Mortgage Masters Group: January 2020

Friday, January 31, 2020

Tia Lee Festival, Cigar Box Guitar Festival, Astronomy Day, Gardenfest! top this weekend

Here are the best events and things to do in Fort Pierce, Port St. Lucie, Hobe Sound, Stuart, Vero Beach and Sebastian.

It’s the first weekend of February on the Treasure Coast.

Before your Super Bowl Sunday parties, check out the best events and things to do in St. Lucie, Martin and Indian River counties.

Here’s What To Do in 772 this weekend.

St. Lucie County

The Tia Lee Festival featuring country concerts with Rodney Atkins and Jerrod Niemann starts at 7:15 p.m. Saturday at Causeway Cove Marina, 601 Seaway Drive, Fort Pierce. Gates open at 3:30 p.m. and features local musical acts and bands: Gravel Kings, Bethany Lynn and Paleface. The festival also includes the Paul Bunyan Lumberjack Show, a cornhole speed battle, arts-and-crafts vendors, food-and-drink vendors and a children’s zone. Tickets are $20 in advance and $25 at the gate, but ages 12 and younger get in free. Bring blankets and chairs for open seating and standing area in addition to bleachers for up to 1,000 people. No coolers allowed. Parking is free. For more information, go to britneylee.org/tia-lee-festival.

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More: Tia Lee Festival honors two teens killed in St. Lucie County wrong-way crash

The third annual Florida Cigar Box Guitar Festival is 11 a.m. to 5 p.m. Saturday at Summer Crush Vineyard & Winery, 4200 Johnston Road, north of Fort Pierce. It includes live music from two cigar-box guitar acts — the Steve Arvey Band at 11 a.m. to noon and 4-5 p.m. and Ben Prestage, at noon to 1 p.m. and 2-3 p.m., as well as string band Uproot Hootenanny, at 1-2 p.m. and 3-4 p.m., playing cigar-box instruments. The festival also has cigar-box instruments vendors, a musicians workshop with Arvey from 2:30-3:30 p.m., lawn games, food trucks and drinks for sale. Tickets are $10 in advance and $12 at the event. For more information, go to summercrushwine.com.

More: Cigar Box Guitar Festival puts Treasure Coast on the musical map

The Treasure Coast Astronomical Society’s Astronomy Day is 3-9 p.m. Saturday at Indian River State College’s Hallstrom Planetarium, 3209 Virginia Ave., Fort Pierce. It includes solar- and lunar-viewing through telescopes, planetarium shows, videos, exhibits and speakers.Buy Photo

The Treasure Coast Astronomical Society’s Astronomy Day is 3-9 p.m. Saturday at Indian River State College’s Hallstrom Planetarium, 3209 Virginia Ave., Fort Pierce. It includes solar- and lunar-viewing through telescopes, planetarium shows, videos, exhibits and speakers. (Photo: LEAH VOSS/TCPALM)

More: Travel to planets, moons and stars at Treasure Coast’s only planetarium

More: Let the only local planetarium take you to the moon and stars with space shows

The Bonfire & Hayride is 3-7 p.m. Saturday at McCarty Ranch Preserve, 12525 Range Line Road, Port St. Lucie. It also has live music, a petting zoo, pony rides, horseback riding, a fishing tournament and hayrides. Admission is free. For more information, call 772-878-2277 or go to facebook.com/cityofpsl.

Dogs and Cats Forever’s Kitten Bowl Party is noon to 4 p.m. Saturday at the animal sanctuary and no-kill shelter, 4600 Selvitz Road, Fort Pierce. It includes watching the Kitten Bowl live on TV, free refreshments and special prices on cats and kittens. For more information, go to facebook.com/dogsandcatsforever.

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Clay’s Day, a celebration of life, is 2-6 p.m. Sunday at the Hideaway Hammock Venue, 7111 Carlton Road, Port St. Lucie. It has live music from Ben Lewis and Uproot Hootenanny and a barbecue food truck. Bring blankets and chairs. For more information, go to facebook.com/hideawayhammock.

More: Fort Pierce native killed by train remembered by friends as ‘advocate’

Martin County

The 19th annual Hobe Sound Festival of the Arts is 10 a.m. to 5 p.m. Saturday and Sunday along Dixie Highway from Bridge Road to Venus Street. More than 200 national artists and craft artisans line the road with gallery-style booths, along with an interactive children’s zone. Artists of sculptures, paintings, jewels, photography and ceramics are available to discuss their work. Free parking with trolley service is at The Pine School, 12350 S.E. Federal Highway, Hobe Sound. Pets on leashes are welcome. For more information, call 561-746-6615 or go to artfestival.com.

Celebrate Veterans & First Responders from noon to 4 p.m. Saturday at Treasure Coast Harley-Davidson, 4967 S.E. Federal Highway, Stuart. The event includes live music, bike washes, vendors and food and drinks for sale. For more information, go to facebook.com/treasurecoastharley.

The Treasure Coast Snook Challenge post-tournament awards with barbecue and pizza is noon Sunday at Sandsprit Park, 3443 S.E. St. Lucie Blvd., Stuart. The tournament starts noon Saturday and lasts until the awards. Fishing is allowed by land, bridge or boat anywhere within the Treasure Coast using only artificial bait. Entry is $75 per person. Proceeds benefit the Kyle Vericella Recovery Fund. For more information, go to ianglertournament.com/2020-treasure-coast-snook-challenge.

The public Historic Plaque Dedication is 10 a.m. Saturday at the Burn Brae Plantation-Krueger House, 1170 S.E. Ocean Blvd., Stuart. After the dedication, house tours are available until 3 p.m. for $10 each. For more information, go to facebook.com/historicburnbraeplantationkruegerhouse.

More: Stuart Heritage Museum preserves Martin County’s history

More: Free tours full of history at The Mansion at Tuckahoe, Capt. Sewall’s Home in Jensen Beach

The 19th annual Hobe Sound Festival of the Arts is 10 a.m. to 5 p.m. Saturday and Sunday along Dixie Highway from Bridge Road to Venus Street. More than 200 national artists and craft artisans line the road with gallery-style booths, along with an interactive children’s zone.Buy Photo

The 19th annual Hobe Sound Festival of the Arts is 10 a.m. to 5 p.m. Saturday and Sunday along Dixie Highway from Bridge Road to Venus Street. More than 200 national artists and craft artisans line the road with gallery-style booths, along with an interactive children’s zone. (Photo: XAVIER MASCAREÑAS/TCPALM)

Indian River County

The 19th annual GardenFest! is 9 a.m. to 5 p.m. Saturday and 9 a.m. to 4 p.m. Sunday at Riverside Park, 3250 Riverside Park Drive, Vero Beach. It features more than 85 vendors selling plants, flowers, orchids, trees, pottery, furniture, fountains and garden art. It also has lectures by experts, children’s activities, food for sale and raffle prizes. Admission is free. Proceeds benefit the Garden Club of Indian River County. The event is rain or shine. Bring wagons to haul away your purchases. For more information, call 772-567-4602 or go to gardenclubofirc.org.

The first Finally Friday Fest in Sebastian is 6-9 p.m. on the vacant property between Cleveland and Coolidge streets, next to Pareidolia Brewing Company, 712 Cleveland St. It includes local vendors, live music and food and drinks for sale. For more information, go to facebook.com/sebastianchamber.

Downtown Friday in downtown Vero Beach is 6-9 p.m. along 14th Avenue. For more information, go to facebook.com/mainstreetverobeach. Stop by the Vero Beach Heritage Center & Indian River Citrus Museum, 2140 14th Ave., from 5-8 p.m. to make “heart bombs” or love letters to historic places. For more information, go to facebook.com/veroheritage.

The second annual Ukulele Festival is 2-9 p.m. Saturday at Pareidolia Brewing Company, 712 Cleveland St., Sebastian. It features live performances, group jams, an open mic, workshop, concert and food and craft beer for sale. Admission is free. For more information, go to facebook.com/pareidoliaukulelefest.

The second annual Downtown Dapper Daze, presented by The Parisian Hostess, is 10 a.m. to 10 p.m. Saturday at American Icon Brewery, 1133 19th Place, Vero Beach. Go back in time to the 1940s and ‘50s, with guests encouraged to dress up in dapper attire. Enjoy vintage vendors, a classic-car show, a pinup pageant, swing dance lessons, a rockabilly band, a Dapper Dash and Hula-Hoop and bubble gum-blowing contests. For more information, go to downtowndapperdaze.com.

The fifth annual Indian River County Veterans & Family Picnic is 11:30 a.m. to 2:30 p.m. Saturday at Riverview Park, 600 U.S. 1, Sebastian. It includes lunch and games. Bring blankets and chairs. For more information, go to facebook.com/ngvirc.

Laurie K. Blandford is TCPalm’s entertainment reporter and columnist dedicated to finding the best things to do on the Treasure Coast. Follow her on Twitter at @TCPalmLaurie or Facebook at faceboook.com/TCPalmLaurie.

Source: Tia Lee Festival, Cigar Box Guitar Festival, Astronomy Day, Gardenfest! top this weekend

Thursday, January 30, 2020

Home renovations that are worth the cost.

Homeowners often spend a lot of money on renovations expecting to recoup more than they likely will. But some projects offer better returns than others.

What you get out of a renovation when you sell your home depends on the update’s universal appeal and how well it compares with similar properties, said Colleen Quinn, designer and owner of Red Bird ReDesign in Washington DC. For example, updated kitchens and master suites are often appealing to new buyers, she said.

“It is important to make investments that will be the best use of your money,” Quinn said. “We don’t want to put in custom details that are only for your specific use. Think about things that will be valued by a range of people.”

With a full kitchen renovation, homeowners can recoup about 59% of the cost, and a new master suite will typically return 50%, according to a study from the the National Association of Realtors and the National Association of the Remodeling Industry. But the highest returns come from less flashy projects.

Installing hardwood flooring, for instance, will get you back even more money than you put into it, returning about 106% of your cost. Replacing the HVAC — or heating and cooling system — will recover 85% of its cost, while an insulation upgrade will recoup 84%.

How do you decide if a project is worth it?

Best projects for the price

Most existing homes can use some kind of work when they come on the market.

“Very rarely does a seller have a house in perfect condition to sell,” said Chris Highland, an agent at eXp Realty in Frederick, Maryland.

But an older home that needs work can be an opportunity when it comes time to sell.

Highland has a five-bedroom, two-story, brick Colonial on the market that, having been “lived in hard” by a family for 21 years, would list around $250,000. The owner was willing to do $50,000 in renovations, including a new kitchen, updated bathrooms and new flooring throughout. After the renovations were done, the home was listed at $415,000 and is now in contract.

“There was a lot of work done,” said Highland. “But it wasn’t over the top and it was done in a way that is appealing to many buyers.”

This home in Frederick, Maryland, got $50,000 in renovations, including a new kitchen, before going on the market.

And while a $50,000 renovation may not be in the cards for everyone, Highland says some of the biggest bang for your buck comes from smaller projects.

“New carpet and paint are dirt cheap,” he said, “They are the easiest thing to do for the highest return.”

You get the best return on investment by focusing on the main living areas, the kitchen, bathroom and the master suite, followed by the flow of the house, said Shane Steele, vice president of marketing at Sundae, a California-based real estate investment company.

Keep the fixtures and finishes somewhat neutral, she said, so they will be more appealing for multiple buyers. “Add the flair with your decor that can be taken with you when you leave.”

And while a neutral palate and a universal appeal should be the goal when renovating, retaining original details can help a home stand out.

“Where possible you should try to preserve the bones of the house,” she said. “Any details like crown molding, arches, built-in shelves should stay, because there is demand for character.”

Too much renovating or not enough?

With some projects, you likely won’t get back all the money you put in. Creating an organized closet may improve your life, but it doesn’t go very far on the resale market.

Only 40% of a closet renovation is recouped, according to the study. The estimated cost of closet remodel is $6,300 and about $2,500 of that is recovered in a sale.

While renovations of additional living spaces like the attic or basement will recoup more than half their cost according to the study, Highland said they are less desirable than kitchens or bathrooms.

Avoid customization and focus on features that have mass appeal, said Quinn.

The sellers of the Frederick home avoided distinctive fixtures or finishes for wide appeal.

“People get their hearts set on a particular thing,” she said. “A spa shower. Imported lights. A particular kind of tile. Sure, if you’re going to be here forever. If not, the next person isn’t going to value that and you won’t get your money back.”

Similarly, she said, people can go too far with open concept. Taking out all the walls to improve flow may be appealing to future buyers, but they will still want to see a place where they can put their sofa and television.

Under-renovating can be a problem, too. Within a given price range or neighborhood, buyers expect a certain quality of materials and level of finishes, she said.

“In some areas there is an expectation that a new floor would be hardwood instead of laminate,” Quinn said. “If you put in laminate floors, that would be detracting for buyers. Better to not do the renovation, if you’re going to go so far low that a buyer would pull it right out or not buy because of it.”

Source: https://www.cnn.com/2020/01/20/success/home-renovations-roi/index.html

Wednesday, January 29, 2020

The Housing Market Gained $11 Trillion in Value in the 2010's

The combined value of every residential home in the United States is a staggering $33.6 trillion – almost equal to the combined 2018 GDPs of the U.S.A. (~$20.5 trillion) and China (~$13.6 trillion), by far the world’s two largest national economies. If all the 2,200+ billionaires in the world (as of 2018) were to pool their assets, their paltry $9.1 trillion in wealth couldn’t even buy a third of the nation’s homes.

Over the past year, between the end of 2018 and the end of 2019, the total value of every residential property in the country grew by 3.4%, or approximately $1.1 trillion – a sum higher than the entire 2018 GDP of all but 15 nations. But the real story may be in measuring the difference a decade can make: Between 2010 and the end of 2019, the total value of all U.S. homes grew 51%, or $11.3 trillion.

In 2010, the U.S. housing market was struggling to regain its footing in the wake of one of the largest economic and housing downturns on record. But a decade of economic recovery marked by low unemployment, low interest rates and a near-tripling of the Dow Jones Industrial Average contributed widespread home value growth. Of course, the U.S. housing market is really just a collection of state and regional markets, with some states and metro areas contributing more to the overall value and growth of the U.S. housing stock, and some contributing far less.

For example, California more than lives up to its moniker as the Golden State over the longer-term. Over the past decade, California’s housing stock grew in value by more than $3.1 trillion, by far the largest such growth of any single state – and comfortably more than the combined total of the next four on the list: Texas (+$886 billion), Florida (+$839 billion), Washington (+$507 billion) and New York (+$495 billion). And three of the five individual metro markets in which housing has gained the most value over the past decade are in California: Los Angeles (+$1.065 billion), San Francisco (+$872 billion), New York (+$656 billion), San Jose (+$360 billion) and Seattle (+$356 billion).

But while examining a decade’s worth of growth can offer a useful look at the big picture, it can also obscure shorter-term trends that may be having a bigger immediate impact. For a brief period between the end of 2013 and early 2014, the typical home value in California was growing at more than 20 percent per year, an incredibly rapid pace that undoubtedly contributed to the Golden State’s overall housing stock appreciation over the decade. But that kind of growth is also wildly unsustainable – by the end of 2019, annual appreciation for the typical California home had slowed to less than 2%. And that slowdown meant that in 2019 alone, California contributed far less to the nation’s overall housing wealth than its past performance might suggest.

In 2019 alone, the states with the largest individual contributions to growth in value of the U.S. housing stock were Texas (+$89 billion), California (+$77 billion), Florida (+$69 billion), Pennsylvania (+$47 billion) and Washington (+$45 billion). And in the past year, only one California metro was on the list of the five largest contributors to housing stock value gain: Washington, D.C. (+$38 billion), Phoenix ($+30 billion), Seattle (+$30 billion) Los Angeles (+$29 billion) and Dallas (+$23 billion).

There are generally two ways in which total housing value can grow: Appreciation among existing homes, and/or additions to the local housing stock itself. Roughly 86%, or $9.7 trillion, of the growth in value of the U.S. housing stock over the past decade can be attributed to the simple, steady appreciation of existing homes over this period. The remainder can be chalked up to builders adding value to the housing stock through newly built homes. In almost every individual market, a similar pattern holds true – the majority of overall housing value growth can be attributed to appreciation.

Almost, but not all: In Charlotte, the total housing stock value grew by 110% over the decade – 63% of which is attributable to added value from new homes, and 47% attributable to appreciation. A large part of growth in Austin (55% from the total 126%) over the same period can also be attributed to new housing stock added over the past 10 years.

The post Recovery Riches: The U.S. Housing Market Gained $11 Trillion in Value in the 2010s appeared first on Zillow Research.

Source: Recovery Riches: The U.S. Housing Market Gained $11 Trillion in Value in the 2010s

Tuesday, January 28, 2020

How new FICO changes may lower — or boost— your credit score.

The newest version of the FICO credit score unveiled on Thursday will have a broader view of how you manage your debt and will boost as many scores as it will hurt.

Instead of relying on just a snapshot of your financial behavior, the new score, called FICO Score 10, will be able to peer into your financial habits for the past 24 months and determine – based on that history – if you’re a risky borrower.

About 40 million Americans will see their FICO score increase by 20 points or more because of the change, while another 40 million will experience a decline by at least 20 points, said Dave Shellenberger, vice president of product management at FICO. Another 30 million will notice smaller changes either way.

“These are the most predictive scores FICO has developed to date,” Shellenberger told Yahoo Money. “They really do an excellent job of reinforcing good consumer financial habits – making payments on time, not running up balances, taking out credit only when you need it. Those types of behaviors are rewarded strongly.”

top view of cup with coffee near paper with credit report lettering on paper

FICO unveiled a new credit score that will help the credit scores of some Americans and hurt some as well. (Photo: Getty Creative)

Who will the new FICO score hurt?

The new score will judge certain risky behaviors more harshly.

For instance, if you build up balances on your credit cards over the last 24 months, that will hurt your score. Before, the FICO score could only see your current balance, and not the history of your growing credit card debt.

Another potential red flag is personal loans. If you consolidated credit card balances into a personal loan and then subsequently racked up new credit card debt, your score would reflect a riskier borrower.

This is especially timely, given the rise in personal loans over the last five years and increases in credit card debt, according to Matt Schulz, chief industry analyst with CompareCards.com.

“Personal loans have grown to be such a popular tool, it’s good that FICO is going to address that,” he told Yahoo Money. “We certainly have seen a lot of credit card debt move into the personal loan space.”

Who will the new FICO score help?

The new score will be more forgiving of other behaviors that may be considered risky by earlier score versions.

For example, if you run up your credit card balances over Christmas or on a summer vacation, but it’s a one-time spike, that won’t hurt your FICO 10 score as much. That’s because the model can look back on historical balances and see this is not a consistent pattern.

“In the past, the FICO score would focus on the most recent data,” Shellenberger said. “FICO 10 gives a more holistic picture that can help during an aberration. That sudden spike’s impact on your score softens considerably.”

Change ‘bound to happen’

A number of changes in the credit landscape prompted FICO to rebuild its score, an undertaking the company does every five years or so. Its score is the most widely used by lenders to determine who to lend to and at what interest rate.

The new score now utilizes so-called trended data in a person’s credit report that shows a person’s credit performance over the last two years. It also provides more granular data, such as the amount you paid toward your credit card.

Previous FICO scores didn’t take into account this trended data, but its competitor – VantageScore – uses the data in its latest score version.

Source: How new FICO changes may lower — or boost— your credit score

Friday, January 24, 2020

Port Salerno Seafood Festival, Wildland Fire Expo top events, things to do this weekend

Here are the best events and things to do in Port Salerno, Stuart, Fort Pierce, Port St. Lucie, Sebastian and Vero Beach.

Source: Port Salerno Seafood Festival, Wildland Fire Expo top events, things to do this weekend

Thursday, January 23, 2020

What's the minimum credit score to get a mortgage?

FHA Minimum Credit Score

Question: Does FHA have a minimum credit score requirement? Answer: No. The only credit-score-based limitations that FHA has (for all transactions) are below. However, it is possible that you have secondary market overlays that require a 620.

If the Borrower’s Minimum Decision Credit Score is at or above 580 then the borrower is eligible for maximum financing.

If the Borrower’s Minimum Decision Credit Score is between 500 and 579 then the borrower is limited to a maximum LTV of 90%.

Source: When you are buying a home, one of the biggest determiners of your credit health to a lender is your credit score. Some people think that you need a really high score to qualify for a home loan, but that’s not true. There are great programs that work with clients who have lower credit scores. Curious? Let’s chat and I will happily answer your questions! – Mortgage Currentcy

Wednesday, January 22, 2020

High School as Employment History

FHA High School as Employment History

Question: My client has been employed for 1 year and previous to that was a high-school graduate. Will his time in high school count as his employment history?

Answer:

FHA will allow only one year of employment (and even no job history in the case of a new job offer right after specialized training or college graduation), BUT expect varied responses by underwriters on the topic of allowing high school as an acceptable education history in lieu of employment (see the guideline below).

FHA leaves it up to the lender to determine if high school is an acceptable education history. Here are a couple of approaches I’ve seen over the years.

Some lenders will take the stand that a borrower who was enrolled in a high school trade program, such as welding, and is now employed for the last year as a welder has an acceptable work/school history. But if the last year of high school was without any specific skills training and was because this school level is typically attended as a minor, then it’s not considered to be adequate to support the conclusion of a stable work history especially if the current job is not in a skilled trade.

Other lenders take FHA at their word and simply accept high school enrollment as an acceptable part of the work/school history no matter what the current type of employment.

Source: Believe it or not, there are some very driven high school graduates from trade schools who are gainfully and well employed in their trade. There are mortgage loan programs that will count your time in high school as part of your employment history. So, if this sounds like your situation, let’s talk and discuss how you can build a plan to become a homeowner vs. a renter. – Mortgage Currentcy

Tuesday, January 21, 2020

A family member willing to help you buy a home?

If you are one of the lucky ones to have a family member willing to help you buy a home by offering you a gift, then let’s talk before you buy. “Family Member” is defined differently based on the program you select to finance your home. Feel free to contact me with questions. I’m happy to help you finance your dream!

Related Article Title: FHA – Real Estate Agent is “Best Friend” and Wants to “Gift” Commission

Question:

My borrower’s best friend is the real estate agent that sold her the property. The Realtor would like to gift part of their commission to the borrower. Is this allowed? Gift Funds & Gifts of Equity – Chart, We Are Family – How FHA Defines a Family Member – MTP™

Answer:

Unfortunately, only a family member entitled to the commission may give it as a gift. While a close friend is an eligible donor for gifts of cash, they are not eligible to provide commission from the subject transaction as a gift.

Reference:

FHA 4000.1 Manual

Brandon Butler | Posted on January 14, 2020

Wednesday, January 15, 2020

Before applying for a mortgage with your bank, read this.

Many people apply for a mortgage with their bank, assuming it will be easier and faster. But that’s not always true. The first lender you check isn’t always the best.

The big bank mortgage paradox

Understandably, when it comes time to apply for a mortgage, many people’s first thoughts are to contact their bank.

It makes sense, after all. You have a preexisting relationship with your bank.

But many people who get a mortgage from their bank — without looking at other options first — miss out on lower rates and excellent service available elsewhere.

That’s not to say your bank isn’t the right choice for your home loan. But it pays to shop around before choosing a lender.

Get personalized lender recommendations here (Jan 15th, 2020)

What to know about shopping for a mortgage

There’s no shortage of options when it comes to obtaining a home loan.

Consumers can choose to work with their bank or credit union.

Or, they can work with a mortgage broker or direct lender (think loanDepot or better.com).

But many people go with the first option. “My bank already has my information,” they think, “so getting a mortgage should be quick and easy.”

I’ve lost a number of clients who simply felt more comfortable with their bank — because of their name alone.

Explore your home loan options here (Jan 15th, 2020)

Is getting a mortgage from your bank more convenient?

Contrary to popular belief, having preexisting accounts with a bank doesn’t mean that your personal information can just be auto-populated into your mortgage application.

Having preexisting accounts with a bank doesn’t mean that your personal information can just be auto-populated into your mortgage application.

Further, just because you bank with them doesn’t mean you’ll get a better deal. And it definitely doesn’t mean you’ll receive better service. A quick Yelp search can support this.

Unfortunately, I’ve work with a number of folks that found out about these facts the hard way.

“We are just going to work with our bank,” say home buyers

These words can be scary to real estate professionals.

After all, there’s a reason most Realtors don’t refer their buyers to big banks.

Allison Barnett of the Barnett Realty Group in Marietta, GA can speak to this first-hand.

Barnett has worked with a number of potential buyers who’ve said, “We will be working with our bank.”

According to Barnett, “These words always make me cringe. I can’t tell you how many times I’ve worked with big-name banks and credit unions that have turned out to be dreadful experiences.”

“I can’t tell you how many times I’ve worked with big name banks and credit unions that have turned out to be dreadful [mortgage] experiences.” –Allison Barnett, Barnett Realty Group

“I think loan officers and processors at these places are instructed to have minimal if any contact with Realtors,” says Barnett.

“While I understand privacy laws with regard to information sharing, as a buyer agent, I need to be able to communicate with the bank to ensure a smooth process for my clients,” Barnett continues.

“I can’t tell you the number of unreturned calls and emails I’ve experienced. It can be very frustrating.”

Why buyers don’t shop around for a mortgage when they should

The majority of home buyers begin their search by looking online at homes for sale.

Often times, after seeing photos of a home that piques their interest, they contact an agent so they can view the property.

This has become somewhat normal when it comes to buying a new home.

Buyers look at listings first, then contact an agent to view homes, and don’t worry about financing until they’re already set on a place.

>> Related: 10 steps to buying a home, in the right order

It makes sense that it’s many people’s instinct is to find a home before they think about a mortgage. That feels natural.

But by shopping before you find a lender, you limit your window to shop around and compare loan estimates.

If there’s competition to buy and you’re in a time crunch, you’re more likely to go with the first lender you find — which often isn’t the best deal.

A real-life story where “working with our bank” went wrong

In one instance, Barnett was working with first-time home buyers, Mr. and Mrs. Wilson.

As is often the case with first-time buyers, the Wilsons were excited to start their home buying journey. Also like many first-timers, they were nervous and in need of some extra guidance.

Understandably, the Wilsons assumed that their bank, whom they’ve been forever, would be the natural go-to for getting a mortgage.

After contacting their bank, the Wilsons were soon met with their first hurdle. The saying “banker’s hours” — referring to an in-late-out-early attitude — certainly applied in this case.

Like many young couples, the Wilsons both had full-time jobs.

This made it difficult to connect with their bank during business hours.

And contacting their bank on the weekend was equally challenging. Even though some branches were open on Saturdays, loan officers and processors were unavailable until Monday.

After making arrangements to speak to someone during their lunch hour, the Wilsons finally spoke with a mortgage loan originator.

Seven days later, the couple was told they were pre-approved to buy a home with a purchase price of $205,000.

On a side note: They didn’t realize that many lenders can get you pre-approved in just 24 – 48 hours.

Many lenders — especially digital lenders — can get you pre-approved in 24-48 hours.

Pre-approval in hand, the Wilson’s set out on their journey to find their first home.

After finding their dream home and having their offer accepted, the Wilsons were anxious for instructions from their bank regarding what’s next.

From nightmare to happy ending

Roughly 10 days before closing, I received a call from the Wilsons’ Realtor, Allison Barnett. Both the buyers and Barnett were in a state of panic.

The Wilson’s earnest money was in jeopardy. Not to mention they were now concerned that they could lose their dream home.

Not only had their calls and emails gone unreturned for several days, after finally escalating their concern to management, they were informed that their loan had been declined.

The reason? According to the bank, one simple document had not been received.

The Wilson’s could have easily provided the document in question, and possibly revived their mortgage loan with the bank. However, neither the Wilsons nor Barnett had any confidence in the bank at this point.

Fortunately for Mr. and Mrs. Wilson, their Realtor contacted me.

I stepped in and closed the Wilson’s loan in just 17 days. Not only did this save the Wilson’s earnest money deposit, but they didn’t lose out on purchasing their dream home.

Connect with a loan officer here (Jan 15th, 2020)

How can you know if your bank is a good lender?

There are a number of myths out there when it comes to getting a mortgage loan. This is especially true with regards to mega-banks.

Just because your bank is a big name, just because they’ve been around for a while, just because you have other accounts with them, working with a mega-bank may be a mistake.

You can find out whether this is true for your bank by shopping around and doing research.

Just about anything you need to know regarding a mortgage company is available on the internet. While no company can make everyone happy 100% of the time, if you see a trend, there’s usually a reason.

You can also ask your Realtor for a recommendation. For good reason, you’ll rarely find a Realtor that recommends a big-name bank.

The takeaway: Don’t go with the first lender you find

Getting a mortgage can be complicated and time-consuming.

But those that do their research and find the best mortgage lender can save thousands — even tens of thousands — over the life of their home loan.

And remember: Finding the lowest rate is important, but good customer service and communication shouldn’t be compromised, either.

So don’t just go with your bank because your bank with them. And don’t just go with the first lender you contact. If you do your due diligence, it will pay off.

Show me today’s rates (Jan 15th, 2020)

Source: Before applying for a mortgage with your bank, read this | Mortgage Rates, Mortgage News and Strategy : The Mortgage Reports

Tuesday, January 14, 2020

10 Reasons to Engage a Mortgage Broker for Your Property Purchase and Refinancing!

The consultation service provided by our Team is completely free! This is because we get paid directly by the bank for all the successful loan applications.

You can compare the updated rates as well as packages free of cost from almost 16 banks in Singapore.

Despite giving you such awesome facilities when it comes to the banks, we aren’t tied down by any of them. So you can expect only unbiased and reliable advice from our experts.

By having a steady working relationship with the various banks all over Singapore, we have a clear idea of the exact elements that they are looking for in the applications.

Each and every mortgage broker working with us is highly skilled, qualified and has vast experience in the industry. Hence, they are well versed in the various aspects of the finance industry.

A major part of any mortgage is the paperwork which can be both confusing as well as time-consuming. With our experts at your disposal, you no longer need to bother with paperwork anymore.

Every 2 to 3 years, you can get an update and a complete review of the home loan free of cost as per our after-sale service policies.

Being completely mobile, our Team can meet you anywhere anytime as per your convenience.

What adds to our mobility is the high degree of flexibility we provide our clients by remaining accessible the entire week. So Monday to Sunday just give us a call anytime between 9 am-10 pm and we will be right there.

Yes, last but not least, there are tons of value-added services that you can enjoy with us, like creative financing, applying for the cash term loan without having to sell your current property and many more.

Source: 10 Reasons to Engage a Mortgage Broker for Your Property Purchase and Refinancing!

Friday, January 10, 2020

Treasure Coast History Festival, Bark in the Park, Stuart Boat Show top this weekend

Here are the best events and things to do in Fort Pierce, Port St. Lucie, Vero Beach, Sebastian, Stuart and Jensen Beach.

Source: Treasure Coast History Festival, Bark in the Park, Stuart Boat Show top this weekend

Thursday, January 9, 2020

Five Mistakes that Kill Your Home's Value

1. Ignoring Curb Appeal

Before you host an open house or snap your listing photos, consider addressing your landscape. If your home’s exterior looks unkempt, buyers may reject your property based on the photos alone. Landscaping tends to yield a high return on investment — and if you’re staying put, it’s a great way to enhance your home to your benefit— but a good sprucing and a few simple flower pots can also make a big impact.

2. Banishing the Bathtub

An outdated bathroom can detract some buyers, but it’s bathtubs and the number of bathrooms that have the most influence. Homebuyers — those with kids, in particular — tend to seek homes with two or more bathrooms and at least one bathtub, according to real estate experts. So, resist the urge to swap every tub in your house for a spa-like shower. And, if you’re going to build an addition or finish your basement, consider adding another bathroom to your home.

3. Echoing Another Era

While some buyers are certainly in the market for a home they can renovate and make their own, the majority are looking for something move-in ready. Features to update include outdated and busy wallpaper, popcorn ceilings, old carpeting, wood paneling and peeling linoleum floors. You can remove wallpaper and popcorn ceilings yourself, but both are messy and time-consuming. (Note that if your home was built before 1977, your popcorn ceiling may contain asbestos, which requires professional remediation.) You’ll typically pay about $1 to $3 per square foot to hire a pro to remove a popcorn ceiling — and you’ll pay an average of 55 cents to $1.50 per square foot to hire a pro for wallpaper removal, according to the Angie’s List Pricing Guide.

4. Masking Dirty Truths

Two aspects of your home that are practically invisible but greatly influential are pests and odors — and both can ruin a home showing in a hurry. Smoke, in particular, can get into drywall and carpets, making it tough to mask or remove. And if you have pests, federal law requires full disclosure to potential buyers. So, it’s worth your time to handle the infestation before resale. If you need help, pest control, cleaning and carpet cleaning pros can help restore order — and an inviting smell — to your home.

5. Leaving a To-do List

Look at your property through the eyes of a buyer: Would you want to purchase a home with damaged tile, scuffed paint, leaky faucets and outdated electrical work? Leaving repairs and cosmetic work to buyers can make your home harder to sell. And, in many cases, touching up the paint, doing a deep clean, and replacing stained or smelly carpets can add thousands to the resale value of your home. If you need help, consider calling a handyman. They can lend a hand with all kinds of home maintenance projects — from small plumbing jobs to window repairs — and most charge between $50 and $100 hour.

Source: Five Mistakes that Kill Your Home’s Value

Monday, January 6, 2020

Florida #9 - best and worst U.S. states for retirement

Iowa ranked first place on investment firm Blacktower’s retirement rankings. See a full breakdown of their best and worst states to retire in the U.S.

Source: Here are the best and worst U.S. states for retirement

Friday, January 3, 2020

City of PSL: Southern Grove Community Plan

Southern Grove is one of Florida’s most unique job opportunity areas for large-scale manufacturing, logistics and retail development. It has the largest swath of development-ready vacant land in all South Florida that fronts over four miles of Interstate 95, with interchanges at both Tradition Parkway and Becker Road. Port St. Lucie has a talent-ready labor market with a central location between several major metro areas, including international airports located in Orlando and West Palm Beach. Village Parkway runs from Tradition Parkway at the north down to Becker Road at the south, offering four miles of completed water, wastewater, electric, gas and fiber infrastructure.

Southern Grove includes both the Tradition Center for Commerce and the Tradition Center for Innovation, home to Cleveland Clinic Martin Health. Tradition Center for Commerce is a 1,175 acre part of the 8,200 acre community better known as ‘Tradition’. It is an opportunity for development with the city of Port St. Lucie with over 10 million square feet of office, industrial, warehouse and retail space. Parcel sizes are flexible to allow for opportunity for large-footprint users. Potential development include manufacturing, distribution, warehousing, corporate office, medical office, research & development, retail, multi-family residential, hospitality and educational uses.

Port St. Lucie has continued to grow in recent years, recently surpassing a population of 200,000. This designation makes it the third most populous city in South Florida, as well as the third largest city in Florida, spanning over 120+/- square miles. In 2019, Port St. Lucie received the following notable rankings: