Blog | DDA Mortgage
Mortgage News and Advice
Click on any of our videos below to learn more about your mortgage process. Subscribe to our blog and get notified of new videos.
Subscribe
The federal bill that seeks to eliminate abusive trigger leads took a major step forward this week, advancing in the U.S. House of Representatives and reigniting hopes across the mortgage industry that it could soon become law. Yes, that's an important development for the mortgage and consumer protection landscape. The federal bill to eliminate abusive trigger leads recently advanced in the U.S. House of Representatives , which is a significant step toward potentially becoming law. Here’s what this means: 🔍 What Are Trigger Leads? When a consumer applies for a mortgage and a credit inquiry is made, credit bureaus can sell that information to other lenders. These are known as trigger leads . While legal, they often result in a flood of unsolicited calls or offers from competing lenders — many of which may be misleading or aggressive. 🏛️ About the Bill The legislation seeks to ban or strictly limit the use of trigger leads unless the consumer explicitly consents. It aims to: Protect consumers from confusing or predatory offers . Curb misleading solicitations that impersonate the original lender. Improve privacy and control over a borrower’s financial data. 🏠 Industry Reaction The mortgage industry and consumer advocacy groups have largely welcomed the move, arguing that trigger leads: Cause consumer confusion. Undermine trust in legitimate lenders. Lead to identity theft or fraud in some cases. 📅 What’s Next? The bill now moves to the Senate , where it will need to pass before reaching the President’s desk. Industry stakeholders are pushing for bipartisan support, noting the broad agreement on consumer protection.
We offer 2nd mortgages on primary, secondary, and investment properties we do purchases or refinances on Conventional, FHA, VA, and Non- Qm mortgages, We do Reverse Mortgages, Construction Permanent loans, FHA203k, and Conventional Renovation loans. Let me know how we can help you or someone you know tune in and learn at https://www.ddamortgage.com/blog Didier Malagies nmls#212566 dda mortgage nmls#324329
✅ What AI Will Do in Mortgages: Speed Up Approvals & Underwriting: AI can instantly verify income, assets, and credit. It reduces manual errors and shortens approval time from days to hours. Enhance Risk Assessment: Lenders use AI to evaluate risk more precisely, especially for non-traditional borrowers (e.g., gig workers, freelancers). Improve Customer Experience: Chatbots and virtual assistants handle common questions 24/7. Personalized loan options and real-time updates via apps or portals. Detect Fraud: AI is excellent at spotting red flags in documentation or transaction patterns. Automate Paperwork: AI can auto-fill forms, read legal documents, and streamline disclosures. ❌ What AI Won’t Do (Yet): Replace Human Loan Officers Entirely: Borrowers still want a human guide for major financial decisions. Emotional support, judgment calls, and trust still require human touch. Understand Complex Situations Fully: Edge cases like self-employed income, family co-borrowers, or mixed credit histories need human interpretation. Replace Regulatory Oversight: Compliance and legal accountability still rely on humans to interpret nuanced and changing rules. 🔮 Looking Ahead: Hybrid mortgage models (AI + human advisors) are becoming the norm. Lenders that use AI wisely will be faster, cheaper, and more customer-friendly. Borrowers may not realize how much AI is helping behind the scenes.
A reverse mortgage can be a strategic financial tool for older homeowners, typically 62 or older. Here are the main reasons to consider getting one : 🔹 Supplement Retirement Income A reverse mortgage can provide monthly payments, a lump sum, or a line of credit — helping cover: Living expenses Medical bills Long-term care Travel or leisure activities 🔹 Stay in Your Home It enables aging in place by converting home equity into cash without needing to sell or move . 🔹 No Monthly Mortgage Payments You’re not required to make monthly payments on the loan (though you must still pay property taxes, insurance, and maintain the home). 🔹 Access to Tax-Free Funds Loan proceeds are generally not considered taxable income , making it an efficient income source for retirees. 🔹 Flexible Payout Options Choose a payment method that fits your needs: Lump sum Monthly payments Line of credit (grows over time) Combination 🔹 Bridge to Other Income It can serve as a temporary cash flow tool while delaying Social Security or waiting for other investments to mature. 🔹 Pay Off Existing Mortgage If you still have a mortgage, a reverse mortgage can eliminate monthly payments by paying off the balance. 🔹 Emergency Fund The line-of-credit option can act as a buffer against unexpected financial needs or market downturns. 🔹 Non-Recourse Loan Protection You (or your heirs) will never owe more than the home is worth when the loan is due, even if the balance exceeds the home's value. Didier Malagies nmls212566 DDA Mortgage nmls324329
Buying a condo is different from purchasing a single-family home, and it's important to understand the unique considerations involved. Here’s a comprehensive list of what you should know before buying a condo: 1. Understand What You're Buying Ownership: With a condo, you own the interior of your unit, but share ownership of common areas (lobby, pool, gym, etc.) with other residents. HOA (Homeowners Association): This governing body manages shared areas and enforces rules. 2. Evaluate the HOA Fees: Ask for the current monthly fees and whether they’re likely to increase. What’s Included: See what the fees cover (e.g., water, insurance, maintenance, amenities). Reserve Fund: Check if the HOA has a healthy reserve fund for unexpected repairs. Rules and Bylaws: Review pet policies, rental restrictions, noise rules, and renovation limitations. Meeting Minutes: Request past meeting minutes to identify ongoing disputes, major projects, or complaints. 3. Financial Health of the Building Special Assessments: Are there upcoming or recent one-time fees for big repairs? Delinquency Rate: A high number of owners not paying dues can be a red flag. Insurance Coverage: Confirm that the building has proper insurance coverage (you’ll need your own unit insurance too). 4. Location and Building Condition Location: Evaluate the neighborhood, proximity to work/public transit, schools (if relevant), and future development. Building Age and Maintenance: Older buildings may need major upgrades; review recent renovations (roof, elevators, HVAC). Noise and Privacy: Check unit positioning and wall/floor sound insulation. 5. Unit-Specific Considerations HOA Restrictions on Renovations: Can you remodel the kitchen? Change flooring? Storage and Parking: Confirm assigned parking, storage lockers, bike racks, etc. Utilities: Understand what utilities are included and how they’re billed. Views and Natural Light: Are there any plans to build next door that could block your view? 6. Legal and Resale Aspects Title and Liens: Ensure there are no legal issues tied to the unit or HOA. Resale Value: Check sales trends in the building; talk to a local agent about demand for similar condos. Occupancy Rate: Higher owner-occupancy rates often mean better-maintained buildings. 7. Financing Lender Requirements: Not all lenders finance condos easily—make sure the condo is on their approved list. Warrantable vs. Non-Warrantable: Some buildings are considered riskier (too many renters, lawsuits, etc.) and may need special financing. 8. Inspections and Disclosures Professional Inspection: Even if the HOA handles exterior maintenance, get an inspection for internal systems (plumbing, electrical, HVAC). Disclosures: Review all seller-provided documents carefully—especially HOA disclosures and financials. tune in and learn at https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329
Locking in your interest rate can be a smart move under the right circumstances—especially when there's economic uncertainty, like tariffs, geopolitical tension, or volatile inflation. Here are a few key considerations to help you decide: ✅ Reasons to Lock in Now: Rising Rate Environment: If inflation is persistent and the Fed continues to signal rate hikes (or holding rates higher for longer), mortgage and loan rates might increase. Market Volatility: Tariffs and global economic uncertainty can lead to unpredictable swings in rates. Locking in now protects you from upward movement. You’re Close to Closing: If you're within 30-60 days of needing the loan (e.g., buying a house), rate locks are usually worth it. Peace of Mind: Locking gives you certainty in an uncertain time, helping you budget better and avoid surprises. ❌ Reasons to Hold Off: You Expect Rates to Drop: If there's strong indication that rates will fall due to recession fears or easing inflation, waiting could save money. You're Not Ready to Act: If your closing is still months away or you're just shopping around, locking too early may be premature (and rate locks often have time limits and fees) tune in and learn more at https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329
Recent research from the Nationwide Retirement Institute and The American College of Financial Services highlights a significant disconnect between Americans' increasing life expectancy and their financial preparedness for retirement. As more individuals are living into their 90s and beyond, many are at risk of outliving their savings due to inadequate planning. Key Findings Longevity Risk : The U.S. Census Bureau projects that the number of Americans living to 100 will quadruple by 2054. However, only 29% of Americans express a desire to live that long, primarily due to concerns about declining health and financial insecurity. Underestimating Lifespan : A significant portion of Americans underestimate their potential lifespan. Only 27% could accurately estimate the average longevity of a 65-year-old, leading to insufficient retirement planning. Financial Literacy Gaps : The Retirement Income Literacy Study reveals that many older Americans lack knowledge in key areas such as Social Security, investments, and longevity planning, which are crucial for retirement readiness. Delayed Retirement : Economic uncertainties, including inflation and market volatility, have led 76% of surveyed individuals to consider delaying retirement to ensure financial stability. Business Recommendation To address these challenges, experts suggest: Longevity Planning : Incorporate realistic life expectancy estimates into retirement planning to ensure savings last throughout one's lifetime. Financial Education : Enhance understanding of retirement-related financial topics, including Social Security benefits and investment strategies. Guaranteed Income Streams : Consider products like annuities that provide a steady income to mitigate the risk of outliving savings. Professional Guidance : Work with financial advisors to develop comprehensive retirement plans tailored to individual needs and longevity expectations. Also look and see what a Reverse Mortgage can help with as well Didier Malagies nmls212566 DDA Mortgage nmls324329
I do Residential Mortgages in the State of Florida only, that is where I am licensed. Most of my business is from Pinellas, Hillsborough, and Pasco County. I am doing more loans all over the State as time goes on. I love to go to my closings and will drive up to 1 hour to be there at your closing. I do Fnma/FHMC, FHA, VA, C/p, Nonqm mortgages. On the Commercial side the whole Country is open and if you are having difficulty with your lender and not going anywhere, go to www.ddamortgage.com and complete a form and I will get back with you. Technology has made it so easy to help get your mortgage processed and closed I am always available to help out and I answer your questions and teach you along the way tune in and learn at https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329
After years of identifying the housing market as unhealthy — culminating in a savagely unhealthy housing market in early 2022 — I can confidently assert that the housing market in 2024 and 2025 is on better footing. This transformation sets an extremely positive foundation for what’s to come. Some recent headlines about housing suggest that demand is crashing. However, that’s not the case, as the data below will show. Today on CNBC , I discussed this very point: what is happening now is not only in line with my price forecasts for 2024 and 2025, but it’s why I am so happy to see inventory grow and price growth data cool down. What we saw in late 2020, all of 2021 and early 2022 was not sustainable and we needed higher mortgage rates to cool things down — hence why I was team higher rates early in 2021. The last two years have ushered in a healthier market for the future of existing home sales. Existing home sales Before the existing home sales report was released Thursday, I confidently predicted a month-to-month decline, while estimating the existing home sales print to be just a tad above 4 million. That’s precisely what occurred — no surprises there, as every month in 2025 has consistently exceeded 4 million. However, it’s important to note that our weekly pending home sales data has only recently begun to show growth compared to last year. We have an advantage over the data from the National Association of Realtors since our weekly pending home sales data is updated weekly, making their report somewhat outdated. The notable surprise for me in 2025 is the year-over-year growth we observe in the data, despite elevated mortgage rates. If mortgage rates were ranging between 6%-6.64%, I wouldn’t have been surprised at all because we are working from the lowest bar in sales ever. Purchase application data If someone had said the purchase application data would show positive trends both year to date and year over year by late April, even with mortgage rates not falling significantly below 6.64%, I would have found that hard to believe. Yet, here we are witnessing consistent year-over-year growth . Even with the recent rate spike, which has clearly cooled demand week to week, we are still positive. If mortgage rates can just trend down toward 6% with duration, sales are growing. Housing inventory and price growth While my forecast for national price growth in 2024 at 2.33% was too low and in 2025 at 1.77% may be too low again, it’s encouraging to see a slowdown in price growth, which I believe is a positive sign for the future. The increase in inventory is also promising and supports long-term stability in the housing market. We can anticipate that millions of people will continue to buy homes each year, and projections suggest that we’re on track for another nearly 5 million total home sales in 2025. As wages rise and households are formed, such as through marriage and bringing in dual incomes, this influx of inventory returning to normal levels provides an optimistic outlook. This trend in inventory data is truly heartening. Conclusion With all the data lines I added above, you can see why I have a renewed optimism about the housing market. If price growth significantly outpaced inflation and wages, and inventory wasn’t increasing, I’d be discussing a much different and more concerning state of affairs. Thankfully, that’s not the case. Historically, we’ve observed that when home sales dip due to higher rates, they may remain subdued for a while but ultimately rise again. This is common during recessions, as I discussed in this recent HousingWire Daily podcast . As you can see in the existing home sales data below, we had an epic crash in sales in 2022 but found a base to work from around 4 million. This trend has shaped the landscape of housing economics since post-WWII, reminding us that resilience and recovery are always within reach.
