Buying Florida Podcast

Podcasts

DDA Mortgage Weekly Podcasts

Click on any of our episodes below to learn more about your mortgage process. Subscribe to our podcast and get notified of new episodes.

See All Episodes

Don't use all your funds to close on your mortgage, keep some money on the side

When you're buying a home, it's not just about affording the purchase price or down payment. You’ve got closing costs, moving expenses, and all the “surprise” things that come up after you move in — like needing a new appliance, fixing a plumbing issue, or just furnishing the place.Keeping some cash reserves is smart. A good rule of thumb is to have at least 3-6 months of living expenses saved after the purchase, just in case life throws a curveball.Are you thinking about buying soon or just planning ahead?tune in and learn https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Frequently asked questions regarding job history and funds to close on a mortgage

Are you a salaried employee, hourly, self-employed, or a contractor?Do you receive bonuses, commissions, or overtime? How consistent is that income?Can you provide recent pay stubs, W-2s, or tax returns?Self-Employment (if applicable):How long have you been self-employed?Can you provide two years of business tax returns and profit/loss statements?🔹 Funds to Close QuestionsLenders want to confirm you have enough money to cover the down payment, closing costs, and reserves. Questions may include:Source of Funds:How much money do you have saved for the down payment and closing costs?Where are these funds coming from (savings, checking, retirement account, gift, etc.)?Are you receiving any gift funds? If so, from whom?Asset Documentation:Can you provide bank statements from the past 2–3 months?Are there any large or unusual deposits? Can you explain them?Reserves:Do you have additional savings left after closing (reserves)?Can you show evidence of other assets (stocks, bonds, retire

Rates! Rates! Rates! is it time to refinance your mortgage

With the recent dip in mortgage rates, you might be contemplating whether refinancing your mortgage is a prudent move. Currently, the average U.S. rate for a 30-year fixed mortgage stands at approximately 6.64%, marking the second consecutive weekly decline .Key Considerations for Refinancing:Interest Rate Reduction: A common guideline suggests that refinancing becomes beneficial if you can lower your interest rate by at least 1% to 2%. Even a 0.5% reduction can be worthwhile, depending on your loan amount and term.Break-Even Point: Calculate how long it will take for your monthly savings to offset the closing costs associated with refinancing. If you plan to stay in your home beyond this break-even period, refinancing could be advantageous.BankrateLoan Term Adjustment: Refinancing provides an opportunity to modify your loan term. For instance, switching from a 30-year to a 15-year mortgage can lead to significant interest savings over time, though it may increase your monthly payme

Which loan product is better for you if you have lower credit scores when buying a home

1. FHA Loan (Federal Housing Administration Loan)Credit Score Requirement: As low as 500 (with 10% down) or 580+ (with 3.5% down).Best For: First-time homebuyers and those with lower credit.Pros: Low down payment, flexible credit requirements.Cons: Requires mortgage insurance premiums (MIP).2. VA Loan (Veterans Affairs Loan) (For eligible military members & veterans)Credit Score Requirement: No official minimum, but lenders may require 580-620+.Best For: Veterans, active-duty military, and qualifying spouses.Pros: No down payment, no private mortgage insurance (PMI), competitive interest rates.Cons: VA funding fee required.3. USDA Loan (United States Department of Agriculture Loan)Credit Score Requirement: 580+ preferred, some lenders may allow lower.Best For: Buyers in rural or suburban areas with low-to-moderate income.Pros: No down payment, lower mortgage insurance costs.Cons: Must meet income and location eligibility.4. Subprime or Non-Qualified Mortgage (Non-QM Loans)Credit Sc

Where are interest rates today and what do you think will happen

As of March 24, 2025, the Federal Reserve has maintained the federal funds rate at a target range of 4.25% to 4.50%. This decision reflects the central bank's ongoing efforts to balance economic growth with inflation control. Looking ahead, Federal Reserve policymakers anticipate implementing two quarter-point rate cuts later this year. These projections suggest a cautious approach in response to expectations of slower economic growth and elevated inflation, partly influenced by recent tariff policies. However, it's important to note that these forecasts are subject to change based on evolving economic conditions, and there is some disagreement among policymakers regarding the exact timing and magnitude of future rate adjustments. The Federal Reserve remains vigilant, closely monitoring economic indicators to inform its monetary policy decisions. ReutersIn summary, while current interest rates are steady, the Federal Reserve projects potential rate cuts later in the year, contingent

Warrantable and Non-Warrantable Condos

The difference between warrantable and non-warrantable condos primarily relates to whether a condominium project meets the eligibility requirements set by Fannie Mae, Freddie Mac, or other government-backed entities like the FHA (Federal Housing Administration) and VA (Veterans Affairs). These classifications impact the availability of financing for buyers.Warrantable CondosA warrantable condo meets the lending guidelines set by Fannie Mae and Freddie Mac, making it easier for buyers to secure conventional financing. To be considered warrantable, a condo project typically must meet the following criteria:Owner-Occupancy Ratio – At least 50% of the units must be owner-occupied or second homes (not rentals or investment properties).HOA Financial Health – The homeowners' association (HOA) must have sufficient budget reserves (at least 10% of the annual budget).No Litigation – The condo project must not be involved in major litigation that could affect its financial stabi

What is happening with Ai and mortgage origination

AI is transforming the mortgage industry in several ways, making processes faster, more efficient, and more customer-friendly. Here are some key impacts:1. Streamlining Loan Origination & UnderwritingAI-powered algorithms can quickly analyze an applicant’s financial history, credit score, and risk factors, reducing the time it takes to approve loans.Machine learning models can assess alternative data (such as rental payment history and utility bills) to approve borrowers who may not have traditional credit histories.Automated underwriting systems can detect inconsistencies or potential fraud more effectively than manual review.2. Enhancing Customer ExperienceAI-driven chatbots and virtual assistants provide instant answers to mortgage-related questions, guiding customers through the application process 24/7.Personalized recommendations based on a borrower's financial profile help customers find the best mortgage products.3. Improving Risk Assessment & Fraud DetectionAI ca

What is a Reverse Mortgage

A reverse mortgage is a type of loan available to homeowners aged 62 and older that allows them to convert part of their home equity into cash. Unlike a traditional mortgage, where the homeowner makes monthly payments to a lender, a reverse mortgage pays the homeowner. The loan is repaid when the homeowner sells the home, moves out permanently, or passes away.Key Features of a Reverse Mortgage:No Monthly Payments: Borrowers receive payments instead of making them, though they must continue paying property taxes, homeowner’s insurance, and maintenance costs.Loan Repayment: The loan balance increases over time as interest accrues and is repaid when the borrower no longer lives in the home.Home Retention: The homeowner retains ownership of the home as long as they meet loan obligations.FHA-Insured Option: The most common type of reverse mortgage is the Home Equity Conversion Mortgage (HECM), which is insured by the Federal Housing Administration (FHA).Ways to Receive Funds:Lump Sum

What are all the disclosures that come to you during the loan process

When you apply for a loan, you receive several important disclosures that outline key terms, costs, and your rights as a borrower. These disclosures are required by law to ensure transparency and help you make informed decisions. Here are some common disclosures you might encounter:1. Loan Estimate (LE)Provides details about the loan terms, interest rate, monthly payment, and closing costs.Must be provided within three business days of your application for most mortgage loans.Helps you compare loan offers from different lenders.2. Truth in Lending Act (TILA) DisclosureExplains the total cost of the loan, including the Annual Percentage Rate (APR), finance charges, and total payments over the loan term.Applies to personal loans, auto loans, and credit cards, in addition to mortgages.3. Closing Disclosure (CD) (For Mortgages Only)Given at least three business days before closing on a mortgage.Breaks down the final loan terms, payments, closing costs, and any changes from the Loan Estimat

Using rental income only to qualify for a mortgage

A DSCR loan (Debt-Service Coverage Ratio loan) is a type of real estate investment loan primarily used for income-producing properties. It evaluates a borrower’s ability to repay the loan based on the cash flow generated by the property rather than the borrower’s personal income or credit score. Here’s a breakdown of how it works:1. Debt-Service Coverage Ratio (DSCR)Formula:DSCR=Net Operating Income (NOI)Total Debt Service (TDS)DSCR= Total Debt Service (TDS)Net Operating Income (NOI) Net Operating Income (NOI): The property’s income after deducting all operating expenses, such as maintenance, taxes, and insurance.Total Debt Service (TDS): The total annual loan payments (principal and interest).Example:If the property’s NOI is $120,000 and the total debt service is $100,000, the DSCR is 1.2. This means the property generates 20% more income than is needed to cover the loan payments.2. DSCR ThresholdsA DSCR of 1.0 means the property generates exac

Offering second mortgages on primary, secondary and invrstment properties

A second mortgage is a loan taken out against a property that already has an existing mortgage. It allows homeowners to tap into their home equity, which is the difference between the home's market value and the amount owed on the primary mortgage. Here are some key points about second mortgages:Types of Second MortgagesHome Equity Loan – A lump sum loan with a fixed interest rate and repayment term.Home Equity Line of Credit (HELOC) – A revolving credit line with a variable interest rate, similar to a credit card.Pros of a Second Mortgage✔️ Access to cash for major expenses (home improvements, debt consolidation, education, etc.).✔️ Lower interest rates compared to credit cards and personal loans.✔️ Potential tax benefits if used for home improvements.Cons of a Second Mortgage❌ Risk of foreclosure if payments are missed.❌ Additional monthly payments and long-term debt burden.❌ Closing costs and fees can be high.Qualification RequirementsSufficient home equity (usually at l

How to increase your credit score with a rapid rescore

A rapid rescore is a service offered by lenders to quickly update your credit report with the latest information, potentially improving your credit score in a matter of days rather than waiting for the usual reporting cycle. Here’s how it works:How Rapid Rescoring Works:Correct Errors or Update Balances – If you've recently paid off debt, had incorrect information removed, or made other positive changes, a rapid rescore can update your credit report faster.Lender Requests the Rescore – You can’t request a rapid rescore on your own; a lender must do it for you.Credit Bureaus Update Your Report – The lender submits proof (such as a paid-off credit card statement) to the credit bureaus, which then updates your report within a few days.When to Use Rapid RescoringYou’re applying for a mortgage or other loan, and a higher score could qualify you for better rates.You recently paid down high credit card balances.Errors or outdated negative items were removed

10% down and possible to get an appraisal waiver

An appraisal waiver with Fannie Mae (FNMA) is part of their Desktop Underwriter® (DU®) system. It allows eligible borrowers to bypass the need for a traditional home appraisal as part of the mortgage approval process. This can save time, money, and simplify the loan process. Here's a breakdown:What Is an Appraisal Waiver?Definition: It’s an offer to waive the traditional appraisal requirement for certain loans, relying instead on data and models from Fannie Mae’s property valuation tools.Purpose: Streamlines the loan process, reducing delays and costs associated with appraisals.How Does It Work?Fannie Mae’s DU evaluates the loan application and determines if the property is eligible for an appraisal waiver.The system uses proprietary data, including property valuation databases, prior appraisals, and market analysis, to assess the property’s value.If deemed eligible, the lender may accept the waiver instead of ordering a new appraisal.Eligibility Criteri

Isn't it time to get prequalfied for a mortgage

1. Assess Your Financial HealthCredit Score: Check your credit score (usually 620 or higher is required, though higher scores get better rates).Debt-to-Income Ratio (DTI): Calculate your monthly debt payments compared to your gross monthly income (lenders typically prefer a DTI below 43%).Savings: Ensure you have enough for a down payment (typically 3-20%) and closing costs.2. Gather Financial InformationLenders will need the following:Proof of income (pay stubs, tax returns, W-2s/1099s).List of assets (savings, investments, retirement accounts).Details of current debts (credit card balances, student loans, etc.).3. Choose a LenderResearch different lenders, including banks, credit unions, and online lenders.Compare prequalification options (many allow online applications).4. Complete the Prequalification ProcessFill out the lender’s prequalification form (online, over the phone, or in person).Provide basic details about your income, debts, and assets.5. Review Prequalification R

Is it the right time to buy now

Down Payment & Savings: A larger down payment can reduce your loan size and help lower the impact of higher interest rates. If you have substantial savings, it could make sense to buy now, as you’ll likely have more equity and lower monthly payments.2. Long-Term InvestmentHousing Market Trends: If you plan to stay in the home for several years, you might benefit from the property appreciation over time, even with higher interest rates. Historically, real estate tends to appreciate in value over the long term, although this can vary by location.Refinancing Opportunity: If interest rates eventually drop, you may be able to refinance your mortgage later at a lower rate, reducing your monthly payments.3. Market ConditionsHome Prices: In some areas, home prices have been high due to increased demand, so you may still face elevated prices despite higher interest rates. It’s worth considering whether you’re willing to pay the current asking price for homes in your area.S

Eliminate your home sales contingency?

What if you had access to a solution that allows your clients to eliminate their home sales contingency? They could make non-contingent or cash offers on a new home, while also removing their current mortgage payment from qualification. This would enable them to tap into their home equity for down payments, closing costs, or even debt payoff—all while giving them up to 6 months to sell their current home for top dollar.tune in and learn at https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

working with small businesses is so important and when it comes from a realtor, that is key

Working with small businesses in your community is a great way to build local relationships, foster economic growth, and contribute to the development of the area. Here are several ways you can collaborate and support small businesses:1. Support Local ShoppingBuy Local: Make an effort to purchase from small businesses rather than large chains. This helps circulate money within the community and supports job creation.Encourage Others: Share your positive experiences with friends and family, and encourage them to shop locally as well.2. Offer Your Services or SkillsFreelance Work: If you have specific expertise in areas like graphic design, social media management, accounting, or legal services, offer your skills to local businesses.Consulting: Small businesses often need guidance in areas like marketing, finances, or business development. If you have experience in these fields, offer your services as a consultant.3. Network and CollaboratePartner for Events: Partner with small businesse

Are you having diffuclty qualifying for a mortgage, let me help

To structure your loan effectively and qualify for a mortgage, there are several steps you can take to improve your financial situation and increase the likelihood of approval. Here’s a comprehensive guide:1. Check Your Credit ScoreWhy it matters: Your credit score plays a significant role in mortgage approval. Lenders typically prefer a score of 620 or higher, though higher scores (700+) are ideal for getting better rates.How to improve: Pay off any outstanding debts, avoid late payments, and reduce your credit card balances. You can also check for errors on your credit report and dispute any inaccuracies.2. Save for a Down PaymentWhy it matters: A larger down payment reduces the lender's risk and can improve your chances of approval. It also helps you avoid private mortgage insurance (PMI) if you put down 20% or more.How to improve: Aim for at least 20% if possible, but there are also options with lower down payments (e.g., 3%-5% for FHA, VA, or USDA loans).3. Reduce Your Debt-

Not all questions are being answered on the condo questionnaire which is creating a major problem

A condo questionnaire is a critical document that lenders use during the mortgage approval process for condominium purchases. It provides detailed information about the condo complex's financial health, rules, regulations, and overall condition. Problems with the condo questionnaire can create delays or complications during the closing process. Here are some common issues that might cause problems:1. Financial Health ConcernsHigh percentage of owner-occupancy: Many lenders require that at least 50% (or more) of the units in the complex be owner-occupied rather than rented. If a condo complex has too many renters, it could impact the lender’s willingness to approve a loan.Reserve fund issues: Lenders typically want to see that the condo association has sufficient funds in its reserve account for future maintenance and emergencies. If the reserve fund is too low or non-existent, it raises concerns about the financial stability of the association, leading to potential loan rejection

Which is better to close in December or January for the property taxes

Closing in December:Tax Deduction for Current Year:If you close in December, you may be able to deduct property taxes and mortgage interest on your current year’s tax return. This can reduce your taxable income and potentially lower your overall tax liability.Pro-rated Taxes:At closing, you’ll typically reimburse the seller for property taxes they’ve already paid for the portion of the year you’ll own the property. This means a smaller tax payment upfront, but you assume responsibility for the next year’s taxes sooner.Year-End Benefits:Closing before year-end allows you to claim homeowner tax benefits for the entire current year.Potential Rush:December closings can be rushed due to holidays and year-end demands on lenders, inspectors, and title companies.Closing in January:Tax Deduction Delayed:By closing in January, deductions for property taxes and mortgage interest won’t be available until the next tax year. This delays potential tax benefits.Budg

What is my prediction for interest rates in 2025

Predicting interest rate movements in 2025 depends on various economic factors, including inflation, employment trends, central bank policies, and global financial conditions. Here's a general overview:Key Factors Affecting Interest Rates:Inflation:Central banks like the Federal Reserve adjust interest rates to manage inflation. If inflation stays high, rates may remain elevated. If inflation moderates, there could be a case for lowering rates.Economic Growth:Strong economic growth might keep rates steady or higher, while signs of economic slowdown could lead to rate cuts to stimulate activity.Central Bank Policy:In 2023 and 2024, many central banks raised rates to combat inflation. By 2025, they might shift focus depending on how well inflation is controlled and economic growth sustains.Labor Market:A robust job market might delay rate cuts, while rising unemployment could prompt reductions.Global Conditions:Factors like geopolitical events, commodity prices, and trade dynamics will a

WE can close your loan in December

We can close your loan in December, we need just a min of 2 weeks and we all work togetherloan application takenappraisal ordereddocuments uploaded,title work orderedinsurance chosenWe can make it happen based on teamwork and working togetherOur process is stream-line to where we move on all cylinders and concentrate on meeting all closing datesTechnology has made that possible and for us to steer the ship to the finish linetune in and learn at https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

what happens with lower appraised values on FHA, Conventional, and

When a property appraisal comes in lower than the agreed-upon purchase price, it can complicate financing for the buyer. Here's what typically happens for FHA, Conventional, and VA mortgages:1. FHA MortgagesImpact of a Low Appraisal: The loan amount is limited to the lower of the purchase price or the appraised value. A low appraisal means the buyer must:Renegotiate the purchase price with the seller.Pay the difference in cash.Walk away if the contract allows it.Required Repairs: FHA appraisals assess both value and property condition. If issues arise (e.g., safety concerns), the seller or buyer must make repairs before closing.Appraisal Stays with the Property: FHA appraisals are tied to the property for 120 days. If a different FHA buyer comes along within that period, they inherit the appraisal value.2. Conventional MortgagesImpact of a Low Appraisal: Conventional loans also limit the loan amount to the appraised value. If the appraisal is low, the buyer must:Negotiate a lower price

Small Business Emergency Bridge Loan

The Florida Small Business Emergency Bridge Loan Program is a state-funded short-term loan program that provides immediate, temporary assistance to small businesses impacted by a disaster, such as hurricanes, floods, or other emergencies. Administered by the Florida Department of Economic Opportunity (DEO), the program is designed to "bridge the gap" by offering quick financial relief to small businesses until longer-term resources, such as insurance claims or federal disaster assistance, are available.Key FeaturesLoan Amount: Loans typically range from $1,000 to $50,000, although this can vary depending on the specific disaster and available funding.Interest Rate: These loans are interest-free for a specified term, usually for up to one year. After this period, if the loan is not repaid, a fixed interest rate might apply.Repayment Terms: This is a short-term loan, usually requiring repayment within 12 months. It's not intended as a long-term solution but rather as a bridge t

1% down to purchase a home with the lender giving you 2% down, tune in

Lender's 1% Down Payment program is designed to make homeownership more accessible for eligible first-time buyers by lowering the upfront costs typically required for a mortgage. Here's a breakdown of how the program generally works:How It Works1% Down from the Borrower: The borrower contributes just 1% of the home purchase price as a down payment.2% Contribution from Lender: Lender covers an additional 2% of the down payment, allowing the borrower to start with a total of 3% equity in the home.Eligibility: Borrowers must meet certain income and credit score requirements. The program often targets lower-income buyers or those who qualify for special financial assistance.Key Features and BenefitsLow Entry Barrier: The reduced down payment can make homeownership achievable sooner for first-time buyers or those with limited savings.Conventional Loan: The loan is structured as a conventional mortgage, which may help borrowers avoid some of the restrictions associated with government-backed

No money down on a home if your present home has been affected by the hurricane

The FHA 203(h) program is a Federal Housing Administration (FHA) loan specifically designed to help people affected by natural disasters, like hurricanes, purchase or rebuild a home. It provides an accessible way for victims of federally declared disaster areas to find stable housing quickly by offering favorable terms compared to traditional mortgages. Here’s a breakdown of how it works and its benefits:Key Features of the FHA 203(h) LoanEligibility Requirements:You must be a homeowner or renter whose home was destroyed or severely damaged in a disaster within a federally declared disaster area.Typically, you need to apply within one year of the disaster declaration.Loan Coverage:You can use the FHA 203(h) to purchase a new primary residence or rebuild an existing one if your previous home was destroyed.It’s available for both single-family homes and approved condominiums.Benefits of the FHA 203(h) Program:No Down Payment Required: Unlike traditional FHA loans that require

Now able to provide second mortgages on investment properties

A second mortgage for an investment property is a loan taken against the equity in a property you already own, specifically one that is not your primary residence. It allows you to tap into the equity of the investment property to finance other expenses, like renovations, additional property purchases, or paying off higher-interest debt. Here are key points to consider:1. Understanding Second MortgagesDefinition: A second mortgage is a loan that uses the equity in a property as collateral. It is subordinate to the first mortgage, meaning if you default, the first mortgage is paid off before the second mortgage.Types: The two main types are home equity loans (lump-sum payments) and home equity lines of credit (HELOCs), which function like a credit line.2. Why Consider a Second Mortgage on an Investment Property?Leverage Equity: Utilize built-up equity to finance the purchase of another investment property or make improvements.Lower Rates Compared to Other Loans: Interest rates on second

What steps need to be taken after a hurricane in order to close on your mortgage

After a hurricane, the process of closing on a mortgage may be impacted due to potential damage to the property or delays caused by the storm's aftermath. Here are the next steps to take:1. Assess Property DamageInspect the Property: The first step is to assess if the property sustained any damage during the hurricane. This can be done by the buyer, seller, or a licensed inspector. Some lenders may require a re-inspection before closing.Appraisal Updates: If there is significant damage, the lender may need a new appraisal to determine the property's current value.2. Review Insurance RequirementsHomeowners Insurance: Make sure the homeowners insurance policy is active and covers the damage caused by the hurricane. Lenders require insurance to protect their investment.Flood Insurance: If the property is in a flood-prone area, lenders may require flood insurance before closing. Confirm that this coverage is in place.3. Communicate with the LenderDiscuss the Situation: Contact the lender t

Why are interest rates going up

The Federal Reserve influences interest rates in the economy, but its actions may not always align with the actual rates individuals or businesses experience in the market. Even if the Fed cuts its benchmark interest rates, other factors can cause rates, such as mortgage rates or bond yields, to rise. Here are some key reasons why rates might go up despite Fed rate cuts:1. Inflation Concerns:If inflation expectations are rising, lenders demand higher interest rates to compensate for the loss of purchasing power. Even with a Fed cut, inflationary pressures may push long-term rates up as investors seek higher returns to protect against inflation.2. Economic Outlook:Markets may interpret a Fed rate cut as a signal of economic weakness. If investors are concerned about future growth or financial stability, they may sell bonds or other interest-rate-sensitive assets, causing yields (interest rates) to rise.3. Bond Market Dynamics:The Federal Reserve primarily controls short-term interest ra

Purchase flood insurance even if you are not in a flood zone

Purchasing flood insurance, even if you're not in a designated flood zone, can be a wise decision for several reasons:1. Floods Can Happen AnywhereFloods are not confined to high-risk zones. In fact, more than 20% of flood insurance claims come from properties outside of high-risk flood zones. Severe storms, hurricanes, or even rapid snowmelt can lead to flooding in areas considered low or moderate risk.2. Climate Change and UnpredictabilityClimate change is making weather patterns more unpredictable. Areas previously unaffected by floods may become vulnerable due to changing rainfall patterns or rising sea levels. This increased uncertainty makes flood insurance a useful safeguard.3. Relatively Low Cost in Low-Risk AreasFlood insurance is usually less expensive for homes outside high-risk flood zones, so purchasing a policy can provide significant protection at a reasonable cost. Compared to high-risk zones, where premiums can be higher, the cost-to-benefit ratio is often better in lo

Fed cut rates, what happened?

When the Federal Reserve (Fed) cuts interest rates, it is usually intended to stimulate economic activity. Here's what typically happens when the Fed lowers its benchmark interest rate:1. Lower Borrowing CostsFor Consumers: Lower rates make borrowing cheaper for consumers, particularly for loans such as mortgages, car loans, and credit cards. This often leads to increased spending and investment by consumers, which can boost economic growth.For Businesses: Companies can borrow at lower rates to invest in new projects, hire more workers, and expand operations. Lower borrowing costs can encourage business growth and investment.2. Increased Consumer SpendingLower interest rates reduce the cost of borrowing, encouraging consumers to finance purchases, especially of big-ticket items like homes and cars. This increased demand for goods and services can help boost the economy.3. Encouraging InvestmentsStock Market: Lower interest rates can make stocks more attractive compared to bonds or savi

What is up with Interest Rates?

Following the 10-year treasury yield, it has gone from 4.9 down to 3.64, the market is ahead of the Fed in anticipating a rate cut this month, so the drop in rates has already been baked in. When the Fed drops it will be a .25 or a .5 and the market will react to that drop in a positive or possibly a negative way.Is it time to refinance your home? That is a great question, are you going to consolidate debt, cash out, or do a rate-term refinance. It is really a phone call to see where you are at and what makes sense for your financial planning. No one is going to sell you anything, really just look at the numbers and see if it makes sense. We are heading down and nice to see some relief for a home purchase as well, a drop in rates of 1% makes a difference and we have dropped that already and I believe the probability of more to come.Keep watching the 10 yr and see if we go lowertune in and learn at https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329

Pros and Cons of an FHA Mortgage

An FHA (Federal Housing Administration) mortgage is a popular home loan option, especially for first-time homebuyers or those with limited down payment funds or less-than-perfect credit. Below are the pros and cons of an FHA mortgage:Pros of an FHA Mortgage:Lower Down Payment:FHA loans typically require as little as a 3.5% down payment, making homeownership more accessible for buyers who may not have substantial savings.Flexible Credit Requirements:Borrowers with credit scores as low as 500–580 (depending on the lender and loan terms) can still qualify for an FHA loan. This is more lenient compared to conventional loans, which often require higher credit scores.Higher Debt-to-Income (DTI) Ratios:FHA loans allow for higher DTI ratios (up to 43%-50%) compared to conventional loans, which makes it easier for borrowers with higher levels of debt to qualify.Available to First-Time and Repeat Buyers:FHA loans are available to both first-time homebuyers and those who have owned homes be

2/1 buydown where the lender pays the difference in interest for the 2 years and not the seller

First-time Homebuyers are able to purchase a home with a 2/1 Buydown at the wholesale lender's expense. If you purchase a home and the interest rate is say 6.375%, the 2/1 buydown allows you to pay 4.375% for the first year, then 5.375% the second year, and then 6.375% for the remainder of the loanNormally the seller would pay the interest difference for year 1 and year 2, now the Wholesale lender will pay that expense so it is not a negotiating feature for you on the purchase of the home. It is paid for by your lender and does not have to go to the seller. Elevated rates these past 2 years help to get the lower rate for a couple of years and with the probability of refinancing in that period of timeAlways bringing you products that can benefit you on your home purchase adventuretune in and learn at https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Now offering Helocs on Primary, Secondary, and INVESTMENT PROPERTIES

I have Helocs on primary, secondary, and now Investment properties.How exciting to tap into the equity on your investment property without having to refinance the first if you have that nice low interest rate.If you have a low interest rate, do the Heloc and see if the blended rate is lower than refinancing the first. The time will come when you can refinance both of them when the rates really do come down in the future.Thought it was pretty exciting to now have this product available to youLet me know if I can help out and another way to get some cash from your hometune in and learn at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the show

What happens after the rates come down

We know when the interest rates drop the following will happen1. refinancing to a lower rate2. consolidating debt into one lower payment3. First-time home buyers will be coming out to buy4. There will be downsizing of homes with the lower rates5. There will be upsizing on homes with the lower rates18 to 29-year-olds still living at home will be buying. With all that great news that also means there will be a lot more printing of money which will cause everything to go up in price, Things will be more expensive with Trillions more being printed Time will tell and but a flurry of activity will take place when the interest rates do really drop down to the levels of 2020tune in and learn at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

When do you think Interest rates will really come down?

The Government is printing 1 trillion every 100 days, we are over 35 trillion in debt today, and we are spending 1/3 of the debt is interest payments of total revenue coming in, next year it will have 1/2.so I feel the probability of rates coming down is great at some point down the road.You can see the 10-year has come down from 5% to 3.81%, which is significant and the market is telling you that something isn't rightWe have over 1.2 trillion in credit card debt, the time will come when refinancing will make sense, and downsizing or upsizing will make sense as wellI think when this happens the refinances will be incredible and also more homes will be on the market with active buyers. Definitely will be a game-changerRefinancing and purchases are great now with the opportunity to refinance them down the road. I think prices will escalate again when this happenstune in and learn at https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

You are not in a flood zone, not a bad idea to get Flood Insurance

Whether to get flood insurance outside of a designated flood zone depends on various factors, including your location, property value, risk tolerance, and financial situation. Here are some points to consider:Flood Risk Outside of Flood Zones: Even if you're not in a high-risk flood zone, flooding can still occur due to factors like heavy rainfall, clogged storm drains, or infrastructure failures. FEMA reports that over 20% of flood insurance claims come from properties outside of high-risk areas.Cost of Insurance: Flood insurance is generally less expensive for properties outside of high-risk flood zones. Weighing the cost of the policy against the potential financial impact of flood damage is crucial.Home Value and Investment: Consider the value of your home and personal belongings. If a flood could result in significant financial loss, insurance might be a prudent investment.Climate and Weather Patterns: Changing weather patterns and increased frequency of extreme weather events can

different ways of paying off your mortgage sooner

Paying off your mortgage earlier can save you money on interest and give you financial freedom sooner. Here are some strategies to help you achieve this goal:1. Make Extra PaymentsBiweekly Payments: Instead of making one monthly payment, make half of your mortgage payment every two weeks. This results in 26 half-payments or 13 full payments each year, effectively making an extra payment annually.Extra Monthly Payments: Add extra money to your monthly mortgage payment. Even a small amount can significantly reduce the loan term and interest paid.Lump-Sum Payments: Apply any windfalls, such as tax refunds, bonuses, or inheritance, directly to your mortgage principal.2. Refinance to a Shorter TermRefinancing your mortgage to a shorter term, such as 15 years instead of 30, can save you on interest and help you pay off your mortgage faster. However, this typically means higher monthly payments, so ensure it fits within your budget.3. Round Up Your PaymentsRound up your mortgage payments to t

Is it accurate the credit scores you are pulling

Why is it that when you pull your credit scores it is usually not the same as when you have one pulled for a mortgage?Credit Karma is a great source but the scores are usually not spot on the value is that when you make payments or make changes the scores will change and a great tool to monitor the scores. Also, when you look at Discover or what you have with your bank again not the same as when pulling for a mortgage. The great news is that you have an idea of where your scores are and can work with that moving forward. tune in and learn at https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Portability and homestead and what you need to know

The concepts of real estate portability and homestead are key aspects of property tax laws in some jurisdictions, notably in states like Florida. Here's an overview of each:Real Estate PortabilityReal estate portability, particularly in the context of Florida, refers to the ability of homeowners to transfer some or all of their accrued property tax benefits from one home to another within the state. This concept is part of Florida's Save Our Homes (SOH) benefit.Key Points:Save Our Homes Cap: Limits the annual increase in the assessed value of homestead property to 3% or the rate of inflation, whichever is lower.Portability: Allows homeowners to transfer the SOH benefit to a new homestead property, potentially reducing the new property's assessed value and, consequently, the property tax.Eligibility: To be eligible, the homeowner must establish a new homestead within three years of abandoning the previous homestead.Homestead ExemptionA homestead exemption is a legal provision that helps

What is the process like for a Reverse Mortgage

I like to see what is available for you by getting your age and the approximate value of your home. Once we have that and go over what you may have available, we encourage you to get take the Gov't class which costs about $190. You have a 3rd party that goes over all the details of a Reverse Mortgage making sure you understand everything and it makes sense.When that is complete, I will meet with you at your home and go through all the documentation that is required to be signed I also ask that you have a family member there as well, and if no one is close by then a phone call to be with us during our time together. I find it best that your family is involved so that they know all about the Reverse Mortgage as well and also to take the class with you online that you are required to take. I gather all of your documents and scan them for the lender, it may require several visits on my part but I am here to help. We also have to get an FHA appraisal on the home which we have to order and y

What happens after your home closing with all the mail coming to you?

After closing on a mortgage, many new homeowners notice a significant increase in the amount of unsolicited mail, often referred to as "junk mail." Here's why this happens and what you can expect:Why You Receive More Junk MailPublic Records: When you close on a mortgage, the transaction becomes a matter of public record. Companies that sell products and services related to homeownership often purchase these public records to target new homeowners.Credit Inquiries: Mortgage lenders typically make a hard inquiry on your credit report when you apply for a mortgage. Credit reporting agencies may sell information about these inquiries to marketers.Service Providers: Various service providers (such as insurance companies, home security firms, and maintenance services) use information from public records and credit inquiries to market their products to new homeowners.Types of Junk Mail You Might ReceiveMortgage Protection Insurance: Offers for insurance to cover your mortgage paymen

Do you have enough insurance coverage with all the appreciation on your home

How long has it been since you have lived in your home? what did you pay for it back then and what is the value today after all of the home appreciation?Maybe it is time to call your insurance agent and ensure you have replacement coverage.Our home has been our wealth over the years and I think it is important to make sure you are well covered.tune in and learn at https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

PMI is different on FHA, VA, and Conventional Mortgages

VA Mortgages have no monthly PMI, they have a funding fee that goes on top of the loan and it varies from a first-time VA buyer to a second-time user if there is a certain percentage of disability then no funding fee.With an FHA Mortgage, there is an upfront funding fee of 1.75% and a .55 factor for monthly PMI. Now for Conventional Mortgages, there is no upfront funding fee only a monthly PMI and that depends on your credit scores and down payment on your home.With an excellent credit score, the monthly PMI factor can be at .1 and upIt is good to know because your interest rate is predicated on your credit score and also the PMI can be a factor as well on Conventional loans.tune in and learn at https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

The loan limits for FHA, Va, and Conventional

For Conventional loans, limits are now at $766,550 before entering Jumbo territory. You can buy a home for $806,842 putting 5% down and still be Conventional. Now for FHA the loan limit is $498,257. you can buy a home for $516,328 putting 3.5% down nowA VA mortgage can go up to $2,000,000 with no money down. 100% financing up to $2,000,000With the cost of everything going up, it is nice to see the Government increasing the loan limits to accommodate the higher pricestune in and learn at https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

A DSCR loan uses rental income only to qualify for a mortgage on an investment property

A residential DSCR (Debt Service Coverage Ratio) loan is a type of mortgage typically used for investment properties, where the approval and terms of the loan are based on the property’s income rather than the borrower’s personal income. The DSCR is a measure of a property's ability to generate enough income to cover its debt obligations. Here's a more detailed explanation:Key Points of a Residential DSCR Loan:Debt Service Coverage Ratio (DSCR):The DSCR is calculated by dividing the property's net operating income (NOI) by its total debt service (e.g., mortgage payments, property taxes, insurance).A DSCR of 1 means the property generates just enough income to cover its debt payments. A DSCR greater than 1 means the property generates more income than needed for debt payments, indicating a safer investment for lenders. A DSCR below 1 suggests the property does not generate enough income to cover its debt, posing a higher risk to lenders.Property Income-Based Qualification:Un

Needing only 1 year's return for the self-employed for the last 5 years for a Conventional Mortgage

I learned a hard lesson on a loan last year, I had a borrower who was self-employed for the last 2 years but another company was self-employed for 3 years. I took that loan as a non-QM with a higher rate. The borrower had another broker run it and required only 1 year's return and he qualified which lost me the deal. He would not have qualified for the 2 year's returns. A hard lesson learned and always to have the loan run to see if you get just one year's return. Having one Year's return makes it less complicated less documentation and fewer questionsSimplification is the best route to take and exploring all optionstune in and learn https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Why use a Mortgage Broker

Mortgage brokers are intermediaries between borrowers and lenders, offering assistance in finding and securing mortgage loans. Here's what they typically provide:Access to Multiple Lenders: Mortgage brokers work with a variety of lenders, including banks, credit unions, and private lenders. This allows them to offer borrowers a range of options to suit their needs.Expertise and Guidance: Brokers have in-depth knowledge of the mortgage market, including various loan products, interest rates, and qualification requirements. They can provide personalized advice based on your financial situation and goals.Loan Comparison and Selection: Brokers analyze your financial profile and help you identify mortgage options that align with your needs and preferences. They can compare loan terms, interest rates, and fees from different lenders to find the most suitable option for you.Application Assistance: Brokers assist with the mortgage application process, helping you gather necessary documentation

What you need to know about FHA203k

There are two main types of FHA 203(k) loans:Standard 203(k) Loan: This is for more extensive renovations and repairs, including structural changes and repairs that exceed $35,000. The loan amount is based on the projected value of the property after the renovations.Limited 203(k) Loan: This is for less extensive renovations and repairs, typically costing less than $35,000. It's often used for cosmetic improvements, such as updating kitchens or bathrooms.Some key points about FHA 203(k) loans:They require a down payment of at least 3.5%.The property being renovated must be a primary residence.Borrowers must work with an FHA-approved 203(k) consultant.There are specific eligibility requirements and guidelines for the types of renovations and repairs that can be financed.Overall, FHA 203(k) loans can be a helpful option for buyers and homeowners looking to finance home improvements, but it's essential to understand the requirements and limitations of the program before applying.Tune in a

What are the 3 different types of FHA Mortgages

1. Regular FHA where you can put down 3.5% have lower credit scores, higher income debt ratios2. FHA203k - Mortgage you can do with an added feature of having Home improvements where you buy a home and get things done like a new roof, air conditioning, etc ., and have it all in one.3. I am going to catch you on this one, did you know that Reverse Mortgage is an FHA?So really 3 different types of vehicles that can get you into a home or get home improvements included in the financing or a Reverse Mortgage for the elderly that has no mortgage payment and help subsidize your retirement.The Government did an incredible job looking at the various ways to help buyers get into a home.tune in and learn https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Mortgages and Inflation

The Gov't is printing 1 trillion every 100 days, and the costs of everything are out of control. The time will come when they will be printing a trillion every 30 days. Credit cards, car loans, and student loans are at unprecedented levels is it time to refinance your home to save money and then do another refinance as a rate term when the pivot happens at some point in the futurethe cost of everything is going up and not stopping and you will see inflation continue to gain ground once again. Time to put the house in order with a refinance to consolidate debt. A phone call or an email away to go over your present situation and see what makes sense with the present home valuestune in and learn https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

What opportunities are their for First-Time Homebuyers

Depending on where you live there is an opportunity in certain areas that you can get $2,500 towards the closing costs. You also get a lower rate and monthly PMI. Programs open up to you where there is down payment assistance and also the 1% down program available. I am seeing more and more first-time home buyers coming out now and this is information you need to know. Yes, home prices are higher and rates as well. But if you have these programs available and the payment is affordable then the probability of refinancing down the road is in your favor and if inflation continues to go up so will home prices.Maybe it is the right time to buy a home now?Tune in and learn https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

What is going on with interest rates

Rates are moving up now and several factors could be contributing to it, the 1 trillion dollars that the gov't is printing every 100 days could be inflationary. so what I see happening is there will have to be an event that happens to drop rates like we experienced in 2020. We will be paying 1.6 trillion in interest expense annually starting at the end of this year and are said to grow to 3 trillion annually next year. I say rates will have to come down in order for the Gov't to pay the interest expense, kicking the can down the road so to speak. We will have an opportunity to refinance the higher rate we have on our home and also refinance all the credit card debt, installment loans, car loans, and even student loan debt. The probability is great sometime down the road. Continue to watch the videos and when rates do make a significant drop will let my viewers know. Then it comes down to what is the cost vs the savings on a refinance. Opportunities will come just the timing not sure ab

What do you need to know about VA Mortgage

Competitive Interest Rates: VA loans often offer competitive interest rates compared to conventional loans, making them an attractive option for eligible borrowers.Flexible Credit Requirements: VA loans typically have more flexible credit requirements compared to conventional loans, making them accessible to borrowers with less-than-perfect credit.Loan Limits: VA loans do have loan limits, which vary by county and are set by the Department of Veterans Affairs. Borrowers can still use a VA loan for a home purchase that exceeds the county loan limit, but they may need to make a down payment for the portion of the purchase price that exceeds the limit.Assumption: VA loans are assumable, which means that if a borrower sells their home, the buyer can take over the VA loan if they are also eligible for VA loan benefits. This can be an attractive feature when selling a home.Refinancing Options: VA loans offer various refinancing options, including the Interest Rate Reduction Refinance Loan (I

Getting an FHA203k or a Conventional Renovation Mortgage

With More homes going on the market, people losing jobs and the cost of everything going up, when a home comes on the market it may need a New Roof, A/c, floors, kitchen, and or bathroom. With an FHA 203k or a Conventional renovation loan, you can have that done when buying the home.An opportunity to include that in the mortgage so you do not have to do the out-of-pocket expense. Maybe the home will not pass inspections and this way you can buy your home and get the work completed.You must have a licensed contractor who is insured and bonded, the first thing is to get them approved with the lender. Then when the appraiser goes to appraise the home they have your contractor's bid looking at the after-value. At closing the seller gets their funds and the lender has the escrowed funds ready to pay the contractor once the work is done. Rates are usually a .25% higher and there are a few more fees with inspections to check and make sure the work is completed. Let me know how I can help yout

What different type of mortgages are there

You have Conventional Mortgages, FNMA/FHMC, FHA, VA, Reverse Mortgages, Bank Statement loans, DSCR, Reverse Mortgages, and 1099 mortgages.Depending on your particular situation, could be a choice based oncredit scores, income, funds to closeBuying a home using Bank statements to qualify for a mortgageBuying a home using a 1099 only to qualify for a mortgageUsing rental income to qualify for a mortgageOr being a first-time home buyer with just 1% down to purchase a hometune in and learn more at https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Refinancing your mortgage using the blended rate

What if you refinanced your lower-rate first mortgage into a higher rate but consolidated all of your debt into one low payment. Getting rid of credit cards, car loans, installment loans, and student loans. What would your savings be a month and how much would you save? Then if property values were ever to plummet and rates came crashing down. Just go back to 2007 when we were able to refinance everyone on the HARP program. I just break things down to worse-case scenarios and how you can stay ahead of the game with your finances no matter what. I think it is time to get the house in order and save money, doesn't seem like food , medical or anything is going down but instead still going upMaybe everything we are told is not exactly correcttune in and learn https://www.ddamortgage.com/blogDidier Malagies nmls212566dda mortgage nmls#324329 Support the show

1% down for the purchase of your home

First-time homebuyers put down 1%, and the lender gives you 2% towards the down payment, no strings, and no liens. You have 3% down and now work on getting the seller to pay closing costs of up to 3%. Working on a loan right now where the purchase price is $238,000, the 1% down is $2,380 the lender is giving $4,760 and the seller is paying 6,000 of closing costs. so the remaining closing costs are 2,000. The total out-of-pocket for the buyer is 4,380 for this homeHow much does it cost to rent after paying first, last, and deposit? You must be below the median income and a first-time homebuyerPretty exciting to put $2,380 for the down payment and $2,000 for closing costs to finally own a home. No second liens just one mortgage at 97% tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the show

Bridge loans for commercial loans and residential flip properties

Bridge loan to acquire, renovate, and stabilize a multifamily investment property. When the rents are under the market and the units are outdated. This program allows you to acquire a property below market value and make cosmetic upgrades to increase rents.how about capitalizing the fit-up of retail/office investment property? We also have flip-fix loans for residential.6 to 24 months loan amounts from $250k to 20 MillionInterest only1 to 3-week closing timestune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDa Mortgage nmls324329 Support the show

Is a Reverse Mortgage tabboo

Do you not tell anyone that you have one? Are there others in similar situationsSpouse and has passed on, only fixed income such as social security. Are food costs going up along with Medical? It is time to get a HECM - a line of credit to help you in your later years of life, Have your children be involved and everyone learn how a Reverse Mortgage works. People have 401k's. there is equity in your home. what happens if you lose that opportunity and home prices go down? You don't have to rely on family members to help you when you have all the resources in your home. tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the show

DSCR - using the rental income only to qualify for an investment property

DSCR (Debt Service Coverage Ratio): DSCR is a financial ratio that measures a company's ability to meet its debt obligations. In the context of loans, it typically refers to the ratio of a property's net operating income to its debt obligations, including mortgage payments. A higher DSCR indicates a better ability to cover debt payments.Non-Qualified Mortgage (Non-QM): Non-QM loans are mortgages that do not meet the standards set by government-sponsored enterprises like Fannie Mae and Freddie Mac. These loans are considered riskier and may have features that deviate from the traditional qualified mortgage criteria, such as interest-only payments or higher debt-to-income ratios.Combining these concepts, a "dscr loan nonqm" might refer to a non-qualified mortgage where the lender considers the Debt Service Coverage Ratio as a key factor in determining the borrower's eligibility. This type of loan may be suitable for borrowers who don't meet the traditional mortgage criteria but

Using Business Bank Statements to qualify for a mortgage

12-month business bank statement loans" typically refer to a type of loan program where a borrower's income is determined based on their business bank statements rather than traditional income documentation such as tax returns or pay stubs. This type of loan is often categorized as a Non-Qualified Mortgage (Non-QM) because it doesn't meet the criteria set by the Qualified Mortgage (QM) rule.In these types of loans, lenders may look at the business bank statements for the past 12 months to assess the borrower's income and ability to repay the loan. This can be advantageous for self-employed individuals or business owners who may have fluctuating income or non-traditional income sources.Keep in mind that non-QM loans often come with higher interest rates and may have different qualifying criteria compared to traditional mortgages. Additionally, lenders offering these types of loans may have specific requirements and underwriting guidelines, so it's essential to carefully review the

Buying a home that is still in probate, what could go wrong?

Why list a home when it is in probate?Anything can happen during probate, it is hard to lock in an interest rate and notify the landlord if you are a renter giving a 30-day notice. They never seem to work out on schedule which is why it makes it difficult for all parties.When you are told that it is almost done, like my present client who has been waiting now for 2 months. Life goes on hold and at the mercy of the judge to sign off and not find anything else that may be a problem. I believe it is better to wait until after probate and with how quickly we can do a mortgage in 2 weeks wait until the title is clear. The market has changed since 2020 and 2021, with clear titles, and contract close.tune in the learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the show

A list of things you need to know about Condos

Find out if you have a dog and what is the weight they accept. I just had a deal fall through due to the dog weighing 40 pounds and the weight allowed was 25 pounds. If they have an engineering report done review it. Are they going to charge an assessment? or association fees going up? You need to do your homework. If the budget has more than 10% reserves that is good, you can see how the board is handling the money. Also, the questionnaire asks how the delinquents are doing, which is really important. If people are not paying then who has to make up for that?tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the show

Need a little extra income to qualify for a mortgage and over 59 1/2 years old

If you are over 59 1/2 and have a retirement account, you can use monthly distributions to qualify for a mortgage. You must have 36 months of payments in order to use the income. If you need 500 a month and if you calculate out 36 months that is 18,000 in your retirement account and you have that or more then you can use that as income. It's a great way to help give you the added income to get the mortgage you are looking for. Maybe the pension, social security, or salary is not getting you there. Thinking outside of the box and using the assets you have to help qualify you for more housetune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDa Mortgage nmls324329 Support the show

Is it time to think about a Reverse Mortgage to help supplement income, health care, home repairs, etc.,

10,000 people a day are turning 65 years old, some have social security, pension, or 401k. I see a lot with just Social securityIs it time to think about using your equity in your home to help supplement your income? Wouldn't be great to have access to an equity line and all you have to pay is the property taxes and insurance on the home. Need a new A/C, Roof, or whatever home repair no need to use a credit cardNeed supplemental income to help pay your monthly expenses?Need a new car? How about home health care when it comes to that time? A Reverse Mortgage can help in many ways for your retirement yearsTune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the show

Should I lock in my interest rates when I am under contract on a new home

As you can see every day the market is insane without reason. We Have just dropped big time with rates over the last month. When you are buying it is a snapshot in time with rates. You are closing in 30 to 45 days, anything can happen in that time frame If you are comfortable with the mortgage payment then it is good to lock in. You are looking for the opportunity when the Gov't pivots and rates drop down to really save money not by a.25 of a percent but 2 to 3% lower which is huge. Don't get priced out and have rates jump up in your 30 to 45-day close, be safe and take the time to shop your insurance, etc.,What can make rates drop?rolling over 7 trillion of the debt this yearanother pandemicpossible wars in many areas, loss of jobsall sorts of things can happen that can change everything suddenlyBe comfortable with the payment so that you can eventually reap major savings when rates dropTune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortg

Happy New Year and when is it time to refinance your mortgage

If you have purchased your home in the last 2 years maybe it is time to see this year when it makes sense to refinance your mortgagefor those with a low interest rate already is it time to consolidate credit card debt, installment loans, student loans, etc.,I believe this is the year to get the house in order, with the uncertainty in the market and so many variables going on could be the time to lower the monthly paymentstune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the show

Cyber attacks now at title companies

I have had several closings where the title company has been cyberattacked and shut down for days. I had a closing last week and still shut down and another title company the month before shut down.These are national companies and that means this affects us all in every state.If you read housingwire.com you can see the fines they are paying. I have loans to close this last week of the month and are they going to be up and running to make it happen? Crazy times we are living in. Nothing you can do to choose the title co that will not get affected, several years ago a small local title co got hit as well and they lost their data.So I see more of this happening in 2024tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the show

wishing you a Great Holiday and my prediction on rates for 2024

Thank you for 37 years of letting me have the opportunity to serve you.This is not a job but a wonderful opportunity to meet new people and develop new relationshipsWishing everyone a Great Holiday and my prediction for 2024tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the show

Now able to buy a duplex, triplex and quad owner occupied with 5% down

You could only buy an owner-occupied duplex, tri, or quad with FHA, now you can buy it with a Conventional loan with 5% down.Think about having a home where you can live in one unit and rent the others out to help make the mortgage paymentYou can also use the rental income to qualify up to the mortgage payment to offset the debt.Think of first-time home buyers going with 3.5% or 5% down on their first home. How many investors wish they could have done that on their first home?I believe at some point rates will come down and a lot of opportunities will present themselves in 2024. Remember 45% of Adult children still live at home and what a way to start off with rental income, write-offs and so many more benefits of homeownershiptune in and learn more at https://www,ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the show

Mortgage loan limits are going up January 1, 2024

Conforming loan limits going to $766,550 FHA loan limits going to $498,257HECM going to $1.1 millionThat will allow you to get more home without having to go to Jumbo pricingwhen rates come down it will be a great opportunity to consolidate debt and have the ability to larger loan amounts.With home prices continually increasing there is more opportunity to get the home now with Conventional financing that can have easier qualifying, and possible appraisal waiver as well.Many benefits to going Conventional vs Jumbo financing. tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the show

What else you need to know about condos when purchasing

thenWhat is a limited review and what does it mean?25% down for owner occ and 30% for second homes and investment propertiesWhat is required? A condo QuestionnaireThe underwriters review and them check for assessments coming due? Delinquencies, etc.,A full review is where the budget is required and the number one item is reserves. Do they have 10% reserves Condos have experienced higher insurance premiums on the master policy and are there repairs needing to be donetune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the show

Review your monthly mortgage statement in November

Review your statement to see if your property taxes jumped up, especially the homeowners insurance. I reviewed mine before doing this video and my insurance went up from 1900 to 2700 a year. I am going to shop it and see if I can do better.Do you have a monthly PMI? cab you get rid of that now with values going up?It is important to make sure your escrows are reviewed. Last year my servicer on my mortgage took the escrow each month and paid down the mortgage, when they did their review I had my escrows go up to make up for what they did. Next year when I do refinances when rates come down, It shocks me to on who forgot to File for HOmestead, I have seen insurance double and no one paid attention. So, with the costs of everything skyrocketing please take a few minutes and review your monthly mortgage statementtune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDa Mortgage nmls324329 Support the show

Check on the property taxes when buying a home, was it sold last year? is it an estate sale?

When purchasing a home now are you looking at the property tax bill the seller just received? or are you looking at 2022? If you go under contract on a home now, how long have the sellers owned it? was it a flip, did they live in it for yearsI have a couple of homes that were purchased last year and the 2022 tax bill showed much less than the 2023 tax bill issued last week. You must always look at the home's last sale. If the sellers have lived in the home for years then the property taxes are at what they paid for it. Also, did the home become an estate sale where the homestead was taken offtune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the show

Mortgage Interest Rates

Rates have been steadily increasing and now seem to have been coming down. Take advantage of locking in your rate - for now, this seems like a bit of a break but with all the money printing, it could take offLong term down the road you will refinance and save a lot of money. Concentrate on getting a home for the payment is comfortable and the time will come when you will refinance and save huge. costs of everything seem to be going up and getting the opportunity to refinance will come in at the right time.Bottom line is rates have gone up insanely since 2021, just be comfortable with your payment todayDidier Malagies nmls212566DDA Mortgage nmls324329tune in and learn more at https://www.ddamortgage.com/blog Support the show

Down payment assistance - the good and the bad

up to 5% of the purchase price can be used for the downpayment assistance programthere are forgivable and nonforgivable loans, which one do you want?rates are typically higher but it helps if you have no funds whatsoever.What happens when rates come down, are values up, the same, or down, and how does that affect your refinance when the time comes? Lot to consider when getting the downpayment assistance tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329#mortgage Support the show

you can't make this stuff up - mortgage story

Beautiful loan, 800 credit scores, 38 years on the job, huge 401k, everything going on1 week before closing - the lender denies the loan because the listing agent is blackballed from ever going there. This is for real, I had to flip the loan to another lender and relock interest rates. close in 6 business days, go and do photos of the home, meet the borrower on several occasions to get additional documents from a different underwriter, and finally close. listen in for 5 minutes and wrap your head around this onetune in at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the show

What you need to know about Condos when getting a mortgage

Putting down 25% on a primary and 30% down on second and Investment properties is called a limited review. When you put less down then there is a full review if the project is not already approved.You need to see the approved budget. if the reserves are less than 10%, no dealalso reviewed the insurance policy and the sinkhole coverage was 10% when it needs to be 5%. It is important to do your homework before paying for home inspections and appraisals, the condo review team really does its job in the end, and better to be prepared beforehand. If you need me to review your budget let me knowTune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the show

23 millions young Adults are still living at home

45% of young adults are still living at home. 23 million is the number today.Everything changed, in 2020/21 it was all cash buyers or conventional. 2023 FHA and VA are back in and the seller is more negotiable to paying closing costs.The change from 2020 to 2023 is higher rates and no inventory. Now what will happen in 2024? Everything in life is a snapshot in time. Changes happen, there is a spring, summer, fall, and winter, and the tied comes in and goes out.What is today will be different tomorrow rates will come down again and these young adults will have the opportunity to ownDidier Malagies nmls212566DDA Mortgage nmls324329tune in and learn more at https://www.ddamortgage.com/blog Support the show

The different income/debt ratios on Conventional, FHA and VA Mortgage

Conventional will allow up to 50% income-debt ratio, FHA is up to 55% and Va has gotten approvals for up to 59.5% income/debt ratio.you take the monthly mortgage payments, plus car payments, student loan payment and credit card payments and divide that into your gross monthly income. conventional allows up to 50%, FHA up to 55%, and Va can get approvals up to 59%Every loan is run through Du/LP and that is the decision maker based on all the variables of income, credit, funds available, etc,Conventional and FHA are at about the same payment if you are putting down the min down payment for each.Good information to have when purchasing a hometune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

With rates in the 7% range does it make sense to purchase or refinance?

Yes, rates are in the 7% range, does it make sense to purchase or refinance?Purchase - are you comfortable with the payment? the probability is that you will be able to refinance down the roadon a Refinance - does it make sense to pay off credit cards, student loans, car and save money?Does it make sense to get a Hecm to help supplement income yes it does if you are on a fixed budget and we continue to have prices go up. It is about having a home to live in that is affordable or a refinance to help consolidate debt.This is just a snapshot in time, and we will have opportunities down the road to refinance again and save lots of moneyso the answer is yes on purchasing or refinancing if you are comfortable with the payment for now,tune in at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

Would a Hecm help supplement your retirement

Age and Eligibility:HECMs are typically available to individuals aged 62 and older who own their home outright or have a low mortgage balance. The older you are, the more funds you can potentially receive from the reverse mortgage.Financial Needs and Goals:Evaluate your financial needs and goals. Are you looking to supplement your income, cover healthcare costs, or fund home improvements? A reverse mortgage can provide a lump sum, monthly payments, or a line of credit to meet these needs.Homeownership Plans:Consider how long you plan to stay in your home. If you plan to move in the near future, a reverse mortgage may not be the best option as the loan becomes due when you no longer live in the home.Costs and Fees:Be aware of the costs associated with a reverse mortgage, including origination fees, mortgage insurance premiums, closing costs, and interest. These costs can impact the overall value of the loan.Impact on Heirs:Understand how a reverse mortgage may affect your heirs' ability

FHA has more changes you need to know about

When a borrower is turned down by FHA, a warning flag goes out and stays in the connection for 6 months as well as the appraisal. FHA is now waiving that where it will not be put into the FHA Connection so the next Lender will not know. I feel it is important for them to know and to explain what you did differently to get the loan in the status of being approved. The other lender should know if there was a problem the first go around and then it gives you the opportunity as the second lender to show what changes you made to make it into an approvable FHA loan. The appraisal still stays with the home for 6 months regardless of who purchases the home afterwardTune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

Does it make sense to refinance and consolidate your student loans

Advantages:Lower Interest Rate: Mortgage interest rates are typically lower than the rates on unsecured student loans, especially if you have a good credit score and a favorable financial situation. Refinancing can lead to substantial interest savings over the life of your loans.Tax Deductibility: In some cases, mortgage interest may be tax-deductible, whereas student loan interest deductions may have income limits. Consult a tax professional to determine your eligibility for these deductions.Extended Repayment Term: Refinancing your student loans into your mortgage can potentially extend the repayment term, reducing your monthly payments. This can provide immediate relief to your budget.Simplified Finances: Managing one monthly mortgage payment can be simpler than multiple student loan payments, making it easier to budget.Risks and Considerations:Secured Debt: When you consolidate student loans into your mortgage, you are essentially converting unsecured debt (student loans) into secu

Does it make sense to refinance or purchase with these higher rates

Whether it makes sense to refinance or purchase with higher interest rates depends on several factors, including your individual financial situation and the specific terms of the loan or mortgage you're considering. Here are some factors to consider:Current Interest Rates: If the interest rates are significantly higher than what is currently available in the market, it might not be the best time to refinance or make a purchase. However, if rates are only slightly higher, other factors might outweigh the impact of the interest rate.Loan Term: Consider the length of the loan. If you're looking at a short-term loan, the impact of a higher interest rate might be less significant compared to a long-term loan.Loan Amount: The amount of the loan also matters. A higher loan amount with a higher interest rate can result in significantly higher overall interest costs.Monthly Payment: Even with a higher interest rate, if the monthly payment fits comfortably within your budget and financial goals,

What happens after I close on my mortgage

You get a month off of not making a mortgage payment, close in August your first payment is in OctoberFile for your homestead in the weeks after closingDo you have portability, did you own a home and sold to buy a new one?set up to do your mortgage payments onlinetune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

Is it time for your kids in their 20's still living at home to think about buying a home

Financial Stability: Before purchasing a home, it's important for your kids to have a stable source of income and a good credit score. They should also have a handle on their existing debts and expenses.Long-Term Plans: Are your kids planning to settle in the area for an extended period? Buying a home can make more sense if they intend to stay in the same location for several years. If they're uncertain about their future plans, renting might be a better option.Market Conditions: The state of the real estate market plays a significant role. If property prices are high and interest rates are also high, it might be more challenging to find an affordable option. In a buyer's market, where prices are lower and there's less competition, it could be a more favorable time to buy.Down Payment and Closing Costs: Your kids will need to save for a down payment, which typically ranges from 3% to 20% of the home's purchase price. They should also consider closing costs, which can add several thousa

Technology in place to keep you updated during the mortgage loan process from beginning to end

We use a system called Arive, which will update the realtors and the borrower on the status of the file from beginning to end so you always know where you are at automatically. When we take a loan, within days it is submitted to underwriting, no time at all and we du/lp approve loans that day we get the contract so we know where we stand from day 1. I also attend my closings to make sure all is done and enjoy being with you at the end. tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

Are you in underwriting and nothing is moving forward with your mortgage and no more answers

Are you in underwriting and no one is getting back to you on the status of your loan? Do they keep asking you for more information and nothing seems to be moving forward? Maybe it is time to get a second opinion on your status. I am closing on a loan today where the borrower originally went to their bank and 2 months later nothing happened. We closed them in 30 days after assessing the situation. The loan they applied for was never going to get approved. We switched loan programs and paid off debt to qualify. tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

What you need to know about FHA Mortgage

Mortgage Insurance: FHA loans require borrowers to pay an upfront mortgage insurance premium (MIP) at closing and an annual MIP as part of their monthly mortgage payments. The mortgage insurance protects the lender in case the borrower defaults on the loan.Credit Score Requirements: One of the benefits of FHA loans is that they are more lenient with credit score requirements compared to conventional loans. While specific lenders may have their own credit score requirements, borrowers with credit scores as low as 580 may be eligible for an FHA loan. However, a lower credit score may require a larger down payment.Down Payment: FHA loans generally require a minimum down payment of 3.5% of the home's purchase price. This down payment requirement is lower than the standard 20% down payment required for many conventional loans.Loan Limits: FHA loan limits vary by location and are influenced by the median home prices in the area. These limits dictate the maximum amount that the FHA will insur

What you need to know about paying off medical collections when getting a mortgage

Removal of collection account: When you pay off a medical collection, the collection agency may update the account status to "paid" or "settled" on your credit report. In some cases, they may even remove the collection entirely from your credit report. This can have a positive impact on your credit score because a paid or removed collection is generally viewed more favorably than an unpaid collection.Scoring models may vary: Different credit scoring models, such as FICO Score and VantageScore, treat paid collections differently. For instance, FICO Score versions 9 and newer do not consider paid medical collections when calculating scores, whereas older versions do. VantageScore models generally exclude all paid collections, regardless of the type. However, it's important to note that lenders might still consider paid collections during their evaluation process, even if they are not factored into the credit score.Late payment history: Paying off a medical collection

Building your kids credit after graduating high school

Educate them about credit: Teach your kids about credit, including the importance of responsible credit management, how credit scores work, and the impact of credit on their financial future. Ensure they understand the responsibilities and potential pitfalls of using credit.Add them as an authorized user: Consider adding your child as an authorized user on one of your credit cards. As authorized users, they can benefit from the positive payment history associated with that account. However, make sure you monitor their spending and set clear guidelines to avoid misuse.Encourage responsible credit behavior: Encourage your kids to develop responsible credit habits by making small purchases and paying off the balance in full each month. This will help them establish a positive credit history and demonstrate their ability to manage credit responsibly.Co-sign a loan: If your child needs to take out a loan, you can co-sign the loan to increase their chances of approval and potentially secure

Update on rates and fees on second homes

Increased risk: Lenders perceive financing a second home as riskier because borrowers are more likely to default on payments for a second property compared to their primary residence. In times of financial difficulty, people are more inclined to prioritize their primary residence over a secondary property.Less owner occupancy: Second homes are often used as vacation homes or rental properties, which means they may be unoccupied for long periods. Lenders consider this increased risk because vacant properties can be more susceptible to damage, maintenance issues, or depreciation.Higher loan-to-value ratio (LTV): Lenders typically require a larger down payment for second homes, which can result in a higher loan-to-value ratio. A higher LTV indicates a riskier investment for the lender, as there is less equity in the property and a higher chance of loss in the event of foreclosure.Different tax implications: Mortgage interest on primary residences can be tax-deductible up to certain limits

What happened to my monthly mortgage statement and what you need to look out for

My mortgage statement after receiving it for 10 years got mailed to a previous address. then the escrow payments each month were used to pay down the loan at the end of the year. there were no escrows. Last July they changed the address to the previous address and then began paying down my loan each month with the monthly escrow. It is imperative you review your monthly statement each month plus look at the homeowner's insurance when it is due, did the premium go up? property taxes in the range? can you get rid of your monthly PMI?tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329#mortgage Support the show

What happens when the Govt prints another 10 Trillion ?

Whether a reverse mortgage makes sense for an individual depends on their specific circumstances and financial goals. A reverse mortgage is a type of loan available to homeowners who are typically aged 62 or older and allows them to convert a portion of their home equity into cash. Here are some factors to consider when deciding if a reverse mortgage is suitable for you:Financial needs: Determine if you have a specific need for additional income or funds to cover expenses, healthcare costs, or other financial obligations. Reverse mortgages can provide a regular income stream or a lump sum payment.Homeownership plans: Consider your plans for the future. If you intend to stay in your home long-term, a reverse mortgage may be more appropriate. However, if you plan to sell or move within a few years, other options might be more suitable.Home equity and value: Assess the amount of equity you have in your home and its market value. Reverse mortgages allow you to tap into your home equity, bu

Does it make sense to refinance your mortgage with higher rates?

Can you consolidate credit card debt, student loans or a car and save money with a higher interest rate on a mortgage? How much will it cost to refinance and how much will you save?then if you are saving money each month and can recuperate closing costs quickly then when the rates do come down refinance again and see what the cost and savings would be. it seems the price of everything is not going down and with more money printing only can get more expensive. I think it is worth going over numbers to see what makes sense and to get some relief with the costs skyrocketingtune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

Are we you checking on the following when buying a condo

is it over 3 storieshas an engineering report been requested and what are the resultsis it an older condoHas the Master Insurance policy been paid and has the premium gone upare you reviewing the budget making sure the 10% reserve requirement is thereread the bylaws and articles of incorporationtune in and learn more at https://www.ddamortgage.com.blogDidier Malagies nmls#212566DDA Mortgage nmls#324329#mortgage#fha Support the show

Private Insurance now available for FHA Mortgages

Traditionally, FHA loans, which are insured by the Federal Housing Administration, have required borrowers to obtain flood insurance through the National Flood Insurance Program (NFIP). The NFIP is a federal program managed by the Federal Emergency Management Agency (FEMA).Private flood insurance refers to flood insurance coverage provided by private insurance companies as an alternative to the NFIP. Historically, private flood insurance options have been limited, and FHA loans generally required NFIP coverage.Now you are able to obtain Flood insurance thru the Private sector for FHA loans, previously you could have gotten quotes that were way higher and prevented a sale from happening. That has now all changed.tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls324329#mortgage Support the show

Scammers not only going after the borrower's wire but now Lenders

I'm sorry to hear that wire fraud is occurring with scammers targeting lenders. Wire fraud is a serious issue that involves the use of electronic communications to deceive individuals or organizations and manipulate them into transferring funds or sensitive information to fraudsters. It's important to be vigilant and take steps to protect yourself and your organization from such scams. Here are some general tips to help prevent wire fraud:Verify identities: Always verify the identity of the individuals or organizations involved in any financial transactions. Use trusted and verified contact information, independently confirm their identity, and be cautious if there are any inconsistencies or red flags.Be cautious of unsolicited communications: Be wary of unsolicited emails, phone calls, or messages requesting wire transfers or sensitive information. Scammers often use social engineering techniques to create a sense of urgency or manipulate victims into taking immediate action. Take the

New ruling on cash our refinances and getting free money for a first time home buyer

wanting to cash out and refinance your home on appraised value, must now wait 12 months. for 1st time home buyers making under 64k, you can get 1,250 to 2,500 at closing after taking a class and getting your first-time home buyer certificateDidier Malagies nmls#212566DDA Mortgage nmls#324329#mortgagetune in and learn more at https://www.ddamortgage.com/blog Support the show

Why are rates so much higher on a second or Investment property

There could be various reasons why the government might choose to curtail mortgages on second and investment homes. One potential reason is to reduce the risk of a housing market bubble and subsequent financial crisis. By limiting access to credit for speculative real estate investments, the government can help ensure that housing prices are more closely tied to underlying economic fundamentals rather than being driven up by speculation.Another reason could be to address concerns about wealth inequality. Suppose a significant portion of the population is able to invest in multiple homes as a means of accumulating wealth. In that case, this can contribute to a concentration of wealth and exacerbate existing inequalities. By curbing access to mortgages for second and investment homes, the government can potentially promote a more equitable distribution of resources.It's also possible that the government is concerned about the impact of speculative real estate investments on rental market

Does it make sense to refinance to a higher interest rate on your mortgage?

There may be some situations where it makes sense to refinance at a higher interest rate in order to consolidate debt. For example, if you have multiple high-interest credit card debts and can only qualify for a personal loan with a slightly higher interest rate, consolidating your debts with the personal loan may still be beneficial if it allows you to pay off your credit cards and avoid high-interest charges.Ultimately, the decision to refinance at a higher interest rate for debt consolidation will depend on your individual circumstances and the terms of the loan. It is important to carefully evaluate the interest rate, fees, and repayment terms of any loan offer before making a decision.tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329#mortgage#refinance Support the show

Excellent credit and putting more money down will now hurt you with higher rates and fees

New legislation being passed on May 1st for getting a mortgage will1. Credit score from 680 to 780 will be penalized for having good credit2. Putting more money down like 15 to 20% will be penalized via higher rates and more fees.So having excellent credit and putting more money down will hurt you and not help you when it comes to getting a great rate. tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

Loan officers attending your mortgage closing

Final verification: The loan officer can verify that all the loan documents are correct and accurate. They can also ensure that the loan is being disbursed according to the agreed-upon terms.Clarification: If there are any last-minute questions or concerns about the loan, the loan officer can be present to answer them and provide clarification.Customer service: Attending the closing is an opportunity for the loan officer to provide excellent customer service to the borrower. They can help ensure that the borrower has a positive experience and feels supported throughout the entire loan process.Relationship building: Building a strong relationship with the borrower is important for loan officers. Attending the closing is an opportunity to connect with the borrower in person and continue building a relationship beyond the loan transaction.Overall, the loan officer's attendance at the closing can help ensure a smooth loan process and provide excellent customer service to the borrower.tune

Opt out of the Trigger list and do not call registry

So what is a trigger list and how does it work?Each time that you apply for a credit card, auto loan, mortgage, or refinance, your personal information is distributed to lenders, insurance, and credit card companies who have subscribed to products known as a “trigger list”. Prospective creditors purchase a subscription to a trigger list service. They set the criteria for their list - for example, anyone who has applied for a mortgage or refinance, in a certain area code, with a FICO score of at least 720. They also choose what additional information they would like to have included: names, addresses, phone numbers, mortgage balances, etc. as well as how often they would like to receive the list (daily or weekly). When you apply for a mortgage or refinance, your chosen lender orders a credit report (with your permission). Within hours of ordering your report, your file is red-flagged by the major credit reporting agencies for inclusion in trigger lists. I

How does the mortgage process work

Pre-approval: Before you start looking for a home, you may want to get pre-approved for a mortgage. This involves submitting an application to a lender and providing information about your income, assets, and debts. The lender will then review your application and credit history to determine how much you can borrow and at what interest rate.Home search: Once you have a pre-approval, you can start looking for homes within your budget. You may work with a real estate agent to find properties that meet your needs.Purchase offer: When you find a home you want to buy, you will make an offer to the seller. Your offer will include the purchase price, any contingencies (such as a home inspection or financing), and the proposed closing date.Mortgage application: If your offer is accepted, you will need to submit a formal mortgage application to the lender. This will involve providing additional documentation, such as bank statements, pay stubs, and tax returns.Home appraisal: The lender will ty

Do not order the appraisal until after the home inspection

It is generally recommended to wait until after a home inspection before ordering an appraisal because the inspection can provide valuable information about the condition of the property that could affect its value.During a home inspection, a professional inspector will thoroughly examine the property to identify any issues or defects that may need to be addressed. This could include problems with the electrical or plumbing systems, the roof, the foundation, or other important components of the home.If an appraisal is ordered before the inspection, the appraiser may not have access to all of this information, which could lead to an inaccurate appraisal. For example, if the appraiser does not know about a leaky roof or a faulty electrical system, they may overvalue the property. Conversely, if the appraiser is aware of these issues, they may undervalue the property.By waiting until after the inspection, the appraiser will have a more complete understanding of the property and can take a

Do I lock in my interest rate on my mortgage

Deciding whether to lock in your mortgage rate when getting a mortgage is an important decision that can have a significant impact on your finances.A mortgage rate lock is a guarantee from a lender that the interest rate on your mortgage loan will not change for a specified period of time, typically 30 to 60 days. Locking in your mortgage rate can protect you from potential rate increases while you're going through the loan approval process, which can take several weeks.Locking your mortgage rate can be a good idea if you believe that interest rates are likely to rise in the near future. This can help you avoid paying a higher interest rate later on. Additionally, if you have a limited budget and need to know precisely what your mortgage payment will be each month, a rate lock can provide you with the certainty you need to plan your finances.On the other hand, if you believe that interest rates are likely to fall, you may want to wait before locking in your rate. Additionally, if you'r

What is going on with interest rates and bank failures

In some cases, the failure of a bank could actually lead to lower mortgage rates, particularly if the government steps in to bail out the bank or provide support to the broader financial system. This can happen because government intervention can help calm markets and increase investor confidence, leading to lower interest rates across the board.Overall, the impact of a bank failure on mortgage rates will depend on a variety of factors, including the size and significance of the bank, the condition of the broader economy and financial system, and the response of government regulators and policymakers.Didier Malagies nmls#212566DDA Mortgage nmls#324329tune in and learn more at https://www.ddamortgage.com/blog#mortgage Support the show

FHFA has made changes that can also increase your interest rate

FNMA/FHMC loans will be affected by the rate due to ltv, credit scores, and income/debt ratiowill it be better in some cases to go FHA will a higher than 40% income debt ratio affect your ratedown payment can affect your ratetune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

FHA is dropping there monthly PMI factor down from .85 to .55

FHA dropped their monthly PMI payment from .85 down to .55this is huge in terms of reducing the monthly mortgage payment.There still is the upfront funding fee of 1.75% but the monthly pmi has droppedAs the market changes and FHA comes back into the market, another reason to use an FHA loan for the purchase of your homeAnd if you own a home that is in a flood zone and have no mortgage thru citizensyou must purchase flood insurance in Julytune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329#mortgage Support the show

Are you comfortable with the mortgage payment is the most important question

A comfortable mortgage payment is one that you can afford without feeling financially strained or stressed. In general, a mortgage payment that is no more than 28% to 30% of your monthly gross income is considered to be affordable and comfortable. However, this can vary depending on your individual financial situation, including your other expenses, debts, and savings goals.It's important to note that while a lender may approve you for a mortgage payment that is higher than this percentage, it's up to you to make sure that you can comfortably afford the payment without sacrificing your ability to save for emergencies, retirement, or other financial goals.Additionally, it's important to factor in other expenses associated with homeownership, such as property taxes, insurance, maintenance and repairs, and HOA fees (if applicable) when determining what is a comfortable mortgage payment for you.tune in the learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgag

Does it make sense to refinance your mortgage now

How much are you saving by consolidating your debt into one mortgage?how long does it take to recuperate the cost if you are saving thousands a month?Are costs on your credit cards at an all-time high, are you getting ahead?Can you get relief by refinancing and getting the house in orderwe know the government will pivot and drop rates, but can we do well now before they pivot?Take the opportunities now with the equity you have in your hometune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329#mortgage#refinance#mortgagetips Support the show

What do we need to know about property taxes when buying a home

Is it a good idea to close at the end of the year or the beginning of the new yearwhat about portability from one home to the new homefiling for homestead is a musttune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329#mortgage#mortgagetips Support the show

when in the month is it best to close on your mortgage

s it best to close at the end of the month or the beginningone could be short of cash to close and then end of the month makes the most senseor you are in a lease and need the extra month, how does it all worktune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329#mortgage Support the show

10,000 people a day are turning 65, are you all set for retirment

will your pension, social and 401k last your lifetime?will you have extra money for whatever may happen that is not in the budgetwhat happens when the gov't pivots and prints another 10 trillion? will costs go up morewhy not have an equity line that you do not have to make payments on?why not have an equity line that goes increases with inflationtune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329#mortgage#hecm#reversemortgage Support the show

Why use a Mortgage Broker

A mortgage broker acts as a middleman between borrowers and lenders. They can help borrowers find the best mortgage rates and terms by shopping around among a variety of lenders. Using a mortgage broker can save borrowers time and effort in finding a mortgage, as well as potentially getting a better deal than they would by going directly to a lender. Additionally, mortgage brokers are often familiar with a wide range of loan products and can help borrowers find the one that best suits their needs.tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329#mortgage Support the show

Buy a home with down payment, FICO score and Reserves but no income?

no income verification - no tax returns for the self-employed, retired, volatile or irregular employment, seasonal or Gig workers, owners of cash businesses, or maybe transitioning from recent health or other life eventsor the Alt doc loan can be a 1099, w2, or 12 monthly bank statement loanstune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

A Recap of 2022 in the mortgage industry

tune in and learn more at https://www.ddamortgage.com/blogThe first half of 2022 was fast and furiousoutbidding on each homecash being king then conventional and how strong conventionalthen barely looking at FHA/VAThe secondhttps://www.ddamortgage.com/blog half slowed down dramaticallyincreasing rates, unaffordable homes with higher prices and higher ratesthen a sliver of hope the last week in DecemberDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

How fast can we close on a mortgage in today's market

loan application taken in 15 minutesdu/lp approval in 30 minuteselectronic signatures sent to you within the hoursecure email provided to upload documentsorder appraisal if requiredorder titleyou shop insuranceunderwriting in 1 dayclose in 3 weeks like easily donetune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

How will a mortgage benefit you in 2023

what will happen when the govt pivots?the printing press will start up some time and what does that mean to yourefinances again at the rates you are locked in at nowsell and purchase a new home either to downsize or move uprefinance and consolidate debt, student loans, auto, etc.,Take out a reverse mortgage and use it for your retirement and so manydifferent options there that can be usedtune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

Happy Holidays and what is in store for 2023

Have a Great holiday and Happy New Year!what happens in 2023, take the time to reflect on how to grow your business next year!what will happen to interest rates? what new products will be therewhat can you do to survive and thrive in choppy waters in your industrylearn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

A Reverse Mortgage for a purchase or a refinance

Buying a home and not using all your cash owning a home and using the equity to payoff off a mortgage, get a HELOC, or get monthly payments set up to help in your retirement yearsWith the volatility in the stock market, skyrocketing medical expenses, and food costs, is it time to use the equity in your home as a retirement vehicletune in and learn more at https://www.ddamortgage.com/blog Support the show

rates are coming down, houses are beginning to stay on the market

tune in at https://www.ddamortgage.com/blogrates are coming down for purchaseshouses are starting to stay on the marketwhen the government pivots and prints trillions will inflation take off again?is it time now to buy and get into a homeDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

Hecum - line of credit for your retirement (Reverse Mortgage)

tune in and learn more at https://www.ddamortgage.com/blogSo, the bottom line is that the line of credit reverse mortgage shares some of the features of the HELOC. It is a line of credit that borrowers can use to borrow against the equity in their home and they only accrue interest on the funds they borrow.Unlike a HELOC, there are no payments due, the loan can never be closed by the lender because they made the arbitrary decision to stop making a line of credit loans (borrowers do have to occupy the home, pay taxes and insurance on time and maintain the house in a reasonable manner) and the amount available to borrowers grows over time based on a growth rate of the unused portion of the line.Didier Malagies nmls#212566DDA Mortgage nmls#324329#mortgage#reversemortgage Support the show

Rates came down this past week, is there light ? will they continue to come down

Rates dropped this past week is the Gov't going to change course on the rates going up?The Gov't has an agenda and until they accomplish what they need to do, nothing will change until they achieve the goal of lowering inflationIt will not happen until sometime next year when they do change course and we will be able to refinance the HELOC, Credit card debt, student loans, and autoit will be an excellent opportunity to get the house in order and get one low monthly mortgage paymentI am getting calls consistently daily on refinancing, but we do not want to touch the low rate you got a year ago. we want to do it when we have that low rate againso nothing is changing until sometime next yeartune in and learn at https://www.ddamortgage.com/blogDidier Malagies nmls3212566DDA Mortgage nmls#324329 Support the show

Do you need to get a HELOC loan on your home to consolidate debt and need cash

need to get an interest only no closing costs loan on your homeyou have a great low rate on your first mortgage now but could use some money to consolidate debt and get some cash with all the equity you have in your homeHELOC may be the answer until the rates come back down againlearn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

An adjustable Rate on a mortgage maybe the way to go on your next purchase

tune in at https://www.ddamortgage.com/blogDoing a 5-year or 7-year arm to help lower your mortgage paymentas well as the 2/1 buydownthere are options to help offset the higher interest rates we are experiencing at this timeWith the intention of refinancing in the following year to a 30-year fixed-rate mortgageDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

Refinancing will happen next year when rates come donw

Those that have a lower rate from the past, may refinance and consolidate debt at the time rateDid you get an equity line and need to consolidate next yearwhat happens when the gov't pivots and prints more money?for those that are buying in the higher range today, will get to refinance it next yearwhat also happens when you print more money, will that create hyperinflation?tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

Commercial loans that may fall out and need other options to get done

Fall out from SBA loans availableno tax returns or cash flow may be the option12 months of business bank statements may work as wellthere are many options for you that may not be what your Bank can offer youstepping outside the boundaries to find a home for youhttps://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

Helping Victims of a Presidentially Declared Major Disaster Area purchase a home

0% down paymentGood for 1 year after the DisasterFlexible underwriting for credit events caused by the disasterPurchase of a single-family home or unit in an FHA-approved condominium projecthttps://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

Final inspection needed after the hurricane

After a major hurricane and Fema puts you in the county several things must happenyou need to get a re-inspection of your homemost will require the appraiser to go out and visit the house inside and outsome will require photos, and letters from the buyer and seller that no damage has happenedbound insuranceeveryone seems to have their own requirements from FHA/VA/FHMC/FNMA to the nonqm lenderstune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

Shop your interest rate with the least amount of closing costs

tune in and learn more at https://www.ddamortgage.com/blogShop your interest ratesdon't pay pointsthe least amount of closing costsgovernment will pivotrefinancing next yearDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

what more can you possibly ask for on a self employed getting a mortgage

getting a CPA letterno adverse effect of taking the funds out of the businesswhat % do you own your businesstune in at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA mortgage nmls#324329 Support the show

2/1 buydown on getting a lower payment and rate on your mortgage

Start with a rate 2% lower than the market rates for the first yearthen 1% for the second yearsave money with the seller concessionswhat happens if you refinance next year, what happens to the moneytune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

Conforming loan limits increased to $715,000

tune in and learn more at https://www.ddamortgage.com/blogLoan limits increased to $715,000 for FNMA and FHMCget better rates without having to go to Jumbo financingDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

What is going on this year in the mortgage industry

Non-QM lenders going out of businessNon-QM having to pay to get their loans off their linesconventional lenders laying off, closing channels across the boardfewer loans more scrutinyloans being over-documented in order to get them soldrates have doubled this year and as a result, this has all happenedhttps://www.ddamortgage.comDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

verification of rent when buying a home

doing verification of rent with a private individual or mgmt cobeing prepared if doing a non-QM loan if they want canceled checksmaybe best not to pay in cashbe in good standing with your landlordok to be rent-free as welltune in and learn at https://www.ddamortgage.com/blogDidier malaiges nmls#212566dda mortgage nmls#324329 Support the show

What you need to know about your property taxes when buying a home

tune in and learn more at https://www.ddamortgage.com/blogwhat happens to the property taxes after you purchase your homedo you know about portability if it applies to youwhat about the homestead and not forgetting to file for ithow do you learn to research what the new property tax bill will beDidier malagies nmls#212566dda mortgage nmls#324239 Support the show

Shop your home owners insurance when buying a home and already owning a home

tune in at https: www.ddamortgage.com/blogis your insurance going up in your escrow accountwhen buying are you shoppingknow to get a 4 pt when shoppingwhy are the insurance carriers leaving the State of FloridaAre downgrades coming to the insurance companies in Floridawhat is going on with all these new roofsdidier malagies nmls#212566dda mortgafge nmls#324329 Support the show

Fast closings when getting a mortgage

du/lp the loan when getting a verbalborrower uploads documents quicklyborrower shops insuranceprocessor orders appraisal and titlerealtor gets home inspection done asapif an appraisal waiver is granted - take itif one is needed, order quicklyeveryone working together makes a fast closinghttps://www.ddamortgage.com/blogDidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Using bank statements to qualify for a mortgage

12 months of bank statements to qualify for a mortgage2 years of being self-employedno tax returnsno w2sno 1099'stune in and learn more at https://www.ddamortgage.com/blogDidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Buyers are getting a better opportunity in getting a home now and what to do about the interest rates

buyers are having a better chance of getting their home when making an offereven though rates are higher than what we have experienced there is an answer to what is cometune in and learn more at https://www.ddamortgage.com/blogDidier malagies nmls#212566dda mortgage nmls#324329 Support the show

A Non Qm lender goes out of business, is there more to come?

why did Sprout go out of business?what did they do that other may have done as well?need to monitor in the coming months if others fall by the waysidehttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324239 Support the show

working capital up to 150,000

2 years self-employed680 min credit scoreno cashflow analysisno debt refi , no equipment30% of their top line, gross revenue from the last tax returns UP to $150,000didier malagies nmls#212566dda mortgage nmls#324329https://www.ddamortgage.com/blog Support the show

when will it be a good time to refinance

tune in and learn more at https://www.ddamortgage.com/bloghow long will rates continue to increasewhen will the Fed reverse coursewhat can we look for as signs for this to comedidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Self employed with different options of purchasing or refinancing your home without tax returns

tune in at https://www.ddamortgage.com/blogBank Statements for income1099 only for incomeno income no jog rental income to qualify on investment propertiesdidier malagies nmls#212566dda mortgage nmls#324329https://www.ddamortgage.com/blog Support the show

should I buy or rent with this transitory inflation, for real?

what is the payment on a fixed mortgage vs a rentalis it transitory or notis the price of food, gas, and rent going to continue to go upwhat can I do when the gov't starts printing again, refinance into a lower ratewhat should I dotune in and learn more at https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

No Income no Assets on Primary or Secondary Homes

tune in and learn more at https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329no verification of income or proof of funds on a purchase or secondary homesmin 20% downmin 630 credit score Support the show

Purchasing a home with a Reverse Mortgage

tune in and learn at https://www.ddamortgage.com/blogpurchasing a home with a Reverse Mortgageonly have so much money to purchase a home and the cash you have is not enough?how to buy your dream home and still have money left overdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

What is a non Recourse loan for a Reverse Mortgage

tune in and learn at https://www.ddamortgage.com/blogWhat happens after deathwho is responsible for mortgagewho gets title to the homeis a non recourse good or baddidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Is it time to consider a Reverse Mortgage for those 55 and older that is on a fixed income

Food prices higherGas highereverything going up in priceis it time to use the equity in your home as a retirement vehicleno mortgage payment, consolidate debtget a credit line, fixed payments for a period of time or lifetune in and learn at https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Do you need to a business loan to grow your business or consolidate debt

tune in and learn at https://www.ddamortgage.com/blogadd in payrollpurchase capitalconsolidate debthttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

qualifying with 1099 income for a mortgage

not using tax returns with 1099 incomegetting 90% of the incomerefinancing and cashing out at 80%up to 10% down up to a 1,000,000 home with no pmihttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Is it time to sell your business to an employee, family member or some one from the outside

tune in and learn more at https://www.ddamortgage.com/blogdoes an employee want to buy your businessdoes a family member want to buy your businessor is it time to sell to the outsidehttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

with inflation what is happening to interest rates and the prices of home all going up

tune in at https://www.ddamortgage.com/blogwhat happens when interest rates and prices of homes continue to escalatewhat makes sense to buy a home at this time?what do I see happening down the road, is there that possibility to refinance again and consolidate debt?https://www.ddamortgage/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

What is happening to interest rates?

tune in and learn more at https://www.ddamortgage.com/blogthe train left the station from the 2% range up to the 4% range and learn on second homes and investment propertiesis it time to refinance and purchase a homewhat makes sense in this environmentdidier malagies nmls#212566dda mortgage nmls#324329https://www.ddamortgage.com/blog Support the show

Time to grow your business, working capital, inventory, purchase of a building

Existing buildings or land New facilities Long-term machinery and equipmentOr the improvement or modernization of: Land, streets, utilities, parking lots and landscaping Existing facilities didier malagies nmls#212566dda mortgage nmls#324329https://www.ddamortgage.com/blog Support the show

Asset Depletion maybe the way to go to qualify for your next home if you do not have the w2s to qualify

tune in at https://www.ddamortgage.com/blogself employed not showing enough income to qualifyjust started your own business and do not have w2sdo not have a job?https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Minimal down payment on a Jumbo Mortgage

tune in and learn at https://www.ddamortgage.com/blogas little as 3.5% down up to 1.5 millionno monthly pmi5% up to 1.75 milliondidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Self employed with too many write-offs to buy a home

tune in and learn at https://www.ddamortgage.com/blogto many write-offsself employedgreat deposits in your business bank statements?tune in and learn what you can do without tax returns, 1099swith just 10% downdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Why did my mortgage payment go up?

tune in and learn at https://www.ddamortgage.com/blogproperty taxes go upinsurance go upif you have a fixed rate that doesn't change what can you do to figure out what happeneddidier malagies nmls#212566dda mortgage #324329 Support the show

Don't forget about the FHA and Va loans when getting your Pre-approval letters

tune in and learn at https://www.ddamortgage.com/blogVA - allowed 48 hours to provide additional compsVA- can go directly to Va on the appraisalfha great loan that someone may have no choice if they can not go conventionaldidier malagies nmls#212566dda mortgage nmls#324329 Support the show

What is a good time frame to get a purchase done in this environment

tune in and learn at https://www.ddamortgage.com/blogwhat is taking the longest in the loan processwhat needs to happen to make it work quickerwhat is realisticdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

buying commercial property with 0% down

business owner for 2 yearsa credit score of 65051% owner occupiedhttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Interest rates on Second Homes have gone up

tune in and learn more at https://www.ddamortgage.com/bloginterest rates are higher on second homes againalso on Jumbo mortgageswhy are they jumping upwhat makes it a second homeshttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

condo questionnaire fees are going up and taking longer on a mortgage

costs are going upmanagement association are not moving quickly on requesteven on limited reviews, more information is being requestedgetting the condo approved is a harder processcondo approval is time consumingtune in and learn more at https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Appraisal fees are going up and taking longer on a mortgage

appraisal costs increasingappraisals taking longerlearn more about the appraisal waivers when offeredtune in and learn at https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

escrow hold back for repairs on a purchase mortgage

escrow hold back on Conventionalescrow hold back for FHArepairs to be done on the home https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

drop your rate, pmi, lower insurance, consolidate debt, shorten loan term

tune in and learn more at https://www.ddamortgage.com/blogshorten loan termconsolidate debtlower rate, get rid of pmiis your insurance too high nowyou go to the doctors for an annualyou get your car servicedcheck out your monthly mortgage statement annually and see what you can savedidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Happy New Year and My 2022 Predictions

interest rates will riseNon Qm Loans will grow in 2022https://www.ddamortgage.com./blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

FHA loan limits are increasing in 2022 and did you know this about VA loans

tune in and learn more at https://www.ddamortgage.com/blogfha loan limits increasing 65,000 in 2022did you know this about VA mortgageshttps://www.ddamortgage.com.blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Should I lock in my rate, something personal and little pointers going into next year

tune in and learn more at https://www.ddamortgage.com/blogwhen buying a home you are in a finite time period with a volatile marketwhat else besides rate should be concerned withinsurancetaxesmaking extra payments and what happenswishing a happy new year!https://www.ddamortgage.com.blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Canadians buying a home in Florida

options on qualifying are different for an investment, second or primary residencegreat opportunity to make money on the rental incomeinvest in a State that is growing dailyhttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Small Business loans for the self-employed

for the self-employed2 years of being self-employedaverage deposits of 15,000 a monthcredit line, capital advancementhttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Closing on your purchase for year end and my recommendations

lock in your rateupload supporting docs right awayshop insuranceask about appraisal waiverask for seller's existing surveyhttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

A manufactured home with land maybe an option to stay in the area you want and more affordable

tune in and learn more at https://www.ddamortgage.com/bloglive in the area you wantmore affordablenot be 1 of 10 people putting an offer on a homenot having to go over the purchase price of a homehopefully getting the seller to help pay closing costshttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

with the cost of everything skyrocketing , is it time to refinance and consolidate your morgage

tune in and learn at https://www.ddamortgage.com/logfood, gas, supplies going upshortages , costs going uphttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

no pmi on a purchase with 15% down

no monthly pmi on Purchase with 15% doqnmin 700 scorepurchasenot Lender paid pmi but No pmihttps://www.ddamortgage.com/blogdidier malagies nmls#324329dda mortgage nmls#324329 Support the show

Wiring money to closing on the purchase of your home

tune in and learn at https://www.ddamortgage.com/blogdont take wiring instructions from realtor, loan officer or processorslow down and think it thrustart a relationship with your title company when giving the escrow deposithttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Which Commercial loan is best suited for you

tune in and learn about the commercial loan at https://www.ddamortgage.com/blogSBA 7aSBA 504bridge loanrefinance or purchaseasset based lendinhttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Conforming loan limits have increased to $650,000

effective for most lenders on January 1, 2022we are doing them nowbuy a home for 684,210 with 5% downgame changerhttps://www.dddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

using rental income to qualify for a mortgage

no tax returns, w2s ,1099s to qualifyonly rental income to purchase a homeno job required on the loan applicationhttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

qualifying for a mortgage using bank statements and asset depletion

using bank statements to qualify for a mortgageusing your assets to qualify for a mortgagenew products that are outside the boxhttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

what's happening with appraisal and what you need to know

are appraisals being delays?are values coming inwhat about an appraisal waiver and what you should dowho gets an appriasal waiverhttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

FHFA makes another change for second homes and investment properties

Changes for the goodGoing back to normal no more hits due to the 7% rulehttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

improving your credit scores part 2

tune in and learn at https://www.ddamortgage.com/blognot deferring your student loansgetting the collection agency to write a letter deleting it off your credit reportcalling the vendor to remove the 30 day latehttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

how to increase your credit scores for a mortgage

usage vs limitlearn how to increase your scores by the usage not by the limit you havehow to do it and to get a better rate and lower pmihttps://ww.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

review your monthly mortgage statement and see what you can save on

has your insurance gone uphas the property taxes gone upcan you get rid of pmi and lower your ratedid you file for homesteaddid you do portabilityhttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

no more hits to pricing on a refinance and how escrows work on a refinance

tune in and learnno more hits on rate for doing a refinance and how to calculate your escrows for a refinancefhfa got rid of the hitshow to get some cash on a refinance with the escrowshttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

how does the escrows work on a purchase mortgage

how does the property taxes workhow does the homeowner's insurance workwhat about the interim interestgood information on purchase transactionshttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

something personal about me regarding mortgages

how I started getting business back thenhow I learned how to figure out a loan quicklyhttps://www.ddamortgage.com.blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

dropping pmi after 1 year, dropping your rate and saving money on a mortgage refinance

watch the sales in your neighborhood within the last yearhave prices gone upis It time to drop pmitime to drop your ratesave moneybeing prepared and watching your dollarshttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

what happens to the payments that you did not have to make during forbearance on your mortgage

0 payments, no lateswhat happens with the interest paymentsstudent loan deferment ring a bellhow much will you owe on your mortgage afterwardsnothing is ever for free https://www.ddamortgage.com/blogdidier malagies nmls@212566dda mortgage nmls#324329 Support the show

paying off your mortgage early

what can you do monthly to pay it off soonerwhat do I think of the Biweeklywatch your equity grow and your mortgage balance shringhttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Should I waive the appraisal contingency when purchasing a home

should i put limits on a valuewhat happens with a bad appraisal, ever have one of thosewill the listing agent be there for the appraiserwill you be therewhat should you dohttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Should I do an FHA or VA Streamline Refinance

do I want to have pmi and a funding fee againhas the value of my home gone upcan i get an appraisal waiverwill i save more money going Conventionawhat are the benefits of not doing a streamlinewhat is a streamline refinancehttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

updates on VA purchases in 2021

lender credit can pay for the non allowablesseller does not have to pay any of the seller closing costsva appraiser will reach out to the realtor if an appraisal issuedo a refi with no verification with the va streanlinehttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

student loan changes regarding FHA Loans and Service to your customers

student loan calculations for qualifying are changingis your loan officer available on weekendsit is not a mon thru fri jobhttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Should i do an adjustable rate mortgage

what are the positives and negatives of having an adjustable ratewhat happens after the fixed term if the following happens?what do i need to knowtune and learn athttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

the documentation needed to process the mortgage loan

all documents are neededall pages of tax returnsall pages of the bank statementsthe term irrelevant does not apply when getting a mortgagewhat you can do to expedite the loan processhttp://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

is your rate on your mortgage over 4%

is it time to lower your rate and save moneyhow about lowering the termtake advantage of the low rates now and take cash out and keep the same paymentlower the term at the same paymentlower the payments tune in and learn https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Changes with Second Homes and Investment properties

The down payment has changed for bothinterest rates are highergov't wants less of this paper in their portfoliowhat changes are big banks doinghttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

FHA Spot Approvals on Condos

Condo spot approvals are backlearn on how to get an FHA spot approvalit has been 15 years since they did themlearn about the benefitswhat about VA and conventionalhttps://www.dddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

3 pillars to getting into a homeincomecredit fundsif you are not there now, what can we do to get you thereovercome your fear and know you can ownwhat is the difference in rent vs mortgage paymentnice not to have to move because the landlord is sellinghttps;//www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324320 Support the show

are things tightening up with mortgages

lenders not doing FHAlenders not doing investment propertiesdenials with 5% down conventionalwhat is going on?https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

LP/Du learn about having your loan approved within 24 hours of loan application

LP/DU - what is it how to get real approvals upfrontgood to know before the home inspection and appraisalgreat question for listing agent to askhttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Who owns your mortgage and what about all the mortgage consolidations

who owns your mortgagewhat is happening with the servicers going publucwhat is happening with all the mortgage consolidationswhat does it mean for the escrows and what to look out forhttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls324329 Support the show

Pre approval letters and what you need to know

multiple offers on a homewhat you need to be prepared forlisting agent is callingwhat can you say to build confidence with the sellerteam work with you, realtor and borrowercash rules and you must compete with thattune in , learn and grow for less than 10 minuteshttps://www.ddamortgage.com/blogdidier malagies nmls3212566dda mortgage nmls#324329 Support the show

dropping pmi, lowering rate and dropping your payment on your mortgage

dropping pmi after 1 yearlowering your ratesaving moneytaking advantage of the higher home pricesreviewing your annual escrow statementhttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

verificationcof employment at the end of the mortgage loan process

docs needed before the clear to closebank deposits , profit and loss on the self employedsalaried people with final verification thru automated system, phone , paystubsetc.,learn what is needed in order to issue a clear to closehttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

what is happening to the appraisals when doing a mortgage

extra fees longer timeswhy is it happening and what you need to knowtune in and learnhttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Second homes and investment properties , what now?

changes happening with second homes and investment propertiesfnma/fhma will limit their purchasecould that affect the interest rate?what else can take placehttps://www.dddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Unlock your credit scores when applying for a mortgage

when pulling credit and no scores show up, probably locked upunlock credit for the pullthen lock back upusually one out of the 3 are locked, seldom see all 3jumbo pricing is back, tune in and learnhttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Purchasing a home without a job!

having no job to buy a homehaving funds in checking, savings, mutual funds , 401kdo not have to be over 59/1/2 to do itopportunity to buy when not able to show tax returns, w2s , 1099;slearn and grow in 201https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

does it make sense to refinance and at what cost

how quickly can i recover my closing costs?quiz question on how longdo points extend the time to recuperatetaylor make your refinance for the remaining termget a second opinionhttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

service service service!!!!

being available on weekends and eveningsanswering questions via text , phone and emailhelping during the processhttps://www.ddamortgage.com/blogdidier malagies nmls@212566dda mortgage nmls#324329 Support the show

paying off your mortgage early

paying off your mortgage earlymonthly or biweeklyhow much extra each monthpaying it off in 22.5 years by how much extra a monthhttps;//www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage n ls#324329 Support the show

why do rates vary from a purchase, rate term and cashout and what is my prediction

rates on a purchase, rate term and cash outprediction for rates in the futurefollow the trend of japan and europshttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

telling the whole truth when applying for a mortgage

what can happen when you lie on an applicationhow do they find out the truthis it worth itwho is affected, the seller, broker, realtoralways remember the truth will come outhttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

realtors calling on prequals and what to really ask

what questions should you ask for on a prequalcredit/income and funds to close - what do you need to knowrunning Du/Lpgetting a better feel on the prequal senthttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

forebearance /refinance?

when can you refinance after being in forebearancewhat happens in februrary - sale/refi or foreclosurewhat can you dowhat makes sensehttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

What are the fees from the association to get the condo approved and the borrower

what fees are charged to get the condo docswhat fees are charged to get he borrower approved thru the associationwhat do you need to knowwhy do the fees vary from one association to the nexthttps://www.ddamortgage.com/blogdider malagies nmls#212566dda mortgage nmls#324329 Support the show

should i make my mortgage payments when refinancing

when are you closing? and should i make the paymentcommunicate clearly with your processor and loan officercan you miss 2 months of mortgage paymentsare mortgages paid in arrearshow does it workhow can i benefit and not do a cashouthttps://www.ddamortgage.com/blogdidier malagies nmls$212566dda mortgage nmls#324329 Support the show

Happy New Year Message and something personal

Happy new year messagerecap of 2020a personal note on mehttps://www,ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

what you need to know about flood insurance

Support the show

self employed/disclsoures/fha loan limits

fnma is requiring more documents for the self employedmore bank statements/profit and loss generic disclosures thru the loan process and what to do and what is going onfha loan limits are going uphttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Conventional loan limits are increasing

what the loan limits are increasing towhat is the new purchase price with just 5% downwhat is happening to FHAand what is status with VAhttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

close in December or January? tune in on this one

what are the property taxes on the home you are buyingis the homestead on or notwhat, they have lived in the home for a long time and the taxes are lowhow can i benefit from thatlearn and grow and stay tuned inhttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Get a Second Opinion

get a second opiniondoes it feel right?are the savings each month worth itare you recuperating in 18 months or lessyour credit score dictates the rate and termshttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Do you refinance your first mortgage when wanting a little cash out?

do you refinance the first to get 15,000 cash outwhat is the costis it better to get an equity lineare you saving money with the cash out refinances being at a higher rate then a purchase or rate termis there no closing cost equity lineswhat makes sense for youhttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

What else can delay a closing - payoffs

get to the end of the loan process and a delay in payoffswith the heavy volume what is happening with the loan servicersis it different on a heloc vs a first mortgagetune in and learnhttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Ease of doing a mortgage now

phone application - package sent electronicallyuploading your documents to a secure siteclosing at your home, work or whereverwe can with technology work around your schedule when doing a mortgagehttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

your credit scores determine you interest rate and pmi

have no credit at all - tune inhow do you increase your credit scoreswhat about medical?what about high balances?what about the different credit agencies you follow and why is it different when applying for a mortgagehttps://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

adding famlly members to the title of your home, what!!!!!!!!!

ramifications for adding family members to titlefor the kids what can happento the parents what can happenon purchases can you add someone to title and not be on the loanhttps://www.ddamortgage.comdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

should you bring escrows to closing or roll them in?

if you bring escrows to closing , how do you get the money back?if you want some money to pay off a credit card and not call it a cash outwhat about no escrowswhat is mandatory to collect if no escrowspurchases - how is that divided uptune in and learnhttps://www.ddamortgage.comdidier malagies nmls#2124566dda mortgage nmls#324329 Support the show

Bankruptcy or layoffs during the loan process and what is needed

company announces a bankruptcy or is in a bankruptcy while you are in the loan processcompany announces layoffs during the loan processbeing w2 does not mean you are a salaried employee and not an ownerwhat do we need to satisfy the lender during this time and fund the loanwhat interesting thing that happened to one of my clientshttps://www.ddamortgage.comdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Buying Investment properties and what you need to know

how much down and how does it differ from single to multiwhat about property taxeswhat about insurancewhat can the seller paywhat hoops do you need to go thruhttps:www.ddamortgage.comdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

What not to do when applying for a Mortgage

dont add on new creditdont take wiring instructions from processor, loan officer or realtordon't buy a new car, new boat, furnituredon't cosign for someonedon't hold back informationhttps://www.ddamortgage.comdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

processing of the loan during heavy volume with low rates

electronic signatures, uploading to a secure siteappraisal, title, and insurancewiring your moneythings you need to knowhttps://www.ddamortgage.comdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

fhfa delays the..50 point hit and should i pay points to drop my rate

delaying the .5 point hit on refinances what does that mean for youshould I pay points to lower my ratetune in and learnhttps://www.ddamortgage.comdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

saving money on lower rates what about the pmi and insurance

can we get rid of the pmi or lower itwhat about your insurance, have you been watching it annuallyhttps://ddamortgage.comdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

rates going up on refinances, why and what about the disclosures being sent out

fhfa increase fees a .5 what does that mean in terms of ratewill it differ from purchasesdisclosures from the lenderis it different than from title and what we did originallyhttps://www.ddamortgage.comdidier malaiges nmls#212566dda mortgage nmls#324329 Support the show

should I lock in my interest rate now?

what happened last April when the market crashed 38%rates at 21 days, 30 , 45 and 60 daysnegative rates in the future?my recommendation to youhttps://www.ddamortgage.comdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

time frame for a purchase and a refinance

what time frames are theredifference and which one takes more precedencerefinance - rate term or a cashouthow about self-employedhttps:///www.ddamortgage.comdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

Self Employed getting a mortgage

purchase and a rate term refinancecahs out refinance being self employedfirst payment default - what happenswhat extra documentation is neededhttps://www.ddamortgage.comdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

are you able to get a hold of your loan officer in the evening and on weekends?

are you getting the service people answering your calls in the evening and or on weekendscan you get a prequal out when there are multiple offersquestions that need to be answeredhttps://www.ddamortgage.comdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

how has it changed since April 1st when Covid came to town

changing guidelines dailykeeping up with all the changesprocessing and underwriting exhausted and frazzled with each dayteam workhttps:///www.ddamortgage.comdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

loans outside the box

what happened when Covid hitwhat are loans outside the boxwhat is available for nonqmbank statements for income vs tax returnswhat happened to most the non qm lenders over the last 2 monthshttps://www.ddamortgage.comdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

2 people buying a home and one has lower credit scores, what do you do?

2 people buying home, what strategies are therelower credit scoreswhat to donot buying new cars, opening up new credit cardsno vacations during loan processhttps://www.ddamortgage.comdidier malagies nmls#212566DDA Mortgage nmls#324329 Support the show

is the loan process getting harder and are they tightening up?

is the process tightening up stillwhat about the self employedratios and credit getting tighterdisclosures that go out in the loan process correctyou need a think tank to get get thru itput it in neutral and when upsethttps://www.ddamortgage.comdidier malagies nmls#212566DDA Mortgage nmls#324329 Support the show

what happens when you get your credit report pulled?

applying for a mortgage and getting credit pulled?who is calling you?how do they get your information?is it legal? how can this be happenhttps://www.ddamortgage.comdidier malagies nmls#212566dda mortgage nmls@324329 Support the show

giving back to your community

doing business in your communityrealtors, loan officers, title, insurancerestaurants, retail storesby giving business to them, they in turn have money to give business to youdo a google search, check out their reviews and keep it insidehttps://www.ddamortgage.com Support the show

reverse mortgages

what age do you have to bewhat options do you haveis there an equity line and how does it compare to a bank equity lineno paymentsget paymentsdraw on a linehttps://www.ddamortgage.com Support the show

If oil can go to -38 a barrel what can happen to rates?

how to make sure if that day comes you have everything readycontinuing to make your mortgage paymentsanything can happen if oil can go -38 what can rates maybe do one dayehttps://ddamortgage.com Support the show

what are rates and what do i need to know

does credit score affect ratesloan amount, loan to valuewhat type of propertypurchases vs refinances and how about cash outrate locks, are you under contract?https://www.ddamortgage.com Support the show

random - things you need to know

why use a mortgage brokerthings you need to know when applying for a loandont buy a new cardont get new credit cardsdont do anything without checking with usdont change jobsalot more tune in for 15 minutes of knowledgehttps://www.ddamortgage.com Support the show

refinance cash out on the self employed

what is happening on refi cash outis fnma/fhmc not buying them on a forebearance?higher ratehigher reserveslower incomeneed business bank statementtune inhttps://www.ddamortgage.com Support the show

Overlays Overlay Overlays

self employed what is happeningcredit scores are going upreserves are going uphigher ltvwhat is happening with cash out refinanceshttps:www.ddamortgage.com Support the show

can i lock in my rate upfront and is it higher than floating?

what lender does what when locking in a rateare they lower if you floatwhen can you lock inis there a difference between a purchase and a refinancehttps://www.ddamortgage.com/blog Support the show

is it tightening up to get a mortgage?

are credit scores going upmore reserves neededextra work to do on the fileverification of employment needed at closing as well as a verbalwhat is happeninghttps://www.ddamortgage.com/blohttps://youtu.be/uY_RpHEJt80g Support the show

how is the mortgage processing being affected, what changes are happening and who left the industry

What is happening to the loan process Present pipelineNew loans on purchasesStatus on refinancesHow has the changes affecteTitle/appraisals/home inspectors/insurance/underwriters/processorsWho left the industry so farStatus of what is to come in clearwater, largo, palm harbor https://www.ddamortgage.com/what-is-all-going-on-with-the-mortgage-transaction-and-who-left-the-industry Support the show

Should I make my mortgage payments

is there ramifications for not making a mortgage paymentis there a 90 day pass?what happens to the loss in paymenthow does it affect youhow does it affect the lenderswho pays for ithow will it affect you to refinancewww.ddamortgage.com/blog Support the show

is it Time to cash out, consolidate debt, lower your monthly payments during this unprecedented time

Refinancing is the right time Rates went down , shot up and now whatWhat can you do with the situation going on with the virus What is the purpose of refinancingWhat can you get from a refinanceTap the equity on your home please visit my website www.ddamortgage.com/blog Support the show

Mortgage rates, what is going on with the Fed cuts, is it time

What is going on with Mortgage rates? What just recently happened with rates going down and then upFed cuts rates , what happens to our ratesWhere are we headed for the remaining 2020What is going on todayFor more helpful tips please see my blog www.ddamortgage.com/blog Support the show

NO closing cost loans, how do they really work.

No closing cost loan What does that mean?What is sometimes deceptive on the no closing cost loanHow does it workIs it really freeWhat is a better plan of attack on a no closing cost loanYou can also watch our video blog at www.ddamortgage.com/blog Support the show

saving money on getting a mortgage, learns ways to save

How can you save money on getting a mortgage AppraisalSurveyOwners titleShopping insuranceDay of the month that you closeOrigination Support the show

Getting rid of pmi - how do you do it

getting rid of pmiis based on new appraisal or the original does it make sense to refinancehow do you determine value - thru zillow?tune and learn Support the show

shortage of escrows what you need to know so you do not get a double whammy!

Shortage of escrows Taxes are low from the previous ownerNext year you get a letter from the lender Shortage – who pays and what happensNow there is a new payment and still a shortage What happensHow do you prepare recommendations Support the show

going to closing and what to expect

The closing – 3part of the 3 series pack What happens from underwriting to closing with the lender Then what happens to closing to title !. soft pull 2. verbal phone calls Title company getting figures and what happens next Then time to wire funds and what happens next Support the show

knowing the loan process - 3 part series

So, what is the first step to getting a mortgage in Florida? Watch the video to learn more. Support the show

Part 2 of the Home Loan Process | your loan is with the processor, what happens?

The loan application is taken, you signed your docs and uploaded your docs, what is next in the loan process? Learn more about what happens behind the scenes to get your loan approved. Support the show

Should you lock in your mortgage rate or float it? Covering insurance shopping as well. Is it wise to float your rate?What are the risks involvedWhat strategies can you do in the future to improve on your rateShopping insurance – what do I do and what do I need to knowProperty taxes – portability? What - homesteadLearn more and watch videos at www.ddamortgage.com Support the show

In this episode of Investor Loans I cover:Low credit scores – 500 mid scores1 day out of bk or foreclosureForeign nationalsWhat types of propertiesClose in an LLC and a trustUnlimited seller contributionsNo reservesProperty flips okay Support the show

Should You Refinance?

This episode covers: Why would you refinanceWill it be a rate term refinanceWill it be a cash out refinanceHow do you consider it when you have a first and second mortgageDoes it make sense to refinance a loan when you already have a low rateShould you go back to a 30 year fixed, 15 10 or ?Paying closing costs or not – you here about thatGetting a credit at closingDo you have escrows or notDo you have your existing survey and owners title to save moneyWhen refinancing good time to look at what you are paying for insurance and doing an overhaul on the total paymentGet more info at www.ddamortgage.com Support the show

Non-QM Loans for 2020

Covered in this week's episode:Purchasing a home with just a bank statement on a owner occupiedPurchasing a home with just a profit and loss on a owner occupiedPurchasing an investment property with just rental incomeNo doc loans on investment propertiesThe increase in loan amounts for FloridaFhaConventionalVaFha203kWhat is the rates going to be like in 2020 – find out my predictionsContact me and learn more at https://www.ddamortgage.com Support the show

Does it make sense to close in December or wait until January?That's an important question to consider.What are the seller paying for property taxes now?Does it benefit you to close now or later?What not to do with the seller If closing in January.Also discussing Portability.Get more info at www.ddamortgage.com Support the show

All You Need to Know About Condos

Covered in this episode:Limited Review - what does that mean and at what loan to value & why go to a limited reviewFull Doc Review - what is entailed and what do you need to know before spending moneyWhat type of financing are on condos and what should you know, re:VAFHAConventionalThe cost of a condo form that needs to be completed on a full review - what can you expect Support the show

Changes and Updates in the Mortgage Industry

The changes and updates you should know about in the mortgage industry1.Loan amounts have increased in Florida for 510,400What does that mean in terms of higher purchase priceWith homes prices going up how does that help2.FHA 203k - increasing the streamline from 35,0000 to 50,0003. What is going on with the 3% down programs4. Bad credit - what are your options? Support the show

Are You Getting the Best Rate

1. Shopping rates and your bank gives you a rate that is incredibleDid they get a CDDid they deliver on what was quotedWere you able to speak to them during the processDid you get what you were told? Did you understand itTime to go to closing, did you make it on time?What lessons to learn from that2. The vibe! Do you have it have you been referred by someone such as a realtor, banker, coworker, family membernow for the vibe, do you have good energy level with the person you are dealing with and at the same time did you learn from themyou cant get to second base without taking your foot off of first Support the show

What to Expect During the Process

Didier and David discuss:What type of financingOrdering a home inspectionOrdering appraisalOrdering titleOrdering insuranceOrdering surveyOrdering pest inspectionDoing a walk thruWiring funds Support the show

Start to Finish

Not sure what goes into buying property? Support the show

Buyers, Rates and Location

Todays episode covers these important topics:I Buy and Big Tech BuyersMortgage Rates and RefinancingDunedin, Florida area Support the show

Buying Flipping and Real Estate Recommendations

This episode welcomes a guest co-host, Florida Realtor, David Zusman and covered in this episode is:Buyers Hesitations - Concerns of a RecessionFlipping a PropertyIs it a Good Time to Purchase a HomeRecommendations for Buyers When it Comes to OffersThe Importance of a Pre-Approval LetterWhat's Happening in the Month of October - Inventory Support the show

Who Do You Go To For A Mortgage?

Do you shop online?Do you go with a referral, someone in the community?Is it from a realtor, friend, or someone from your workWhat are questions to ask when getting rates and costsAre they 9 to 5 and does it matter?Will they attend the closing? Is there any value to that?Is ti a one time deal or a partner for life?Visit www.ddamortgage.com for more info and videos Support the show

What are the Funds to Close

Funds to close on a home:How much down do you need?Fund down for fha, va, conventional and non qm loansDown payment assistance - how does that workWhere are the funds coming fromThe ground - pillow - Gift from a family member401kChecking, savings, stocks?Seasoning - what does that meanHow can you preplan in order to purchase a homeWeird deposits, is that good? Support the show

Sources of Funds to Close

Downpayment - what is availableDown payment assistanceBorrower from your 401kGift of funds from a familyFunds have to be paper trailedSeasoning for 2 months Support the show

How Do You Get Credit?

Graduating high school - what do you do?Bad things happen to good people , what do you do?What causes low credit scores and what can you do?How does the credit score scale work?Does it affect the rate and your monthly PMI if you put less than 20% down? Support the show

When do you order an appraisal?What happens if the value is higher, the same or lower?If it is lower than what can you do?Is there a solution and how does it affect conventional,fha and va?Appraisal waivers and how does that work?Is this something that will continue to expand the appraisal waiver and how does it affect usGet all of these questions answered and MORE! Support the show

Non QM Loans on the Rise

What is a non QM loan and how does it differ from a QM LoanDoes it apply to owner occupied homes, second homes and investor home?What type of programs are theirWhy would someone need a non QM loanIs it growing from previous years - Is it comparable to sub prime was over 10 years ago?Is it a good loan for the consumer?Do you like doing them?What do you see in the future regarding this product Support the show

Tailor Making Your Refinance

Rates are coming downDo we just go for savings or do you switch gears and look at reducing the termHow can we taylor make our refinance - just a 10-15-30 year?What about the interest rateWhat about debt consolidationKids student loans due for payments, addition to the home, consolidate credit card debtWhat are the benefits putting it all in one loan vs paying everyone elseAre you making the right move? Support the show

Delinquencies on a Mortgage

What happens when you are delinquent? Are we heading into a recessionHow many are past due on their mortgageWhat actions do you takeShould you just do nothingWhat about the big tech companiesWho should you be dealing withWhat is the plan of attack - is it to be defensive or offensivewww.ddamortgage.com Support the show

The Loan Process from Start to Finish

Taking the loan applicationElectronic signaturesDownloading supporting documentsOrdering titleGetting home inspection/ then ordering appraisalGetting home insuranceGetting any outstanding documentationGoing to closingWiring moneyListen in for extra tips because I'm gonna quiz you! Support the show

Is It Easy to Buy a Condo

Conventional financing - limited reviewQualifying - what do they include in the debt ratio - a. Insurance and b. Association feesConventional financing - full reviewVA - condosFHA condo approvalNew info never shared before that I just recently learned about myself for the VAs out there.Visit me at www.ddamortgage.com Support the show

Is It Time to Refinance with Fed Cut

Here's what you'll on this week's episode:Is it time to refinanceAre you consolidating debt or is it a rate term onlyWhat makes sense cost wise and what drop in rate do you needWhat time frame to recuperate your costs How long do you plan on staying in the homeAre there more drops in rates aheadHow does that affect buying?Wjhat is this telling us when the rates are dropping?What do you need to do? Support the show

Do rates drop down the day of the announcementFed vs wall streetDoes it make sense to refinanceWhat does the future hold for this yearWhat does it hold for 2020http://www.ddamortgage.com Support the show

Signing the CD Over and Over

The initial loan application doing electronic signatures and signing the CDDuring the process of the loan , CD’s going out all the time3 days before closing, the Cd going out from the lender2 days before closing getting the Actual CD wire/check/cashier checkFiling homestead and possible portabilityOnce you leave closing, and get letters to buy your recorded deed-scam Support the show

Are You Pre-qualified?

How do you get prequalfied?We need to know 3 things and that is Credit , income, and fundsWhat are things to look for if you are self employed, 1099. CommissionedWhat if you have been unemployed for a long timeWhat if you just graduated college?Get the answers on all of this and more! Support the show

The Loan Process

Ever wonder what's involved in getting a loan when you're buying property?This episode breaks it down and walks you through the process of getting your loan and explaining what's involved, starting with:Taking the phone applicationSending out the electronic packageGoing over the CDElectronically signing packageUploading your supporting documentsProcessingReview fileEmail out any outstanding conditionsSubmit loanOrder appraisal and titleShop insuranceOut of underwriting - any outstanding conditionsGet mortgagee clauseClear loanSend to titleDon't stress about the situation...I've got you covered and I welcome you calls to answer questions. Find me at www.ddamortgage.com Support the show

What Type of Mortgage Should You Apply For?

Buying a home - should you go FHA or conventionalWhat are the differences between the 2What about putting 20% down and less than requires PMIWhat are the down payments for owner occ, second home, and investmentWhat is the difference in rateWhat is the difference between and arm and fixedWhat are differences in costs Support the show

Are You Protected When Buying a Home

What should YOU be aware of when buying a home in Florida? Find all the answers in this episode:The answer is yes you are protectedFind and use a realtorWhat is in place to protect you from what the realtor does for youHow does applying for a mortgage protect you, for example appraisal, title insurance , survey, pest inspectionClosing - what do you do when it is time to send funds for closing, what is the major fraud thing happening and what to doAfter closing , you get things in the mail, letters that you owe for this and your loan is soldLearn more at www.ddamortgage.com Support the show

NINA for Investment Property

Looking to buy an investment property in Florida? It could be easier than you think.Topics covered:Buying investment property conventionallyAre we back in 2008?Discuss other options for those that have out of the box situationsGoing NINA how does it workWhy would you go NINADoes it fall under the Dodd Frank BillSecond homes, primary out of the box loansforeclosure/short sale/ BankruptcyVisit my website for more info and to get in touch with me at www.ddamortgage.com Support the show

Foreign Nationals

It's not as difficult as you think to own property in the US and more specifically, FloridaIn this episode I talk about:Who is considered a foreign nationalWho does foreign nationalsWhat are the requirementsDo you need a green card?Do you need a job?Do you need tax returns and bank statements?Find out about something brand new that makes it even easier to own investment property in the US. Remember this - NINACheck out my website for more info www.ddamortgage.com Support the show

Renovations Loan

Why would you use this type of loan and does it benefit you?Listen and find out the various types of renovation loansFHA203k limited and fullConventionalVA Home ImprovementThere are many opportunities out there for buying and it IS possible to get what you want. Let me show you how. Support the show

I'm always surprised to learn that so many VAs never take advantage of VA loan opportunities and maybe because there are so many assumptions out there. I'm going to clear up the confusion and squash those fears about what you can and cannot do or qualify for.In this episode find out:Who is eligibleHow does it workHow does it compare to other loansWhat types of properties can you buy and tips about condosDoes the house have to be perfect?What other features does VA have - home improvementConstruction permHow much can VA go up? Up to 100% and then what happens when you go Jumbo?Find out everything you need to know and visit my website at www.ddamortgage.com Support the show

This episode will cover:how much of a down payment is required for FHA, VA, Conventional non qm loanswhere the down payment can come fromwhat about closing costs?Also covered are the differences between investment and primary residence and how that affects your buying options.For more info and ask questions visit http://www.ddamortgage.com Support the show

Discussed the income to qualify for conventional, FHA, VA and now new products coming out that will use other documents to qualify such as bank statements, profit and loss and what about the NINA loan, is it coming back - it is here. Support the show

Give Me Some Credit

Does credit affect you getting a mortgageThis premier episode starts off where you need to start when you're thinking about buying property. Didier talked about credit scores, no scores, and the super important - how to get creditHow does all of that affect getting a mortgage? Find out all the ins and outs from someone who's been doing this for 30+ years.Get more info on how to buy in Florida by contacting Didier through his website at http://www.ddamortgage.com/ Support the show

View Our Loan Programs

A white background with a few lines on it

Contact

(727) 784-5555

didier@ddamortgage.com

DDA Mortgage, Inc. - NMLS #324329

Didier Malagies - NMLS#212566

Equal Housing Opportunity

1600 West Bay Dr Suite B

Largo, Fl. 33770

Privacy Policy and Disclaimers

Accessibility Statement

A white background with a few dots on it

Share by: