Matthew J Blum - MyFavoriteMortgage.net

Palm Beach Gardens Baseball's opening Day is coming up fast. February 23,(this Saturday) mark your calenders for that day.

With all the craziness about major league Baseball is there anything more pure then watching a little league Baseball game? What is more wholesome than that? If you are near Northern Palm Beach County (Palm Beach Gardens) please come out of February 23 to help support little League Baseball in our community. This will be an all day event starting at 9am.

To help raise money for the league their will be raffles, games and prizes to be won. Also, local business have donated prizes to help support this league. Last year on Opening day the league was able to raise over $10,000 which was directly put right back into the league. This money went towards upgrading the batting cages, fields and keeping the cost down so all the children can play.

So mark your calenders for February 23 and come out and help support Palm Beach Gardens little League Baseball. The fields are located at Burns Road and Military Trail a 1/4 mile south of PGA Blvd on Military Trail.

As I take my daily break of being a Mortgage Broker in South Florida I sit in my local Cigar Shop (Gardens Cigars ) located in Palm Beach Gardens and notice people. Cigar shops usually offer more than just Cigars and Tobacco they sometimes offer unique gifts, this Cigar Shop included.

Along with unique gifts Gardens Cigars also sells the Florida Lotto tickets, which leads me to this post. As I sit with other patrons in the shop and enjoy my cigar it always amazes me when people will walk in the store and complain about the Cigar Smoke. HELLO it is a CIGAR SHOP?!?

Most of the complaints that I see are from people who want to walk in and buy a lotto ticket to avoid waiting in line at the Publix in the center. I think the profit by selling one for the shop is .01. I know with a profit margin like that the owner could most likely retire by the year... 3008...

Now don't get me wrong this is not a complain about Florida Lotto. It is more about people using common sense when walking in a Cigar Shop to avoid waiting in line some where else. Here is a clue if you walk in a Cigar shop odds are their will be Cigar Smoke. If this bothers you then my suggestion is don't go in. Very simple.

Spring Baseball & T-Ball is Back in Palm Beach Gardens

This past fall was my son's first season in Fall T-Ball in the Palm Beach GardensLeague. I also volunteered as a his coach. In the end I really don't know who had more fun my son or myself. Watching these young boys and girls 5-6 year old coming to practice week in and week out starting from not even being able to catch a ball to being able to actually being able to hit coach pitch baseballs. By the end of the season we really had a great positive experience.

When it was time to sign up for Spring Baseball the League was in need of Mangers and I received a promotion from Coach to Manager. (Wow, Only in America)

After attending the Managers meeting I really learned a lot more of the in's and out's of how the League works. The city and the League really are very well organized and place the children first. (as it should be) Part of the Budget for the League only comes from the Children's Fee's and Sponsors. However, a larger part comes from Opening Day (February 23, 2008) fund raisers. By raising money on this day the league is able to keep the cost to the parents down and this way allowing more children to play Baseball.

In closing, please mark your calenders for February 23 and come out and support and great cause Baseball & T-Ball in Palm Beach Gardens, Florida. Opening day events will be at the baseball fields on Military Trail and Burns Road. (Just south of PGA Blvd on Military Trail)

For Mortgage Advice: Mortgage Advice in South Florida

Part of my job as a Mortgage Broker in Palm Beach Gardens, Florida (Northern Palm Beach County) is dealing with Wholesale Account Executives from Direct Lenders. When you having been in the Business as long as I have, you become friendly with many of these people. Once friendly with these Account Executives they try to look out and help their better Mortgage Professionals by giving them update to information from within their Banks/Investors.

This Account Executive works for a major Bank whose majority of the business comes from Conforming Loan Products (Fannie Mae).

The phone call went something like this:

AE: Hey Matt how are you?

ME: Can't complain and if I could who would listen?...ha ha

AE: Matt we know each other for a while and your files are always clean.

ME: Yes........

AE: Can I give you some friendly Advice?

ME: Sure.. You know I always respect your opinion

AE: GET OUT OF FLORIDA! If you want to make a living!. News from higher ups is they are really going over every loan in Florida and California with a fine tooth comb. These files better bet 100% perfect with absolutely NO risk to us. We where told that we are not canceling lending in Florida or California but we are not actively looking to lend in these area's either.

ME: I understand and thank you for letting me know. However, please keep in mind the bulk of my business comes from ALT-A, Sub-Prime, Hard Equity, Private Money and Commercial None of which are Fannie Mae Products.

AE: Oh well in that case you are a head of the game and you should be fine. People who are only doing these products really need to expand out into other areas.

Now what is really scary about this conversation is, this is not the only phone call I have received from Direct Lenders. Being in the industry as long as I have been I have made many contacts with different individuals that have moved their way up the corporate structure of the Lending Industry. I have now had this conversation with many of my contacts at Direct Lenders.

Please keep in mind that this is not just targeted at the Wholesale Side of the business.(Mortgage Brokers) This goes for every-side. If you plan on going in to your local Bank and applying for a Mortgage this will effect you directly as well. Fannie Mae guidelines remain the same know matter who does the loan.

My advice to my readers is this. When applying for a Mortgage make sure the person you are working with is a true professional and as always has the ability to broker your file if necessary. This will ensure you will have the best options and the ability to close your loan.

As Always:

For More Mortgage Advice: Mortgage Advice in South Florida

Stated, No Doc, No Ratio Home Loans..Think They Are in The Past? Guess Again

As a Professional Mortgage Broker in Florida I found their are many misconceptions on what Mortgage Programs are available in today's Lending Industry. The following programs are still available:

• Stated Income, Stated Assets (No Proof of income or assets)
• Stated Income, Verified Assets
• No Documentation Loans
• No Ratio Loans
• Business Bank Statements Loans (For Proof of income)
• Personal Bank Statements

What are the Requirements?

First off, their is NO Set FICO for every loan throughout the Lending Industry. This is one of the reason's why I enjoy being a Mortgage Broker. I am able to sift through many wholesale Lenders programs and offer clients different programs.

Fannie Mae

As I meet and speak to clients I have found more misconceptions about Fannie Mae. One of the biggest misunderstanding I have found is people are under the belief that every loan that is approved by Fannie Mae must be Full-Documentation loans. This is simply not true. The best part is you don't have to have a 720 FICO or higher score to qualify. (Please see your FULL-TIME Mortgage Professional for details)

Fannie Mae Says NO

If Fannie Mae does not approve your loan, life is not over as you know it. Alt-A, Subprime, FHA (Full Documentation only), Private Money / Hard Money are still here and still approving Mortgage's. This to me is one of the reason when selecting a Mortgage Professional you find out if they can Broker your file out.

Rates

If your loan is not approved by Fannie Mae and you must seek outside source for Lending be prepared for a change in rates. As I always tell my clients RISK = RATE. Fannie Mae loans are what you usually see when rates are advertised in TV, Newspaper, Radio or the Internet. Now for some reason you where not approved by this product the Risk went up and therefore the Rate as well.

Should I Wait to Purchase if Fannie Say's No

This is a very simple answer. NO! Right now is a true buyers market and you can take advantage of some wonderful buys. Also, their is a HUGE Difference the way Fannie Mae looks at a purchase versus a Refinance. If you purchase your home now (in a down market) and make good payments for a minimum of 12 months your chances to refinance into a Fannie Mae loan go up tremendously. Fannie Mae will look at your Mortgage History and how you paid it.

In closing, please remember their is still many mortgage programs available to you. Don't be afraid to ask question.

*Note: Please keep in mind a No Proof of Income Loan or other wise known as Stated does not mean you can lie to your Mortgage Professional. These loans are designed for Self-Employed Borrowers who find it harder to provide a true financial picture of their incomes by conventional means.

For more Mortgage Advice: Mortgage Advice in South Florida

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