Florida Mortgage Lender Blog & Real Estate News

May your blessings outnumber the shamrocks that grow, and may trouble avoid you wherever you go – Irish blessing

St. Patrick’s Day is coming up and, as you know, it’s the perfect time for a whole bunch of tomfoolery. What you may not know is that it’s the perfect time for an open house to sell those Orlando homes. However, if you’re going to do it, it needs to be done right – and the best time to get started is now.

Themed Open Houses

Okay, we (as in real estate agents) often say, “Don’t get your personality all over the house you’re selling” and we mean it. That’s not to say that you can’t have a little bit o’ fun with a themed open house party, though. Here are a few tips to get you started on the right path for getting those Orlando homes sold:

1. Keep your St. Patrick’s Day decorations minimal, but the atmosphere fun. In other words, pick decorations that are bland, but still lighten the mood of the home.
   
2. Lights for the evening, windows for the day. If your open house happens during the day, use as much natural lighting as possible. If it’s in the evening, use lighting that isn’t harsh or overbearing.
   
3. Offer tasty, “smell good” snacks. You don’t have to make a meal to feed an army, but a few Irish snack dishes can go a long way. You don’t have to stick to Irish food, however. A backyard barbecue is a wonderful way to show off the home’s entertainment possibilities.
   
4. Keep the alcohol low, if available. You’re not trying to throw a rip-roaring party, but there are two things to consider with alcohol. One is that it’s St. Patrick’s Day and almost a national drinking day. Two, is that the more relaxed a potential buyer feels, the more positive they’ll feel about the house (this is not to say that you should get the visitors drunk, however).

The main purpose of holding an open house is to get potential buyers to come and see what Orlando homes have to offer. You want to show off the inside, but you also want to show off the outside and the home’s ability to entertain guests. If you have a real estate agent, discuss the open house with them. If you don’t have an agent, give us a call at 407-876-5771.

May you live as long as you want, and never want as long as you live. Happy St. Patrick’s Day!

Saving money and going green are both hot topics right now. So, I'm sure you've already heard the tips to turn off water while brushing your teeth, turn off TVs and computers and swap out old light bulbs for the new energy-saving versions.

Here are 10 new ideas to help you save money and make your Orlando home greener.

1. Swap stuff. There are hundreds of online sites where you can get furniture, books, CDs, DVDs and even a place to stay for free by swapping stuff with other people. And, I'm not just talking about Craigslist. Two of the most popular and easy to use swap sites are Paperbackswap.com and SwapaDVD.com.

2. Recycle your cell phone. According to the EPA, if the 100 million cell phones no longer being used by Americans were recycled, enough energy would be saved to power more than 18,500 homes for a year. Give your cell phone back to its manufacturer or donate your cell phone to charity.

3. Recycle other electronics. Keep old TVs out of landfills by taking them to a safe e-cycling facility. Return iPods to Apple for recycling or sell them for parts. Take e-waste to stores like Best Buy and Staples that have recycling programs. You'll save money by not having to pay to dispose of the electronics.

4. Wait until May to buy a new TV. New government standards take effect May 1, 2010. Energy Star-labeled televisions will be at least 40% more efficient than comparable models -- a significant savings.

5. Eat foods that are in season. It's healthier, less expensive and better for the environment. Oh, and one more big plus: the food tastes so much better!

6. Install a water filter. Bottled water isn't any healthier than tap water, and all that plastic waste is terrible for the environment. It's also expensive! If you use a water filter in your Orlando home, you can get great-tasting, clean water while reducing your waste and saving money.

7. Turn down your water heater. You won’t notice the temperature change, but your water heater won’t work as hard and won’t use as much energy.

8. Plant a vegetable garden. If you don’t have the space to plant a garden, plant a tree or put some plants outside. Find vegetables and plants that grow well in your area for the best results. Ask your local garden center for that information.

9. Use green cleaners. There’s no reason to use harsh chemicals to clean your home. Use biodegradable cleaners that are safe for the environment or make your own green cleaners. Use old towels and T-shirts instead of disposable wipes and paper towels to cut down on waste and save you money.

10. Check your insulation. Adding insulation to your home will cost money initially, but you'll quickly earn it back plus more by saving long term on your heating and cooling bills. Skeptical? Start out by insulating your attic and keeping track of your energy savings. It averages out to about $116 a year in savings.

Want more tips to save money and make your Orlando home greener? Subscribe to our blog now. It's free and easy.

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Few things sound better than paying off a thirty-year Florida real estate mortgage early. Not only will you be free of mortgage payments, you could also save thousands of dollars in interest payments over the life of the loan. Here are four ideas to help you pay off your mortgage early:

1. Apply any windfall monies you receive to your mortgage balance. Be sure to indicate that this is an extra payment and should be applied exclusively to your principle.
2. Make bi-weekly mortgage payments. Making exactly one-half payment every two weeks will add up to a total of twenty-six half payments per year. Or, thirteen whole payments each year instead of twelve. That’s the secret to paying off a Florida real estate mortgage early with bi-weekly payments. The interest rate itself isn't reduced, but the amount of money you pay in interest on the principal is.
3. Overpay a fixed amount every month. By sending in an extra fixed amount as an additional principal payment every month, you'll reduce the length of time it takes you to pay off your mortgage. By sending in a fixed amount every month, you can easily automate this process.
4. Use a prepayment calculator to figure out other ways to pay your mortgage off early. The free prepayment calculators available on the internet can also help you determine how quickly you can become mortgage free.

 
Before implementing any of these methods to pay off your Florida real estate mortgage early, contact your mortgage lender to find out if you'll be incurring any additional fees. It's also a good idea to ask your mortgage lender if there are any specific instructions you need to follow to be sure your payments are processed correctly.

Thinking about buying a home that you can pay off quickly? Call us now at 407-876-5771 for more information.

Walk Away From your Mortgage Calculator

IS IT IN MY ECONOMIC INTEREST TO WALK AWAY?   
You decide.  This calculator is just a tool to help.  Numerous variables are involved but the biggest is probably your assessment of the future of housing pricing.  No one can predict future prices, but the conventional wisdoms says that it is probably not realistic to believe that housing prices will increase by more than 4%-8% per year on average.

WHAT WILL HAPPEN IF I WALK AWAY?
It depends on the particulars of your situation.  In many states, including California, in many circumstances the “bank” has no legal or practical recourse against homeowners who stop paying their mortgages except to take their homes through foreclosure and put derogatory entries in their credit reports. 

LOAN MODIFICATION? 
The more it is in your economic interest to walk away, the more the bank should be willing to make a deal with you to get you to stay and pay.  The banks will try to base modification negotiations on what you can afford as opposed to what you should afford. 

SHORT SALE?  A short sale in Florida offers homeowners a way to avoid foreclosure and help save their credit.  We have a team of licensed Orlando Realtors and loss mitigation experts who specialize in pre-foreclosures and the short sale of all types of property.

Walk Away From your Mortgage Calculator

Source: PayOrGO.com

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Lots of people think about ways to save the environment in a physical manner such as changing light bulbs from incandescent to florescent and recycling, but many drop the ball when it comes to cleaning their Florida home. Keeping your home clean in a way that is healthy to you, your family, and the environment just takes a little extra thought and soon becomes second nature.

 
Danger, Danger
Get rid of any products under your sink, in your bathroom, or your cleaning closet that have danger cautions. If they are bad for you, they are probably bad for the environment too, and why have such hazardous materials in your Florida home?

Labels that have cautions such as poison, hazard, and danger on them are not only bad to have around small children, the toxins leak into the air when you use them causing health problems for your family. They also leech into the environment when you use them and are hazardous for the environment.

 
Re-usable and Natural
Buy mop heads and sponges made from natural materials that are bio-degradable and replenishable. Check for recycled materials labels on paper towels, toilet paper, and other disposable objects so that you know those products are making the best use of production materials.

Conserve
Use as little water as possible when doing dishes by turning off the faucet while you are washing and only using running water when you are ready to rinse. Don't just think about conservation when cleaning your home. Turn off the faucet while you are brushing your teeth as well for extra savings. Remove your shoes or put a rug by the entry doors of your home to help cut down the need to wash floors.

 
Bring in the Green
Bring nature into your Florida home in the form of hanging and potted plants. Plants clean the air around you and take in harmful carbon dioxide in the air.

 
Want top buy a clean, green home? Let us help. Contact us today at 407-876-5771.

Home prices may be stabilizing in some areas in the nation, but the damage has already been done in the housing markets that saw the biggest boom and in turn the biggest bust.

Home buying in these markets reached a frenzied pace during the middle of this decade, and that means that a good portion of buyers purchased homes at the top of the market. No surprise that they have now sunk deepest underwater on their mortgages.

A new survey from Zillow.com shows that even in those markets where investor competition has returned and prices on the low end are beginning to stabilize, homeowners still owe far more on their mortgages than their homes are currently worth.

Las Vegas leads the way with 81.8 percent of borrowers underwater on their loans in the third quarter of this year, down barely one percent from the second quarter but still up 10 percent from the first quarter.

The bulk of underwater borrowers are in California, Florida, Arizona and Nevada. While home prices nationwide were down 8.5 percent in September from a year ago, prices in these states are still way down -- 34 percent in Las Vegas, 26 percent in Orlando, 23 percent in Phoenix and 11 percent in Los Angeles (National Association of Realtors). Again, that's from a year ago, but many of these cities have seen over 50 percent price declines from the peak of the market. complete story

Source: CNBC.com - Diana Olick

Stop Foreclosure  Save Your Credit Florida Short Sales

On Thursday, the U.S. Congress passed a congressional resolution to extend the current higher Fannie Mae, Freddie Mac and FHA loan limits through 2010. The present, higher loan limits expire at the end of 2009 and revert to previous lower limits. The move still needs to be signed by President Obama, which is expected shortly.

The National Association of Realtors® (NAR) thanked Congress for speedy action.

“NAR commends both houses of Congress for their quick action in continuing these higher limits during a time for recovery in the housing market and national economy,” says NAR President Charles McMillan. “The higher limits, along with the homebuyer tax credit extension, are necessary to keep the markets moving at this critical time.

“Home sales have shown significant movement upwards in the past six months, and reduced inventory in some segments of the housing market, but not in all. Home purchases in the middle-income and higher brackets have not moved much, and those markets must improve before we can experience a fully sustained housing recovery. These higher loan limits will help motivate qualified homebuyers to purchase in those markets,” McMillan said.

The resolution would extend the present loan limits for FHA, Fannie and Freddie through the 2010 calendar year at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas. The floor for FHA is $271,050; the floor for Fannie Mae and Freddie Mac conforming loan limits is $417,000.

Source: FloridaRealtors.org

Orlando Real Estate  Orlando MLS  Orlando Vacation Homes for sale

There are many different ways to update your Florida home to make it more eco-friendly.

• In your Florida home, install ceiling fans and thermal windows. Ceiling fans are low energy, cost effective ways of cooling your home without using the air conditioning. Thermal windows offer insulation from outside heat and cold.
• Use foam caulking around any cable lines or cords leading to an exterior wall. This will provide insulation against temperature changes.

• In the winter (or in climates that are cool year round), use the natural sunlight during the day. Opening the drapes and allowing the sun to come in decreases the amount of energy needed to light and heat your home. Closing the drapes at night adds another layer of insulation against temperature changes.
• Installing motion sensors on your light fixtures may help to decrease energy usage as well. The lights will shut off automatically when not in use.
• Use a power strip that has an on/off switch. These power strips can be used for video games, stereos, DVD players, and other items that are not in use on a constant basis. Turning off the switch when they are not in use saves energy.

If you'd like to buy an eco-friendly home, we can help. Call us at [407-876-5771 for more information.

Winter is almost here and few things are as comforting as the smell of wood burning in the fireplace of you Florida home. Before you light the first fire of the year, there are a few things you need to do. Here is the short list for fireplace safety:

Clean Out the Chimney

Everyone wants to get out of the cold weather, including birds and squirrels. Have a chimney cap installed at the top of the chimney to keep out small animals looking for shelter. The cap will also keep debris from clogging the chimney.

Have a professional clean out any creosote residue. Creosote is the build up of carbon from burning wood. It is flammable and needs to be removed every year.

Creosote is hazardous to your health. It can cause respiratory problems, so don’t try to clean it out on your own. Some home improvement stores sell a creosote removal log that you burn in your fireplace, it may clean your fireplace incompletely, so it’s best to go with a professional chimney cleaning company.

Prepare the Surrounding Area

Before you light the fireplace in your Florida home, make sure that the area around it is clear of clutter. You’ll want to make sure there is at least two to three feet of cleared space around the fireplace.

Invest in a fireplace screen so that nothing is accidentally knocked into the fireplace. It will also help to prevent burning embers from flying out.

Each time you get ready use the fireplace, clean out the ashes from the previous fire.

Light the Fire

First, open the fireplace damper so the proper airflow can occur. Then, start with paper or kindling placed on top of the fireplace grate. Use seasoned firewood cut to the right length for your fireplace. A couple of logs will be enough; you don’t want to add too many or the fire will suffocate.

Following these fireplace safety instructions can help you enjoy this winter season without worry. So, feel free to light that fireplace and soon the aroma of burning wood will fill your Florida home.

Owning a Florida home can be a sign of independence and success. It allows you to build up equity and the mortgage interest and property taxes are tax-deductible. Can you afford it, though?

Reputable lenders look at a list of criteria to decide how much they’ll loan you. This list includes:

· Credit score

· Existing assets including cash

· Car leases or loans

· Credit card balances

· Debt consolidation loans

· Home equity loans

· Installment loans

· Student loans

· Other monthly debts

· Size/source of your down payment

If you’d like to get an idea of what you can afford before talking to a lender, here are a few tools you can use to decide whether a Florida home is within your budget:

• As a rule of thumb, your house hunting budget shouldn’t be more than 2.5 times your pre-tax annual income. If you earn $50,000 a year, your budget for house hunting should be around $125,000.
  
• Your Housing Expense Ratio, which is principal, interest, taxes and insurance (PITI) shouldn’t be more than 25% to 28% of your pre-tax monthly income.
  
• You're Debt-to-Income Ratio should be no more than 36% of your pre-tax monthly income. This is the ratio between how much you owe and how much you earn.
  
• Use an online calculator to figure how much home you can afford.

“Qualifying for” and “can afford” are two different things. Shopping for a Florida home within your budget will save you a lot of heartache now and in the future.

If you'd like help determining how much mortgage you can really afford, we can help. Call us at 407-876-5771 for more information.

More festive candles are used in your Orlando condo during the holidays than at any other time of year, so it’s important to review the safety rules. Here are few tips to keep your condo safe:

Candle Placement Preparation

It may sound silly, but you need to prepare before you light that candle. First figure out where you want to place the candle in your Orlando condo.

• Find a heat resistant surface.
• Make sure there aren’t any books, papers, curtains, or bedding nearby.
• Watch out for flammable holiday decorations.
• Keep the candle away from windows and vents, and check for signs of a draft.
• Place the candle where children and pets can’t reach and where it isn’t likely to be bumped into.

Getting Ready to Light the Candle

• Before burning the candle, review the manufacturer’s instructions. Most recommend that the wick be trimmed to ¼ inch before lighting.
• Make sure to use only approved candle holders. Using an unapproved glass holder could cause it to burst and send glass everywhere.
• Place candles at least three inches apart so the additional heat doesn't cause them to melt improperly.

Burning the Candle

Now that the candle is lit, make sure to never leave it unattended.

• Watch the candle to see if it smokes or flickers a lot. This could be a sign that the candle isn't burning properly.
• Leave about two inches of wax when you extinguish the candle. Most manufacturers recommend that you don't burn the candle all the way down.

Putting the Candle Out Safely

The safest way to put out a candle is with a candle snuffer.

• Don’t use your fingers or blow out the candle; the flame may travel and cause a fire.
• Never use water to put out a candle; the wax may splatter and burn you.
• Wait until the wax is cooled before you move the candle.

Candles are a beautiful way to decorate for the holidays in your Orlando condo. By following these simple safety suggestions, you can help to ensure that your holidays are happy and safe.

If you’d like to be in a new condo before the next holiday rolls around, we can help. Call us at 407-876-5771 for more information.

A year after Fannie Mae and Freddie Mac teetered, industry executives and Washington policy makers are worrying that another government mortgage giant could be the next housing domino.

Stop Foreclosure & Save Your Credit SELL your Home - Short Sale

Problems at the Federal Housing Administration, which guarantees mortgages with low down payments, are becoming so acute that some experts warn the agency might need a federal bailout.

Running questions about the F.H.A.’s future — underscored by interviews with policy makers, analysts and home buyers — came to the fore on Thursday on Capitol Hill. In testimony before a House subcommittee, the F.H.A. commissioner, David H. Stevens, assured lawmakers that his agency would not need a bailout and that it was managing its risks.

But he acknowledged that some 20 percent of F.H.A. loans insured last year — and as many as 24 percent of those from 2007 — faced serious problems including foreclosure, offering a preview of a forthcoming audit of the agency’s finances.

“Let me simply state at the outset that based on current projections, absent any catastrophic home price decline, F.H.A. will not need to ask Congress and the American taxpayer for extraordinary assistance — we will not need a bailout,” Mr. Stevens said in his testimony.

But to its critics, the F.H.A. looks like another Fannie Mae. The hearings on Thursday came on the same day that the federal agency charged with overseeing Fannie Mae and Freddie Mac provided a somber assessment of those giants’ health. In the year since the government stepped in to rescue them, the companies have taken $96 billion from the Treasury, and may need more.

Since the bottom fell out of the mortgage market, the F.H.A. has assumed a crucial role in the nation’s housing market. Created in 1934 to help lower-income and first-time buyers purchase homes, the agency now insures roughly 5.4 million single-family home mortgages, with a combined value of $675 billion.

In addition, these loans are bundled into mortgage-backed securities and guaranteed through the Government National Mortgage Association, known as Ginnie Mae. That means the taxpayer is responsible for paying investors who own Ginnie Mae bonds when F.H.A.-backed mortgages hit trouble.

“It appears destined for a taxpayer bailout in the next 24 to 36 months,” Edward Pinto, a former Fannie Mae executive, said in testimony prepared for the hearing. Mr. Pinto, who was the chief credit officer from 1987 to 1989 for Fannie Mae, went further than most housing analysts and predicted that F.H.A. losses would more than wipe out the agency’s $30 billion of cash reserves. complete story

Stop Foreclosure  Save Your Credit Florida Short Sales

Source: NYTimes.com - David Streitfeld

Buying a Florida Vacation Property

Have you often wondered what it would be like to own a beautiful vacation property in your desired getaway spot? Have you been reluctant to take the final step due to the inflated prices of such properties? Well, now is the ideal time to take action! In fact, given the current reduction in home prices, you could actually stay at your favorite vacation destination the entire year if you wanted to! This is due to the fact that great homes have been going through the distress sales process in a variety of vacation hotspots throughout the country. As a result, the prices of such properties have dropped dramatically. Your Dream home is no longer a dream, but closer than ever to becoming a reality.

So how do you make a great vacation buy? What are the top destinations for vacation foreclosures? Find the answers to these questions and learn more about why the time is right for investing in vacation homes in the FREE series of "Distress Properties Reports for Vacation Home Buyers".

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The Time to buy Florida Real Estate is Now!

The golden rule when investing – be it in real estate, stocks or anything else – is to “buy low, sell high”. Given the current economic conditions, this advice is highly relevant especially if you are an investor interested in getting the most worth for your money. As a result, distress properties are definitely the right choice for you!

You are probably already aware that to make a good investment, the timing of your purchase is a very important factor. But do you know the details of investing in a changing real estate market? Are you aware of the different types of distress properties and the merits of each? For example, pre-foreclosure properties in particular are the most ideal real estate opportunity for investors wanting to close a deal quickly. On the other hand, if you are a novice investor, foreclosure properties would be most appropriate for you. The FREE series of “Distress Properties Reports for Investors” will help you learn about various aspects of investing in distress homes, and assist you in making the most well-informed decisions.

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