Archive for the ‘E Loans Mortgage Inc in Spring Hill FL’ Category

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 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 30 Year vs. 15 Year Mortgages

Loan-CrossingDiscussions of mortgages often focus on interest rates, but there is a much more basic decision to make. Should you go with a 30 year mortgage term or a 15 year mortgage term?

30 Year vs. 15 Year Mortgages

Any discussion of mortgages tends to turn on two points. How can you qualify for the most money with the lowest payment? How can you get the lowest interest rate for the mortgage? While these are two important issues, there is an addition one that people fail to consider, resulting in significant wasted money.

The term of a mortgage is extremely critical for a couple of reason. First, it sets the length of the obligation you are undertaking. Second, it defines the amount of interest you are going to pay over the life of the loan. These are huge issues when it comes to building equity.

The longer the loan, the more total interest you are going to pay. The trade off, of course, is you are going to have smaller monthly payments the farther you stretch out the obligation. While this may sound like a good goal when you first get the mortgage, it can backfire on you in the long run.

Most people focus on interest rates as a way to save money on mortgages. This is a valid approach, but playing with the length of the loan is a better way to save money. If you can cut the payments in half by going with a shorter loan, you can save huge amounts on the total interest repaid to a lender.removing-fear640x392jpg

The decision on the term of the loan is relatively simple, but entirely dependent upon your personal situation. There is no absolutely correct choice. First, you need to determine if you can comfortably afford the higher payments that come with a shorter term loan. In general, a 15 year mortgage will have payments 20 to 25 percent higher than a 30 year loan. Of course, you will pay the loan off faster, to wit, be building equity in the home quicker.

The modern mortgage industry has a variety of different term length products. When applying for a loan, take the time to evaluate the different terms to see if you can find a loan that is perfect for your situation.

postheadericon E Loans Mortgage- Mortgage Financing in Tampa FL- We Close With Them Style

E Loans Mortgage in Spring Hill Florida is your number one go to source when it comes to closing mortgages in Tampa FL

 

Here’s a little video we just put together. The team here had a blast shooting this one. Check it out, hope you like it!

 

 

Please share 🙂

 

postheadericon ‘Twas The Night Before Christmas In Spring Hill Florida

 

 

Twas the night before closing on one Christmas Eve,

Package was expected, an early delivery it was believed

Soon next day broke and the title agent appeared, no closing docs on email just as she feared.

 

 

Back at the apartment the silence was broken, with a frantic call from Nicole- What? No docs are you joking?

The children still sleeping, quiet in bed, while mom and dad prayed for their docs to get prepped.

Where is Steve Fingerman? Asked the Realtor with fear? When do you think he might appear? And just then he rode in on a horse with white hair.

 

With docs in the saddle and no time to waste, he broke through the door at that bustling title place.

As he dismounted his steed, as he fell off the horse, a little bit shaken but alas off the ground he arose.

 

On buyer, on seller, on Realtors galore. They all appeared in hopes that this closing wouldn’t be such a chore.

With no time to waste he took off his cloak, and out came the docs they waited to get since they all had awoke.

Closing went well and funding was swift, all in time to move in really quick.

Another happy buyer moved in and a seller moved on, all is Merry and happy on this Christmas dawn!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From the team at:

E Loans Mortgage

Steve Fingerman
President
E Loans Mortgage Inc.
NMLS #856640
www.e-loanmortgage.com

Cell 727-946-0904
Office 352-688-7949

postheadericon How Market Values Are Determined In Spring Hill Florida

Spring Hill Florida Mortgage Lenders

Need A Mortgage In Spring Hill FL?

Spring Hill FL Real Estate Values: No Kidding Around!
Comps are Real Estate Values’ Incomparable Tool

Spring Hill Florida Real Estate Values — They’re All Related

Whenever you hear that a neighbor’s house is on the market, the same question flashes through nearly every homeowner’s mind: how much are they asking?

That’s because of the nature of residential markets: our own homes’ real estate values (in fact, all Spring Hill FL real estate values) are connected with one another, and that asking price is an estimate of the current state of affairs. It has to be reasonable in order to attract the attention of serious buyers — but if it’s too reasonable, on closing day the seller will walk away with a lighter bank account than necessary.

Real estate values in Spring Hill FL are determined in large part by what other similar homes have recently sold for. These comparable sales show what a real world bank was willing to lend, and how many dollars a real life buyer was willing to pay. “Comps” are to real estate values what the Dow Jones is to securities: a trustworthy reality check, no kidding around.
How ‘comparable’ a comp is depends on a number of factors to be taken into account:
• The structure
• Condition
• Amenities
• Location
• Neighborhood
The structure of a comp sale will have similar square footage, number of bedrooms, etc. Its condition is a value judgment best made by professional appraisers. Amenities can include everything from upgrades in a development to added features like central air conditioning or a Jacuzzi. And location means a great deal (is it in a high crime area?) — as does the similar but more precise neighborhood (are the neighbors taking care of their yards? Are the schools first-rate?).

Ultimately, when determining real estate values for Hernando County homes, appraisers take into account much more than just the house itself. That’s why when you set out to find a home for your family it’s important to look beyond the physical facets of the house alone: should you later decide to sell it, the whole host of factors will come into play. Whether you are buying or selling a home in Spring Hill FL this fall, contact us today for a pricing evaluation.

 

Tina Fingerman and Steve Fingerman

E Loans Mortgage

NMLS# 856640

352-688-7949

 

 

Agent Trust Realty

www.agenttrusthernando.com

727-946-2348

postheadericon Lakewood Ranch Foreclosures- Buying Strategies

Market Preparation Helps Lakewood Ranch Foreclosure Buyers

Foreclosure Wave Could Also Signal Opportunity

 

If you are organized and willing to put in some serious spadework, buying a Lakewood Ranch foreclosure can save you thousands of dollars. A new wave of foreclosures could be heading our way later this year. According to RealtyTrac, the leading source of foreclosure statistics, one in every 665 national housing units received a foreclosure filing in June. More foreclosures mean more opportunities; but it also means that more buyers will begin to think seriously about going after them. In other words – more competition.

If you have never looked into what is involved in snagging one of the foreclosures in our area, a few basics will greatly improve your chances for success:

 

Do Your Research So You Can Act Quickly.

The foreclosure market performs differently from the traditional market. Arming yourself with accurate comps and knowledge of Lakewood Ranch trends will enable you to recognize the right opportunity as soon as it arises – ideally, before other buyers catch wind of it. Working with a knowledgeable agent who keeps you informed is the quickest way to get up to speed. It will help you avoid being dragged into bidding wars with other deal-shopping buyers. Since under-bidding will cause you to miss the best opportunities, and over-bidding will defeat your whole purpose, up-to-the-moment market knowledge is essential for formulating a canny offer.

Weigh in With Cash.

Time is an important factor in buying a Lakewood Ranch foreclosure. Your goal is the same as the seller’s: to close the sale as quickly as possible. Naturally, paying cash up front is the simplest route to a speedy closing. If you are buying as an investment, that means targeting only properties that are within your financial reach. As Ron Peltier of HomeServices of America puts it, “A cash buyer who can close in 10 days can certainly get the best deal.” Since closing on a house via traditional mortgage can take anywhere from 30 to 60 days, it is clear which route sellers prefer.

3. Create Clean Offers.

If, like many of my clients, you can’t really afford to propose an all-cash deal, you can still create an offer that lands your foreclosure. Writing a clean offer – one with simple terms and serious cash down — can bring a favorable reaction. Let’s face it: bank officers don’t want to fuss with complicated terms or repairs. A buyer with 20% down, a confirming loan and an “as-is” offer will get a lot more consideration than a buyer with an FHA loan and a minimal deposit. Success means targeting foreclosures at a price point where you can afford to put as much down as possible…then being ready to get dirty and make any needed repairs yourself.

As with any vigorous market, participants need to play by the rules or else be stuck on the sidelines. If you are considering buying a Lakewood Ranch foreclosure and are looking for an experienced agent to stand by your side, call me — and let’s get to work!

 

postheadericon Foreclosures In Spring Hill Florida, A Diamond In The Rough?

 

Spring Hill Florida Bank Owned

Homes: Buying Opportunity

 

“Fixers” Reward Patience, Prudence, and Realism

 

These days the words “bank owned homes” have become practically synonymous with a single word: “opportunity.” With prices and mortgage rates this low, first time home buyers, investors and seasoned property owners alike are looking at a raft of buying options unlike any Spring Hill Florida has seen in a very long time.

Hernando County Real Estate

Hernando County Real Estate

 

That option of buying a bank owned home has certainly opened a viable route for those looking to own a home at the fraction of what it cost just a few years ago. But not without a price: the best Spring Hill Florida bank owned home bargains are almost certain to fall into the ‘fixer-upper’ category.

 

When considering the purchase of one of our Spring Hill Florida bank owned homes, I’ve found that my most successful clients have a few qualities in common:

patience – they wait until they’ve found a house that suits all their needs

prudence – they resist the temptation to take out too big of a loan

realism – they know how much hard work they will be willing to put into the house

 

Finding the right fixer-upper should be approached as a process: in other words, never buy the first home you see until after you’ve checked out some of its competition. There are more foreclosures on the market than ever – a phenomenon that works to your advantage. When you do find the right home, make sure to take out a loan that makes sense. Often people who are in a hurry to buy a house are tempted to take out a loan without giving enough consideration to its immediate and long-term implications. Being coolly realistic as you work out the numbers will pay off for a long time.

 

Once a bank owned home is officially yours, the hard (often fun!) work begins. Buying a home in need of repair has always been the surest way to find a deal, but it is also the way to improve or develop home maintenance skills, bond with family members, and keep a tight rein on the family budget. Here, too, you need to be careful not to get carried away– you don’t want to overbuild or overdevelop beyond what is appropriate for the neighborhood setting. In other words, keep your end goals in mind. My advice to clients varies depending on their individual needs: Is it an income property? Or the family home for the next 15 years?

 

Foreclosures show no signs of slowing down in the near future, so this May’s buying market is opportune. If you’re considering buying a bank owned home in Spring Hill Florida, call me today to go over your options and to put a plan into action!

Tina Fingerman:

Professional Realtor

Agent Trust Realty

727-946-2348

Steve Fingerman:

President

E Loans Mortgage

NMLS # 276682

727-946-0904

postheadericon Spring Hill Florida Real Estate, Is Owner Financing A Good Deal Or Not?

Spring Hill FL Owner Financing: Good Deal or Not A Good Deal?

Housing Affordability at All-Time Highs

Spring Hill FL For Sale by Owner Pros & Cons

 

Bear with me on these numbers: they are meaningful to Spring Hill Florida home buyers and sellers alike. One of the most meaningful calculations The National Association of Realtors®makes is the Housing Affordability Index. An Index value of 100 means that the average (actually, ‘median’) family’s income is exactly the right amount to qualify for a typical 20% down mortgage on a median-priced home. It would be tight, but doable.

That’s what a “100” means. In the latest report this spring, the Index across the whole country was higher than 200! … 204.3, to be precise. Up there in “never-before” territory. And it’s been there since January!

Yet banks are still not lining up to approve mortgages – for the number of reasons we’ve talked about before. It’s why some buyers and sellers have started to look for alternative ways to sell and buy a home; and begun to look in the “for sale by owner” (“FSBO”) realm.

Spring Hill Florida homes for sale by owner aren’t being sold through a licensed agent, forcing a potential buyer or his agent to deal with the seller directly. If the home has sat on the market for an extended period and the homeowner does not have a mortgage to pay off, a buyer can sometimes interest the seller in owner self-financing. In such a deal, the buyer gives his or her down payment and installment payments directly to the seller. As anyone would guess, this approach has its own special Pros and Cons.

The biggest Pro for the buyer is, obviously, easier financing. The biggest Pro for a seller is the potential to make a sale where none was possible before. As can be inferred from the Affordability Index, many people can afford a mortgage, but cannot find a traditional lender.

But speaking of problems, there are some ‘Cons’ to consider. If the buyer stops making payments, the seller must evict and foreclose on the property — both time-consuming and costly procedures. A For Sale by Owner financing deal gone sour is especially problematic if the seller is dependent on the income from the home. And buyers need to pay attention, too. When dealing with a For Sale by Owner transaction, there are a variety of potential legal loopholes and title issues that traditional sale and mortgage disclosures and contracts are specifically set up to avoid.In all cases, it is wise to consult a trusted financial professional and attorney before signing anything.

While a home listed For Sale by Owner with attractive terms (like owner financing) can be attractive, having a licensed real estate and mortgage professional on your side can make all the difference.If you are considering buying or selling in Spring Hill Florida, we are always here to be your real estate resource!

Profile picture for Tina and Steve Fingerman

Steve & Tina Fingerman

Agent Trust Realty

E Loans Mortgage

4117 Mariner Blvd.

Spring Hill FL, 34609

Tina: 727-946-2348

Steve: 727-946-0904

postheadericon HARP 2.0 Home Buyer Education, Get Complete Details On HARP 2.0 Refinance

 

Free Online HARP Workshop

Online Workshop Registration

HARP 2.0 – Everything You Need To Know About HARP 2.0. Register By Clicking The Link Below!

Welcome to the HARP 2.0 University!

Here you our complete workshop on everything to do with the HARP 2.0 Refinance program other wise known as the Home Affordable Refinance Program.
Who Qualifies For HARP 2.0?
What Are the Benefits?
What Are the Guidelines?
What can and can’t HARP 2.0 Be Used For?
This and many more HARP 2.0 Refinance questions will be answered in this informative HARP 2.0 class.
There is nothing being sold here so view the workshop at your
earliest convenience. There is no fee or charge for the workshop, it’s just our way of getting you the information you need to make informed decisions about your home loan and the HARP 2.0 refinance programs. If you have any questions, or require immediate information you can also call us any time at the numbers listed below.
Steve Fingerman
President
E Loans Mortgage
Florida Mortgage Center
4117 Mariner Blvd.
Spring Hill FL, 34609
Office 352-688-7949
Cell 727-946-0904
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