Total Real Estate Solutions

Difference in Mortgage Banker and Mortgage Broker

Fri, 25 Jul 2008 00:47:00 -0400

A mortgage banker is a direct lender; it lends you its own money, although it often sells the loan to the secondary market. Mortgage bankers sometimes service as well.

A mortgage broker is a middleman; he does the loan shopping and analysis for the borrower and puts the lender and borrower together. Many of the lenders through which the broker finds loans do not deal directly with the public.

Using a mortgage banker can save the fees of a middleman and can make the loan process easier. A mortgage banker can give you direct loan approval, whereas a broker gives you information second-hand. Using a mortgage broker allows you to present a loan application to a different lender in a different light.

A mortgage broker charges a fee for his service, but has access to a wide variety of loan programs. He also may have knowledge of how to present your loan application to different lenders for approval. Some mortgage bankers also broker loans.

Choosing A Lender

Choosing a lender that you want to work with involves several factors. You need a lender that can get the job done on a deadline. You need a lender that is large enough to have pull, but small enough to give you personal attention. And, most of all, you need a lender that can deliver what it promises.

1. Length of Time in Business

Look for a company that has been in business for a few years. Check out the company’s history with your local Better Business Bureau. Ask for referrals from other investors and real estate agents.

2. Company Size

A company that is too big can be problematic because of high employee turnaround. If you are dealing with a mortgage broker, it is often a one-person operation. Dealing with a one-man operation may be good in terms of communication if he or she is a “go-getter.” On the other hand, the individual may be hard to get a hold of, since he or she is answering the phone all day.

A small to mid-sized company is a good bet. You will be able to get the boss on the phone, but he or she will have a good support staff to handle the minor details. Also, a mid-sized company may have access to more wholesale lenders than a one-person company.

3. Experience With Different Programs

It is important to deal with a mortgage broker or banker that has experience with a number of different programs. It is often the case that you find out a particular loan program won’t work, in which case you need to switch lenders (or loan programs) in a heartbeat to meet a funding deadline.

Don't Flounder in Florida - Buy Now With A Rent To Own Program

Fri, 25 Jul 2008 00:34:00 -0400

You've heard it before - there's no time like the present. Well, now is definitely the time to buy a house in Florida. Prices are at the lowest since the real estate boom at the turn of the century (21st that is).

Between the record Florida foreclosures (actually the entire US), and the already highly saturated Florida Realtor’s Multiple Listing Service or MLS chocked full of listings of single family houses, it doesn’t take a marine biologist to figure out that Florida is a real estate buyers market.

A buyer’s market is good for you and I because if you’re like me, you like to get the best deal possible on anything…especially on a house - so why isn’t everyone buying all the real estate in the market place?”

Well for starters, many people simply can’t qualify for a mortgage anymore. Between the mortgage lenders tightening their requirements for borrowers and all the people who lost their homes to foreclosure, it’s no wonder there’s such an inventory of houses for sale in Florida and most of the United States.

Sadly, many of these good, hard working people are faced with the prospect of having to rent a home because they can’t buy a house. Or can they?

We at Home Options of America understand that credit and financial problems happen to the best of us. That’s why we have several programs to help would be renters become homeowners.

Our North Florida Rent To Own Homes Program and our Owner Financed Homes Program are just two of the ways we can help you own your home without qualifying for a loan right away. In fact, both of these programs can help you rebuild your credit while living in a nice home that you will eventually own.

So, stop throwing your money away on rent month after month, and sign up today to become a homeowner. Our Rent To Own Houses and Owner Financed Homes Programs are a first come, first served basis so the sooner you sign up, the sooner you can move in to your new home!

See how easy it is to get into a home at www.GreatDealsOnHouses.com.

How To Buy A House In this Current Market

Fri, 25 Jul 2008 00:18:00 -0400

After double-digit per-year appreciation, home prices are finally down. Banks are having to foreclose on more people than ever before. And the economy seems to be very sluggish. All that adds up to a tremendous opportunity for you to buy a house IF you’re properly prepared to do so. But how do you prepare? What should you look for in a house? What kind of seller should you deal with?

And just how much house CAN you afford now?

Well, the answers to those questions are not as bad as you might think. First of all, it helps to go in to a house-buying situation prepared & armed with the right knowledge. What kind of knowledge? For starters, it helps to know the following: What style/size house do you want? What kind of neighborhood do you prefer? What school district would be a good fit for your family? Where do you like to shop? Do you need public transportation? A driveway?

In other words, what do you want? The more specific you are, the faster you can recognize the right opportunity when it presents itself.

Next, how much house can you afford? To find the answer to this question, it’s very simple. Just find a qualified mortgage broker or banker who will tell you. He’s going to ask you such things as your job history, how much money do you have saved or access to, and then he’s going to pull your credit report to see the REAL juicy details. Don’t worry, your credit is probably not as bad as you might think. And if you have the right mortgage broker or banker, he can help you fix it quickly so that you can qualify for that loan.

The basic idea here is that you want your loan officer to tell you how much home you can qualify for, and about how much your monthly payments will be.

Armed with this knowledge, you’re ready to start shopping!

Here’s what I’d suggest: Go online & do a Google search on houses to buy in the areas you want to live in. Or simply drive in that area & look for the “For Sale” signs. I can almost promise you you’ll find something. And at least that’s a start!

Another bit of advice: Be on the lookout for “For Sale By Owner” signs. Often, these people are able to do things or sell their house cheaper than a licensed agent-facilitated transaction.

Now, when dealing with a seller, you want to look for one key word: Motivation! Discover what he/she wants & find a way to give it to them. A lot of times, it’s easier than you might think.

Another avenue to pursue is to look for houses that are being sold by Professional Investors. Why? Because they are in the business of selling houses, and can often do things for you that NO one else can. For example, an Owner Financing or a Lease Purchase, aka ‘Rent-to-Own’ situation might just be the ticket to home ownership for you!

Try one out – you’ll be amazed at what they can do for you that others who are not aware of what's available can't.

Whatever you decide, be sure to get started NOW! Don’t wait too long to buy your house – this market won’t last forever!

A terrific place to find great deals in North Florida is www.GreatDealsOnHouses.com.

You'd Be Crazy Not To Buy Now!!!

Fri, 25 Jul 2008 00:04:00 -0400

I'm often asked, "Barbara, what's happening with the real estate market in Jacksonville and North Florida?" It's a common question among homeowners nationwide.

Unless you've been hibernating, you're aware of the crazy real estate market we've experienced in the last 7 to 10 years. Profits soared, people made lots of money on their homes and life was riding on a cloud in the residential market. But, with the help of the media, you bet the proverbial "bubble has burst" and not a moment too soon. For way too long our real estate market has been an over-inflated hot air balloon with prices soaring out of sight, waiting to exhaust itself.

We have seen a steady decline in pricing since the end of the summer in 2006, and our inventory in Jacksonville has significantly increased. So much of the public's perception of the market has been media driven. People perceive this as a bad market, but it's a more normal market, self-correcting, and pricing is more reasonable. The time for a home to be on the market now is much more in line with the early '90s when real estate moved at a slower pace. This allows buyers the time to make better decisions.

Pricing is surely one of the most important pieces of the puzzle for sellers today. The media's hype about the market had scared many buyers out of the market but this is interesting because the interest rates on money have remained historically low, and we have seen little change nationally in the median home price. Buyers had been on the fence for so long waiting to see what's happening in the market so 2008 has seen an increase in activity.

Without a doubt, this is a great time to buy property. How many times have you said to someone..."I wish I had bought property back years ago when I could have gotten a great deal"? Well, if you wait too long you'll be kicking yourself again for not acting on that hindsight. So, what are you waiting for? Buy now so you don't regret it later!

To find great deals on houses in North Florida, click here www.GreatDealsOnHouses.com.