The Orlando Condo Blog

Over the last few days, lenders have received many questions in regards to the availability of mortgage funds in the credit markets. Now that the Federal Government controls Fannie Mae and Freddie Mac in addition to FHA and VA, these traditional sources of mortgage funding are still readily available. In addition, working with a direct [...]

Thursday, August 21, 2008 Orange County Convention Center North Building – 3rd Floor – Room N320 9400 Universal Blvd. Orlando, FL 32819 2:00 p.m. to 8:00 p.m. EST RSVP: 407-685-9882 Contact: Mark Lindsey, Abernathy MacGregor. msl@abmac.com (310) 343-5844. The nation’s second largest mortgage insurer PMI Group (www.pmi-us.com) has released its annual Economic Real Estate Trends [...]

One of the most serious misconceptions for potential home buyers right now is the idea that they’ll qualify for a mortgage “no problem”. If you’re an all-cash buyer, you can ignore everything that follows, but if you’re an investor looking to leverage, listen up – because the days of telling your Realtor “Don’t worry about [...]

You guys may notice a new logo at the top of this newsletter.  Your friendly local mortgage     professional has decided to hang his hat at a new brokerage, opening up access to almost twice as many lenders and, most notably, FHA financing.  The government’s working for ME now.  Take THAT, Uncle Sam.  Aside form that, [...]

“You put down 20% and get a 30-year fixed-rate mortgage at today’s rate of 5.5%. Monthly principal and interest come to $994.31. Let’s say that 12 months from now the same house goes for 10% less, or $197,010. But by then the recession is history and the Fed is jacking up rates to stem inflation. [...]

A couple of weeks ago, we forecast the mass buyout of cheap condos by investors which could reduce condo inventory and begin to threaten Florida’s “buyer’s market.” Now, the Miami Herald reports that Jorge Perez, south Florida’s condo tycoon, is setting up a $1B fund to purchase some of these troubled condo developments. As this happens, condos become [...]

Fiction: Inquiries from multiple mortgage lenders while shopping for a loan will lower my credit score. Fact: Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though you’re only looking for one loan. To compensate for this, the score ignores all mortgage and auto inquiries made [...]

Dear Sherry: What’s the difference between getting pre-approved and pre-qualified for a mortgage? I hear these terms used interchangeably – are they the same thing? Though a prequalification and a pre-approval may seem to be the same thing, the differences are quite significant. Both require specific information from homebuyers. But that’s where the similarity begins [...]

I recently spoke with a buyer who was interested in being pre-approved to purchase a new condo. After our initial meeting, we reviewed his credit and to his dismay his credit rating was much lower than anticipated. A further review of his credit revealed several open accounts with balances that he did not recognize. It [...]

Dear Sherry: I’m purchasing a new condo and I’m really having a hard time comparing the different good faith estimates that I’ve received from various lenders. Why isn’t there an identical form every lender fills out with charges, similar to tax paperwork? Signed: Confused and Frustrated. Dear Confused and Frustrated: It’s true, it can be confusing. But [...]