Miami-Home-Loan Reports on Another Good Closing!

Miami-Home-Loan Closing

Mario Signs Docs

Another good closing, as Mario got his Miami Home Loan in place to move into his great new home!. Thanks goes to the Element Funding operations team, including our underwriting team, and our processor, Jade, title attorney Norman Powell, and selling agent Nidia Cortes of Keller Williams  http://nidia-cortes.yourkwagent.com/.  If you want to know how I work with clients, here are some comments from a few past closed buyers, https://goo.gl/maps/akLwvGK9qto.  The reviews are in the lower left of the left side bar.  Just click on the title “Reviews” in that sidebar, and it will take you to them.  Read them to learn about their experience!

As a 1st-time-homebuyer, Mario had an exciting time looking for a house. When they found a house, he and Nidia worked with the seller to write a contract that worked for him as well as the seller.

Miami-Home-Loan closing

Nidia, KW Real Estate Agent & Mario

Nidia   It took her some time and effort, but, in the end, she did a great job.  Mario a house he liked, in the area he liked, and, close to his friends, family, and, work.  What a great deal!

 

 

Home-Loan Closing Team

Miami-Home-Loan Closing Team

 

On the financing side, we got Mario qualified for the First-Time-Homebuyer Program, which gave him several great advantages, including reduced mortgage insurance, reduced tax service fee, reduced document stamps and intangible taxes. There are also other great features all first time home buyers could use.  To learn more, look at http://miamihomeloan4u.com/great-news-from-miami-home-loan-florida-housing/. We made some excellent savings for Mario as we helped him with this loan.  So, let us know if you want to know more about this program for you.

So, if you or, anyone you know, is looking to find a Miami-Home-Loan, or a South-Florida-Home-Loan, to purchase their own first time home, or to refinance an existing property, and would like help in getting their best financing solution,

Miami-Home-Loan

Miami-Home-Loan Closing team

call me, Jim Carter at Element Funding, at 305-525-6742. Your Miami-Home-Loan expert!If you want to see what other buyers have said in their review, please go to https://socialsurvey.me/pages/james-carter.  If you want to APPLY ONLINE NOW, go to http://www.elementfunding.com/jcarter. Click the APPLY NOW button on the right side of the screen and apply on our secured site.  So give us a call and get your loan done quickly and on time!

 

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Miami-Home-Loan : Condo -20 Questions To Ask When Buying

Miami-Home-loan, and Element Funding, direct lending mortgage bank, found another interesting set of condo questions to ask.  This flyer gives 20 questions to ask when buying a condo.  Jim Carter, mortgage banker, reports on the details.  If you need to APPLY ONLINE NOW go to http://www.elementfunding.com/jcarter.  Click the APPLY NOW button on the right side of the screen and apply on our secured site. 

Many other factors influence the purchase of a condo regarding financing the unit as well, but these questions really help determine many of the factors that may personally affect you the buyer of a condo.  These questions help you to take time to research the community, talk to current residents, review the condominium documents for any restrictions and study other data to answer these questions listed:

Source: 20 Questions – Florida Realtor, Volume 95 Number 5, June 2017, Pg.36

(flyer to print)  20-Questions-To-Ask-When-buying-A-Condo-JUN17_ShareThis-2

Here is another article about getting a good inspection to make sure all features of the unit are working correctly.  http://miamihomeloan4u.com/miami-home-loan-or-refinance-appraisal-tips-get-a-good-inspection/.

When looking for financing on a condo, here is a way to put down 10% and still get a limited project review: http://miamihomeloan4u.com/10-down-payment-for-a-condo-in-miami-call-miami-home-loan-4u/.

If you need to APPLY ONLINE NOW go to http://www.elementfunding.com/jcarter.  Click the APPLY NOW button on the right side of the screen and apply on our secured site.We at Element Funding, will help you with an exceptional Miami Home Mortgage.  So, if you need a Miami Home Mortgage, or just want to discuss financing options, please call me, Jim (James) Carter, from Element Funding, at 305-525-6742 to help you get the best financing solution.  

 

 

 

 

 

 

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Miami-Home-Loan Discussed the Benefits of Homeownership!

Miami Home loan, and Element Funding, direct lending mortgage bank, found a great article on Trulia, written by Michael Corbett, which outlines the benefits of homeownership.  Jim Carter, loan officer, reports on the various benefit of home ownership, which can be achieved with a Miami Home Loan!   If you need to APPLY ONLINE NOW go to :www.elementfunding.com/jcarter.  Click the APPLY NOW button on the right side of the screen and apply on our secured site.

The financial benefits of homeownership are evident year round, but particularly around tax time – they seem to jump off the page. Let’s examine how homeownership makes “cents” – from the tax benefits, to good old fashioned financial stability, to having your own place to live.

 1. Homeownership Builds Wealth Over Time.

Miam Home Loan Rates Rise

Build Wealth & Equity

We were always taught growing up that owning a home is a financially savvy move. Our parents knew it, and their parents knew it. But this past decade of real estate turbulence has shaken everyone’s confidence in homeownership. That is why it’s so important that we discuss this again now that we’re in a ‘new market.’ Homeownership can be a very savvy financial move – but only if people buy homes they can actually afford. In 2014, this idea of sticking to a home you can afford to gradually build wealth is a “rule” that just happens to be new and old at the same time.

2. You Build Equity Every Month

Your equity in your home is the amount of money you can sell it for minus what you still owe on it. Every month you make a mortgage payment, and every month a portion of what you pay reduces the amount you owe. That reduction of your mortgage every month increases your equity. That is especially true now with the elimination of risky mortgages like negative amortized and interest-only loans – thanks to the new “Qualified Mortgage” rules. The way mortgages work is that the principal portion of your payment increases slightly every month year after year. It’s lowest on your first payment and highest on your last payment. Thus, as the months and years go by, your equity grows!

3. You Reap Mortgage Tax-Deduction Benefits

• Mortgage deduction: The tax code allows homeowners to deduct the mortgage interest from their tax obligations. For many people this is a huge deduction, since interest payments can be the largest component of your mortgage payment in the early years of owning a home.

• PMI deduction: Private Mortgage Insurance, MI (mortgage insurance) in now deductible in Florida and can amount to additional savings.  Generally this cost is around 1% of the loan amount paid monthly, so, it is a considerable deduction.

• Some closing cost deductions: The first year you buy your home, you are able to claim the points (also called origination fees) on your loan, no matter whether they are paid by you or the seller. And because origination fees of 1 percent or more are common, the savings are considerable.

 • Property tax is deductible: Real estate property taxes paid on your primary residence and a vacation home are fully deductible for income tax purposes.

4. Tax-Deductions on Home Equity Lines

In addition to your mortgage interest, you can deduct the interest you pay on a home equity loan (or line of credit). This allows you to shift your credit card debts to your home equity loan, pay a lower interest rate than the horrendously exorbitant credit card interest rates, and get a deduction on the interest as well.

 5. You Get a Capital-Gains Exclusion

If you buy a home to live in as your primary residence for more than two years then you will qualify. When you sell, you can keep profits up to $250,000 if you are single, or $500,000 if you are married, and not owe any capital gains taxes. Now, it may sound ridiculous that your house could be worth more than when you purchased it after these past several years of falling house prices. However, if you purchased your home any time prior to 2003, chances are it has appreciated in value and this tax benefit will come in very handy.

 6. A Mortgage Is Like a Forced Savings Plan

Paying that mortgage every month and reducing the amount of your principal is like a forced savings plan. Each month you are building up more valuable equity in your home. In a sense, you are being forced to save—and that’s a good thing.

7. Long Term, Buying Is Cheaper than Renting

In the first few years, it may be cheaper to rent. But over time, as the interest portion of your mortgage payment decreases, the interest that you pay will eventually be lower than the rent you would have been paying. But more importantly, you are not throwing away all that money on rent. You have to live someplace, so instead of paying off your landlord’s home or building, pay off your own! So, if you need a Miami Home Loan, or just want to discuss financing options, please call me, Jim (James) Carter, from Element Funding, at 305-525-6742 to help you get the best financing solution.

APPLY ONLINE NOW go to www.elementfunding.com/jcarter. Click the APPLY NOW button on the right side of the screen and apply on our secured site.

We at Element Funding will help you with an exceptional Miami-Home-Mortgage.

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Miami-Home-Loan Locks Another Deal at the Lower Rate!

Miami-Home-Loan found Jim Carter of Element Funding had a great ratelock for another buyer in at what looks like the lowest rate of the month!  Wow, great review and watchfulness as the rates fluctuated.  Our staff all helped as we worked to get this rate-lock completed.

041817-Freddie-Mac-Rate

041817-Freddie-Mac-Rate

We got our clients lower rate-lock at this low rate of the month which will help them with a lower payment, a improvement of  their debt ratio, and, overall, a better financial deal for them as they prepare to close.

 

We can do the same for your clients as well!

So, if you or, anyone you know, is looking to find a Miami-Home-Loan, or a South-Florida-Home-Loan,to purchase their own first time home, or to refinance an existing property, and would like help in getting their best financing solution call me, Jim Carter at Element Funding, at 305-525-6742. Your Miami-Home-Loan expert!

 

 

 

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Miami-Home-Loan Reports Another Good Closing!

Miami-Home-Loan Happy Family
Miami-Home-Loan Happy Family

 Another good closing, as Julian got his Miami Home Loan in place to move into his great new unit on Williams Island.  Thanks, go to the Element Funding operations team, including our processor, Betsy, title attorney Sheri E. Nott, and Julian for coordinating all the sales activity with the seller.

We had some interesting work to get the file prepared as there were some outstanding legal challenges from 2012, but, Julian and I worked hard to get the right documents from the previous company, get them reviewed and approved.

Athough it took some time and effort, it was good for Julian to get his credit report corrected. That really got this file ready to submit and prepared for a non-eventful closing.

Closed! Happy Family.
Closed! Happy Family.

On the closing day the attorney sent their special closer out to have Julian sign and initial the documents, and, that went well also.  Everyone worked to finally get this file closed in a timely manner.  So, now the family had a new unit with much more room, a nice improvement for them.  We can do the same for you all as well, so, give us a call!

 

So, if you or, anyone you know, is looking to find a Miami-Home-Loan, or a South Florida Home Loan,to purchase their own first time home, or to refinance an existing property, and would like help in getting their best financing solution call me, Jim Carter at Element Funding, at 305-525-6742. Your Miami-Home-Mortgage expert!

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Underwriting & Program Updates in Element Funding By Miami-Home-Loan

Miami-Home-Loan Report

Miami-Home-Loan & Element-Funding Updates

Miami-Home-loan blog, and Element Funding, direct lending mortgage bank, review several financing program changes that occurred this month. .  These changes enhance the ways we underwrite these loans.    Jim Carter, loan officer, reports on the details.

 Condominium Financing

New Condo Limited Project Review forms are now being used to help clarify the eligibility of the projects we look to finance.  More on financing a condo can be found here:

http://miamihomeloan4u.com/10-down-payment-for-a-condo-in-miami-call-miami-home-loan-4u/

FHA

There is also a new FHA questionnaire form with less questions.   The first step in financing or refinancing a FHA building is to confirm if the building is qualified and still certified as an FHA property.  So, that could be a question to ask the condo association for clarification.

 Jumbo Loans

We offer many jumbo products and they are great to work with and offer to our clients.  Here is one closing that was especially nice and great to complete!  Call on scenarios to see if we can help your buyers?

http://miamihomeloan4u.com/miami-home-loan-closed-fernando-and/

 Renovation Loans

We offer renovation loans to help buyers get into properties that need updating or the buyer may want to make changes to the property to suit their needs.  Here is an article on those loans:

http://miamihomeloan4u.com/203k-renovation-loan/

Veteran Loans

Now borrowers can do a joint loan with an non-military partner or a non-spouse.    These new loans will have a down-payment requirement.

 Student Loans

There are some new terms for these loans now.  If the loan does not show a payment on the credit report, we still must use the loan, but at a rate of 5% of the outstanding balance for the next 12 months.

Income-Based Repayment (IBR) is a way to make your federal student loan payments more manageable. And if you’re a teacher or work in government or at a nonprofit (501(c)(3)) organization, you might qualify for a new type of public service loan forgiveness (PSLF) after 10 years of eligible payments and employment.  We do have a program that will use the (IBR) as well.

 On a VA loan, a student loan can still be deferred.

So, if you or, anyone you know, is looking to find a Miami-Home-Loan, or a South-Florida-Home-Loan, to purchase their own first time home, be prequalified, or to refinance an existing property, and would like help in getting their best financing solution call me, Jim Carter at Element Funding, at 305-525-6742. Your Miami-Home-Loan expert!

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Miami-Home-Loan Finds A Great Article on Getting Mortages in 2017

Miami Home Loan Sold Sign on House
Miami Home Loan Sold Sign on House

Miami Home loan, and Element Funding, direct lending mortgage bank, found another great article on getting a mortgage in 2017. Scott Sheldon, of Credit.com, wrote a very good article on issues facing home-buyers in 2017.  It was published Jan. 24, 2017 in www.MarketWatch.com.

Jim Carter, loan officer, reports on the details here and provides a link for you to read the article.  In addition, if you do have any credit questions, www.Credit.com has some excellent articles and advice on credit questions.  If you are looking to be pre-qualified, please call me at 305-525 or sign on to my applications page listed below:

http://www.elementfunding.com/branches/5321/jcarter.

The articles talks about some of the challenges and where you can get more credit information if you need some help with your credit score.  Here is the link to review:

http://www.marketwatch.com/story/looking-to-get-a-mortgage-in-2017-heres-what-you-need-to-know-2017-01-23?cb=logged0.5772566181007257.

So, please take a look at the information and see how we can help you all get into a home in 2017.

So, if you or, anyone you know, is looking to find a Miami Home Loan, or a South Florida Home Loan,to purchase their own first time home, or to refinance an existing property, and would like help in getting their best financing solution call me, Jim Carter at Element Funding, at 305-525-6742. Your Miami Home Mortgage expert!

 

 

 

 

 

 

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Miami-Home-Loan Reports Another Great Closing!

Miami-Home-Loan Closing Karm and Jay

Miami-Home-Loan Closing Karm and Jay

Another good closing, as Jayson and Karmbir got their Miami Home Loan in place to move into his great new house in a waterfront location. Thanks goes to the Element Funding operations team, including our processor, Vanessa, title attorney Diana Fitzgerald, and title  agent Victoria De Armas, both of Fitzgerald & Isaacson, LLP.  The listing agent was Steven Copeland of Stalcoproperties – Premier Realty Team, and, our selling agent was Erica Torres of Cutting Edge Real Estate and Investments.  We had a really smooth closing, as the new buyers got their first house.

We had some interesting events to get to this closing.  One of the challenges was that one of the buyers was a Canadian Citizen who had become a U.S. resident.  Many of her accounts in Canada were not reporting to the U.S. credit bureau, so, she made calls and

Miami-Home-Loan and Team Completes the Closing

Miami-Home-Loan and Team Completes the Closing

worked hard to get those accounts moved to the U.S. bureau to report and build her U.S. credit that took some time, and, finally once all were moved, she got an excellent score reporting.  So, that challenge was resolved.  And we helped by monitoring the progress of moving the accounts to the U.S. to build the credit.

As we got the title work done, the agent noticed some items on the survey that needed addressing.  That also took a little time to address, but, we again, we all worked together to make sure those questions were resolved and included in the title work. So, no matter what the challenge we work to make the challenge understood and resolved!  Then we were ready for the closing.  Victoria and Diana did an excellent job getting the documents prepared and presented to the buyers in a timely manner.  When it came time to sign and close the transaction, it went very smooth, and, the buyers left the office with their first home!  What a fun time for us all!

Miami-Home-Loan Jay Accepts the gift!

Miami-Home-Loan Jay Accepts the gift!

Miami-Home-Loan Erica Delivers a Closing Gift

Miami-Home-Loan Erica Delivers a Closing Gift

 

 

 

 

 

So, if you or, anyone you know, is looking to find a Miami Home Loan, or a South Florida Home Loan,to purchase their own first time home, or to refinance an existing property, and would like help in getting their best financing solution call me, Jim Carter at Element Funding, at 305-525-6742. Your Miami Home Mortgage expert!


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Miami-Home-Loan Completes Another Good Closing!

Miami-Home-Loan Attorney Powell

Attorney Norman Powel & Michel

Another good closing, as Michel got his Miami Home Loan in place to move into his great new unit in Hialeah. Thanks goes to the Element Funding operations team, including our processor, Vanessa, and, title attorney Norman Powell.

Michel and I worked together since April of 2013 to get this deal put together!  We worked on credit questions, credit revisions, income, and, various other elements needed to get this file completed and ready to close. We did  cost estimates on many houses to show exactly the estimated costs of the purchase.  So, we are Element Funding are glad to help a buyer get ready to buy their home.   There were many unique property items about this property we needed to understand, and, Norman Powell, title attorney, did a fabulous job of getting these questions answered and the property questions identified.  We had to do a “Meets and Bounds survey”, and, he got that done right away for that part of the title work.   After a few more reviews, Michel did a great job on getting his needed documents together, and we at Element Funding got his Miami-Home-Loan ready to close.  And, the closing went very smoothly.

Miami-Home-Loan Closing

Element-Funding completes another closing!

 

The sellers were happy as they prepared to move on to their next adventure, and, Michel was happy as he prepared to be a 1st Time Homebuyer, and a new Miami-Dade County property tax payer.  By the way, it is a great time to become a tax payer.  We all need somewhere to live, and, a new home is a good tax incentive. 

Element-Funding & Norman Powell

On your income tax, In Florida, a tax payer not only gets to deduct the interest payments, but, also the mortgage insurance as a deductible expense on your tax return.  For more details, give your tax preparer a call to see how that may affect your tax returns and what deductions you may use.

Miami-Home-Loan-Closing Team

 

 

 

So, if you or, anyone you know, is looking to find a Miami Home Loan, or a South Florida Home Loan, to purchase their own first time home, or to refinance an existing property, and would like help in getting their best financing solution call me, Jim Carter at Element Funding, at 305-525-6742. Your Miami Home Mortgage expert!

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Miami-Home-Loan, Options When You Get a Low Appraisal

 Miami Home loan, and Element Funding, direct lending mortgage bank, found there has been some good articles discussing appraisals.  This article was paraphrased from Julian Hebron, a mortgage executive based in San Francisco.[i] .  With the mortgage rates on a track to increase in the next few months, getting the best appraisal based on your loan pre-qualification is an important step in keeping your payments at the amount initially estimated.  Jim Carter, loan officer, reports on the details of the article from Mr. Hebron.

A home is collateral for your mortgage; your mortgage can’t be approved without an appraisal report on the home’s value. Appraisals aren’t guaranteed to come in at your contract price, and your loan options change if your appraisal comes in short. Here’s what to do if this happensIf you need more information on the Home Appraisal process, here is a flyer to help you learn more Appraisal-Process.

Miami-Home-Loan Low Appraisal

How a low appraisal changes your loan options

When you’re buying a home, lenders will extend a loan on the lower of either your contract price or the home’s appraised value. This is a critical distinction, because if an appraisal comes in lower than you’ve agreed to pay, you must either increase your down payment or increase your monthly budget in order to buy that home.

Suppose a home in a very competitive neighborhood is listed for $300,000. You know there are multiple bidders, so you offer $325,000. Your offer is accepted, and you begin obtaining a loan for 80 percent of the $325,000 contract price, planning to put down 20 percent. When the lender’s appraisal comes back, it shows the value of the home is $300,000.

When your process started, your $325,000 contract price minus your 20-percent down payment of $65,000 made your loan amount $260,000. The low appraisal of $300,000 takes that option off the table, and instead you have two other options.

1. Increase your down payment to avoid paying mortgage insurance

The most you can borrow without paying mortgage insurance is 80 percent of the $300,000 appraised value, which is $240,000. This means that instead of $65,000, your down payment now must be $85,000 to bridge the gap between your $325,000 purchase price and the $240,000 loan amount that’s available with no mortgage insurance.

You’ll need to decide whether this extra $20,000 is something you can afford. If so, the lender also must determine if you’ll have enough reserves left over after closing to still qualify for the loan.

One offset for putting the extra $20,000 cash into the deal is that your monthly payment will be $95 lower.

The original deal with the $260,000 loan using a 30 year fixed rate at 4 percent gave you a total monthly payment of $1,887, comprised of $1,241 mortgage payment, $256 taxes, and $390 insurance. The new deal with the $240,000 loan gives you a total monthly payment of $1,761, comprised of $1,145 mortgage payment, $256 taxes, and $360 insurance.

2. Keep the same down payment amount, and add mortgage insurance

If you can’t afford or don’t want to bring in the extra $20,000 to cover the short appraisal, you can still get your target loan of $260,000. However, if you divide this by the $300,000 value, the loan is 86.7 percent of the home’s value, so you’ll have to pay mortgage insurance.

If you’re getting a 30-year fixed loan at a rate of 4 percent, your total monthly payment will be $1,995, comprised of $1,241 mortgage payment, $108 mortgage insurance, $256 property tax, and $390 insurance.

If you compare the $1,761 payment you end up with by putting in the extra $20,000 (to cover the short appraisal and avoid mortgage insurance) with the $1,995 you’ll pay if you stick with the original down payment (giving you a larger loan plus mortgage insurance), you can see that you’ll save $234 per month if you pay the extra $20,000 upfront.

Disputing low appraisals

All of this assumes you can’t get the appraised value above $300,000. However, when an appraisal comes in short, you can work with your lender and real estate agent to evaluate whether the appraiser included all relevant comparable sales on the report to derive their value.

An appraiser’s selection of comparable sales is based on many factors like location, size, age, upgrades, and general condition of the sold homes being compared to the property you’re buying. How recently the other homes sold is also a factor.

Your lender — usually after consulting with your real estate agent — will advise if they think a value dispute is warranted. If so, underwriters of the file will review any new documents submitted.   They will write up a case for a dispute and present it to their appraisal company to review with the appraiser directly. The.  Federal appraisal regulations make the dispute process complicated and often slow, so make sure that your contract allows you enough time for a dispute.

If the value is revised to your contract price, you can use your originally intended deal structure. If the low value is validated during the dispute process, you can ask the seller for a price reduction. If they refuse and you still want to buy the property, you can revert to the options laid out above.

Miami-home-loan staff is always a good source of information to keep you informed. To get pre-qualified, discuss a Miami-Home-Loan, or, just ask a financing question, please call me, Jim Carter, Loan Officer, at Element Funding, 305-525-6742.

 

 

 

 



[i] Notes from Julian Hebron, a mortgage banking executive and writer based in San Francisco. May 5,2015.

 

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