HOW TO APPLY FOR A MORTGAGE
By: Adam R. Cohn
Applying for a mortgage can be made easier by preparing your self before you contact a local lender. In this blog I will make applying for a mortgage simple.
Before you contact a lender you will need certain documents so that the mortgage professional can best assist you.
You will need the following:
That covers all the needed documents for pre qualifying for a mortgage.
Before applying for a mortgageyou may want to consider boosting your credit score, so you will be eligible for the best possible rate. Here is a excellent link to help you understand how credit scores work and help you greatly improve them to have an advantage when applying for a mortgage.
http://www.bankrate.com/finance/credit-debt/tips-for-boosting-your-credit-score-1.aspx
After collecting all the needed documents and boosting your fico score, now would be the ideal time to apply for a mortgage.
When speaking to a mortgage professional its very important to answer all questions honestly and accurate and to discuss your short term and long term goals so they can best match you with the best mortgage for your needs.
Should you or your clients need any assistance please feel free to contact me with info provided below.
Adam R. Cohn
Freedom Mortgage Corp.
Sr. Banking Executive
561-289-0125
Dear Fellow Active Rainers,
With all the new banking underwriting standards, new laws and legislation being passed, it can make one feel defeated, question if this is the business you want to stay in, with all these new burdens placed on us by people that may have degrees from respected colleges, but are clueless because they are not on the front-line dealing with the mess like we are. But what keeps me going is the love and passion I have for the business, the ability to help people live the American dream and enjoy the benefits of home ownership.
I am staying positive on the business because I believe that although the consumer is burdened with high credit score requirements, new rules placed by law makers and crazy underwriting standards, the consumers are becoming more educated on the housing market and banking industry with the constant media and news reports, that in my opinion they will slowly adapt to the new industry standards. Over time as more people leave this business and consumer goes threw the adaptation to adhere to what the market calls for, it will leave a very lucrative business for the agents, bankers, and brokers that weather the storm, stay strong and stick it out.
As the American economy slowly heals it wounds and goes threw its recovery, The stock market should keep pushing up with the good news. With the stock market up it will create more wealth for Americans which can then be used towards purchases of homes , which makes sense because it may yield better results then keeping money in the market over time, when their is a buying opportunity out there now in housing with low mortgage rates and homes that have dropped so much in value I believe that's where the consumers will invest their wealth.
Over the next few years there will be a lot of money to be made and a lot of family's we can help. Lets think about the positive things and believe me the strong will survive and we will prevail.
Regards,
Adam R. Cohn
Hello Realtors,
If you have any clients that need a jumbo mortgage we at Freedom have some really good mortgage products to help your clients get great rates on their home purchases. Besides our excellent rates and closing cost we close loans quick, on average we close loans in about 21 days. For more info call me at 561-289-0125
Regards,
Adam R. Cohn
Finding the right mortgage in Florida can be a very frustrating process. I have created a chart of the most common types of mortgages so that you can compare them and make some initial decisions about the type of mortgage in which you are interested. Of course, I can answer your questions about any of the loans featured below, and more, just shoot me a email or give me a call.
Fixed Rate Mortgage
Description
A loan with a fixed principal and fixed interest payments for the life of the loan.
The Right Mortgage For...
Best for borrowers who desire a more predictable principal and interest payment throughout the life of the loan.
Main Advantages
The fixed principal and interest portion of the mortgage payment stays the same for the life of the loan with no unexpected rises.
Main Disadvantages
The fixed principal and interest portion of the mortgage payment will not go down when interest rates go down. In addition, the portion of the monthly payment that includes taxes and insurance may fluctuate from year to year.
Adjustable Rate Mortgage (ARM)
Description
Typically has a lower interest rate to start, which translates to a lower payment. But the interest rate adjusts over time to either a higher or lower interest rate over time.
The Right Mortgage For...
Borrowers who are able to budget for a slightly less predictable interest rate and monthly payment.
Main Advantages
Take advantage of lower initial interest rates with adjusted lower monthly payments. When interest rates fall, the borrower may not need to refinance as the interest rate on their mortgage falls accordingly.
Main Disadvantages
The principal and interest portion of the mortgage payment may be unpredictable at times; payments go up when interest rates rise.
Fixed/ARM Hybrid
Description
Combines elements of both fixed-rate and adjustable-rate mortgages; typically has a lower interest rate than a traditional fixed rate mortgage. The initial payment period is fixed for a specific term, then the interest rate and principal will adjust over the remaining term of the loan.
The Right Mortgage For...
Borrowers who are less financially established at the start of a loan, but plan to have more financial stability after several years. Also, for those who plan to move or refinance early.
Main Advantages
Gives the borrower a chance to establish financial stability before they must manage less predictable payment amounts.
Main Disadvantages
Requires some planning and financial advancement.
Fixed/ARM Hybrid, Interest First (Also referred to as "Interest Only")
Description
Payment of "interest only" reduces your monthly payment compared to a more traditional type mortgage where your payment includes both principal and interest.
The Right Mortgage For...
Borrowers who are less financially established at the start of a loan, but plan to have more financial stability after several years. Also, for those who plan to move or refinance early.
Main Advantages
The borrowers interest-only payments may be tax deductible. In addition, a prepayment of principal may reduce the next monthly interest-only payment.
Main Disadvantages
There is no scheduled principal reduction during the interest-only period. In addition, when the loan enters the amortization period (or the scheduled payoff period), there will be higher payments because the loan is paid off in a short period.
Balloon Mortgage
Description
Typically lower interest rate than a traditional fixed rate mortgage.
The Right Mortgage For...
First time buyers who plan to move after a few years, or someone whose career forces them to move often.
Main Advantages
Lower interest rates and simple plan for specific types of borrowers.
Main Disadvantages
After the initial balloon period (3, 5 or 7 years), borrowers may be required to pay off the remaining loan in one lump sum which usually requires refinancing.
Low and No Down Payment Loan
Description
There are a variety of low or no down payment programs available. Some of these loans are best suited for borrowers with excellent credit who want to preserve their assets. Other loans are best for first-time home buyers with income limitations or area restrictions.
The Right Mortgage For...
Borrowers with excellent credit who want to continue their good credit record, first time buyers, and buyers with income limitations.
Main Advantages
Borrowers with little to no savings for up-front costs and down payments can still secure a mortgage.
Main Disadvantages
Low or no down payment loans usually require private mortgage insurance and/or higher interest rates.
LIBOR Interest-Only Alterna Loan
Description
Generally offers an interest rate lower than other adjustable rate loans. Payments are interest-only to start, then principal and interest. "LIBOR" stands for London Interbank Offering Rates.
The Right Mortgage For...
Beginning borrowers, and borrowers seeking a larger-than-normal loan and expect to be able to increase payments after several years.
Main Advantages
Historically, the rate remains below U.S. Treasury-based ARMs. Allows more types of borrowers to qualify.
Main Disadvantages
After a predetermined number of years, monthly payments will increase and interest rates will adjust annually.
My Community Mortgage (MCM)
Description
A special mortgage program for borrowers making less than the average area income (HUD median income), living in specific areas and/or employed in specific fields such as health care, public safety and teaching.
The Right Mortgage For...
Borrowers within specific income ranges, living in specific areas and working in specific public service fields.
Main Advantages
Requires little money down and very little to closing costs and prepaid costs compared to conventional loans.
Main Disadvantages
Eligibility is limited, and types of properties are restricted. Borrower must occupy property as primary residence.
HomeTogether Public Safety Program
Description
A special home-buying program offered exclusively to members of public safety. It gives access to education programs about the home-buying and closing process as well as special mortgage programs.
The Right Mortgage For...
Members of a public safety profession.
Main Advantages
Requires little to no money down along with other fee wavers. Provides education and support concerning mortgages.
Main Disadvantages
Eligibility is limited.
Stated Income and Stated Asset Program
Description
Loan programs that require limited or reduced documentation of the borrower's income and/or assets.
The Right Mortgage For...
The self employed, or those with complicated financial records.
Main Advantages
Traditional income and asset documentation--such as pay stubs and tax returns--is not required.
Main Disadvantages
Good credit history is required. Types of properties are restricted.
FHA Fixed Rate Mortgage
Description
Fixed rate mortgages generally suited for first-time borrowers and borrowers with less than perfect credit. FHA allows 100% of the cash needed to close to come from a gift. "FHA" means Federal Housing Authority.
The Right Mortgage For...
Borrowers who may need more relaxed credit guidelines and who have limited funds to invest.
Main Advantages
Gives hopeful homeowners the chance to secure a mortgage, even if their credit history is imperfect. Out-of-pocket closing costs are lower.
Main Disadvantages
Loan amounts may be limited and vary according to state, county and city. FHA mortgage insurance is required.
FHA Adjustable Rate Mortgage (ARM)
Description
The lower start rate on an adjustable rate mortgage may help a borrower qualify of a larger loan amount than with a fixed rate mortgage. "FHA" means Federal Housing Authority.
The Right Mortgage For...
Borrowers who may need more relaxed credit guidelines and who have limited funds to invest.
Main Advantages
Gives hopeful homeowners the chance to secure a mortgage, even if their credit history is imperfect. Closing costs are generally lower.
Main Disadvantages
Loan amounts may be limited and varied according to state, county and city. FHA mortgage insurance is required.
FHA 203k Rehabilitation Loans
Description
A specialty loan designed to rehabilitate properties in need of repair. "FHA" means Federal Housing Authority.
The Right Mortgage For...
Borrowers who may need more relaxed credit guidelines and who have limited funds to invest.
Main Advantages
Allows for homeowners to revitalize and improve a residence.
Main Disadvantages
Loan amounts may be limited and varied according to state, county and city. Types of properties are restricted. FHA mortgage insurance is required.
VA Fixed Rate Loans
Description
Low cost, fixed-rate loans. In most instances, these loans require no down payment.
The Right Mortgage For...
Veterans and their spouses.
Main Advantages
In many instances, no down payment is required and closing costs are covered by the gift funds or seller.
Main Disadvantages
Borrower must live in purchased property; VA loans are not available for investment properties or manufactured housing.
VA Adjustable Rate Loans
Description
Low cost, adjustable-rate loans. In most instances, these loans require no down payment.
The Right Mortgage For...
Veterans and their spouses.
Main Advantages
In many instances, no down payment is required and closing costs are covered by the gift funds or seller.
Main Disadvantages
Borrower must live in purchased property; VA loans are not available for investment properties or manufactured housing.
Refinancing
Description
There are several options for refinancing a mortgage; loans for refinancing are as varied as purchase mortgages.
The Right Mortgage For...
Homeowners with a certain amount of equity already in their homes.
Main Advantages
Allows homeowners to use their home equity to take advantage of low interest rates, borrow money for home improvements, or consolidate debts.
Main Disadvantages
Borrower must close the new loan and in some cases pay some or all of the closing costs.
Second Mortgage or Home Equity
Description
Loan Fixed- or adjustable-rate loans available for purchase or refinance transactions.
The Right Mortgage For...
Home purchasers who wish to avoid mortgage insurance or homeowners with a substantial amount of equity already in their homes.
Main Advantages
Can create lower monthly payments, or provide cash to borrowers through their own home equity. Creates opportunity to consolidate debt or commence home improvement projects.
Main Disadvantages
Increases number or amount of monthly payments.
Jumbo Loans
Description
Fixed- and adjustable-rate mortgages for loan amounts above the conforming limit.
The Right Mortgage For...
Home-buyers looking for more expensive homes or higher loan balances.
Main Advantages
Allows home-buyers to purchase larger, more expensive homes or homes in higher priced communities.
Main Disadvantages
Because Jumbo Loans are considered "higher risk" loans, some lenders charge slightly higher interest rates.
Finding the Right Mortgage in Florida can be complicated and confusing, that's why its best to contact an experience loan professional to assist in finding the right mortgage for you. Freedom Mortgage has over 20 years of experience in assisting their Florida clients with finding the right mortgage. Freedom only employs experienced professionals to make finding the right mortgage easy.
For your free one on one consultation, please call Adam R. Cohn at 561-289-0125
Home Mortgage In Boca
Greetings! Welcome to Boca! Boca Raton Florida is full of fun and exciting things to do and is perfectly located near another two awesome citys West Palm Beach and Miami, with tons of nice restaurants, Beach's and other fun things to do. Each of those cities is located about 45 min away.
If you plan on getting a home mortgage in Boca you have made a great choice on the city you have chosen to move to. Boca is diverse in culture and is full of history.
Brief History Of Boca:
Source: Boca Raton Historical Society:
The meaning of the name Boca Raton has always aroused curiosity. Many people wrongly assume the name is simply Rat’s Mouth. The Spanish word boca, or mouth, often describes an inlet, while raton means literally, mouse. The term Boca de Ratones or Boca Ratones, was a navigational referring to a rocky or jagged inlet, but the original location of Boca de Ratones was Biscayne Bay near present day Miami Beach, according to eighteenth century maps. By the beginning of the nineteenth century, the term was mistakenly applied to the current Lake Boca Raton, whose inlet was closed throughout most of the eighteenth and nineteenth centuries. The “s” and later the “e” were dropped from this title by the 1920s, yet the correct pronunciation remains Rah-tone.
The earliest known inhabitants of the Boca Raton area were the Tequesta Indians, who lived in communities near the ocean as long ago as one thousand years until the eighteenth century. The construction of the Florida East Coast Canal (today’s Intracoastal) and the Florida East Coast Railway in the 1890s made the region accessible to a group of resourceful pioneers. By the early 1900s Boca Raton was a tiny agricultural community, many of the farmers specializing in pineapple cultivation. Amongst these were a group of Japanese immigrants under the leadership of Joseph Sakai, who formed a community along today’s Yamato Road in 1904.
In May of 1925, the Town of Boca Raton was incorporated at the height of the Florida land boom. The town council commissioned noted society architect Addison Mizner to plan a world-class resort community. His exclusive hotel, known as the Cloister Inn, was completed in 1926 and continues its reign as a city landmark as the Boca Raton Resort and Club. Although many of Mizner’s plans for the young community were squelched by the demise of the land boom in 1926, a few survive today—and his architectural style continues to influence the city.
One of Mizner’s projects was a design for a city hall for Boca Raton. Completed by Delray architect William Alsmeyer in 1927, Old Town Hall at 71 North Federal Highway still bears the original footprint of the Mizner design, and was constructed using ironwork, tile, and woodwork supplied by Mizner Industries. Today the restored Town Hall is the home of the Boca Raton Historical Society.
In the 1930s and 40s, Boca was known for its winter vegetable crop, particularly the green beans which commanded a premium in northern markets. In 1942, the Army Air Corps established its only war-time radar training school at the site of what is today F.A.U. and the Boca Raton Airport. The facility brought thousands of servicemen as well as families and civilian employees to the tiny community of Boca Raton, with a population of 723 in 1940.
In the 1950s, the still small town played host to a safari park called Africa USA which opened where the Camino Gardens development stands now. E. G. Barnhill offered an attraction called Ancient America on the site of prehistoric burial mounds on U.S. One in the area of today’s Sanctuary neighborhood. And the Winter Bible Conference Grounds- Bibletown - was established in buildings of the former Air Field.
In the 1960s, South Florida experienced another great land boom, with developments pushing the Everglades and former farmlands increasingly westward. The population grew to almost 30,000 residents by 1970, continuing to increase well outside city limits to this day. In 1962, Boca Raton attracted the newest state university, Florida Atlantic, to the site of the old army airbase. IBM moved one of its computer facilities to Boca Raton in 1967, and in 1981, it was there the first IBM PC, or personal computer, was developed.
During the 1980s and 1990s, the city focused much of its attention on downtown redevelopment, and a number of important historical properties, such as Boca Raton’s original Town Hall and F.E.C. Railway Station were restored and opened to the public. Many fine cultural facilities, such as the Boca Raton Museum of Art, have grown up to meet the needs of the growing population.
Today the city of Boca Raton, in 1903 a farming village of eighteen souls, is today home to 80,000 residents within city limits and another 120,000 in “West Boca.” It’s the core of the south Palm Beach County metropolitan community, offering beautiful parks and facilities, economic opportunities, and a unique quality of life that is the envy of its neighbors.
Getting a home mortgage in Boca Raton is quick and easy when you work with a lender like Freedom Mortgage and their experienced loan professionals.
For more than 20 years, Freedom Mortgage Corporation has been earning a name for itself in Boca as a full-service lender with strong customer service and a unique streamlined process. Today, we are licensed as a mortgage originator and servicer in all 50 states and have more than 80 offices and lending partners nationwide.
So with over twenty years of Freedom Mortgage helping people move to and from Boca and assisting them with their home mortgage, we know what it takes to close your home mortgage hassle free.
Unlike other local lenders Freedom Mortgage has been a preferred lender with local Realtors and one of the top choices among the locals to Boca because of Freedom Mortgage smooth and easy process for funding Home Mortgages fast.
So to see why Freedom is the top pick among the people of Boca for all their home mortgage needs, Call Adam R. Cohn to discuss your home mortgage.
Adam R. Cohn
Sr. Banking Executive
561-289-0125
FREEDOM MORTGAGE BOCA'S NUMBER 1 HOME MORTGAGE LENDER!
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At Main Street Financial, Inc. we know what it takes to get your clients deals closed and funded in a quick, easy, and professional manner. We are staffed with some of the best talent in the business
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