Matthew J Blum - MyFavoriteMortgage.net

Living in South Florida (Palm Beach Gardens) and with the Economy slowing down many people are opting to keep their vehicles longer, including your Favorite Mortgage Broker. With the temperature rising it is a sure tell tail sign that Summer is coming and maintain our vehicles is important. Along, with Gas prices at record highs and know sign of relief, is your Car or Truck at peak performance?

Many people believe in just changing the oil for maintenance but the truth is their is much more to do than just oil changes. If you have an older vehicle ask your Tech if a 20/50 weight oil is advised. Also, on your next Oil change make sure to check your air filter. If your car or truck has to work harder to get the oxygen to the engine your gas mileage will suffer as a result. Another recommendation for those of us who have fuel injection systems (almost everyone now) when was the last time they where serviced? By keeping them clean and operating at peak performance you will see how you get better gas mileage as-well.

Newer vehicles have 100,000 mile spark plugs. However, if you read the fine print you will see UP TO 100,000 miles. Have your spark plugs checked by a professional Tech and at the same time maybe a tuneup could be advised. Make sure all your cables and connections are good because with faulty or deterring cables you will suffer gas mileage. Remember if the engine has to work harder your gas mileage will suffer.

As many of us who live in South Florida know the heat in summer is stifling. How do you think your vehicle feels? Make sure your radiator is serviced as well. The last thing you want to be is on the side of the road in this heat.

In closing, living in South Florida and with our Economy hit hard many of us our keeping our cars and trucks much longer than normal. Make sure your vehicle is up for the task.

As a Mortgage Broker in South Florida (Palm Beach Gardens) I have seen this scenario all to well with my clients. They would like to take advantage of a new lower mortgage and have a Home Equity Line of Credit. Now any lenders including Bank of America will not re-subordinate their HELOC's if your are in Florida.

So what does Re-Subordinate mean?

On the title of your property you have lien positions. Your current mortgage is in first position or first mortgage. When you opened a HELOC on your home that loan went into second position behind your first mortgage. Now when you want to refinance your first your second will automatically be moved into the first position unless the current lien holder on the second will subordinate behind the new first mortgage. In years past this has never really been a problem but with the current housing crisis in Florida plus most of Florida being labeled a "Declining Market" most of the lenders are now not Re-Subordinating anymore.

But I Have Equity

If you have equity more than 20% it will be on a case by case basis. However, please keep in mind the following example of how equity works:

Value of Property 1st Mortgage 2nd Mortgage Balance Credit Line on HELOC

$300,000 $200,000 $50,000 $50,000 (maxed)

This is a very typical Refinance.

The borrower would like to condense the two mortgage into one. The new mortgage would be for $250,000 plus closing costs. If the borrower would leave the second mortgage open even if it had a zero balance it would make for a 100% financing. The reason is the borrower has the ability right after closing to go and take out that money once again.

What If I Don't Pay Off the HELOC?

Even if you don't pay off the the second mortgage or HELOC the lender would still have to approve the new first mortgage.

In closing, if you find yourself searching rates and programs please make sure to find yourself someone who has been recommended or do your home work on the person. Make sure you just don't fill out something online for more information. In most cases these people are not licensed and last week they where doing something else for employment. Make sure you are dealing with a Mortgage Professional.

For more information: Mortgage Advice in South Florida

Do the Zoo

The Palm Beach Zoo

If you are lucky enough to find yourself in South Florida (Palm Beach County) make sure you leave yourself time for the Palm Beach Zoo. Sure Miami has Metro Zoo, (over an hour drive South) but Palm Beach County has its own Zoo right here in the heart of West Palm Beach.

I believe this Zoo is one of the Jewels of the Palm Beaches. It is smaller than the big ones but still has plenty to see and do without all the crowds. Plenty of shows for the little ones...ok big ones as well.

The Zoo is open 363 days a year from 9Am to 5pm daily. The show has shows running throughout the day. Recently, the Zoo has had some changes done so if you have not been their in awhile I recommend it is time for trip back. Palm Beach Zoo even has a Carousel ride.

If you visit in the summer I recommend you bring a swimsuit as the Zoo has great fountains to cool you off on those hot summer days. If you forget your lotion don't worry they have a gift shop where you can purchase some.

Palm Beach Zoo has just added a new Reptile House.

The Zoo is located at 1301 Summit Blvd in West Palm Beach. For directions call (561)547-WILD. For more information you can go directly to the Zoo's web site: Palm Beach Zoo

As a Mortgage Broker in South Florida (Palm Beach Gardens) I have built up a reputation as the "Go To Person" when it comes to Mortgages including Hard Money Loans, Alt A, Sub Prime, Jumbo's and Super Jumbo's.  With the housing Market what it is I have found most of my investors (Purchasing investor homes, condo's, commercial, etc...) staying on the sidelines waiting to pounce once they feel comfortable. 

I have been approached many times from my Hard Money investors to try and recruit more investors to help pool their money and have never felt comfortable til now.  I am very excited to offer this to the "Investor"

Below is a break down on how this works:

• You decide what properties you will invest in
• You decide what Loan-to-Value you will except
• You are in total control of your money
• You decide what loan position you want to be in 1st or 2nd
• You see the entire application of the Borrower
• You see the Appraisal
• You can pool your money with others
• You decide how much you want to make Minimum of 10% to 14% depending on property and loan position

This company is a 4-year old company.  They originate well underwritten and well secured "institutional quality" residential real estate loans while taking advantage of the flexibility afforded through private money lending. 

Since the inception of the company in 2003, the Company has never lost Investor capital, while returns have ranged from 10.5% to 15.0% and more, depending on each Investor's risk profile and investment objectives.  These interest returns are materially more than the compared to 4% to 5% found in mainstream investments.

Their strength lies in our intense, rigorous professional underwriting prior to each investment and active portfolio management after the investment.  They are a conservative in "opinion of value" and invest at a combined LTV of 65% or less, on average, leaving equity protection of at least 35%.  In addition, the contracts provide you (on behalf of the Investor) to take immediate actions to protect our Investor's interest and capital.  The filtering and due diligence process assures that they present only well-qualified properties to our Investors.  Investor funds are always managed through 3rd party reputable accounts (such as, Land America Title).  Our servicing collects interest and principal payments. 

This is an excellent vehicle for real estate investors who do not have the time to perform the up-front deep due diligence necessary, but desire meaningful returns, on well-secured real estate.

Currently only Lending in California. The Investor can be anywhere.

Products

•□        1st Trust Deeds     10.5% - 14.0%

•□        2nd Trust Deeds    15.0% - 19.9%

The typical range and size of each investment are:

Products                           Range                                              Average

•□        1st Trust Deeds          $300,000 to $1.5mm                              $500,000

•□        2nd Trust Deeds         $  40,000 to $300,000                             $  70,000

A Typical Investor

•□       10 or more properties (for diversification purposes)

•□       15% Return (on average)

•□       Fully secured with California-only residential real estate

•□       Average combined LTV of 65%

•□       Average repayment of 1 year; (money is reinvested again, if desired)

•□       Selectively chosen properties to protect Investor's capital

For more information please contact me (561)294-3202

Jupiter, Florida has an area called Abacoa which houses the Spring training facilities for the Florida Marlins and the St. Louis Cardinals. Yesterday (Sunday) was another picture perfect day in South Florida for this time of the year. I was able to take my son (6) along with my Father and Uncle to go watch the Florida Marlins practice.

For those who have not made it out to these practice facilities, (Roger Dean Stadium) I am here to tell you that they are so fan friendly. From the even Staff asking if they can help you find anything down to the players themselves. My son was able to have his baseball signed by 9 players from the Marlins. (some are very big names) All the players where very nice and took their time to sign all the kids baseballs. Unfortunately, you also see the ugly side of the business when you have grown men with books and books of baseball cards trying to get the players to sign so they can then sell it for a profit. However, nothing could spoil our day at Roger Dean Stadium.

When players go from field to field they are usually asked for autographs by many of the children. One of the Marlin's players told my son the only reason why he signed his ball was because he had good maners and used the word please. A great lesson for the other children and grown men who where pushing the pens in these players faces like they owed it to them to sign.

If you find yourself in South Florida (Northern Palm Beach County) and want to make a great day of it. Come on out to Roger Dean Stadium located in Abacoa and watch the Florida Marlins and the St. Louis Cardinals play ball. (Jupiter, Florida)