Calculating a mortgage payment | FHA loan with 3.5% down | Purchase

So how much would your payments be if you bought a home with 3.5% down this summer?

Calculating a mortgage payment | FHA loan with 3.5% down | Purchase

The Fear of Getting a New Mortgage? | Purchase Florida Mortgage

Getting a new mortgage = root canal?

Education is the tool through which fear and uncertainty are absolved.  Find out why the media has you believing the opposite of the truth in regards to obtaining a home loan in the current market!

Read more The Fear of Getting a New Mortgage? | Purchase Florida Mortgage

Florida Mortgage Rates Skyrocketing! | Purchase Florida Mortgage

This is not a marketing ploy - Florida mortgage rates are increasing very quickly.  Home buyers and refinance customers should be locking in their rate as soon as possible to prevent disqualification of their loan.

PLEASE TAKE THIS SERIOUSLY - most of our recent applicants would be denied in the future if rates increased by even 1%.

REALTORS - forward this to your clients and ignite that sense of urgency - home buying is not a spectator sport ;-)

READ THE ARTICLE HERE Florida Mortgage Rates Skyrocketing! | Purchase Florida Mortgage

Buying a Home | 3 Ways to Keep it Real with your Realtor

Whether buying a home or selling one, there are just too many people out there not ‘keeping it real’ with their Realtor.  More specifically, a lot of home shoppers out there aren't being completely honest with their Realtors and it winds up costing them the home of their dreams.  Don’t let this happen to you! Let’s take a look at some of the ways you, as a home buyer, could avoid these common mistakes with your Realtor...continued.

Buying a Home? Keep it Real with Your Realtor!

READ THE FULL ARTICLE : Buying a Home | 3 Ways to Keep it Real with your Realtor

FHA Changes June 2013 ... Forever! | Purchase Florida Mortgage

FHA Changes June 2013 = Bad News for Home Buyers

Please don’t shoot the messenger, but I feel obligated to let you know that the FHA changes June 2013 are going to leave a lot of people in a bad spot in years to come.  As some of you may recall, I mentioned some huge changes to FHA mortgage insurance premiums last month and this was the big whopper...

FULL ARTICLE: FHA Changes June 2013 ... Forever! | Purchase Florida Mortgage

4 Reasons Your Mortgage PreApproval Is Useless | Pre-Approval FAQ

Why is my pre-approval useless?
As per the definition above, before getting preapproved for a home loan, a lender or broker should check all of the ‘necessary’ documentation along with the full mortgage application before issuing a mortgage pre-approval letter or certificate.  This is not the case in most instances.


READ MORE ==> 4 Reasons Your Mortgage PreApproval Is Useless | Pre-Approval FAQ

Florida Mortgage Rates on the Rise | Purchase Florida Mortgage

Take action now if you haven't already.  Contact us today for that new home pre-approval or streamline refinance...We've got you covered!

Florida Mortgage Rates on the Rise | Purchase Florida Mortgage

Orlando mortgage broker Purchase Florida Mortgage has you covered!

Don't forget, Purchase Florida Mortgage is also an Orlando mortgage broker.  We have access to virtually every mortgage loan product out there today!  From unlimited upside down refinance programs to same day home purchase pre-approvals, Purchase Florida Mortgage has you covered!

READ MORE http://purchaseflorida.com/orlando-mortgage-broker/

Now Hiring the following positions at Purchase Florida Mortgage

PURCHASE FLORIDA MORTGAGE IS NOW HIRING LICENSED FLORIDA LOAN ORIGINATORS!

Now Hiring the following positions at Purchase Florida Mortgage

Current FHA Mortgage Rates | Purchase Florida Mortgage

Current FHA Mortgage Rates | Purchase Florida Mortgage - Includes a mortgage banker's insider perspective on the housing bubble burst and why now is the time to lock in your future in the housing market!

All about FHA PMI , MIP (or, whatever it's called!)

If you have an FHA mortgage currently or are thinking of getting one in the future, this article offers a real world explanation of FHA PMI (or more accurately, FHA MIP) as well as a few ways on how to avoid/end it earlier than normal :-)  A great read!

ll about FHA PMI , MIP (or, whatever it's called!)

+Jason Gonzalez

Subprime Mortgages | Purchase Florida Mortgage

Subprime Mortgages

If you've been wondering whatever happened to Subprime Mortgages , this article explains it all:

Read more about what happened to subprime mortgages

One, Two...Freddie HARP 2 is Coming for YOU! | Purchase Florida

If you are looking to refinance your upside down or underwater mortgage but couldn't do so because your loan is owned by Freddie Mac, Purchase Florida Mortgage has the solution!  Check out the article below!

One, Two...Freddie HARP 2 is Coming for YOU! | Purchase Florida

Huge FHA Changes Effective April 1, 2013 | Purchase Florida Mortgage

If you are thinking of buying a home or refinancing using an FHA mortgage loan, you MUST read this if you want to save money and 'beat the system'.

Huge FHA Changes Effective April 1, 2013 | Purchase Florida Mortgage

Denied for the HARP 2 Refinance? FIGHT BACK! | HARP 2.0 Refinance Info

Not all mortgage lenders were created equal!  Some care more than others about getting your refinance done.

Get a second look on your loan application for FREE!

Denied for the HARP 2 Refinance? FIGHT BACK! | HARP 2.0 Refinance Info

What's Ahead for Mortgage Rates This Week: December 24, 2012

Mortgage markets worsened last week amid ongoing discussions budget and tax conversations in Washington, D.C., and the release of key housing and economic data.

Mortgage rates climbed in Florida and nationwide.

Freddie Mac reported the average 30-year fixed rate mortgage rate at 3.37 percent nationwide for borrowers willing to pay an accompanying 0.7 discount points at closing, plus closing costs -- an increase of 0.05 percentage points from the week prior.

The average 15-year fixed rate mortgage rate was listed at 2.65 percent nationwide with an accompanying 0.7 discount points plus a full set of closing costs.

With certain government funding and tax reductions set to expire December 31, legislators appear unlikely to avoid what's been called the "Fiscal Cliff". Some economists believe that reaching January 1 with no agreement in place will set the economy in to recession.

Mortgage rates tend to improve on "negative" news for the economy, which partially explains why mortgage rates made a small comeback late in the week.

In other news, according the National Association of REALTORS®, Existing Home Sales reached their highest point since November 2009, climbing to 5.04 million homes sold on a seasonally-adjusted, annualized basis. In addition, the real estate trade group reports that the Existing Home Supply has dropped to 4.8 months -- a figure firmly suggesting a "seller's market".

Separately, the Commerce Department reported single-family housing starts rising, too; down 4.1 percent in November but up nearly 23 percent as compared to November 2011.

This week, Fiscal Cliff discussions are likely to dominate mortgage markets. The trading week will be holiday-shortened and volume will be lighter-than-normal. This may lead to volatile pricing and rapid interest rate movements.

Markets close early Monday and remain closed through Tuesday. Wednesday, markets re-open with no new data set for release. Then, Thursday, scheduled economic news events resume Thursday with New Home Sales, Jobless Claims and Consumer Confidence due.

Friday, the Pending Home Sales Index is released.

Housing Starts, Building Permits Rising Into 2013

Single-family housing starts took a small step back in November.

According to the monthly Housing Starts report from the U.S. Department of Commerce, single-family housing starts tallied 565,000 in November 2012 on a seasonally-adjusted, annualized basis. This marks a 4 percent decline from October, but is more than 100,000 higher than the count from 12 months ago.

Clearly, the nation's new home construction market is expanding.

On a regional basis, single-family housing starts have been strongest in the Midwest; and Hurricane Sandy appears to have affected the number of starts across the Northeast.

As compared to one year ago:

• Northeast Region : Housing starts down 19% on an annual basis
• Midwest Region : Housing starts up 40% on an annual basis
• South Region : Housing starts up 24% on an annual basis
• West Region : Housing starts up 33% on an annual basis

It's expected that new construction growth will continue into 2013, too. This is because the Department of Commerce report also showed Building Permits mostly unchanged for November at 565,000 units on a seasonally-adjusted annualized basis.

As compared to November 2011, this marks a 25% increase. Permits for multi-family homes are up 17%, too.

There are more building permits being issued today that at any time in the last 4 years.

For home buyers, this may be good news. Rising permits and housing starts suggests a more healthy U.S. economy, but it also means that home supplies may not be as tight throughout the next few months.

Overly-tight home supplies in some U.S. markets have contributed to rapidly rising home values. With more construction and larger home inventories, home prices may rise in 2013 less slowly.

The good news, though, is the mortgage rates in Orlando remain near all-time lows and low- and no-downpayment mortgage programs are abundant. For today's home buyer, there are plenty of affordable ways to purchase a home.

Talk with your real estate agent and your loan officer to see which plan works best for you.

3 Ways To Purchase Foreclosed Properties

The process of buying a foreclosed home is slightly different from the process of buying a non-foreclosure home.  If you want to invest in Orlando foreclosures, therefore, it is important to understand the different ways by which to purchase a foreclosed home.

There are three main ways to buy a foreclosed home.

Buying before the auction
Some delinquent homeowners may want to sell their homes before facing an actual foreclosure.In this instance, the homeowner, in agreement with the lender, agrees to sell the home for less than the amount owed on the mortgage.This is called a short sale. Short sales are "pre-foreclosures", of sorts. By broadening your home search to include short sales, you can identify homes that may be sold at a discount.

Buying at the auction
Another way by which you can invest in foreclosure homes is by buying the home at auction. From area to area, the legal requirements for the sale of a foreclosed home at auction may differ. If you plan to buy at auction, you'll want to be familiar with your area's customary judicial proceedings.

Buying after the auction
Buying after the auction means buying bank-owned properties. This can be the most lucrative and safest means of investing foreclosure properties. This is because lenders often reduce the sales prices of their home inventory in order to "sell it quickly". It can be expensive for banks to own foreclosed homes, and few banks are equipped for managing owned homes. Check with your local real estate agent to see what, if any, bank-owned homes are available for sale in your area.

The process of buying a distressed home is different from the process of buying a "traditional" one. Therefore, regardless of which path you follow to buy a foreclosed property, have an experienced real estate professional on your team.

Homebuilder Confidence Rises For 9th Straight Month

The National Association of Home Builders (NAHB) released its Housing Market Index (HMI), showing another monthly gain -- its ninth in a row.

The HMI -- a gauge of homebuilder confidence -- rose 1 point to 47 in December 2012, lifting the index to its highest levels since April 2006.

Readings under 50 indicate unfavorable housing conditions for builders. Readings over 50 signal "good" conditions. Coincidentally, the last time that the HMI read above 50 was April 2006, too.

The Housing Market Index is based on a survey which the NAHB sends to its members. The survey asks the nation's builders to rate the current housing market conditions.

In December, home builders reported gains in two of the three areas surveyed:

• Current Single-Family Sales: 51 (+2 from November 2012)
• Projected Single-Family Sales: 51 (-1 from November 2012)
• Buyer Foot Traffic: 36 (+1 from November 2012)

It's noteworthy that buyer foot traffic has climbed over nine straight months and is now at it's highest reported level in nearly 7 years. Low mortgage rates and rising home prices throughout Orlando have compelled today's renters and existing homeowners to consider their home buying options.

This was none more apparent that in the Northeast Region in which builder confidence grew twelve points to 42. The Midwest Region also showed a strong improvement, climbing 2 points to 53. The West and South regions fell slightly between November and December.

For today's buyers, rising builder confidence may be a signal that home prices are headed higher. Confident home sellers -- including the nation's builders -- are less likely to make price concessions into an improving market, or may be less likely to offer free upgrades to buyers.

Therefore, if you are in the market for a newly-built home, consider that you may get the best "deal" by acting sooner rather than later. Mortgage rates are rising and home prices are, too. Six months from now, your costs of homeownership may be higher.

Short Sales Outnumber Foreclosure Sales For Third Straight Quarter

Foreclosure-tracker RealtyTrac reports falling foreclosure sales nationwide as banks get better at selling homes via short sale.

In its Q3 2012 report, RealtyTrac says that 193,059 homes in some stage of foreclosure were sold, accounting for 19% of all residential home sales. In addition, pre-foreclosure sales -- also known as "short sales" -- climbed 22% on a year-over-year basis.

For the first time since 2007, the number of short sales outnumbered the number of homes sold in foreclosure over three consecutive quarters.

The average price of a short sale home fell by 5 percent as compared to a year ago which may reflect an eagerness on the part of mortgage lenders to dispose of distressed properties before they fall into foreclosure. Foreclosures can increase a lender's losses, and foreclosed properties be expensive to manage.

Compare the average Q3 2012 sale price of a home in short sale versus one in foreclosure :

• Average sale price of a residential property in short sale : $191,025
• Average sale price of a residential property in foreclosure : $161,954

It's not just the higher home sale prices that have pushing banks to settle on short sales, either. Short sales are less costly, too. Foreclosing on a home requires banks to pay court costs, among other fees, and which positions the short sale outcome as a clear winner for many banks. 

For homebuyers in Florida , the banking industry's shift toward short sales is welcome news.

Buying a short sale has been a notoriously slow process with a lack of defined timeline. As banks improve their distressed sales division, they're getting faster and more efficient. This makes it "easier" for a buyer to buy a home in short sale.

However, don't buy a short sale without the help of an experienced, licensed real estate professional.

The negotiation process is different for a short sale than with a "traditional" home purchase. Time lines are different, responsibilities are different, and purchase contract language may be different, too. The same is true for buying a foreclosure.