All posts in Jumbo Mortgages

Fort Lauderdale Mortgage Interest Rates Update: June 21, 2011

by Justin Miller on June 21, 2011 in Conventional Loans, FHA Loans, Jumbo Mortgages with No comments

Mortgage-backed securities, which move interest rates, are lower today which is bad for interest rates.  Interest rates paying NO Points in Fort Lauderdale and South Florida are as follows today on a $250,000 purchase price, 740 credit score, 25 day lock period, primary residence, single family detached home, with escrows are:

  • 4.625% on a 30 year Conforming fixed rate mortgage with 20% down (APR 4.846%)
  • 3.875% on a 15 Year Conforming Fixed rate mortgage with 20% down (APR 4.033%)
  • 4.375% on a  30 year FHA fixed rate mortgage with 3.5% down (APR 5.265)

On a Jumbo loan with a loan amount under $850,000 putting 20% down paying no points with the same parameters as above interest rates are at 5.25% (APR 5.301%)

Contact me for interest rates on Adjustable Rate Mortgages (ARMs) in Fort Lauderdale and South Florida.  Rates are subject to change without notice.

Fort Lauderdale Mortgage Interest Rates Update: June 17, 2011

by Justin Miller on June 17, 2011 in Conventional Loans, FHA Loans, Jumbo Mortgages with No comments

Mortgage-backed securities, which move interest rates, have been holding steady the past 2 days and are unchanged right now.  Interest rates paying NO Points in Fort Lauderdale and South Florida are as follows today on a $250,000 purchase price, 740 credit score, 25 day lock period, primary residence, single family detached home, with escrows are:

  • 4.625% on a 30 year Conforming fixed rate mortgage with 20% down (APR 4.846%)
  • 3.875% on a 15 Year Conforming Fixed rate mortgage with 20% down (APR 4.033%)
  • 4.375% on a  30 year FHA fixed rate mortgage with 3.5% down (APR 5.265)

On a Jumbo loan with a loan amount under $850,000 putting 20% down paying no points with the same parameters as above interest rates are at 5.25% (APR 5.301%)

Call or email me for interest rates on Adjustable Rate Mortgages (ARMs) in Fort Lauderdale and South Florida.  Rates are subject to change without notice.

The Difference Between A Bank, a Mortgage Broker, & a Mortgage Banker

by Justin Miller on June 14, 2011 in Conventional Loans, FHA Loans, Jumbo Mortgages, Mortgage Education 101 with No comments

You basically have 3 choices when getting a mortgage.  You can go to a bank or credit union, you can go to a Mortgage Broker, or you can go to a Mortgage Bank which is what I work for.

When you go to a bank or credit union you are only have access to their products.   Also, since they tend to be larger you the mortgage professional doesn’t get to know their underwriter because they have no idea which underwriter will get the file and it might not be underwritten locally.  They do fund the loan with their own monies.

A Mortgage Broker has access to different products but they lose the control when it comes to underwriting and getting someone with authority to prioritize and get the loan done.  If a mortgage broker sends a loan to Wells Fargo and Wells Fargo denies it the mortgage professional looks bad, not Wells, so there isn’t as much of a vested interest in the deal.  They don’t fund the loan, the bank underwriting like in this case Wells Fargo does.

A Mortgage Banker, like myself, has access to the different products including our own and we keep the control of the file because we underwrite in house and locally.   They do fund the loan with their own monies.

Keeping control of the file and underwriting it locally is so important in Fort Lauderdale and South Florida because our market is so unique.

Fort Lauderdale Mortgage Interest Rates Update: June 14, 2011

by Justin Miller on June 14, 2011 in Conventional Loans, FHA Loans, Jumbo Mortgages with No comments

Mortgage-backed securities, which move interest rates, got hit hard today after inflation fears and and a not so bad retail sales number which is bad for interest rates.  Some how rates have continued to hold steady other than on a Conventional loan.  Interest rates paying NO Points in Fort Lauderdale and South Florida are as follows today on a $250,000 purchase price, 740 credit score, 25 day lock period, primary residence, single family detached home, with escrows are:

  • 4.75% on a 30 year Conforming fixed rate mortgage with 20% down (APR 4.846%)
  • 3.875% on a 15 Year Conforming Fixed rate mortgage with 20% down (APR 4.033%)
  • 4.375% on a  30 year FHA fixed rate mortgage with 3.5% down (APR 5.265)

On a Jumbo loan with a loan amount under $850,000 putting 20% down paying no points with the same parameters as above interest rates are at 5.25% (APR 5.301%)

Call or email me for interest rates on Adjustable Rate Mortgages (ARMs) in Fort Lauderdale and South Florida.  Rates are subject to change without notice.

What Not To Do When Getting A Mortgage In Fort Lauderdale

by Justin Miller on June 12, 2011 in Conventional Loans, FHA Loans, Jumbo Mortgages, Mortgage Education 101 with No comments

There are a lot of things you shouldn’t do but I will try to list the most important:

  • Do not argue with your mortgage and real estate professionals.  They have your best interest in mind so make sure do do whatever they tell you to do.
  • Don’t make any cash deposits into your bank accounts.
  • Don’t make any deposits that you cannot document where the money came from.
  • Don’t write any checks or cashiers check from any accounts that have not been verified.
  • Don’t do anything that will cause a red flag to be raised by the scoring system
  • Don’t apply for new credit of any kind
  • Don’t pay off collections or charge offs or credit cards
  • Don’t max out or over charge on your credit card accounts
  • Don’t consolidate your debt onto 1 or 2 credit cards
  • Don’t close credit card accounts
  • Don’t pay late
  • Don’t allow any accounts to run past due-even one day!
  • Don’t dispute anything on your credit report
  • Don’t lose contact with your mortgage and real estate professionals

 

What Is Needed To Get A Jumbo Mortgage in Fort Lauderdale?

by Justin Miller on June 12, 2011 in Jumbo Mortgages with No comments

A Jumbo Mortgage is any amount above the conforming loan limits for that county.  Right now in Palm Beach, Broward, & Miami-Dade counties it is $423,750.

The documentation requirements really aren’t that much different then getting any other loan.  You need the following documentation:

  • Most recent paystub
  • 2 years of W-2s
  • 2 years of Personal Tax Returns (Form 1040 with all pages)
  • If you are self-employed you will need 3 years of your personal and your corporate tax returns
  • 2 most recent bank/brokerage statements with all pages even if they are blank

This is a must to get upfront when being pre-qualified.  You may think you make $X per year but the way we have to calculate income might be different.   This is so important because if this is not done from the beginning there is a lot of time and money that will be lost for the borrower and everyone else involved in the transaction.  You need to listen to your mortgage professional because if they do not do their job correctly it affects a lot other people with a financial stake in the transaction.

In Fort Lauderdale and South Florida you will need to put down at least 20%.  Every lender out there has different rules.  It is always best to have a credit score of 740 or higher.  You can get a loan with as low as a 620 credit score but the interest rates and down payment are going to be higher. You can typically get away with putting 20% down on loan amounts up to $1 million and depending on the strength of the loan up to $2 million on a primary residence.  Anything above that will most likely have higher down payment requirements.

 

Fort Lauderdale Mortgage Interest Rates Update: June 10, 2011

by Justin Miller on June 10, 2011 in Conventional Loans, FHA Loans, Interest Rates, Jumbo Mortgages with No comments

Mortgage-backed securities, which move interest rates, are moving lower today after getting hit hard yesterday which is bad for interest rates.  Interest rates paying NO POINTS in Fort Lauderdale and South Florida are as follows today on a $250,000 purchase price, 740 credit score, 25 day lock period, primary residence, single family detached home, with escrows are:

  • 4.625% on a 30 year Conforming fixed rate mortgage with 20% down (APR 4.72%)
  • 3.875% on a 15 Year Conforming Fixed rate mortgage with 20% down (APR 4.033%)
  • 4.375% on a  30 year FHA fixed rate mortgage with 3.5% down (APR 5.265)

On a Jumbo loan with a loan amount under $850,000 putting 20% down paying no points with the same parameters as above interest rates are at 5.25% (APR 5.301%)

Call or email me for interest rates on Adjustable Rate Mortgages (ARMs) in Fort Lauderdale and South Florida

Your Fort Lauderdale Mortgage Banker Wants To Say “YES!”

by Justin Miller on June 9, 2011 in Conventional Loans, FHA Loans, Jumbo Mortgages, Mortgage Education 101 with No comments

The timing of this article couldn’t be better because my main goal going forward is to educate everyone involved in the real estate transaction about what is needed for a loan and how we as mortgage professionals don’t want to ask for it as much as a borrower doesn’t want to give it.  But it has to be done.

The sooner we all accept this the smoother the transaction will go.  It’s hard enough getting an FHA or Conventional loan in Fort Lauderdale and South Florida to have to add arguing back and forth about why something is needed.  There is a reason for everything, believe me.

Many don’t understand why a borrower’s tax transcripts are pulled and why it must be done or why they must be stamped by a local IRS office.  It’s because you can give me a tax return with higher income and get that return Amended or file a different return with less income and a larger tax refund.

Make sure to read this Blog post “Does Your Lender WANT to Say “Yes?”

Fort Lauderdale Mortgage Interest Rates Update: June 8, 2011

by Justin Miller on June 8, 2011 in Conventional Loans, FHA Loans, Interest Rates, Jumbo Mortgages with No comments

Mortgage-backed securities, which move interest rates, are improving once again today which is good for interest rates.  Interest rates paying NO POINTS in Fort Lauderdale and South Florida are as follows today on a $250,000 purchase price, 740 credit score, 25 day lock period, primary residence, single family detached home, with escrows are:

  •  4.625% on a 30 year Conforming fixed rate mortgage with 20% down (APR 4.72%)
  • 4.375% on a  30 year FHA fixed rate mortgage with 3.5% down (APR 5.265)

Call or email me for Jumbo Rates  and Adjustable Rate Mortgages in Fort Lauderdale and South Florida

Fort Lauderdale Interest Rates at a 2011 Low

by Justin Miller on June 2, 2011 in Conventional Loans, FHA Loans, Interest Rates, Jumbo Mortgages with No comments

Every Thursday Freddie Mac releases their Primary Mortgage Market Survey which shows average interest rate for the week ending.  If you dig into and read the actual report you will see that it is always with paying points and broken down by regions.  With anything you read you need to make sure to read the whole article, not just the headline.

By only reading the headline and not understanding the report you could get yourself in trouble.  Remember, this news is something that has already happened.  Yesterday mortgage-backed securities, which is what moves interest rates, rallied like crazy for the better.  Right now, mortgage bonds are down 47 basis points which in english means whatever rate you got at the end of the day yesterday now will cost you your loan amount times .0047 so on a $100,000 mortgage that is $470 extra.   The reason not knowing much about this survey can hurt you is if you quote it and on Thursday mortgage bonds get a lot better you might get the savings passed on to you.  Yes , there are dishonest people.  I don’t mean to be negative but this is why it is important to know what you are quoting. 

You will see for Fort Lauderdale and the Southeast that the rates ended a tad higher than the rest of the US at 4.57% versus 4.55% paying .6% in points.

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