Marco Island Real Estate-Homes and Condos on Marco Island: Mortgage Go To Guy

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December 20, 2007

Florida Foreign National Investors | Short Term Rental Permits increase the value of your investment property

Foreign Nationals looking to purchase 2nd home and investment properties in Florida need to look no further than the availability for Short Term Rental Permits if they want to have the ability to rent out their condominium, single family house, or townhouse when they are not using it much like they would find in a Condo-Hotel/Condotel.

Many cities have created a licensure process for property owners and developers that will allow a property to be rented more than once within a year and with rental commitments/leases as short as a few days to a few months.

For instance, in Clearwater Florida, all short term rentals must be registered and licensed with the city. The purpose of licensure is to ensure a safe community and to enforce minimum housing and development standards. The property is also required to maintain an occupational license, thus paying additional taxes to the city.

The information about the Clearwater Florida code is available at www.MyClearwater.com or directly by following this link -o-> LINK.

For more information about Foreign National Investments in Florida follow this link -o-> Florida Foreign National Investors Short Term Rental Permits are Key

More Florida Mortgage and Real Estate News You Can Use From
David A. Podgursky, MBA
TheMortgageGoToGuy.com
Your Source for Residential, Commercial, Investment and Relocation Mortgages in Florida

December 16, 2007

Florida Real Estate Development | Martin County Florida

The Palm Beach Post had an article ( link )this week regarding developers in Stuart Florida - the county seat of Martin County Florida. The city officials are bracing for an influx of developers looking for extensions on their development timelines.

Due to the market conditions they have been unable to continue their efforts to develop land that they purchased 2-3 years ago. Planned Unit Developments that are reaching the end of their original approved building timeline are now in jeopardy of ever being built due to the lack of financing available for new construction… and not just in Florida!

The biggest blow to development in this Florida market is that lenders are just not funding projects right now without major pre-construction sales numbers.

With the market prices dropping - especially on condominiums in major (overbuilt) markets, many buyers have walked away entirely from large cash deposits leaving developers, lenders and investors stranded.

To get the good news (not mentioned in the article!) that will help the market recover, follow this link -o-> Florida Real Estate Development Stuart and Martin County Florida

December 15, 2007

Florida Affordable Housing | great choice for your College Student than the dorm or apartment

Trying to figure out where your college student will live while he/she is at school?

Dorm is reserved for freshman?
Frat house is only for parties?
Off campus apartments are in terrible condition and expensive?

Consider buying an affordable housing condominium for your student instead!

Using FHA loans, you can qualify as a non-occupant co-borrower and have your child on the loan to purchase a great condominium or townhouse near campus.

Why would you consider it?

First of all, Credit. This is a great credit builder.

Secondly, most students prefer living with a roommate, who pay rent to your child which can go to paying the mortgage.

Third, responsibility... owning as opposed to renting means your students have to learn to take care of the place.

Fourth, the tax benefits of having more mortgage interest deductions (consult your CPA)

Fifth, there's a better market to resell an affordable house/condo than a run down duplex near campus. Believe it or not!

For more information, visit the full article at -o-> Florida Affordable Housing College Students’ perfect place to live

December 13, 2007

Florida Real Estate | Affordable Housing

Are you a developer in Florida and you are looking to build some residential developments but can't figure out the sales angle?

Look no further than affordable housing. Building in the $150,000 - $275,000 range was definitely neglected over the past years of real estate boom. Now it is not only a much needed niche market, but it is a market that has a lot of potential for sales.

Look at it this way... what do buyers want in affordable housing?

Affordable housing isn't sold by pretty pictures and huge events to blow out the units... it is sold in the Financing packages available.

If a builder can work with state and local housing authorities as well as lenders and mortgage brokers, creative financing packages can be the highlight of the marketing materials.

Buy $0 down!!

Wow... better than a huge 6-figure number on your brochure!

Between FHA, Fannie Mae and Freddie Mac, there are many loan programs available to LMIB - Low Moderate Income Borrowers - who can now move from Renter to Home Owner!

For More information - read the full article at -o-> Florida Mortgage Affordable Housing Marketing

December 11, 2007

Florida Mortgage | Subprime Bailout ~ Preliminary views of the plan

I had to at least make a mention of the new plan to bail out the Subprime Mess and I was in a Clint Eastwood Western sort of mentality. So, I will relate my feelings to the Good the Bad and The Ugly.

I think that in all, it will help some people... but I just don't believe the way that things are being carried out are in the best interest of the masses for more than one reason.

The Good - There are a lot of loans that are about to jump, some even double. This Congressional Bailout of these borrowers will help those people who are about to get a shock... a BIG shock.

The Bad - OK... so these borrowers have some relief.

Now the big test is will they learn their lesson from the scare and start a financial plan to get themselves on track for the big three issues for a loan application so that they can refinance in the future.

They need to work on:

Credit
Income
Assets
Also - Equity

The Ugly - now this is where I'm going to be bordering on ranting.

Congressman Barney Frank - are you reading this??

This plan is by far one of the most dangerous pieces of legislation in US History. This was bred from ignorance and arrogance.

I do not care how bad this problem is or will become...

The Mortgage Industry is built upon the freely moving, market driven Mortgage Backed Securities Market. Rates, programs, etc are all based on this FREE market that is without government interference!

The US Government has NO business regulating this market and industry in anyway.

YES! The Homeowners are hurting... but they have been in this position for at least a year and have heard enough news that this storm was coming. Ohh... now I'm unpopular...

But... there are investors around the world who bought into these investments. They made the decision to back risky mortgages and who's right is it to tell them that they do not deserve the returns that they signed up for??

No ones! Especially not the Federal Government of the United States.

For the FULL ARTICLE follow this link to -o-> Florida Mortgage Subprime Bailout ~ Preliminary views of the plan

November 23, 2007

Florida Mortgage & Real Estate | Developers moving In & Out!

While the real estate market is definitely in a bad place in Florida, many big, national banks and big, national builders are feeling the pinch.... some are even hitting the bricks - figuratively speaking.

With announcements that Hollywood Florida based TOUSA and Fort Lauderdale Florida based Levitt & Sons are filing bankruptsy, and that Levitt ceased all construction due to massive debt... it would seem that we've seen the end of development in Florida until we absorb what we already have... but that may not necessarily be so!

Now that some of the big boys are hurting, a new breed of smaller, leaner developers are descending on Florida like Snowbirds of Prey.

These developers are well positioned to find abandoned projects, builder close-outs, and distressed projects at bargain prices that are ready to be salvaged.

These new, smaller developers are more nimble and more agile than the big names like D.R. Horton, K. Hovnanian, Toll Bros. and GL Homes. They can buy smaller parcels and still make money on them.

They also have the vision to pull off more interesting projects that have margins that are significantly lower than a big developer's shareholders require.

Couple with this the terrible brain drain due to the middle class heading for the greener pastures with lower property taxes, these developers are able to build condos & townhomes that will help first time home buyers, low and moderate income buyers, and local workforces find properties near where they work at appropriate prices.

Keep an eye out for these Snowbirds... and if you're sitting on a project that needs some TLC to get it off the ground, think of them fondly. They might just want to partner with you to make your project a reality!

For the full story, follow this link -o-> Florida Mortgage & Real Estate Developers heading In and Out

November 21, 2007

Florida Mortgage | Title Company faces $5Million Fine

Another sign that the State of Florida's Department of Financial Services is looking to clean up the industry was announced in the Palm Beach Post Saturday (November 17, 2007)... link to article

First American Title Company, the nation's largest Title Insurance Service Provider, agreed to pay fines of $5Million for setting up 87 "sham" title insurance agencies in Real Estate and Mortgage offices throughout the state. These "agencies" would then pass fees onto the limited partners, a.k.a. the Realtors and Mortgage Brokers - which the State of Florida views as a kickback.

State and Federal Laws prohibit any Real Estate or Mortgage Professional from accepting any referral fees from Title Insurance Business.

For more information, follow this link: Florida Mortgage Compliance & Ethics - A Major Title Company loses a battle

October 31, 2007

Florida Mortgage | Short Sales & Bank Owned Properties

Right now one of the most popular requests that I am hearing is that someone wants to buy a bank owned or short sale property. These two property types are very similar in that they both entail negotiating with the bank for the ultimate purchase price.

The other similarity is that in both instances you are asking the bank to take a loss on their asset - their asset is the mortgage on the property you want to purchase. This is not always as easy as some of the Real Estate Experts might say... but if you have your ducks in a row, then it can be accomplished in a way that can save you a good bit of money on the property you want to purchase.

The most vital step in the process that is often pushed until later-on in the process is making sure that the finances are in place.

This can mean any number of things... but we can narrow them down with one simple question:

Do you have enough cash to close on the property without financing and without hurting your financial well-being?

If you answer is no... and for most people it is, then you need to pull back the reins and start at square one... get with your favorite mortgage broker, like me!

Your Mortgage Broker will help you understand the process involved in financing a short sale property. He will also help you understand the costs...

Right now there are some amazing deals out there... foreclosures on properties with lots of equity. Getting your team together before you start trying to find the property is important... but getting your Mortgage plan in place is key.

For more information on Short Sales and Mortgages, please follow this link to learn more about the different options of financing a short sale:

Florida Mortgage Short Sales & Bank Owned Properties

October 18, 2007

Marco Island Florida Mortgage | Builders Focus on Value

This is a little departure from my normal posts that are mainly informational - call it an Opinion Piece.

The Real Estate Industry in Florida is hurting as evidenced in all the bad news being reported. It isn't all bad, as the reporters would like you to believe. Houses are selling because there are people that need to buy and there are those that are finding bargains already.

Now builders are spending their time marketing value and affordability into their homes... the reverse of the trend when they were marketing luxury and amenities. Honestly, they should have caught on sooner.

Affordability... Value... Attainable... Steven Webster at the Florida Workforce Housing Network discusses how these new buzzwords are showing up in builders' marketing efforts. He cites that Lennar challenged local builders to build affordably and Centex chose the path of becoming Florida's leading affordable housing builder.

This article would not be complete without discussing the other side of the story... the Real Estate Industry has another industry that it works hand in hand with that needs to be a consideration of these builders - the Lending Industry.

You see... the big, production builders builders can control most of the costs related to the homes they are building. What they can't control is mortgages.... only the market itself can do that!

My recommendation to builders is to keep in mind what buyers need - affordable payments. This means making sure that the larger homes stay within conforming lending limits so that the interest rates stay low. It also means to quit blackballing lenders and mortgage brokers from projects. The buyer should have free choice of who they use and all the enticements from the advertisements to buy.

For buyers who will need 100% financing, builders should make sure to keep an eye on the median home prices in the area - that will be the lending limit for FHA, Fannie Mae and Freddie Mac 100% loan programs. Builders could offer to pay closing costs up to 3% of the loan amount as an enticement for $0 down homes.

For more information about this trend, please follow this link to visit my main site: Florida Mortgage Builders Price your homes appropriately

October 14, 2007

Florida Mortgage | No Closing Costs ~ Seller Concessions

For a homebuyer, there are a lot of enticements that can be broadcast to help them purchase their first or next home with very little or no money out of pocket. One of the best ways this is accomplished is via Seller Concessions.

With as much as 6% of the purchase price "given" by the seller, the buyer can effectively avoid certain costs that could creep up that they would normally have to pay themselves.

The definition of a Seller Concession is an agreement between the Buyer and the Seller that the seller will pay for something at closing. Here are examples of seller concessions:

Closing Costs - a.k.a - $0 Money Down, No Closing Costs..
Rate Buydowns - discount the rate by paying points
Temporary 2-1 Buydowns
Repairs
and more...

It is important that the buyer, seller and their agents all work closely with their trusty Mortgage Broker to make sure that the wording of the concession in the contract will not create an issue in underwriting.

Click on the following link to learn how to achieve the best results from a Seller Concession: Florida Mortgage No Closing Costs ~ via Seller Concessions

For more information about Seller Concessions, First Time Home Buyers or Affordable Loan products, contact me by following this link!

October 11, 2007

Florida Affordable Mortgage | 100% Loans are Available!

Did I stutter? I do mean it... there are 100% loans available both for purchase and refinance transactions.

No... I am not one of those scumbags trying to lure you into a dangerous loan! If you've read my posts at all, you know I'm definitely not about bad loans for good people.

Here's what I am about... helping people buy the home they want and need... and refinance the loan that is about to start hurting them financially...

These affordable mortgages are FHA and Fannie Mae loans - a.k.a. Government Backed. They are safe loans with only a few options.

Here are the loan features:

Full Documentation
Seller Concessions
Reduced PMI
Up to 100% financing
30 or 40 year Fixed Rates
and more

So whether you are a first time homebuyer or a homeowner looking to refinance. The option is available to you to get a great rate - usually lower than you'd expect!

Call now to find out what you need to do to get in on one of these loans.

If your ARM's adjustable rate is about to reset, there's no time like the present!
If you are buying a home, there are some great deals out there with all this inventory!

To read more about these programs and more please follow this link:

Florida Mortgage 100% Loans are Available

October 8, 2007

Florida Mortgage | Purchase or Refinanace now and save Money at closing

So you're finally purchasing that new home since the price is down or your ARM Loan's Adjustable Rate is about to jump so you're going to finally get a new mortgage. Well, you are in luck if you are going to start your transaction right now!

Why? This is the ideal time of year to start the process of a Mortgage.

In Florida, property taxes are paid in arrears. This means you pay at the end of the year for the prior year. (Insurance is paid in advance, you pay your policy to cover you for the upcoming year) Also, you receive a 4% discount for paying your annual property taxes in November.

So if you close on a mortgage in August, September or October, you end up paying an entire year of property taxes at the closing table! With Florida property values and our crazy tax system, this can be a hefty sum. On top of this, you have to "seed" your escrow accounts with approximately 2 months of payments for taxes and escrows.

To learn how your mortgage broker can help you save money at the closing table, follow this link to my main website to read all about it:

Florida Mortgage Refinance ~ Purchase ; Money Saving Tips

September 24, 2007

Florida Mortgage | Homeowner Call to ARMs

Remember in 2004-2005 when you bought your present home with an Adjustable Rate Mortgage? Yeah? Well I don't want you to be financially hurting from it soon.

You know it is possible from reading the news and posts that I've written like: Florida Mortgage Adjustable Rate Loans ~ Your current loan is about to change on you

So here is a Call to Action for you!

You need some help! You need that trusted voice to call you and talk to you about what is about to happen in your financial worlds. You need your trusted Real Estate Professional to clue you in on what you might be missing - your ARM adjustment date.

Here's what I propose - Call your Realtor... or just Call Me!!

This call from YOU will help you to prepare for the potential jump in your mortgage payment. You have already built the trust with your Realtor, this will just continue that relationship.

This is when they would you know that there are options and that they have a great Mortgage Broker that they would like to introduce you to in order to help them weigh your options.

There is no time like the present to help yourself. You might not need to change a thing!... but I doubt you want to find out that your new loan payment will be more expensive than you thought or can afford! Or even that you could get a much better rate in a new loan!! Right??

To see the Plan of Action to help you that I prescribe to Realtors, read on at: Florida Mortgage Adjustable Rate Mortgages and Realtors

September 19, 2007

Florida Mortgage | Adjustable Rate Mortgage about to Adjust??

Lenders have begun sending out letters informing their borrowers that their loans are due for adjustment. So your Adjustable Rate Mortgage is about to adjust and you want to know what to do? This is a dilemma facing many homeowners right now due to the huge numbers of 2-5 year Adjustable Rate Mortgages that were written in the past 6 years.

Even with all the hype in the media, many homeowners are taken by surprise. The harshest reality is when you find that your new mortgage payment will be 50% higher (or more!) than your current monthly payment!

So what can you do to ensure you aren't forced into a bad financial situation once your loan adjusts?

First, find your closing package from the title company. You received it at or a few weeks after your closing. In the package, you will find the Mortgage and Note that you signed. You will need to copy these documents...specifically look for the Adjustable Rate Rider and a Prepayment Penalty Rider. You will also want to copy your most recent Mortgage statement that you received in the mail.

Then, contact your trusted Mortgage Broker. Arrange a time when you can sit down with your loan documents and figure out what is about to happen. This may require faxing, emailing or mailing a copy of the Mortgage and Note to the Mortgage Broker.

With this information, your Mortgage Broker can help you to refinance into a new loan with a payment you can afford. With a trusted advisor like this by your side you will be in good hands.

For more information about refinancing your Adjustable Rate Mortgage in Florida, contact me by following this link to my contact page.

To read more about the Adjustable Rate Rider and details about what you can do if your ARM adjusts, read on at: Florida Mortgage Adjustable Rate Loans ~ Your current loan is about to change on you

More Florida Mortgage & Real Estate News You Can Use from
David A. Podgursky, MBA
The Mortgage Go To Guy!
Your Source for Residential and Commercial Mortgage Loans in Florida

September 3, 2007

Florida Mortgage | Fixed Rate with Interest Only

Adjustable Rate Mortgages (ARM) are not very unpopular right now thanks to the media bashing them. To make things worse, they currently (August 31, 2007) have higher rates than Fixed Rate Mortgages. This poses a problem for people that want a lower payment but now are demanding the secure rate of a Fixed Rate Mortgage.

The answer to this problem is found in Hyrbid Mortgages. These loans combine the security of a long-term rate with a lower payment in the early stages of the loan.

My favorite Hybrid Mortgage program is a 30 year Fixed Rate with 10 years or 15 years of Interest Only.... hence the Hybrid moniker.

The Features of the 30 year Fixed with Interest Only are:

Lower payments than traditional 30yr Fixed
Longer Interest Only period than most people remain in the same property
Pairs great with any Mortgage Pay-off Program

Whatever your strategy is with your Mortgage Plan, this is Hybrid 30yr Fixed Rate Mortgage is a great loan to consider!

For more features and benefits, read more at: Florida Mortgage Fixed Rate Loans with Interest Only Option

To purchase or refinance with this Mortgage today, contact your favorite Mortgage Broker Today!

More Florida Mortgage and Real Estate News you can use from

David A. Podgursky, MBA
The Mortgage Go To Guy!!
Your Source for Residential, Commercial, Investment, and Relocation Mortgages in Florida

August 18, 2007

Florida Mortgage | Insurance Rate Comparison Website

Florida Homeowners have two main complaints - Taxes and Insurance. To tell the truth, they're definitely complaint-worthy. For the lower and moderate income level homeowners, it is often just as hard to come up with the money to pay the TI as the PI in their PITI payments ( PITI = Principle Interest Taxes and Insurance).

ShopandCompareRates.com is a website sponsored by the Florida Office of Insurance Regulation and the Governor's office to offer Florida Homeowners the ability to compare rates they are paying or being quoted with average rates across the state.

For more details, read on at:

Florida Mortgage Subprime Loans - Should you be worried?

More Florida Mortgage and Real Estate News
you can use from