Archive for the ‘Spring Hill Mortgage Lender’ Category

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 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 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 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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