I just wanted to make my first post in 2016 and wish everybody a Happy Year of Borrowing. I think we are in store for a good year as we head into this election year.
Mortgage Interest Rates in Florida are still very low and economic and world uncertainty is helping keeping them low. The Federal Reserve has started to raise the cost of Federal funds but those changes have not translated into higher mortgage rates just yet. Please tune into my rate lock advisory, if you want to get the mechanics of what is happening on a day to day basis.
Looking at the New Year my company is breaking records with unprecedented service delivery. When you are getting a loan with me and my bank, I am your sole point of contact. There are many behind the scene heroes that do an unbelievable job who help coordinate you’re closing. (along with me.)
“People say, why is it so hard to get a mortgage these days”?
I say it is not really hard, we know on day one if you can get a loan or not but we have to run it by a few departments. First myself the loan originator, then set-up, processing, underwriting, quality control, appraisal, title, survey, pre-closing with the new TRID guidelines, and finally the closing celebration. Then post-closing and hopefully, later, you are so happy with the service you received, you will be more than happy to give my name and number to friends, family and co-workers as you go on through life.
During the whole mortgage loan process, I am your sole point of contact. In other larger banks, you most likely would be shifted from department to department probably not receiving the same type of service levels compared to my bank.
I have heard the horror stories of dealing with what I call the 800 lb guerrilla huge banks or perhaps the on-line mortgage company with the inexperienced loan officers.
Please give me a call if you would like to talk about your loan in Florida. After our discussion I will email you an estimate with all the numbers and use that as a starting point.Preston Ware
How to reduce student loan obligations:
Student loans can make or break your loan. Many of my first time home buyers have student loans. It used to be that if the loans were in deferment for more than three years we would not have to include those debt in your ratios.
Presently, we have a guideline change where we need to carry a 1% payment no matter if the student loan obligation is deferred for more than three years or not. Guidelines like this don’t always translate to the borrower who is squeezing out their income and debt ratios to purchase a nicer home.
Recently a customer of mine passed on some wonderful information that I would like to send to all of my customers. You can Consolidate those student loans with better terms !!!!
If you have substantial amounts of student loans, perhaps you should consider consolidating them. I don’t have all of the ins and outs but go to this web site and check it out.
Go to http://www.studentloans.gov and fill out the application. In the case of my future borrower she had 6 loans totaling $650 in monthly payments and now she is looking to be spending about $150 a month!
This greatly affects her loan decision and allows her to buy more house now, not in ten years. If you have student loans, go check this out.And when you are done, please call me to talk about your loan.Preston Ware Florida Mortgage Banker561-329-0075