the settlement or closing on your new home are in order. The closer will communicate with the title attorney to coordinate your settlement and make sure all of the documents you need to sign are correct and more importantly that the funds you are borrowing are at the settlement table on time.

In our next installment of the Home Buying Guide, I will show you how to have the government help you pay your mortgage payment…

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If you would like to get started now please fill out a Secure Online Application and we will contact you to set up your free consultation and get you into the home of your dreams with the best terms available…regardless of your credit!

Or if you have questions, call us or submit them here

We hope you have enjoyed this step of our homebuyer guide.

We have many creative loan programs to fit your needs.

Please contact us at 904-514-8885 to schedule your FREE No-Obligation Consultation where we will meet to tailor a program to fit your needs and comfort levels for monthly payment and investment.

Until our next lesson…

P.S. We have more valuable information and resources HERE.

The post Buying A Home Part 5: Your Mortgage Team and What They Do appeared first on TheFloridaMortgageCenter.com at ANE Lending.