Naples Balloon mortgage basically means at the end of the fixed period or maturity their will be a balance on the note that is due immediately.The last payment is called a final payment and normally is substantially higher than your loan payments during the fixed period. I really never understood why borrowers would select a Naples Balloon mortgage. It seems to only put you in a position to refinance or maybe reset if you have worked out another more favorable term thereafter.
This could be a valid reason to do a balloon payment if the reset terms and conditions are more favorable than the initial program. A majority of lenders do not use balloon payments because it puts both the borrower and lender in a precarious position if the loan does not reset.
If you are considering a balloon program, my recommendation is to make sure their is a reset clause and the terms are favorable and do not cause you to refinance and avoid costly reset conversion fees.
Good luck and hope this helps!
http://www.coremortgagefinancial.com/
Naples Mortgage News
Sunday, January 30, 2011
Wednesday, January 26, 2011
Naples VA assumable mortgages
Naples VA assumable mortgages has been a topic of a few calls this week. Borrowers lately have been asking questions about the process of assumable NaplesVA loans. A Naples VA assumable mortgage/loan is one that allows a new home buyer to take over the obligation of the seller's loan with no change in loan terms. This is generally true of loans without Due-On-Sale Clauses. Due on Sale cause would prohibit an assumption of the mortgage because the note is due upon selling the property.There is two ways to assume a NaplesVA loan.
First, the new buyer is a qualified Veteran who "Substitutes" their eligibility for the eligibility of the seller. In addition, the new buyer must be able to qualify through the current NaplesVA loan parameters.
This is the safest way for a seller to allow their loan to be assumed because the new buyer is responsible for the note. You will be released from the promissary note to repay on your Naples VA mortgage.. In addition, the seller can then use their full eligibility to purchase another home right away using their VA loan.
If the new buyer is not a veteran or qualified for a Naples VA loan, they have no eligibility to give the seller. Should the seller grant permission for the new buyer to take over their loan, the seller does not get back their eligibility to use on another home, and the seller is still on the hook for the payments should the buyer default. This generally is not the best course of action. Make sure if you decide to do a assumption of the mortgage with another vet that you do not have a due on sale cause or you do not give up your elgibility rights.
Hope this information has been helpful and please review all options with your mortgage professional.
http://www.coremortgagefinancial.com/
First, the new buyer is a qualified Veteran who "Substitutes" their eligibility for the eligibility of the seller. In addition, the new buyer must be able to qualify through the current NaplesVA loan parameters.
This is the safest way for a seller to allow their loan to be assumed because the new buyer is responsible for the note. You will be released from the promissary note to repay on your Naples VA mortgage.. In addition, the seller can then use their full eligibility to purchase another home right away using their VA loan.
If the new buyer is not a veteran or qualified for a Naples VA loan, they have no eligibility to give the seller. Should the seller grant permission for the new buyer to take over their loan, the seller does not get back their eligibility to use on another home, and the seller is still on the hook for the payments should the buyer default. This generally is not the best course of action. Make sure if you decide to do a assumption of the mortgage with another vet that you do not have a due on sale cause or you do not give up your elgibility rights.
Hope this information has been helpful and please review all options with your mortgage professional.
http://www.coremortgagefinancial.com/
Sunday, January 23, 2011
Naples FHA 203k Rehab Renovation mortgage
The Naples FHA 203k Renovation and Rehab loan has been doing really well in southwest Florida last year. Foreclosures, bank own properties, distressed and short sales are a major part of the homes listed for sale. In turn, sometimes these homes needs some"TLC"
Fannie Mae is purchaser of most loans on the secondary market and is very strict about lending only on properties that do not have many issues.
Lenders are not lending unless a property is in almost perfect condition due to Fannie Mae investor requirements. This put a huge void in the market for "fixer uppers" and homes sitting empty for years at a time.
The Federal Housing Administration and the Department of Housing and Urban Development, designed a program to fit this growing concern of abandoned homes. The Naples FHA 203k rehab program was then implemented by lenders according to their investor overlays. This program is only for rehabilitation and repair of single family primary residence properties. Not many lenders are currently participating in the Naples FHA 203k rehab loan. We are proud to announce that we have become experts in Naples FHA 203k rehab/renovation mortgages.
Many first time home buyers are taking advantage of the Naples FHA 203k home loan, because of the very low down payment requirement of 3.5% and you can get financing up to 110% of the fair market value once the house is completed.
Only one closing is required and the funds to make the repairs are held in escrow until the work is competed. My punta gorda office recently has been completing a lot of these 203k rehab loans. We have a very aggressive Naples FHA 203k rehab loan. Call me today to discuss you options.
APPLY NOW!
Core Management Team
855-554-2673 Toll Free
company NMLS #849597
Personal NMLS #344608
www.coremortgagefinancial.com
Fannie Mae is purchaser of most loans on the secondary market and is very strict about lending only on properties that do not have many issues.
Lenders are not lending unless a property is in almost perfect condition due to Fannie Mae investor requirements. This put a huge void in the market for "fixer uppers" and homes sitting empty for years at a time.
The Federal Housing Administration and the Department of Housing and Urban Development, designed a program to fit this growing concern of abandoned homes. The Naples FHA 203k rehab program was then implemented by lenders according to their investor overlays. This program is only for rehabilitation and repair of single family primary residence properties. Not many lenders are currently participating in the Naples FHA 203k rehab loan. We are proud to announce that we have become experts in Naples FHA 203k rehab/renovation mortgages.
Many first time home buyers are taking advantage of the Naples FHA 203k home loan, because of the very low down payment requirement of 3.5% and you can get financing up to 110% of the fair market value once the house is completed.
Only one closing is required and the funds to make the repairs are held in escrow until the work is competed. My punta gorda office recently has been completing a lot of these 203k rehab loans. We have a very aggressive Naples FHA 203k rehab loan. Call me today to discuss you options.
APPLY NOW!
Core Management Team
855-554-2673 Toll Free
company NMLS #849597
Personal NMLS #344608
www.coremortgagefinancial.com
Thursday, January 20, 2011
Naples Title Insurance
Naples title insurance is a requirement to complete any loan transaction. The lender requires title insurance which is normally paid by the buyer in collier county. We are one of only two counties in Florida that the buyer pays title. If the seller has their existing title insurance policy they can get what is called a "re-issue credit" or a significant discount.
Naples title insurance is issued by an insurance company that guarantees that the title to the parcel of real property is clear and properly in the name of the seller. The reason for the insurance is should the Naples title insurance at a later date have problems that arise with the title such as incorrect description the insurance company would pay the damages to the holder of Naples title insurance.
The abstract of title is the historical summary provided by a title insurance company of all records affecting the title to the property. This is imperative for the lender in making a underwriting decision on the loan package that is provided by tile insurance company or attorney's agent. We usually review the title report policy prior to sending the file into underwriting to ensure that title is not "clouded". An example of title being clouded would be a tax lien on the property. The seller has an undisclosed lien or property encumbrances.
Chain of title is the entire historical past of the specific property as it pertains to the public records that are recorded at the clerk of courts office. We analyse the chain of title to see if any recent sales have been worth noting. Lenders to do like to see a lot of title transfers in a short time period unless the property is a foreclosure and the ownership and rights can change frequently.
Borrower's can expect to pay the title policy with any Fannie Mae owned foreclosures. Naples title insurance calculator rates are located on the link provided. Fannie Mae Foreclosures also make the buyer pay the doc stamps on the deed. These two fees can get very costly. My advice is to make sure when you decide to put in a contract to review all the Fannie Mae (FNMA) fees assoc with the purchase. Sometimes it might be better to walk than pay the hefty fees if you are not getting a really great deal on the purchase price.
Title insurance also has three more standard items that are required to complete the Naples mortgage transaction. Florida form 9 and Alta 5.1 PUD if in a planned unit development and Alta 8.1 Environmental protection lien fee.
We hope this post has helped you in understand why the lender requires Naples title insurance. The lender has to protect their investment but you as the borrower also are getting a service with knowing your purchase is protected with title insurance.
Please do not hesitate to contact us with any Naples title insurance questions.
Core Mortgage Financial
www.coremortgagefinancial.com
Naples title insurance is issued by an insurance company that guarantees that the title to the parcel of real property is clear and properly in the name of the seller. The reason for the insurance is should the Naples title insurance at a later date have problems that arise with the title such as incorrect description the insurance company would pay the damages to the holder of Naples title insurance.
The abstract of title is the historical summary provided by a title insurance company of all records affecting the title to the property. This is imperative for the lender in making a underwriting decision on the loan package that is provided by tile insurance company or attorney's agent. We usually review the title report policy prior to sending the file into underwriting to ensure that title is not "clouded". An example of title being clouded would be a tax lien on the property. The seller has an undisclosed lien or property encumbrances.
Chain of title is the entire historical past of the specific property as it pertains to the public records that are recorded at the clerk of courts office. We analyse the chain of title to see if any recent sales have been worth noting. Lenders to do like to see a lot of title transfers in a short time period unless the property is a foreclosure and the ownership and rights can change frequently.
Borrower's can expect to pay the title policy with any Fannie Mae owned foreclosures. Naples title insurance calculator rates are located on the link provided. Fannie Mae Foreclosures also make the buyer pay the doc stamps on the deed. These two fees can get very costly. My advice is to make sure when you decide to put in a contract to review all the Fannie Mae (FNMA) fees assoc with the purchase. Sometimes it might be better to walk than pay the hefty fees if you are not getting a really great deal on the purchase price.
Title insurance also has three more standard items that are required to complete the Naples mortgage transaction. Florida form 9 and Alta 5.1 PUD if in a planned unit development and Alta 8.1 Environmental protection lien fee.
We hope this post has helped you in understand why the lender requires Naples title insurance. The lender has to protect their investment but you as the borrower also are getting a service with knowing your purchase is protected with title insurance.
Please do not hesitate to contact us with any Naples title insurance questions.
Core Mortgage Financial
www.coremortgagefinancial.com
Tuesday, January 18, 2011
Florida VA Mortgages
Doing loans for Florida VA mortgages is the most fulfilling part of our job.
It's amazing working with folks that understand what it means to serve this great country. A majority of the Vets do not have a clear understanding of the Florida VA mortgage process. We take it upon myself to give clear guidance, explain the process clearly and always give the competitive rates. VA loans are not easy, we spend the time to ensure that all Vets get home loans if it's possible!
The most important thing is to make our VETS happy, it makes me smile at the end when we get a Thank you !!!!
Thank you for your service, we am honored to serve you !
www.coremortgagefinancial.com
It's amazing working with folks that understand what it means to serve this great country. A majority of the Vets do not have a clear understanding of the Florida VA mortgage process. We take it upon myself to give clear guidance, explain the process clearly and always give the competitive rates. VA loans are not easy, we spend the time to ensure that all Vets get home loans if it's possible!
The most important thing is to make our VETS happy, it makes me smile at the end when we get a Thank you !!!!
Thank you for your service, we am honored to serve you !
www.coremortgagefinancial.com
Monday, January 17, 2011
Naples Sunset
Sunset from my backyard. The beautiful colors just don't give this scene justice from the blackberry camera phone.
Dr. Martin Luther King Day
Martin Luther King, Jr is a federal holiday honoring a man that transformed our country from a civil rights perspective. Dr. Martin Luther King, Jr. devoted his life to the struggle for justice and equality. His vision was all people sowing might claim “the riches of freedom and the security of justice.”
Dr. Martin Luther King, Jr was a certified American clergyman, activist, and prominent leader in the African American civil rights movement during the 1960's. Dr. Martin Luther King, Jr. getting feat was for being an iconic figure in the quest of civil rights in the United States and around the world.
He used non-violent techniques following the teachings of Mahatma Gandhi.
Martin Luther King, Jr. is often presented as main leader in the history of modern American liberalism portion of our country. Martin Luther King, Jr. became the youngest person to receive the Nobel Peace Prize for his work in changing modern history for civil rights in 1964.
A popular quote was in 1963 from the Reverend was the following
“The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.”
“Hatred paralyzes life; love releases it. Hatred confuses life; love harmonizes it. Hatred darkens life; love illuminates it.”
Dr Martin Luther King, Jr. has given our country a gift of freedom for all and that each and every American can have a dream. Equal rights has been born during his life until he was assassinated in a motel on 4/4/1968 . The killer James Earl Ray died in jail in 1998 at the age of 70.
Dr Martin Luther King, Jr has inspired many of our young to have a dream and carry it out.
www.coremortgagefinancial.com
Dr. Martin Luther King, Jr was a certified American clergyman, activist, and prominent leader in the African American civil rights movement during the 1960's. Dr. Martin Luther King, Jr. getting feat was for being an iconic figure in the quest of civil rights in the United States and around the world.
He used non-violent techniques following the teachings of Mahatma Gandhi.
Martin Luther King, Jr. is often presented as main leader in the history of modern American liberalism portion of our country. Martin Luther King, Jr. became the youngest person to receive the Nobel Peace Prize for his work in changing modern history for civil rights in 1964.
A popular quote was in 1963 from the Reverend was the following
“The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.”
“Hatred paralyzes life; love releases it. Hatred confuses life; love harmonizes it. Hatred darkens life; love illuminates it.”
Dr Martin Luther King, Jr. has given our country a gift of freedom for all and that each and every American can have a dream. Equal rights has been born during his life until he was assassinated in a motel on 4/4/1968 . The killer James Earl Ray died in jail in 1998 at the age of 70.
Dr Martin Luther King, Jr has inspired many of our young to have a dream and carry it out.
www.coremortgagefinancial.com
Sunday, January 16, 2011
Clams's pass Naples, FL beach
CLAM’S PASS NAPLES, FLORIDA BEACH
I love this beach ! I would rank this beach #1 in Naples. You can take one step into the water and the tide will take you to the other side of the beach. The tide is very fast and fishing is Awesome. This beach is located close to Naples Grande hotel. In order to get to the beach you have to take a trolley that has a very scenic route. Its about a .25% mile as you go through the beautiful mangroves. The county built a wooden bridge years ago that takes you to the beach. Once you reach the beach drop off you have a pavilion where you can get food and drinks
The area is very narrow and shallow in most spots. The mangroves add another beauty to the area. Check it out, you will enjoy this spot.
Click here to get more information, hope this helps and enjoy the beach !
www.coremortgagefinancial.com
I love this beach ! I would rank this beach #1 in Naples. You can take one step into the water and the tide will take you to the other side of the beach. The tide is very fast and fishing is Awesome. This beach is located close to Naples Grande hotel. In order to get to the beach you have to take a trolley that has a very scenic route. Its about a .25% mile as you go through the beautiful mangroves. The county built a wooden bridge years ago that takes you to the beach. Once you reach the beach drop off you have a pavilion where you can get food and drinks
The area is very narrow and shallow in most spots. The mangroves add another beauty to the area. Check it out, you will enjoy this spot.
Click here to get more information, hope this helps and enjoy the beach !
www.coremortgagefinancial.com
Friday, January 14, 2011
Picking between a 30 year fixed vs 15 year fixed
Recently a lot of borrowers have been asking my opinion on which product to select between Naples loan products 30 year fixed versus 15 year fixed.
A majority of home buyers select a 30 Year Mortgage payment without considering the 15 year option.
The first question I ask a client is what is your long term goal with the property?
With the 15 year option, you will receive a lower interest rate compared to the 30 year fixed. The 15 year option is becoming increasingly more popular now than recent years according to clients I speak with on a daily basis.
With the 15 year option, you will pay less in interest over the life of the loan and will build equity much faster. You will build equity but your payment is also considerably higher. The 30 year option the payment is much lower; in turn you pay more interest throughout the life of the loan. Let me give you an example: If you close on a $200,000 at 5%, you will pay around $175,000 in interest over the life of the loan compared to $75,000 in interest on a 15 year fixed at 4.5%. Picking between and 15 and 30 year fixed can be a difficult decision.
I always ask borrowers to consider if their cash reserves are sufficient to carry the loan if employment becomes an issue. You can always select the 30 year option and make additional payment towards the balance reduction. This protects you with a low payment but if times are good financially, you can always apply towards principal reduction.
It is impertive to weigh all the options and make a sound decision based upon your short, near and long term goals. Naples loan products can be a very tough decision.
Take your time and evaluate what is BEST for your current financial situation. Please do not hesitate to contact us , I will guide you through the process.
www.coremortgagefinancial.com
A majority of home buyers select a 30 Year Mortgage payment without considering the 15 year option.
The first question I ask a client is what is your long term goal with the property?
With the 15 year option, you will receive a lower interest rate compared to the 30 year fixed. The 15 year option is becoming increasingly more popular now than recent years according to clients I speak with on a daily basis.
With the 15 year option, you will pay less in interest over the life of the loan and will build equity much faster. You will build equity but your payment is also considerably higher. The 30 year option the payment is much lower; in turn you pay more interest throughout the life of the loan. Let me give you an example: If you close on a $200,000 at 5%, you will pay around $175,000 in interest over the life of the loan compared to $75,000 in interest on a 15 year fixed at 4.5%. Picking between and 15 and 30 year fixed can be a difficult decision.
I always ask borrowers to consider if their cash reserves are sufficient to carry the loan if employment becomes an issue. You can always select the 30 year option and make additional payment towards the balance reduction. This protects you with a low payment but if times are good financially, you can always apply towards principal reduction.
It is impertive to weigh all the options and make a sound decision based upon your short, near and long term goals. Naples loan products can be a very tough decision.
Take your time and evaluate what is BEST for your current financial situation. Please do not hesitate to contact us , I will guide you through the process.
www.coremortgagefinancial.com
Thursday, January 13, 2011
Naples USDA Mortgage
Core Mortgage Financial specializes in Naples USDA Mortgages within Collier County limits. Naples USDA Mortgage is designed for low to moderate income borrowers without a down payment requirement.
Naples USDA Home loan requirement are as follows:
• Have income that has been consistent for at least one year
• Combined income cannot exceed collier counties limit of $81,450
• Have a minimum middle credit score of 620
• Must be a primary residence purchase or refinance
• Maximum debt to income ratio is 50%.
Naples USDA Home Loans is a 100% financing products. USDA has a funding fee to complete the loan. The purchase funding fee is 3.5% for the entire year of 2011.
The funding fee can be financed into the loan amount of paid by the seller or buyer.
Naples USDA mortgage has the ability to finance all closing costs plus the funding fee into the loan amount as long as the property appraises at the final loan amount. The maximum loan to value is 115%.
We have closed many Naples USDA mortgages over the years and have been considered a leader in this market. All of collier county real estate is approved for this financing.
If you would more information on the property and income requirements click here.
Core Mortgage Financial would be honored to discuss your Naples USDA mortgage options any time !
I hope you found this information useful ! Please do not hesitate to come by our office located downtown near tin city or give us a call.
APPLY HERE
Naples USDA Home loan requirement are as follows:
• Have income that has been consistent for at least one year
• Combined income cannot exceed collier counties limit of $81,450
• Have a minimum middle credit score of 620
• Must be a primary residence purchase or refinance
• Maximum debt to income ratio is 50%.
Naples USDA Home Loans is a 100% financing products. USDA has a funding fee to complete the loan. The purchase funding fee is 3.5% for the entire year of 2011.
The funding fee can be financed into the loan amount of paid by the seller or buyer.
Naples USDA mortgage has the ability to finance all closing costs plus the funding fee into the loan amount as long as the property appraises at the final loan amount. The maximum loan to value is 115%.
We have closed many Naples USDA mortgages over the years and have been considered a leader in this market. All of collier county real estate is approved for this financing.
If you would more information on the property and income requirements click here.
Core Mortgage Financial would be honored to discuss your Naples USDA mortgage options any time !
I hope you found this information useful ! Please do not hesitate to come by our office located downtown near tin city or give us a call.
APPLY HERE
Wednesday, January 12, 2011
Naples Mortgage
Core Mortgage Financial have been providing FHA, VA, USDA mortgages since 2005. We are experts in the arena of Naples Mortgages. We have recently been approved to provide the Fannie Mae Homepath product to our borrowers. You can find very valueable information at the Homepath link here.
The best product allows borrowers to only out 3% downpayment with NO mortgage insurance premium payment on Naples Mortgage. The product also does not require an appraisal is Fannie Mae currently owns the property due to a foreclosure. Low payment and flexible mortgage terms makes the Naples/Fannie Mae Homepath product very appealing.
Investors Homepath loans are available for this product but do require a higher downpayment. Let Core Mortgage Financial unlock your Naples Mortgage dreams! We are proud provide all different loan programs to our clients for Naples Mortgage. If your credit is not the best, no problem ! Give us a call and we will walk you through your options.
With the BEST rates in Town, Guaranted !
http://www.coremortgagefinancial.com/
The best product allows borrowers to only out 3% downpayment with NO mortgage insurance premium payment on Naples Mortgage. The product also does not require an appraisal is Fannie Mae currently owns the property due to a foreclosure. Low payment and flexible mortgage terms makes the Naples/Fannie Mae Homepath product very appealing.
Investors Homepath loans are available for this product but do require a higher downpayment. Let Core Mortgage Financial unlock your Naples Mortgage dreams! We are proud provide all different loan programs to our clients for Naples Mortgage. If your credit is not the best, no problem ! Give us a call and we will walk you through your options.
With the BEST rates in Town, Guaranted !
http://www.coremortgagefinancial.com/
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