Originating Residential and Commercial Loans Since 1998

An adjustable-rate mortgage (ARM), for example, can be a more suitable choice for a first-time buyer; and, for a buyer who intends to move or do a home refinance within the next 10 years. ARMs offer lower mortgage rates than a fixed-rate loan and, sometimes, the savings is substantial.

Closing costs are paid according to the terms of the purchase contract made between the buyer and seller. Usually the buyer pays for most of the closing costs, but there are instances when the seller may have to pay some fees at closing too. All loan programs allow a "seller credit" for buyers closing costs.

A Non-QM loan, or a non-qualified mortgage, is a type of mortgage loan that allows you to qualify based on alternative methods, instead of the traditional income verification required for most loans. Common examples include bank statements or using your assets as collateral.

While you don't need a perfect 850 credit score to get the best mortgage rates, there are general credit score requirements you will need to meet in order to take out a mortgage. Prospective home buyers should aim to have credit scores of 580 or greater to qualify for a mortgage. And a credit score over 720 usually gets you the best interest rates on mortgages.

A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs (VA). The program is for American veterans, military members currently serving in the U.S. military, reservists and select surviving spouses (provided they do not remarry) and can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes and new construction.

The VA does not originate loans, but sets the rules for who may qualify, issues minimum guidelines and requirements under which mortgages may be offered and financially guarantees loans that qualify under the program.

The basic intention of the VA home loan program is to supply home financing to eligible veterans and to help veterans purchase properties with no down payment.

Add up your monthly debt: $1200 (rent) + $200 (car loan) + $150 (student loan) + $85 (credit card payments) = TOTAL: $1,635. ​ Now, divide your debt ($1,635) by your gross monthly income ($4,000). 1,635 ÷ 4,000 = .40875. By rounding up, your DTI is 41 percent. ​ If you get rid of the $85 monthly credit card payment, for example, your DTI drops to 39 percent.

The time it takes to qualify for a mortgage after bankruptcy depends on the type of bankruptcy filed and the loan program you're applying for. For Chapter 7 bankruptcy, you typically need to wait at least two years before applying for a conventional loan, and three years for an FHA or USDA loan. For Chapter 13 bankruptcy, you may be able to qualify for an FHA loan after one year of making timely payments and with approval from the court. However, lenders may have their own waiting periods and requirements, so it's essential to consult with a mortgage professional to understand your options and eligibility.

In Florida, there is no specific limit to the number of names that can be on a mortgage. Generally, lenders allow multiple individuals to be listed as borrowers on a mortgage loan, which can include spouses, family members, or co-signers. Each person listed on the mortgage is equally responsible for repayment of the loan. However, it's essential to note that the number of borrowers can impact the approval process and the terms of the loan. Lenders will consider the combined income, credit history, and debt-to-income ratio of all borrowers when evaluating the application. It's advisable to discuss the best approach with a mortgage professional to ensure that all parties involved understand their responsibilities and obligations.

In Florida, the appraisal for a mortgage is typically ordered by the lender. The lender wants to ensure that the property's value is sufficient to support the loan amount. Once the appraisal is ordered, an independent appraiser will evaluate the property to determine its market value based on factors such as location, condition, and comparable sales in the area. The cost of the appraisal is usually paid by the borrower as part of the closing costs. It's important for the appraisal to come back at or above the purchase price to proceed with the mortgage approval process.

No, typically you won't lose your earnest money deposit if you're unable to secure financing and the contract is contingent upon financing approval. However, it's essential to include a financing contingency clause in the contract to protect your earnest money in case the loan falls through. This contingency allows you to back out of the contract and receive your earnest money back if you're unable to obtain financing within the specified timeframe. Always review the terms of the contract carefully with your real estate agent and ensure that it includes adequate protections for your earnest money.

If the title of the home you're purchasing is found to be bad, it means there are issues with the ownership or legal rights to the property. In this case, you may have several options depending on the terms of your contract and state laws. Your first step should be to work with your real estate agent and attorney to determine the extent of the title issues and how they can be resolved.

If the issues can't be resolved, you may have the right to cancel the contract and receive a refund of your earnest money deposit. Alternatively, you may negotiate with the seller to have the title issues cleared before proceeding with the purchase. Title insurance can also provide protection in case of title defects that arise after closing. It's crucial to consult with legal professionals to understand your rights and options in this situation.