postheadericon My Sinkhole Was Underpinned, Now What?

Recently homeowners in Spring Hill Florida who owned a home that was a repaired sinkhole in Hernando County got quite a surprise when they received a letter in the mail from the Hernando County Property Appraiser telling them their home was going to be re-classified to be considered unrepaired. sinkhole-1This letter went out to a total of 84 homeowners in Hernando County and caused quite a stir. The letter undoubtedly was prompted by the huge sinkhole which opened up in Lake Padgett Estates in Land O Lakes, and seems to be a knee jerk reaction to that event. As one can imagine letter caused a great deal of commotion and backlash, since the letter went out just a few days ago the Hernando County Property Appraiser has somewhat retracted and will no longer be calling these properties unrepaired but will now rather notate the method of repair and if it were grouted (a form of sinkhole remediation where a polymer concrete compound is injected into the grout to fill potential voids) or if it were underpinned (a form of remediation which focuses on installing steel underpinns under a foundation to create a system of pylons underground which stabilizes the foundation and prevents it from being susceptible to further ground movement or soil subsidence) Depicting with accuracy the scope of the repair type is probably a good thing on the Hernando County Appraiser’s part although it should be noted that the Engineering Completion Report which is generally in the possession of the home owner or a potential seller does clearly spell out the method of the repair and whether or not grouting or underpinning or both were utilized.

The initial letter that went out cause much panic in homeowners prompting many questions across social media sites like facebook. As you can imagine getting a letter stating your home is an unrepaired sinkhole can cause instant fear in the heart of a home owner, especially a new home owner who recently purchase their home thinking it was repaired. So are these homes really unrepaired? The answer would be no, well maybe, well yes but technically no. Wait say what? Let’s look at that a step further in an attempt to truly clarify this confusing topic. The initial decision on the part of the property appraiser was prompted by the following thought process, at least as far as I can tell anyway. sink-pinsTechnically speaking the act of installing underpins does not resolve the underground soil condition since what it is doing is stabilizing the foundation with steel pylons and not necessarily focusing on filling the void. The goal in any sinkhole remediation is to ultimately stabilize the foundation right? So underpinning and grouting in theory should accomplish this and should stabilize the foundation assuming either type of repair was performed properly and in accordance to an engineers specification. Since the underpinning does not fill in a void one can technically then say the void was not filled therefore the condition of the potential void itself is not repaired. Does that mean if your home was underpinned it is really unrepaired? No of course not, underpinning has for many years been deemed an acceptable form on sinkhole repair. The focus of underpinning is not and never has been the purpose of the pins, but rather the purpose is to stabilize the structure regardless of the subsurface condition which may or may not exist.  Short of something changing legislatively which is fairly unlikely it continues to be an acceptable form or repair which is why the property appraiser in Hernando County received as much backlash as they did.

So if underpinning is OK then why did the underpinned home in Land O Lakes fall victim to the massive sinkhole? The simple answer might just be Mother Nature. Mother Nature is a powerful and often unpredictable, unstoppable force. In cases where the sinkhole is or becomes so massive there likely not be much in the way of a repair that could be done to prevent such a catastrophic collapse. sinkhole-land-o-lakesWould grouting have helped? Nobody can say definitively but it would be highly unlikely, maybe it would have bought a few seconds more of time, but reality probably not. Regardless of what may have been done with an event as catastrophic as the one in Land O Lakes it most likely would not be preventable regardless of any amount of compaction grouting, or number of pins or both. Its just one of those acts of Nature that man cannot control. The good news is these types of catastrophic sinkhole events are relatively rare and do not happen very often.

*My home was underpinned, now what do I do? Well the simple answer would probably be nothing unless you are noticing new damage or something that would cause immediate concern then start by contacting your engineer and contractor who performed the repairs. If necessary bring in another licensed professional for a secondary opinion.

* My home was underpinned, the Hernando County Property Appraiser has me concerned by first stating it was unrepaired now saying repaired. Is my home repaired or not? Regardless of the initial letter sent out, if the home was repaired via underpinning it remains underpinned and thus is repaired. Understanding the difference between a grouting type repair and underpinning type repair is important but being underpinned does not define it as unrepaired in the State of Florida. Being unrepaired under the definition would mean nothing was done or it was not done in acceptable manner under the supervision of a licensed structural engineer.

* I hear the County Property Appraiser may reduce my assessed value, does that make my home worth less now? No, it does not make the home worth any less or any more in the open market. Over the past few years market statistics show that repaired sinkhole homes are selling at or near the full market value. In some geographical pockets repaired sinkhole homes may actually be selling for more than their counterpart similar homes with no known sinkhole. The county assessment has little to no impact on the actual appraised value or market value. Assessments are strictly for taxation purposes and should not be used as a gauge for what a home may sell for or may appraise for in a real estate transaction.

 

steve-portait

Steve Fingerman

NMLS# 276682

President

E Loans Mortgage Inc

NMLS# 856640

4117 Mariner Blvd

Spring Hill FL 34609

Cell 727-946-0904

Office 352-688-7949

www.eloansmtg.com

 

 

Disclaimer: Steve Fingerman is not a licensed contractor, engineer, attorney, news reporter, magic genie, or anything other than a Mortgage Professional and Real Estate Professional in Hernando County who is very familiar with the Spring Hill Florida Market and the topic of Sinkholes 🙂

postheadericon Reasons Why A Home Seller Should Always Consider A Veterans Purchase Offer

There’s many myths about VA Mortgages and Veteran buyers that we need to dispell out there. Veteran home buyers are some the best borrowers out there and historically VA Mortgages perform better than just about any other home loan out there. I hear to often that a VA buyer’s offer is being rejected due to unsubstantiated fears regarding VA appraisals, and other factors, sadly most of these fears are born in myth from years ago and are simply not true today.

 

If you are listing a home, or selling a home please take a few minutes to watch the video below to learn more about VA loans and why you should strongly consider a Veteran Home buyer who is using his VA benefit to purchase a home.

postheadericon Can A Non Married Co Signer Go On A VA Mortgage?

mmbc-instructor-smallThis question comes up pretty often, A Veteran is seeking to purchase a home with a VA Mortgage and wants to add his girlfriend to the loan or vise versa. Maybe they are engaged and not married yet, sometimes the plans for the wedding are for a date that will come after the purchase of the first home. More often than not we hear lenders telling a Veteran that it is not possible to add a non married non veteran co-borrower to a VA Mortgage and that they must get married in order for them to both be on the loan. That is actually false, but there are a few caviats.

postheadericon Still Think You Can’t Make A Difference? A Loan Officer Group Across The U.S. Say Otherwise

pizza-for-policeWhat started out as a simple gesture by Patrick DeFeo, a Realtor in Manatee County, Florida has quickly turned into a national movement. He shared his story and gesture with his friend, Steve Fingerman from E Loans Mortgage and the gesture of kindness to local law enforcement quickly turned into a national movement with over 30 loan officers nationally now participating

What happened in Dallas rocked all of us and once again showed us, just how fragile life can be. It also serves a reminder to all of us of how our local and state Policemen and Policewomen put their lives at risk every day to serve their communities. Most of us go about our lives and never give that risk a 2nd thought until something as tragic as Dallas makes it difficult, if not impossible to ignore.

pizza-for-police-patWhat started out as a simple gesture by Patrick DeFeo, a Realtor with The DeFeo Realty Group in Manatee County, Florida has quickly turned into a national movement. Patrick had an idea that he wanted to give back to his local Sheriff’s office as a way of simply saying thank you for all they do for his community. He decided that he would buy the Sheriff and his deputies’ pizza, 30 of them to be exact, along with a simple note:
“Thank you Deputies for all you do for our community, I support you!”

He shared his story and gesture with his mortgage friend, Steve Fingerman from E Loans Mortgage who had the idea to turn into a national movement and shared his plan with a group of Mortgage Loan Officers across the country. The group consists of some of the most trained Loan Officers in the Country who network to collaborate through the group and share ideas and knowledge. That’s when one of its members, Michelle Dugan of The Mortgage Connection in Madison Mississippi suggested the group pick this up and do the same in their respective towns and states. The suggestion caught on immediately and before long the Loan Officers in this group who are spread across the country started collaboration and agreed to participate.

Within a couple of hours over 35 of the top mortgage professionals in the country started coordinating efforts to send Pizza’s to their local Sheriffs, Highway Patrol, and Police Departments as a way of saying thank you and showing support.
Evan Wade of Movement Mortgage in Egg Harbor Township in New Jersey says “I saw the idea posted and immediately thought, heck yes let’s do this” He goes on to say, “Our brave men and women in law enforcement put themselves out there every day, and I know many times it could probably be a thankless job, so when I saw the opportunity to give back, I thought it was fantastic”.

Jeff Powers of Nations Reliable Lending in Cincinnati Ohio whose brother is a police officer hopes this effort will continue to spread and helps change attitudes toward Police. Jeff says “There seems to be too much of a negative tone towards Police with all that’s been going on. I want to remind people that the .001% of bad does not out weight the 99.999% of the good Sheriffs, Highway Patrol and Police Officers who put their lives at risk for us daily.” He goes on to say. “That’s why I quickly jumped aboard and why I hope this effort will continue to spread through my community and others to bring more people and law enforcement together.”
Indeed what started out as a single gesture from one person was now growing into a national movement picked up by a group of Mortgage guys who decided that they as a group can make a bigger impact.

Chasity Graff of LA Lending LLC in Baton Rouge, LA says “she got in on it hoping it would inspire others around the country to do similar things. I don’t necessarily want people to send pizzas or even spend any money, I know not everyone can do that, but what I do want is for people to be aware. Be aware of what your local law enforcement officers go through daily and be thankful in a way that they can see it. If all of us went out of our way just a little bit to show our appreciation and support it would have the potential to bring tremendous positive change and that is what I think the country needs right now” Chasity was on to something because when these Loan Officers, reached out for help from their local community other people and businesses starting to jump on board by offering their foods at cost or providing other things that their local Sheriffs, Highway Patrols, and Sheriffs needed more of.

removing-fear640x392jpgWhile many people tend to think they can’t make a difference in the world, this group of mortgage pro’s scattered across the country is proving otherwise. Their joint effort and collaboration has resulted in over 35 people in 35 different towns across the country bringing localized awareness and gratitude to their local Sheriffs, Highway Patrol and Police Departments.

Thank you to the following Loan Officers and Lenders across the country!!!

Michelle Dugan The Mortgage Connection Madison, MS
Steve Fingerman E Loans Mortgage Spring Hill, FL
Chasity Graff LA Lending, LLC Baton Rouge, LA
Evan Wade Movement Mortgage Egg Harbor Township, NJ
Corey Roediger CrossCountry Mortgage Ferndale, MI
Alex Jimenez AJ Nashville Team for Hancock Mortgage Partners Franklin, TN
Lori Saucier CrossCountry Mortgage Brecksville, OH
Markita Woods Queen of Mortgages Woodbridge, VA
Elizabeth Rose Hancock Mortgage Partners Grapevine, TX
Staci Stanley Fairway Independent Mortgage Denver, CO
Brian Swanson First Mortgage Company West Des Moines, IA
Kelly Belcher Key Mortgage Ink Plymouth, MI
David Goldberg CBC National Bank Shaker Heights, OH
Chris Burleson Guaranteed Rate Knoxville, TN
Gareth Beale Power Mortgage Baton Rouge, LA
Jeremy Lewis AMP Lending Austin, TX
Katy Parsons Finance of America Mortgage Portland, OR
Scott Edwards Augusta Financial Inc Santa Clarita, CA

postheadericon Get A VA Loan And Save On Closing Costs

E Loans Mortgage is proud to serve our local Florida Veterans. In honor of Veterans day, we will be waiving all origination fees for all VA borrowers who apply for a VA Loan in the month of November.

For more info call us at:

E Loans Mortgage
352-688-7949

NMLS#856640

postheadericon Help For Senior Home Owners In Spring Hill Florida


Reverse Mortgage Frequently Asked Questions

FHAWhat is a reverse mortgage?
A reverse mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity into tax-free* income—without having to sell their home, give up title to it, or make monthly mortgage payments. The loan becomes due when the last borrower (s) permanently leaves the home.* Consult Financial Advisor. Not all products available in all states.
How is a reverse mortgage like a home equity loan? How is it different?
Both a reverse mortgage and a home equity loan use the equity you have built up in your home to provide you with readily available cash.They differ in that with a home equity loan you must make regular monthly payments of principal and interest. However, with a reverse mortgage you do not make any required monthly mortgage payments for as long as you stay in the home.
Can my current income influence my ability to get a reverse mortgage?
No. Since reverse mortgage borrowers need not make monthly repayments, there are no income qualifications.
What are the advantages of a reverse mortgage?
There are many. Here are a few of the most significant:•  Remain independent. A reverse mortgage allows you to remain in your home and retain home ownership.

•  Stay in your home. It allows you to remain in your home and retain home ownership.

•  No monthly mortgage payments required. You need not pay back the reverse mortgage loan nor make any monthly mortgage payments until you permanently move out of the home.

•  Tax-free money. Because the money you receive from a reverse mortgage
is not considered income, it is tax free* and will not affect your Social Security or Medicare benefits.

•  Freedom and flexibility. The money you get from a reverse mortgage is yours to use in any way you choose.

* Consult Tax Advisor

I’ve heard that with a reverse mortgage the lender would own my home. Is this true?
It’s absolutely FALSE. The borrower retains title to the property. The reverse mortgage lender is merely extending a loan to the borrower.Because the homeowners retain title, they remain responsible for the payment of property taxes, hazard insurance, and maintaining the home in reasonable condition – just as they would with a standard first mortgage or home equity loan.
Can I refinance a reverse mortgage, as I would be able to do with a traditional home mortgage?
Yes. Refinancing can make sense if your home either increases in value, the interest rates drops or the maximum lending limit increases. Keep in mind that when deciding to refinance a reverse mortgage, it is important to compare the amount of benefit versus the cost of the loan before making this decision. The amount of benefit received should be twice the amount of the cost to refinance the loan.
Can a reverse mortgage lender take my home away if I outlive the loan?
No they cannot. And the loan is not due at that time either. In fact, you don’t need to repay the loan as long as you or another borrower continues to live in the house as the primary residence and keep the taxes paid and hazard insurance in force.
How do you determine the amount of cash I am eligible for?
The amount you can borrow depends on several factors, including your age, the type of reverse mortgage you select, current interest rates, the appraised value of your home and FHA’s lending limits for your area. In most cases, the older you are, the more valuable your home, and the less you owe on it, the more money you can get.
Are there any limits on how I use the money I receive from a reverse mortgage?
You can use the money for virtually anything you choose, from daily living expenses, home improvements, healthcare expenses, paying off existing debts, or simply enhancing your retirement years. For many people, the money provides a “financial security blanket,” in case unexpected expenses arise.

It is important to know that with adjustable rate mortgages, an increase in the interest rate could affect the amount of money available to borrow in the future and the amount of money owed when the loan becomes due.

Is there a choice in how I receive the cash from my reverse mortgage?
Most definitely. With most reverse mortgages you have a wide range of payment options, one of which may be ideal to meet your financial needs.

  • You can choose to receive the money all at once, as a lump sum.
  • You can receive equal monthly payments as long as one of the borrowers lives and continues to occupy the property as a principal residence.
  • You can choose to receive equal monthly payments for a fixed period of months.
  • You can get a line of credit; which allows you to take funds at times and in amounts of your choosing until the line of credit is exhausted. This is the most popular option, chosen by more than 60% of reverse mortgage borrowers.
  • You can opt for a combination of line of credit with monthly payments for as long as the borrower remains in the home.
  • Or, finally, you can choose a combination of the above.
Who can qualify for a reverse mortgage?
Seniors 62 years of age or older may qualify. There are virtually no income or credit qualifications.
Lender-with-mortgage-paperworkI still owe money on a first or second mortgage. Can I still get a reverse mortgage?
Yes. You may be eligible for a reverse mortgage even if you still owe money on a first or second mortgage. The funds you would receive from the reverse mortgage would be used to pay off whatever existing mortgages you have on the property.
Can I get a reverse mortgage on a second home or resort property I own?

Unfortunately no. Reverse mortgages may only be taken out on your primary residence.

What kinds of homes are eligible for a reverse mortgage?

First and foremost, the reverse mortgage must be on the borrower(s) primary residence, that is, where they live most of the year. Most reverse mortgages are taken on single family, one-unit homes. Some programs also accept two-to-four unit buildings that are owner-occupied. Some programs offer reverse mortgages on condominiums and manufactured homes built after June 1976. Mobile homes and cooperatives are generally not eligible for a reverse mortgage. Call 352-688-7949 to speak with one of E Loans Mortgage Reverse Mortgage Specialists

Would a home that is in a “living trust” be eligible for a reverse mortgage?
Yes. In most cases a homeowner who has put his or her home in a revocable living trust can usually take out a reverse mortgage. A review of the trust documents would be conducted by the reverse mortgage lender to determine if anything in the living trust would be unacceptable.
Are all reverse mortgages the same?

No, below are the basic types of reverse mortgages:

1.     Federally-insured reverse mortgages.Known as Home Equity Conversion Mortgages (HECM), they are insured by the U.S. Department of Housing and Urban Development (HUD). They are widely available, have no income requirements, and can be used for almost any purpose.

2.     Government-sponsored reverse mortgages.  A Home Keeper® is Fannie Mae’s conventional market alternative to the Home Equity Conversion Mortgage (HECM). It is a government-sponsored enterprise program and works like a HECM loan in many ways. However, a Home Keeper® reverse mortgage addresses a few needs that are not met by HECM loans, such as individuals with higher property values, condominium owners, and seniors wishing to use a reverse mortgage to purchase a new home. The Home Keeper can also be used for a Reverse Purchase. For example if you have sold your home and are looking to purchase the new retirement home, you can save half of your money and put 50% of the proceeds down on a new purchase and still have no mortgage payments under this program.

 

Spring Hill Florida Mortgage Lenders

Need A Mortgage In Spring Hill FL?

When will I have to pay the principal and interests cost of this loan?

Your reverse mortgage loan becomes due when one or more of the following conditions occurs: (a) the last surviving borrower passes away or sells the home; (b) all borrowers permanently move out of the home; (c) the last surviving borrower fails to live in the home for 12 consecutive months; (d) the borrower fails to pay property taxes or hazard insurance; (e) the borrower does not maintain the home in reasonable condition.

What is a non-recourse loan?

A non-recourse loan is a home loan in which a lender may look only to the value of the home for repayment of the loan; no other assets may be attached if the loan balance grows beyond the subject property home value.

If I take a reverse mortgage, will I still have an estate that I can leave to my heirs?
When you sell your home or no longer use it as your primary residence, you or your estate must repay the lender for the cash received from the reverse mortgage, plus interest, monthly service fees and any other accrued costs. Any remaining equity belongs to you or your heirs. It’s important to remember that you can never owe more than the fair market value of the home when it is sold. None of your other assets will be affected by your reverse mortgage loan.
When the loan is due, will I ever owe more than my home is worth?
If the borrower or heirs/estate do not wish to retain ownership of the property upon loan maturity, the borrower or heirs/estate will not be required to pay more than the home is worth upon loan maturity.In the event the borrower or heirs/estate decide to keep the home upon loan maturity, the borrower or heirs/estate will be responsible for the full amount owed.
What fees are involved in a reverse mortgage?
Most reverse mortgages have an origination fee, third party closing costs (such as appraisal, title and escrow), insurance, and a monthly servicing fee. These charges can be paid from the proceeds of the reverse mortgage, resulting in no immediate burden to the borrowers; the costs are added to the principal and paid with interest when the loan becomes due. Call us at 352-688-7949 and we will be happy to answer all of your Reverse Mortgage Questions.

E Loans Mortgage Inc 4117 Mariner Blvd Spring Hill, FL 34609

Phone: 352-688-7949 Fax: 352-688-7656

 

postheadericon Is It Cheaper To Buy A Home VS Renting A Home?

Rents in Spring Hill Florida continue to rise, however mortgage rates are still historically low. With house prices starting to rebound in Hernando County this may the best time in years to purchase a home in Spring Hill FL! For quick a quick Mortgage Approval contact us at 352-688-7949 or apply online at www.e-loanmortgage.com

Steve Fingerman

President E Loans Mortgage

352-688-7949 Office

727-946-0904 Cell

NMLS# 856640

postheadericon Understanding The New TRID Rules

Scales-of-justiceThe Importance of TRID

If you are working anywhere near the real estate industry, by now you have heard about the importance the regulations known as TRID, which are effective for residential mortgage applications submitted on or after October 3, 2015. There are many questions about these new regulations and in this article we will try to answer these from a consumer and real estate practitioner point of view.

What is TRID?

TRID is the result of the Federal Consumer Financial Protection Bureau’s “Know Before You Owe” initiative in which the agency is trying to make the home buying process easier to understand for consumers as well as making important documents available before the actual closing takes place. TRID is an acronym which stands for the TILA and RESPA Integrated Disclosure Rule. Yes, the government has actually come up with an acronym to replace two acronyms. Thus, first we must explain TILA and RESPA.

TILA stands for the Truth-in-Lending Act. This law regulates all consumer lending, not just real estate finance. For example, if a consumer obtains a credit card, there will be a TIL disclosure issued for the purpose of giving the consumer the “true cost” of borrowing by factoring in borrowing fees into an overall number called the “Annual Percentage Rate” or APR. What is unique about mortgages is that an initial TIL Disclosure is required for mortgages within three business days after submitting an application and a final TIL Disclosure is required at closing. In contrast, you might obtain a credit card the same day you apply for it.

RESPA stands for the Real Estate Settlement Procedure Act. This law specifically focuses upon the regulation of residential real estate transactions. There are many aspects of RESPA, but here we will focus on another required disclosure, the “Good Faith Estimate” of Closing Cost, which also must be issued within three business days of application. RESPA also requires the issuance of a HUD-1, the final closing statement, which some years ago was aligned so that the numbers were synchronized with the initial Good Faith Estimate.

How does TRID change all of this?

The government’s goal is to make the process simpler by integrating the two disclosures into one—both upfront and at closing. Thus, there is a new disclosure required three days from application which is called a Loan Estimate. This new disclosure replaces both the Good Faith Estimate and the Truth-in-Lending Disclosures. At closing, the HUD-1 and final TILA are replaced by the Closing Disclosure.removing-fear640x392jpg

Though these rules are designed to make the process simpler, in reality the requirements for timing, re-disclosure if changes occur before closing, and making the forms “multi-purpose,” can actually be quite complex. Even the definition of what constitutes a “business” day can be confusing.

What about the timing requirements?

Though there is no change with regard to the timing requirements after application, there are two important timing changes that take place under TRID.

  1. The Closing Disclosure must be provided to the consumer three business days before closing.  This means that transaction’s numbers must be finalized well before the settlement date.
  2. The Loan Estimate must be issued seven business days before closing. Depending upon weekends and Holidays, this means that most closings must occur at least two weeks after application. In addition, if allowable changes occur, the Loan Estimate must be reissued within three business days and received by the consumer four days prior to loan closing.

What does this mean for homebuyers?

While it makes perfect sense that homebuyers should have access to their closing costs, payments and other final details well before closing, home purchases can often be fluid situations. For example, if someone is purchasing a new home, what if an option is added late in the process which would change the sales price and perhaps the final mortgage amount? Or perhaps a home inspection calls for significant repairs to the property which changes the purchase price.

Above all, this means that everyone involved in the transaction must work together in order to make sure all details are set earlier in the process. All actors must do their part:

  • The applicant must get all required documents to their mortgage company promptly and make sure they are complete, legible and accurate.
  • The real estate agent(s) must make sure that all contract issues are resolved very early in the process.  Any changes must be communicated promptly as well.
  • The title company must provide required information to the mortgage company so that the final numbers can be calculated on a timely basis.
  • The mortgage company must process and underwrite the file within a time frame which will allow the final disclosures to be issued on a timely basis.

What is the consumer’s most effective tool to assure a smooth and timely closing?

The best way a consumer can ensure that the process is smooth and closes on a timely basis is to make sure that they obtain a fully underwritten pre-approval before an offer is submitted on a home. A pre-approval enables the lender’s underwriters to analyze a consumer’s documentation and issue a pre-approval subject to an acceptable sales contract, appraisal of the property and locking in a loan program. Basically, there is a must shorter timeline from contract acceptance to closing when a pre-approval is issued.

In addition, obtaining a pre-approval puts a consumer in prime negotiating position with a seller who may be entertaining multiple offers. This pre-approval basically signals to the seller that the prospect is a serious buyer.

Loan-CrossingWhat about “back-to-back” closings?

Many times one consumer will be attempting to effect two real estate transactions in one day – selling a home and then purchasing a home. The vast majority of the time, the owner must sell the home first because they need the cash from closing to purchase the second home and typically can’t qualify with both payments. Under TRID, this more complex situation is likely going to be more difficult to coordinate because of the disclosure timing requirements. In these cases it may behoove both the buyer and seller to obtain their mortgage from the same lender so that coordination is more seamless in this regard.

Under TRID, the world of real estate transactions is changing. The purchase of a home is the most important investment for most Americans and certainly a most important lifestyle decision. It is imperative that a potential homebuyer work with a mortgage company armed with the technology and experienced staff to effectively and efficiently comply with the timing requirements of TRID, ensuring a smooth and on-time settlement.

Steve Fingerman

President

E Loans Mortgage Inc.

NMLS# 856640

727-946-0904

postheadericon Finding The Perfect Mortgage In Hernando County

Spring Hill Florida Mortgage Lenders

Need A Mortgage In Spring Hill FL?

Today, it seems many lenders are offering a mortgage to those that are looking to purchase a home. There are mortgage lenders here and there, offering the ‘lowest rates’ the ‘best financing’ and the “best terms” but what is the truth to all of this? Many times, people find themselves lured into advertising and that is probably one of the worst things that you can do. Instead, when looking for a home loan, carefully think about what you are getting in the loan first.

There are several aspects that should be carefully considered when looking at a mortgage offered by any of the lenders there. Everyone should take the time to carefully consider these things as they will determine just how much money they will ultimately pay for their home as well as the experience they will have.

Lender-with-mortgage-paperworkInterest rates are by far the most important aspect of the home loan. This is the charge, the cost of doing business with the financial lender. This dollar amount is going to cost a different amount of money from each lender as most will offer a different rate from each other. What is important to consider is the difference that is evident from one lender to the next. Often, cutting down the rate just slightly can save thousands of dollars in the long run.The terms of the loan are also an important feature. The longer the loan is, the more interest will be charged to it and the more costly it will become. What many people think about though is the cost of the home’s monthly mortgage payment. The longer the terms of the loan are, the lower the monthly payment amount will be. Carefully find the best terms here so that you can make your monthly payments but that you can pay off your loan as quickly as possible too.</li><li>Customer service and experience is very important as well. If you do all of your banking on the web, you’ll want to make sure that this lender will offer that option to you as well. If you call the company to get a quote, they should provide you with the best of service. If they do not do it now (or you have to stay on hold for excessive time) then that is what you will get later on too.fannie-freddie

The home loan that you select should have the best combination of these features. The better your interest rate is the lower the amount of money that you pay for your home is. There are many other things to consider as well, but this is the ideal topic that you need to know to get started with. Use the tools that are provided to you, such as a loan calculator to help you to determine what the loan will ultimately cost you. With so many lenders out there, looking for your business, you should provide your business to those that can offer you the best rates, the best terms and the overall best options to consider. A mortgage can be very costly if you do not pay attention to these details.

postheadericon FHA Home Mortgage Purchase Or Refinance Loan – Getting An FHA Loan In Spring Hill FL

FHAMost borrowers have heard of FHA home loans. They are very common. You hear about them mostly as loans for first time borrowers, which is common. However, most people don’t realize that FHA loans in Spring Hill FL can also be does for refinancing. They are not only for purchasing a house.

HUD operates FHA, which is a program designed to help borrowers who might have difficulty buying a house. If the borrower falls within FHA’s requirements FHA insures the loan for the lender, which makes the loan very low risk for the lender, which is very good for the borrower. It could mean a lower interest rate, better terms and just an overall better loan.

FHA’s requirements are; a down payment of 3.5%, the home must be under the FHA’s set loan limit for the county that the borrower lives in and a few other small requirements.

The main advantage to an FHA loan in Spring Hill FL, is if you can fall within their requirements, your credit history or income level, will not hold you back from getting a home loan. If you are getting turned down from other lenders because of a high debt to income ratio or because your credit is bad. You may want to consider applying for an FHA loan, where those requirements are either non-existant or much more flexible.Apply Now Button

If the idea of down payment is holding you back, consider also, that FHA loans allow the use of a non-profit organization as a source for the down payment, which opens up the option of using down payment assistance programs like Neighborhood Gold.

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