Monthly Archives: March 2017

Recent foreclosure and/or short sale

How To Get A Mortgage On a Recent Foreclosure

Finding mortgage rates Florida for your home is quite important, and there are quite a few people who need a new home mortgage before they start shopping. Current mortgage rates Florida must be checked by the home shopper as soon as possible when they begin their shopping process, and they will see all the information for the homeowner who is ready to buy. This article explains how the shopper will find the mortgage that will help them shop for a new home, and they will have a pre-approval that helps them ensure they may afford their home.

#1: Mortgage Rates Change Often

Mortgage rates have been changing over the years, and they change on the whims of the market. The markets are shifting often because the global economy is moving about, and the mortgage shopper must search for rates every day to learn which mortgage rates Florida are best for them. Choosing proper rates ensures terms are appropriate for the user, and there are many different ways to close on rates when the homeowner finds something worth taking.

#2: Current Mortgage Rates Florida Options

Current mortgage rates in Florida may be checked by a mortgage broker, and there are many different people who will notice how simple it is to get the loan they need. There are quite a few people who need a new loan because they are searching for a foreclosed house. The homes in the state that have been placed on the market because the owners left the homes as they were, and they must be sold as soon as possible. The foreclosure sale will go through quickly, and the person shopping for a foreclosed home must have their rates worked out before they spend money on a particular house.

#3: How Long Will Rates Last?

Rates are not guaranteed to last for any length of time, and the rates may change when the shopper is thinking of purchasing a home. They will find it is a bit too late to do anything about the home shopping process if they have not taken the rates while they are good, and it is difficult to purchase a home when the rates or terms are not good. Asking a mortgage broker about how long rates will last is an important of the process, and someone who wishes to buy today must have contact with their mortgage broker to ensure they are ready to take the rate.

#4: The Closing Agreement

The closing agreements that are signed on a foreclosed home are quite important because they will ensure a better term for the customer, and you will find it simple to ask for a better term because you are taking the home off the bank’s hands. The bank cannot afford to keep it on the rolls, and the bank will not allow the house to stand for long without being sold.

#5: Shop With A Specialty Agent

The specialty agent has been selling homes every day of this type, and they will ensure the home is sold at the proper price to the client who wishes to buy out of foreclosure. The home may not be in the best condition, but the agent understands how to ensure the home is turned over in proper condition to the buyer. They will negotiate the price on the home, and they will ensure the homeowner is given ample time to move out. There are quite a few instances when there is a short grace period to allow the old owner to move out, and the agent will ensure everyone is comfortable with the situation.

#6: How Long Do Foreclosures Last?

Foreclosures do not last long because they are so cheap, and they will sell for low prices that take them off the market. There are many people who will bid on a foreclosure because they want to save money, and the foreclosure will help the buyer save money they may invest in something else. A construction loan may be taken on the house to keep it in good shape, and the home may be sold to the buyer with a larger loan that ensures they will correct any problems in the house.

The process of shopping for a foreclosure is made much simpler when the buyer has an understanding of the rates they may receive. Rates in the state of Florida are changing every day, and they will ensure the customer pays less money on their home every month. The mortgage payment that is required from the owner will be reduced because the price of the home dropped, and anyone who is searching for better rates must ask an agent for help. This process may begin with the agent at any time, and there will be a number of buyers who will save money because of it.

Low credit scores

Millions of Americans dream about home ownership. In fact, home ownership is their number one financial goal. Often, a large number of the potential home owners fail to qualify for that home due to their low credit scores. They wonder if this low score will hold them back forever. Still, if they should find a source to qualify for a mortgage loan, the mortgage interest rates Florida charges are high with the lending company and a portfolio lender might not even consider them. The first step for the potential home owner is to start getting their financial house in order by following the steps provided here.

Credit Scores

It is vital for the potential homeowner to realize that their credit score is extremely important. A low credit score should not deter their plans for home ownership. Instead, it should motivate them to strive to improve their credit score. Check your current credit score. First, it is important to note that the average credit score is around 600 to 700. A low credit score is anything that is below 600. Credit Scores range from about 300 to 850, depending on the source. If your credit score is hovering around 500 or lower, that is considered extremely low and you have some work to do to bring up that score.

Improving Credit Score

Perhaps, your score is on the low side. The fact is that there are steps that you can take now to improve your credit score and start saving for a down-payment on your dream house. The first step is to start paying off your credit cards and eliminating most of your outstanding debt. It is also vital to keep a steady job and income. Make sure that you are not overextended financially because the mortgage lending company will hold this in consideration too.

Qualifying For Mortgage Loans

It is also important to note that there are a few programs that accept people with low credit scores. For example, if your credit score is around 580, you might qualify for an FHA loan with a low down payment. Still, it is important to note that you might have to search around for a lender that will accept this type of low score. Searching for a lender that will accept such a low score will probably take a large chunk out of your time. Therefore, it might be a wise choice to work with a mortgage banker that will work closely with their client to help them find a source for a loan. Those that decide to look for a loan without the help of a professional mortgage broker, risk settling for a high interest loan higher than current mortgage interest rates Florida providers.

Handling Interest Rates

Certainly, it is a guarantee that without the help of a professional mortgage broker, you might have to settle for much higher interest rates. At this point, you must decide if you are really ready to take the risk with a higher interest rate or wait a bit longer before settling on a mortgage loan company. Perhaps, you work diligently and find a loan source on your own. Since, your credit score is low, you will probably pay very high interest along with a high down payment. The best course of action is to find a source that will guide you through the entire process and help you to find a source that will provide a loan to someone with a low credit score. The fact is that there are sources out in the real world that provide low interest loans without requiring a down payment, to people with low credit scores. This fact is just one of the many things that you should know about low credit scores.

Sophisticated tax returns

Why Your Tax Returns Are Considered to be a Big Part of the Mortgage Process

There are many intricate aspects in getting a mortgage here in South Florida. Do you have your own business? You will need a 1099 form from the last two years. Do you collect a paycheck from a boss? You will need a pay stub from the same time frame. You will need any sort of canceled checks you may have around. You will need other things such as your bank statements and your profit and loss statements.

The most important thing you will need is your tax return.

You cannot get a better quote on your adjustable rate mortgage Boynton Beach unless you have the tax returns. Many clients ask why the tax return is so important during the process. Listed below you will find a few important reasons why they are important.

1) A client’s full picture is not disclosed by the first two pages. Lenders need the full tax document to go over everything. The first two pages will offer some insight, but not everything that is necessary.

2) Somewhere within the documents is a form known as the Form 4506-T. This is valuable. This way your lender can get a full transcript from the IRS. This transcript is needed to go over everything. Some questions are not answered by the tax return alone. This is why this form is part of it.

This form is helpful to those looking to obtain one of the lower fees attached to the adjustable rate mortgage Boynton Beach has to offer.

3) Another benefit this serves is with the loan fraud. Your lender or bank wants to see if there are any irregularities. The bank wants to see if you have committed loan fraud before. This information is not so readily available within a W-2 or 1099 form.

4) Banks and lenders want to know about all the income. Some clients fail to report certain types of income. Things like business expenses and rental property income sometimes fail to get mentioned. Some do this intentionally. Others do this unintentionally. Banks and lenders need to know this.

How can I get the returns faster?

The IRS is known to move slower on those who owe money, compared to someone who is getting a refund. It depends on the persona and situation. Are you someone who owes money, yet are trying to get a mortgage application process completed?

1) Give them a call. Find out if they can escalate the process much faster for you.

2) Visit the office personally. Sometimes this speeds them up. Some do not take a phone call seriously enough.

3) Pay off any debt you may have. This another way to speed things up. It will also prove to be effective with your tax returns.

4) Your tax returns may be showing you are refinancing something else right now. Take care of this situation. This will lower your debt load.

Three tax return income preparation tips

1) Sometimes you may not need the returns at all. In some cases, your W-2 forms will be enough. Ask your lender or bank which forms they do need. Ask them about the tax returns. They do help but sometimes are not necessary.

2) Say you are off to a slow start. File an extension. You will have to October of the same year to get it done. Talk to your bank or lender about what you are doing. Provide them a copy of the extension. This will serve until you are able to get your tax returns in.

3) Say you are self-employed. Say you have only the tax returns for about 6 months. This will be good enough for most lenders and bankers. All they require is enough to tell the story.

The mortgage process can be terrifying as it is. The more you have your paperwork in line, the better off you will be.

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