Applying for a mortgage loan, loan rates, loan tips – REAL ESTATE SALES AND FINANCE, Miami & St. Pete, FL

When applying for a loan...

don't let the loan process

wack you out!

For many buyers, applying for the mortgage loan is one of the more stressful aspects of buying a home. The loan application need not be a stressful time. By following a few easy steps, you'll sail through the loan application process.

Make a list of any questions you have about the loan program.
Be sure you understand the advantages and disadvantages of the various mortgage programs for which you may qualify, including the advantages and disadvantages of Fixed Rate Mortgages versus Adjustable Rate Mortgages. I have over a decade of mortgage banking experience. I have experience with hundreds of loan programs. Let me assist you in deciding the right loan program for you. Keep in mind, if it sounds to good to be true....
Decide if you want to lock-in or float the loan's interest rate.
Locking-in the rate means that the lender commits to the mortgage interest rate for the loan - typically at the time the loan application is submitted. The longer you lock the higher though the cost of obtaining that locked rate. By floating the rate, you can lock-in the interest rate anytime between the loan application day and closing. Buyers opt to "float the loan" when they believe interest rates will drop after their loan application date and prior to closing. The risk is that rather than dropping, interest rates may rise, increasing the mortgage payment.
Decide if you want to pay additional points to lower your interest rate.
Typically you can elect to pay additional points (each point is 1 percent of the mortgage loan payable in cash at closing) to lower the interest rate of your mortgage loan. In our current market it is often not wise to buy down a rate.
Gather your paperwork.
Click here to view a list of typical loan documentation.

Mortgage Information:

Foreclosure Scam Artist Sentenced

5/22/2012 4:19 AM

Marien Brown, Wentzville, Missouri, was sentenced to 18 months in prison, and ordered to pay approximately $250,000 restitution for falsely representing that she operated a "mortgage rescue" or "foreclosure rescue" service.

Man Charged with Fraud in Foreclosure Scam

5/22/2012 3:37 AM

Rickey White, 46, Westland, Michigan, faces criminal charges for collecting upfront fees and impersonating a mortgage modification company.

New Jersey Man Charged in Real Estate Investment Scam

5/22/2012 3:26 AM

David M. Connolly, Watchung, New Jersey, has been charged by The Securities and Exchange Commission with operating a Ponzi-like scheme involving a series of investment vehicles formed for the purported purpose of purchasing and managing rental apartment buildings in New Jersey and Pennsylvania.

Fraudster Receives 8 Year Sentence for Appraisal Fraud

5/21/2012 9:14 AM

Anthony Jerdine, 41, Pepper Pike, Ohio, was sentenced to 105 months in prison after previously being found guilty of bank fraud.

Ringleader of Ohio Mortgage Scam Sentenced to 4 Years

5/21/2012 9:02 AM

Nathan S. Orms, Phoenix, Arizona, has been sentenced to four and a half years in prison for leading a mortgage fraud ring.

5 Admit Million Dollar Mortgage Fraud Scheme

5/21/2012 3:55 AM

Peter Kim, 39, Fairfax, Virginia, Bok Hee Lee, 37, South Riding, Virginia, Jai Sek Lee, 50, Ashburn, Virginia, Jai Song, 41, McLean, Virginia, and Erin Cullen, 32, Fairfax, Virginia have each pled guilty to conspiracy to commit wire fraud in conspiring to secure more than $1.5 million in a mortgage fraud s...Read More

Former Mortgage R.E. Attorney’s Ponzi Scheme Defrauded Banks

5/21/2012 3:37 AM

David L. Spector, 52, Needham, Massachusetts, a former Rhode Island and Massachusetts mortgage attorney, pleaded guilty to defrauding mortgage holders and lending institutions of more than $600,000.

R.E. Project Manager Pleads Guilty to Construction Fraud

5/21/2012 3:36 AM

Recardo S. Lewis, 61, Norfolk, Virginia, pled guilty federal court to conspiring with others to defraud the Bank of the Commonwealth by submitting fraudulent draws on a multi-million construction project in Virginia Beach, Virginia.

Owner Found Guilty in Mortgage Modification Scheme

5/21/2012 3:06 AM

Isaak Khafizov, 25, Queens, New York New York, a former owner of American Home Recovery (“AHR”), a mortgage loan modification business, was found guilty in Manhattan federal court of conspiracy, mail fraud, and wire fraud, in connection with a scheme to defraud distressed homeowners and lenders.

Title Agent Arrested for Failing to Pay Off Prior Mortgage

5/18/2012 3:53 AM

Marie L. Girard, title agent, has been arrested for misappropriating $584,000 from an escrow account intended for paying off a prior mortgage.