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It is frequently seen that the two basic types of amortized loans used by the public are the Fixed Rate Mortgage ( FRM ) and the Adjustable Rate Mortgage ( ARM ). However, there are many others rarely used such as "assumed mortgage", "blanket loan", commercial loan", "deed of trust", "equity loan", "jumbo loan", and more. - Different types of mortgages in the United States
If you are determined to make a small down payment or if you have insignificant credit, the guidelines will be more strict. If you plan to make a big down payment or you have an excellent credit, these guidelines will be less strict. Guidelines can be different and it depends on the type of loan program you have selected to buy a home. - Mortgages and Debt-to-income ratios
If you know exactly how much money you have for the down payment and closing costs, the other issues that are involved into the home buying process will go smoothly and faster. This includes the way you would write the buying offer and mortgage programs for which you would qualify. - Mortgage programs: How much do you have for the down payment?
It is of so much importance to fully document the paper trail of the money you will use to make the down payment and closing costs to buy that beautiful single-family home in South Florida. - Mortgage - Applying for a mortgage - Documenting your possessions to confirm your down payment
If the money you have designated to make the down payment and pay the closing costs was in the bank for a long period of time and is covered by the bank statements, you will not have any problems. These are known as seasoned funds. But, if your bank account statements prove any large deposits or withdrawal, the lender will ask you to give details about it including to enclose the pertinent sources. - Checking on your money to buy a home in Florida State
Receiving money from a family member as a gift means that your lender will require a gift letter and for which he must provide a form to fill. This form is called the gift letter to buy a home and it must state the relationship between the parties (mother, father, brothers or any other), it must include their full names, the gift amount and the address of the purchased home. The gift letter must be clear enough about these funds by stating that the money comes from a gift and that is not required to pay it back - Mortgage-Verifying Your Down Payment-The gift letter to buy a home
When applying for a mortgage to buy a home, you will be asked to declare all of your possessions in order to verify your down payment. These possessions are usually described as cars, antiques, fine art collections, boats and everything you own excluding Real Estate. - Mortgage-Documenting your possessions-Verifying your down payment
The money for mortgage loans comes from three major institutions: Fannie Mae ( FNMA-Federal National Mortgage Association ), Freddie Mac ( FHLMC-Federal Home Loan Mortgage Corporation ), Ginnie Mae ( GNMA-Government National Mortgage Association ).
Once your home loan has been enclosed and sold to Fannie Mae, Freddie Mac, or Ginnie Mae, the lender will have additional money so they can create more loans and make more loan services as well as selling these services to the said institutions that will lend you money to buy a home in Miami Florida. - Mortgage loans: where that money comes from?
The pass of time and especially the growing of the Real Estate market have served to combine, in some way, most of the terms to define mortgage lenders as well as to highlight some differences among them. - Different Types of Mortgage Lenders
If an institution or foundation are giving somebody the loan of a certain amount of money and creating more loans by itself, they are called "portfolio lenders." They are lending for their own portfolio of loans and of course from their own money. They don't worry about being able to instantaneously sell them on a less important market. As a result of this, they don't have to follow Fannie/Freddie guidelines. They just make their own regulations for determining credit value. - Mortgage Lenders: Portfolio Lenders
Mortgage rates are still falling and in most cases it is believed that it might be causing the rising of a slow economy. Experts say that it is a formula for gradually falling interest rates. - Mortgage rates are still falling
When applying for a mortgage loan you will be asked to present documentation commonly called “alternate documentation”. It means that a number of answers can be obtained from the borrower instead of having to wait for the answers coming from the mail. - Things you need when applying for a mortgage loan
Before shopping for a mortgage, you must examine your finances carefully so you can determine which mortgage is better for you to purchase a home. You can qualify for a loan and your lender might offer you more than what you really can afford. - Shopping for a mortgage to buy a home
Credit bureaus usually forward your claim to the individual creditors. The creditor has legally 45 days to respond back. If he/she doesn’t reply within the selected time the item must be removed. But, if he/she replies at a later date with information that can document the credit statement is accurate, the item will be sited back on your credit report. - Getting your credit report done the right way
Borrowing money from Mom and Dad to buy a home in South Florida is the best Real Estate transaction you will ever make. Lender and borrower must choose a rate by taking into account that it is a transfer of private money for a mortgage loan not a family gift - Want to buy a home in Miami Florida? How about getting an intra-family mortgage?
If you are determined to sell a home, ask your Real Estate Agent if he/she is a Realtor and make sure that he/she is a member of the National Association of Realtors.
The FBI has reported a variety of mortgage fraud cases since 2004 to the present days. According to the reports presented, the majority of fraudulent cases have been committed by a number of professionals within the Real Estate industry: mortgage lenders and brokers, home appraisers, and real estate agents. - Advice on Mortgage Fraud
When buying a home, your prime concern should be focused in hiring a professional Real Estate Agent. Why? Just because professional Agents guide you throughout the entire home buying process and, they can recommend the best lender for your financial situation. - When buying a home: What type of lender is best for you?
Getting familiarized with a mortgage calculator is a very important step to take into account when buying a home. There are affordability calculators, loan calculators, rent versus buy calculators and refinance calculators.
- Getting familiarized with a mortgage calculator
See how much you can borrow by using BLUE ONE Realty mortgage calculator. Pre-qualifications and pre-approvals are crucial steps to follow up in any type of mortgage loans whether they are for a home buying or refinancing - What type of Mortgage is better for you?
When planning to buy a home the critical part of developing the plan is mostly addressed to the financial decision: getting a mortgage loan. But, by the way, what is a mortgage loan? - What is a mortgage loan?
Qualifying for a mortgage is a must and you need to get it understood before applying for a mortgage loan. When you apply for a mortgage loan, the lender will dig into your financial situation to make certain that you are worthy enough to take the risk. - Qualifying for a Mortgage
Before buying a home, you need to ask yourself a few basic questions so you can choose the right mortgage loan to buy a home. You must keep in mind that buying a home is the most important decision in your life time. - Choose the right mortgage to buy a home in South Florida
If you are determined to buy a home in South Florida you may need to apply for a mortgage loan. Basics understanding on mortgage loans are good for anyone interested in buying a home.However, it is always recommendable to be assisted by a professional Real Estate Agent - Non-traditional loans vs. traditional loans
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By visiting this section you can be informed about the home selling process and for how much your home should be valued and more…! - Sell your Home in Florida
I received all necessary support and guide from a professional real estate agent at BLUE ONE Realty while I was needing to buy a new home. He not only knew how to search for the best deal according to my requests, but also he protected all of my interests with the highest professional level when some problems arose. This is priceless to who doesn’t know the area and market. I’m very thankful for their job and I highly recommend working with BLUE ONE Realty. Real Estate Company testimonial by M. Gardelin.
My wife and I are very thankful to the agent working at BLUE ONE Realty especially for all the time she was with us during the home buying process of our beautiful new home. We really had to face the biggest business in our life and she helped us successfully. We appreciate everything this agent did for us professionally!. Real Estate Company testimonial by Stephen and Clara Smith.