Category Archives: Florida Mortgage Lender

First-Time Home Buyers in Spring Hill FL Have a Familiar Question

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Spring Hill FL First Time Home Buyers– Get Help Cutting Through The Economic Haze

 

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Spring Hill FL first-time home buyers in 2014 are faced with a question that hasn’t changed for generations: is it more practical to buy right now, or to continue to rent?
Over the past few years, buying has been the easy choice. Nationally, in 2013 it cost 35% less to own a home than to rent according to that year’s study by real estate website Trulia. That despite rising house prices and mortgage rates. But that was last year, and the experts have been pretty unanimous in predicting that interest rates will continue to rise—ending up somewhere near 5.5% by 2014’s end (per the National Association of REALTORS®). In the face of higher interest rates and house price tags, will 2014 be the year when renting becomes more affordable than buying?
While first-time home buyers in Spring Hill FL are faced with increasing house prices and mortgage rates, renters also find another national trend: higher rents. Rents have been on the rise for the past few years, with continued increases expected throughout 2014. According to Axiometrics, the folks with the latest data, apartment rents are on course to rise by 3.04% in 2014. Research firm Reis puts the expected rise at 3.15%— and both say the causes are the potent combination of tight supply and rising demand. Whenever the economy improves, each incremental gain puts even more pressure on rents—which acts as an offset to any financial benefits of renting versus owning.
Where does that leave our typical Spring Hill FL first-time home buyers?

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Most recently, national averages show it is still about 21% cheaper to own rather than rent. According to the Trulia study, by fall of last year, the earliest tipping point at which it would have become more expensive to own rather than rent would have been expected to occur if interest rates hit 6.2%—but only in Spring Hill FL—and only if rents had remained fixed (which didn’t happen, even in Hernando County). Nationally, out here in the real world, Tulia admitted “mortgage rates will not tip the housing market in favor of renting over buying until rates hit 10.5%…”

Spring Hill FL first-time home buyers can be a bit more confident as they take in one more piece of information from the real world of April 2014 (no matter what the experts predicted): over the past few weeks, national mortgage interest rates have been edging down instead of rising! That may well change direction again (probably will), but for now at least, I have to say that it’s a pretty clear call in the spring of 2014: time to get pre-approved and find the perfect home in Spring Hill FL or the surrounding Hernando County Real Estate markets!

Spring Hill Florida Mortgage Rates Might Rise A Little, But What’s It Mean?

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Will Home Values Fall if Spring Hill FL Mortgage Rates Rise A Little Further?

 

 

Right now, mortgage rates in Spring Hill FL (as in the rest of the nation) are higher than they’ve been for 15 months—a trend that’s likely to continue. We have to wonder about the impact higher Spring Hill Florida mortgage rates will have on Hernando county home sales in the coming year.

 

First, some perspective. If mortgage rates do increase in 2014, it’s no ‘done deal’ that home buyers will be put off—nor that a wave of foreclosures will follow. The reason? By past standards, interest rates will still be low, even at the 5½% predicted by the N.A.R. Any hike in mortgage interest rates are coming off the historical 3.52% set in the spring of 2013. Consider: most of us were paying mortgage rates between 7 – 8% throughout the 1990’s! 5½% looks like a fire sale compared with those.

 

Factor Two: surprisingly, a projected rise in interest rates is not predicted to dampen the enthusiasm for acquiring property. The Mortgage Bankers Association predicts that home sales will increase nationally by 10% in 2014. I have no doubt that some Spring Hill first time homebuyers could be waylaid by rising interest rates—after all, a 1% increase in mortgage rates equates to approximately a 10% rise in monthly payments. But overall, buyers who can meet the current lending standards should still be able to afford to own. Given the cost of the renting alternative, they may decide they can’t afford to pass up the right house at the right price.

 

Additionally, there is a strong argument that the principal effect of rising interest rates is less likely to be on Spring Hill Florida home sales than on refis. The Mortgage Bankers Association predicts that refinancing demand will drop by half in 2014 (when you chart that kind of number, it looks like a cliff!). Many homeowners will already have locked in last year’s interest, so they certainly won’t be interested.

 

Any drying up of the refinancing business may have yet another effect. There could be a follow-on effect as lenders start loosening their lending criteria to attract new business. First time buyers that have been locked out of the market until then may (we are now two after-effects later, so this has to be a ‘may’) find themselves suddenly eligible for a home loan.

Given the healthier economy and falling unemployment, the outlook for the Spring Hill Florida housing market in 2014 has reason to look positive.

Thinking of buying a home in Hernando County and want to shop the best mortgage companies in Spring Hill FL? Now’s the time to call me to discuss timing!

 

Steve Fingerman

President

E Loans Mortgage Inc

4117 Mariner Blvd.

Spring Hill FL, 34609

NMLS# 856640

 

Office 352-688-7949

Cell 727-946-0904

 

Traps a Hernando County Real Estate First Time Buyer Should Look For

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Looking Out For Common First Time Buyer Missteps

 

No matter how broad your previous life experiences may have been, buying a home is a very big deal. For a first time buyer, whether here in Spring Hill FL or anywhere else, the impact of that life-changing purchase is doubly impactful. It affects different people in different ways, but after the dust clears, there is one emotion I never want my Hernando County first-time buyer clients to feel: remorse.

You might think that the size of the transaction makes it wildly unlikely that even a first time buyer would overlook any major missteps. After all, when you are new to such an important purchase, you are bound to be extra cautious. Yet when you consider the challenging distractions along the way (going through your first mortgage approval process; scraping together a down payment; learning how inspections proceed, etc.) it’s easy to see how they can trip up a first time buyer. Getting any one of them dealt with can become a main preoccupation…so much so, that seemingly minor issues get overlooked. It’s part of my job to do my best to see that my Hernando County first time buyer clients stay vigilant on all fronts.

Common concerns to watch for:

Foundation Problems Related To SinkHole Activity – The true frustration of dealing with a home with foundation problems is something a first time buyer may not fully appreciate. They aren’t for the faint of heart (or the faint of pocket book).  Foundation problems can cost $50,000 for even a simple fix — but a first time home buyer usually doesn’t have that expectation. If an inspection reveals any sort of foundation issue, it’s an absolute ‘must’ to call in the experts to assess the severity of the problem – no matter what the time pressures may be. A search through public record and permiting records can help quickly identify any previous settlement issues which may have been recorded in the county. Keep in mind however, if a home has been remediated, the seller must be able to provide a full engineering completion report. In those cases, assuming the documentation is proper, its a pretty safe bet that the issue has been resolved and there will not be a future worry. Expert advise and reviews are also the proper course of action, the Team at Agent Trust has extensive knowledge in this area so dont hesitate to ask any questions you may be thinking.

Faulty Siding –  Expensive to fix and ugly to look at, improperly-installed siding was a big problem in the 1980s and 1990s. While many of those issues have been addressed by now, bad siding can still plague a new homeowner.  Believe it or not, it can cost as much as $25,000 to $150,000 to replace. Anyone considering a home built in the 80’s or 90’s should be sure to pay extra attention to the siding during inspections.

Special Assessments – Real Estate Agents in Hernando County and all areas for that matter dread seeing the words “special assessment” on a listing: these are additional costs to a homeowner in a condo or homeowners association that any project, repair or unexpected cost can trigger.  The cost to re-side a condominium complex, for example, can easily run into the $100,000 range, typically divided among the homeowners.

Hernando County Real Estate Market Becoming Very Attractive To Foriegn Investors

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Hernando County Real Estate Part of Global Investing Picture
Foreign View:U.S.Homeowners Sitting Pretty
Foreign Buyers Snap Up Residential Real Estate

For quite a while, Hernando County residential real estate holders – that is, homeowners – haven’t had to work very hard to come up with a description for the U.S. real estate market. ‘Lousy’ certainly came to mind. ‘Bleak’ was a strong contender. ‘Cautiously optimistic,’ at best a distant third.

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So this months Wall Street Journal report came as a quiet reminder that, for serious-minded investors who view our situation from a less-involved perspective, our residential real estate outlook is neither lousy nor bleak. In fact, the combination of lower residential prices and the international currency environment has created a ‘property-buying binge’ by Asians, Canadians, Europeans and Latin Americans – more than 60% of whom pay in cash.
“There’s this international view that America is on sale,” according to one property manager. He should know; he’s an executive whose Chicago-based company buys foreclosed homes and manages them for investors. A year ago, all of his investors were domestic. Now, one in five is foreign.
Whereas before, most foreign residential real estate investors were interested in ‘trophy’ properties to enhance their personal prestige, the new onslaught is coming from buyers who see that they can earn high returns by buying here, renting, then reselling in the future when the market rebounds. It seems that in many countries, a residential real estate downturn is expected, but has yet to occur. In their estimation, ours is already history.
It looks like “a gift,” according to one developer, who judges that an oceanfront condominium in Rio de Janeiro sells a level 50% higher than an equivalent property in Miami. International or domestic, investment money is always drawn to bargains — but when bargain basement prices are combined with the perceived safety represented by U.S. residential real estate, the lure is apparently irresistible.

“FOREIGNERS SNAP UP PROPERTIES IN THE U.S.” was Nick Timiraos’ headline, with a caption that read, “To many Americans, plowing money into real estate has never looked like such a risky venture. But to many foreigners, U.S. housing has never looked like a smarter investment.”

Thanks, Nick, for giving us some outside perspective; I guess we can adopt the ‘cautiously optimistic’ view with a lot more confidence. If you have been waiting on the sidelines to make your own Hernando County residential real estate investment, I hope you will give us a call when you decide that now is the time to invest in property in Hernando County and the Spring Hill area. We are standing by to help you find the property you’re looking for!
6113 Exchange Way
Hernando County FL, 34202
941-907-9444

E Loans Mortgage Inc

6113 Exchange Way

Hernando County FL, 34202

727-946-0904

HARP 2.0 Home Buyer Education, Get Complete Details On HARP 2.0 Refinance

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HARP 2.0 Education Center

Who Qualifies For HARP 2.0?

What Are the Benefits?

What Are the Guidelines?

What can and can’t HARP 2.0 Be Used For?

This and many more HARP 2.0 Refinance questions will be answered in this informative HARP 2.0 class.

Steve Fingerman

President

E Loans Mortgage

www.myloanmodificationstation.com

Florida Mortgage Center

 

4117 Mariner Blvd.

 

Hernando County Florida, 34609

 

 

Office 352-688-7949

 

Cell 727-946-0904

 

 

 

 

HARP 2.0 Refinance Is Here, Florida Home Owners Who Are Underwater Can Now Refinance

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Video: New HARP Program To Help Underwater Homeowners

The latest version of the federal Home Affordable Refinance Program went into full swing this week.

 

The program, which officially began in December but wasn’t fully available until this week, now allows homeowners to refinance at today’s low interest rates if they are current on payments and hold loans on which they are more than 125% underwater.

 

The program is limited to homeowners whose loans are backed by Fannie Mae and Freddie Mac. That means no principal will be reduced, but it may be possible to get a lower interest rate and a lower payment. Homeowners who aren’t eligible for HARP may be eligible for other modification programs.

To get a HARP 2.0 refinance, homeowners must have taken out their loan before June 1, 2009. You can read all the guidelines here . The plan will be effect until the end of 2013.

You can apply for a HARP Refinance at E Loans Mortgage.

The previous version of HARP limited the refinancing to homeowners who owed less than 125% of their home’s value.

  • The enhanced HARP is one of a number of refinancing and mortgage-modification opportunities unveiled in recent months to keep more homeowners out of foreclosure and in their homes.

 

Economists believe putting more money into homeowners’ hands, through lower payments also will help the economy.

  • As Mark Zandi and Cristian Deritis wrote in an analysis for Moody’s Analytics:

The economic benefit of a restrung HARP is clear. If more mortgages are refinanced, fewer borrowers will default, homeowners will have more to spend elsewhere and the fragile recovery will receive a quick and potentially sizable cash infusion.

If you think you want a HARP refinance, you should move quickly. Mortgage rates have already started rising, so you want to lock in a low rate while you can.

What Are The Benefits Of The New HARP 2.0 – E Loans Mortgage Florida

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What is a HARP 2.0 Loan?

 

 

HARP 2.0 Is A Refinance Program That Allows The Refinancing Of Homes Where The Mortgage Balance Exceeds The Value Of The Property.

E Loans Mortgage In Hernando County Florida is offering the HARP.20 Refinance Program in addition to our other Mortgage Products.

What Are The Requirements Of HARP 2.0?

The Loan Must Be Owned By Either FANNIE MAE Or FREDDIE MAC

The Loan Must Have Been Closed Before May 31st Of 2009

 

What Are The Benefits Of HARP 2.0?

 

Loan To Values For Lending Purposes Can Go Up As High As 125%. In Other Words, You Can Be Up To 25% Negative In Equity And Still Qualify For A Refinance

Low Rates! The Maximum Loan Level Pricing Adjustments Are Only .75%. That Means Its Realistic To Achieve Today’s Very Low Interest Rates Which Nationally Are Averaging Below 4% For A 30 year Fixed Term. There is No Loan Level Pricing Adjustments On 10, 15, and 20 Year Terms

Condominiums Are Eligible! Condo’s Can Be Refinanced Under HARP 2.0 Up To 125% LTV

Property Inspection Waivers Are Available In Many Cases. This Means An Appraisal May Not Be Required At All!

For More Information About HARP 2.0 Or Other Mortgage Products Contact Us Today:

 

Steve Fingerman

President

E Loans Mortgage Inc

4117 Mariner Blvd.

Hernando County Florida, 34609

Office 352-688-7949

Cell 727-946

FAIR Files Additional Lawsuits Against Florida Home Owners Insurance Carriers

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Thank You Channel 10 News For Continued Coverage. FAIR is commited To Bringing Balanced Reform For Florida Home Owners. For Information On Joining The Class Action Please Click On the Citizens Class Action LawSuit Button At The Top Of The Screen.

E Loans Mortgage In Hernando County Florida, and Steve Fingerman will continue to fight for Florida Home Owners To Keep Home Ownership In Florida, I Proud To Be A Part Of This Action And Committed To Keeping Home Ownership In Hernando County and The Surrounding Tampa Bay Area Affordable.

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The 10 News Investigators have learned the group suing Citizens Insurance over its insurance practices will file more lawsuits Monday.

We’ve learned that group — FAIR — will be filing class-action lawsuits against private insurance companies Monday.

Those suits will go along with the cases they’ve already begun against Citizens.

The 10 News Investigators have been leading the way on this. Following reports by 10 News last fall, allegations surfaced.

The claims: insurance companies statewide are setting the replacement costs of some homes extraordinarily high — much higher than they should be.

That means the companies can charge you more to insure your house. The technique lets them make more money and dodge state laws that limit how much they can raise your rates.

That practice is what led the group FAIR — Florida Association for Insurance Reform — to the steps of the state Capitol last week.

FAIR announced it’s suing Citizens Insurance over the issue. Citizens is run by the state and backed up by Florida taxpayers.

PREVIOUS COVERAGE:

FAIR Files Class Action LawSuit Against Citizens Insurance

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On February 7, 2012 FAIR announced a Class Action Lawsuit against Citizens Property Insurance. Attorney Mark Beausoleil, FAIR Regional Director David Welch, Steve Fingerman Board Member and President E Loans Mortgage Inc and Senator Mike Fasano, Announce FAIR’s Lawsuit against Citizens Property Insurance for their practices of inflating Replacement Cost Values and Overcharging Florida Consumers. Florida Association Of Insurance Reform Announced on Feb 7, 2012 A Class Action Lawsuit Brought Against Citizens Insurance by It’s Policy Holders at The Capital Building In Tallahassee

There’s a New Lender In Hernando, E Loans Mortgage Is Ready To Approve Your Loans!

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I have some exciting News To Annouce:

We Are Happy To Announce The Launch Of E Loans Mortgage Inc!

It’s not news that the Real Estate and Mortgage Industry both have seen their fair share of challenges over the past few years, but sometimes out of those challenges come exciting innovations and new ideas. With that said, it my honor and privlage to announce the launch of E Loans Mortgage Inc.

Here at E Loans Mortgage our Mission is simple : To Provide The Highest Level Of Professional Mortgage Banking Services To Our Clients, Using The Latest Technologies To Help Our Borrowers Achieve Their Goals Through The Most Transparent, Easy To Understand Lending Practices Possible.


Through my many years of industry contacts I have built a strong network of Partner Wholesale Lenders and Service Providers who offer some of the best Mortgage Products available anywhere. By Leveraging These Contacts, we have been able to secure negotiated Mortgage Terms that will provide our Borrowers with some of the Best Rates and Closing Costs available anywhere.
We offer the following Mortgage Products:
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The Team Here at E Loans Mortgage Inc is excited about the new opportunity to serve our borrowers, and it’s my personal belief that you wont find a better more educated team of Mortgage Professionals anywhere. Regardless if you are a First Time Home Buyer or a Seasoned Investor, rest assured we have a Mortgage Product to fit your individual needs. Being an independant Lender, E Loans Mortgage does not have to fit you into a specific box, this allows us the opportunity to custom tailor a Mortgage Plan designed to meet your specific financial goals and needs.
Humbly,
Steve Fingerman
President
4117 Mariner Blvd.
Hernando County Florida, 34609
Office 352-688-7949
Cell 727-946-0904