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The Mortgage Mashup Blog

Renting your home during spring training

Posted on December 7, 2017 at 10:45 PM Comments comments (1)

In south florida, its turning the corner to that time of year where the weather is why people move to florida.  From the baseball world, its also the time of year when spring training athletes, staff, fans, etc are either looking to rent a home for spring training, or to list a home for rent.  On this weeks show, we had Holly Meyer Lucas, president of the Meyer Lucas Real Estate team, also a baseball wife, talking about an area of expertise.  Things to do, not to do (having cameras at your home spying on an athlete is not one of them)!.  Pitchers and Catchers report Feb 15ht, which means if they are renting a home, they need to get one now!  Holly is the local expert in this domain. She has "been there and done that" and now assists hundreds of people to make it a smooth transition.  

Stay tuned next week to more news regarding what is the correct way to approach this fine line of renting your home and how to "not be that guy" that embarasses your realtor. Also did you hear?? conventional loan limits were increased to just over $453,000+. Whoo hoo. 


Yours in service, 

Vincent Fiordilino

Territory Manager

Boomerang Buyers

Posted on February 22, 2016 at 11:15 AM Comments comments (0)

Boomerang Buyers need to know ( a buyer coming back into the purchase market after a short sale , foreclosure, deed in lieu or bankruptcy).

What is my waiting period to purchase a home having gone through the above ?

If you are doing an FHA loan:

Deed in lieu , short sale , foreclosure is 3 years .

Ch. 7 Bankruptcy is 3 years. However if you have a foreclosure included in the BK , then it goes off the date of the last item. For example if you file for bankruptcy and include a mortgage that is currently in foreclosure. The bankruptcy could be discharged and 9 months later the foreclosure can be completed. In that case the waiting period would be three years from the date of the foreclosure NOT the discharge of the bankruptcy.

The federal back to work program allows for applying for financing after 12 months with special circumstances and criteria. Message me for details .

Conventional loan can be tricky :

Short sale , deed in lieu and bankruptcy waiting period is 4 years.

A foreclosure alone is a 7 year waiting period .

If a foreclosure is INCLUDED in a Bk, then regardless of when the foreclosure is completed , you go off the discharge of the bankruptcy . However , suppose you had a property go into foreclosure , the foreclosure was completed (auction sale and title is out of your name ) THEN you file for Bk and include the discharged debt in your BK , your wait period is now 7 years . Easy way to remember this is if you are currently going through foreclosure while going through your bankruptcy then your waiting period will be 4 years from the date of the discharge of the bankruptcy.

Similar to FHA loans , conventional has a special circumstance waiting period that can be reduced down to 3 years .

Email or message me with any specifics at [email protected] or call my office 561. 745. 3344

Happy New Year!

Posted on January 4, 2016 at 6:15 PM Comments comments (0)

Each day I will be posting something new in regards to a food for thought regarding a New Year promise." I like to call it a promise instead of a resolution. Happy 2016!

1. Put your phone away! While at work only look at it when taking a lunch break. This can be such a time killer when trying to be focused on a task at hand. Multi tasking often times, pulls you from the important tasks you are trying to complete. When you are with family/friends keep it stored away and be present with the conversations you’re having. Never take it out when driving a vehicle.

2. Keep in contact with family and friends. From a simple text message “Hello” to an hour FaceTime/Skype chat, be sure to make time for your family and friends.

3. Stay active. The clichest of cliché New Year’s Resolutions, but this year there are no excuses.

4. Try at least one new thing every month. Learning is fun and you might discover a different side of

5.Write down your goals. Writing out your goals will help remind you of where you want to be in 2016 and years ahead.

6. Embrace the word “no.” You are not obligated to do everything. So, learn to say “no” when you

really don’t feel like doing something, especially going to that party for your best friend’s boyfriend’s sister-in law.

7. Do small acts of kindness every week. Giving out compliments or volunteering your time at a local

shelter will make you feel better a lot better about yourself and the world you live in.

8. Ditch that bad habit. Time to say goodbye to those habits that are not doing you any good. See ya never!

9. Save your money. Whether it is for something big or small there is no better feeling than rewarding yourself for all the hard work you do.

10. Relax. Take that vacation or sleep in a few extra hours on the weekend. Make time for you! All the things on your to-do list will still be there, but you need to make time for yourself first.


Yours in Service, 

Vincent Fiordilino

Branch Manager, Perl Mortgage of Jupiter, 561-745-3344

[email protected]

Boss or Leader?

Posted on October 16, 2015 at 10:50 AM Comments comments (0)

I talked about this on my radio show a few months back and saw an article ciculating again that touched on this topic.  It's amazing how many people don't understand the difference between the two:  A boss and A leader.   INC.com wrote the article Boss or Leader:  Pick One, which you can find here:  http://www.inc.com/lolly-daskal/the-choice-is-yours-boss-or-leader-pick-one.html

But to summarize, I pulled out the main points:

  • A boss drives others; a leader coaches them toward their best performance.
  • A boss instills fear; a leader inspires enthusiasm
  • A boss blames others; a leader works to help repair the damage and understand what happened so it won't occur again.
  • A boss thinks in terms of him or herself; a leader thinks in terms of we.
  • A boss knows how it's done; a leader shows how it's done
  • A boss depends on his or her own authority; a leader depends, along with the entire team, on mutual accountability and trust.
  • A boss uses people; a leader is interested in helping them grow and develop.
  • A boss takes the credit; a leader gives credit to others.
  • A boss is a commander; a leader is more concerned with asking and listening.
  • The boss says Go!; the leader says Let's go!
Which one do you want to work for?  I am a leader, not a boss. 

Yours in service, 

Vincent J. Fiordilino
Branch Manager/Sr. Loan Consultant

Saturday Morning Blues

Posted on October 10, 2015 at 3:50 PM Comments comments (0)

Happy Saturday.  It seems like weekends with young children are filled with busy busy activities.  Not much winding down going on these days, re charging the battery.  To make things even better, scrolling through the internet, we are fed negative after negative piece of information.  While I don't disagree our country is at odds with one another, I think ultimately the feeling of negatively is brought to light by lots of media outlets.  We used to have a rule when I was young, that after 3 negative pieces on the news (murder, robbery, etc) we would change the channel.  Scroll through your basic homepage of lets say Yahoo, or MSN.  How many of the top articles are things related to ISIS, issues with crimes, videos of people video taping a fight, instead of breaking one up, videos of people making cops out to be the even villains, instead of praising them for putting their lives on the line each and every day. 

Do your part. Ignore the negativity.  Search the internet for the feel good, heart warming stories, instead of reading about The Kardashians, or as I like to call them, societies waste of a famous family. 

On the lighter side, the first week of TRID is behind us.  Like anything it will take some getting used to.  Make sure your mortgage professionals are working hand and hand with your realtors and title companies.  Now more than ever, we are all working as a team. 

Contact your trusted mortgage professional, VIncent Fiordilino, for all your mortgage needs.  561-745-3344 or via email at [email protected]

Regards, 

Vincent 

No Longer have to close out revolving debt for Fannie Mae??!!

Posted on May 27, 2015 at 2:05 PM Comments comments (1)

Big news from the world of Fannie Mae today. You no longer have to close Revolving debt to qualify for a loan. In the past, if you were doing lets say a cashout refinance and were consolidating some credit cards. If those credit cards being paid off were necessary to get your loan, then in the past, those cards needed to not only be paid in full at closing, but needed to be closed.

Now, such accounts do not need to be closed as a condition of excluding the payment from the debt to income ratio! This is big news for clients that were worried about losing points, rewards, etc. or just the ability to keep the card open. As it states in the Fannie Mae lending guide:

"If a revolving account balance is to be paid off at or prior to closing, a monthly payment on the current outstanding balance does not need to be included in the borrower's long-term debt, i.e., not included in the debt-to-income (DTI) ratio. Such accounts do not need to be closed as a condition of excluding the payment from the DTI ratio."

For more information, please go to the fannie mae site using the following link: 

https://www.fanniemae.com/content/guide/selling/b3/6/02.html

As always, your's in service,

Vincent J. Fiordilino.

[email protected]

561-745-3344

Are you a 1st Time Homebuyer?

Posted on February 5, 2015 at 12:05 AM Comments comments (0)

What is the definition of a "first-time home buyer"?


An individual is to be considered a first-time home buyer who

(1) is purchasing the security property;

(2) will reside in the security property as a principal residence; and

(3) had no ownership interest (sole or joint) in a residential property during the three-year period preceding the date of the purchase of the security property. In addition, an individual who is a displaced homemaker or single parent also will be considered a first-time home buyer if he or she had no ownership interest in a principal residence (other than a joint ownership interest with a spouse) during the preceding three-year time period. 

 

The above is Fannie Mae and Freddie Mac’s definition for who is considered a 1st time home buyer.

 

Your borrower(s) will need homebuyer education with this program. 

 

Contact me for more information.

*** Vincent J. Fiordilino, Branch Manager, PERL Mortgage, Inc, of Jupiter, FL. www.MyJupiterLender.com . Phone:800-905-5069***


 

Is there a 1% reduction rule to refis?

Posted on January 20, 2015 at 2:20 PM Comments comments (0)

The answer in short, is no, as it all depends on the circumstances of your loan. 5 things to keep in the back of your mind.

1. If your paying PMI, then the 1% rule doesnt really apply. You can refinance dropping your rate by as little as .25 point, but if your cutting your PMI in half, or eliminating all together, then the costs are well worth savings.


2. Your financing a lower amount. Your original loan may have been for $305,000 at 5.00%. But now you only owe $260,000 and dropping your rate to 4.25%. Since your financing less, you will see a big drop in payment, even though your only dropping .75% of a point.


3. Whats your cost to recoup figure, or your "Break even" point. Simple take what its costing you to do the loan and divide by what your saving. For example: closing costs are $3900 and your dropping your payment by $150.00, so 3900/150= 26. This would be the number of months it woudl take you to recover your costs. If you plan on staying in the home longer than 26 months, every month after 26, you would be saving $150.00 per month. If you were to stay in the home a total of 6 years, or 72 months, you would subtract 26 from 72= 46 months. You would wind up saving 46 x150= $6900.00 over this time frame. Makes sense to me!


4. Loan term. Throw all the above out the window. If your going from a 30 year fixed to a 15 year fixed and can afford the payment, then you may only need to drop 1/2 a point or less to make your loan worth the refinance. what you save in the long term would greatly outweigh the costs to doing to the loan.


5. Pre payment. Of the loan. I get this a lot where a client states I will just make extra payments on the loan to pay it down quicker..This way I don't have to pay the closing costs of getting a new loan


If you can't qualify for a mortgage refinance, then this is a good way to pay down your loan. However, if you can qualify, it would be much faster for you to pay down your mortgage with applying the extra payments to a much lower interest rate. If the recapture rate is good (savings vs. what its costing you) then its a no brainer to refinance.

If your looking to refi, of course its easier with good credit, but more importantly, have your ducks in a row. Know where you are you are before you start the process – Contact me for more information.

*** Vincent J. Fiordilino, Branch Manager, PERL Mortgage, Inc, of Jupiter, FL. www.MyJupiterLender.com . Phone:800-905-5069***