Reverse Mortgage Blog | DDA Mortgage

Buying a condo is different from purchasing a single-family home, and it's important to understand the unique considerations involved. Here’s a comprehensive list of what you should know before buying a condo: 1. Understand What You're Buying Ownership: With a condo, you own the interior of your unit, but share ownership of common areas (lobby, pool, gym, etc.) with other residents. HOA (Homeowners Association): This governing body manages shared areas and enforces rules. 2. Evaluate the HOA Fees: Ask for the current monthly fees and whether they’re likely to increase. What’s Included: See what the fees cover (e.g., water, insurance, maintenance, amenities). Reserve Fund: Check if the HOA has a healthy reserve fund for unexpected repairs. Rules and Bylaws: Review pet policies, rental restrictions, noise rules, and renovation limitations. Meeting Minutes: Request past meeting minutes to identify ongoing disputes, major projects, or complaints. 3. Financial Health of the Building Special Assessments: Are there upcoming or recent one-time fees for big repairs? Delinquency Rate: A high number of owners not paying dues can be a red flag. Insurance Coverage: Confirm that the building has proper insurance coverage (you’ll need your own unit insurance too). 4. Location and Building Condition Location: Evaluate the neighborhood, proximity to work/public transit, schools (if relevant), and future development. Building Age and Maintenance: Older buildings may need major upgrades; review recent renovations (roof, elevators, HVAC). Noise and Privacy: Check unit positioning and wall/floor sound insulation. 5. Unit-Specific Considerations HOA Restrictions on Renovations: Can you remodel the kitchen? Change flooring? Storage and Parking: Confirm assigned parking, storage lockers, bike racks, etc. Utilities: Understand what utilities are included and how they’re billed. Views and Natural Light: Are there any plans to build next door that could block your view? 6. Legal and Resale Aspects Title and Liens: Ensure there are no legal issues tied to the unit or HOA. Resale Value: Check sales trends in the building; talk to a local agent about demand for similar condos. Occupancy Rate: Higher owner-occupancy rates often mean better-maintained buildings. 7. Financing Lender Requirements: Not all lenders finance condos easily—make sure the condo is on their approved list. Warrantable vs. Non-Warrantable: Some buildings are considered riskier (too many renters, lawsuits, etc.) and may need special financing. 8. Inspections and Disclosures Professional Inspection: Even if the HOA handles exterior maintenance, get an inspection for internal systems (plumbing, electrical, HVAC). Disclosures: Review all seller-provided documents carefully—especially HOA disclosures and financials. tune in and learn at https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329 

Locking in your interest rate can be a smart move under the right circumstances—especially when there's economic uncertainty, like tariffs, geopolitical tension, or volatile inflation. Here are a few key considerations to help you decide: ✅ Reasons to Lock in Now: Rising Rate Environment: If inflation is persistent and the Fed continues to signal rate hikes (or holding rates higher for longer), mortgage and loan rates might increase. Market Volatility: Tariffs and global economic uncertainty can lead to unpredictable swings in rates. Locking in now protects you from upward movement. You’re Close to Closing: If you're within 30-60 days of needing the loan (e.g., buying a house), rate locks are usually worth it. Peace of Mind: Locking gives you certainty in an uncertain time, helping you budget better and avoid surprises. ❌ Reasons to Hold Off: You Expect Rates to Drop: If there's strong indication that rates will fall due to recession fears or easing inflation, waiting could save money. You're Not Ready to Act: If your closing is still months away or you're just shopping around, locking too early may be premature (and rate locks often have time limits and fees) tune in and learn more at https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329

I do Residential Mortgages in the State of Florida only, that is where I am licensed. Most of my business is from Pinellas, Hillsborough, and Pasco County. I am doing more loans all over the State as time goes on. I love to go to my closings and will drive up to 1 hour to be there at your closing. I do Fnma/FHMC, FHA, VA, C/p, Nonqm mortgages. On the Commercial side the whole Country is open and if you are having difficulty with your lender and not going anywhere, go to www.ddamortgage.com and complete a form and I will get back with you. Technology has made it so easy to help get your mortgage processed and closed I am always available to help out and I answer your questions and teach you along the way tune in and learn at https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329 

When choosing a mortgage lender, it's important to carefully compare several key factors to ensure you get the best deal and the right fit for your financial situation. Here’s who you might consider and how to evaluate them: 1. Types of Lenders to Consider Banks: Traditional option; may offer relationship discounts if you have accounts there. Credit Unions: Often have lower rates and fees; membership may be required. Mortgage Brokers: Shop multiple lenders on your behalf but may charge a broker fee. Online Lenders: Often streamlined and convenient; compare their rates carefully. Non-bank lenders: Can be more flexible for unique financial situations. 2. What to Look For Interest Rates: Fixed or variable—get quotes from multiple sources to compare. Fees: Application, origination, underwriting, appraisal, and closing costs. Loan Types Offered: Conventional, FHA, VA, jumbo, etc., based on your eligibility. Customer Service: Look for responsive, transparent, and helpful communication. Reputation: Read reviews and check ratings from the Better Business Bureau or Trustpilot. Preapproval Process: A good lender should make this easy and informative. 3. Best Practice Get at least 3 quotes from different lenders. Ask for a Loan Estimate from each so you can compare total costs side-by-side. Consider long-term value, not just the lowest monthly payment—compare APRs. tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329

A bridge loan is a short-term loan used to "bridge the gap" between buying a new home and selling your current one. It's typically used by homebuyers who need funds for a down paymenme before their existing home sells. Here's how it works: You own a current home and want to buy a new one. You haven't sold your current home yet, so your cash is tied up in its equity. A bridge loan gives you access to that equity—before the sale closes—so you can make a down payment or cover closing costs on the new home. The bridge loan is secured by your current home, and repayment typically comes from the proceeds once it sells. Key Features: Term: Usually 6–12 months. Interest Rates: Higher than a traditional mortgage. Repayment: Often interest-only during the term, with a balloon payment (full payoff) at the end. Loan Amount: Usually up to 80% of the combined value of both homes (existing + new). Example: Your current home is worth $400,000 with a $250,000 mortgage (so $150,000 equity). You want to buy a $500,000 home. A bridge loan lets you borrow against some of that $150,000 equity to cover the new home's down payment while waiting for the current home to sell. Is this conversation helpful so far? tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329

1. Cash-Out Refinance How it works: You replace your current mortgage with a new, larger loan and take the difference out in cash. Pros: Often lower interest rates compared to other methods. Longer repayment terms. Cons: Closing costs (typically 2–5% of the loan amount). Resets your loan term (could be 15, 20, or 30 years). Tougher underwriting for investment properties vs primary residences. 2. Home Equity Line of Credit (HELOC) How it works: You get a revolving line of credit based on your property’s equity. Pros: Flexibility — borrow what you need, when you need it. Pay interest only on what you draw. Cons: HELOCs for investment properties are harder to get and may have higher rates. Variable interest rates (payments can increase). 3. Home Equity Loan ("Second Mortgage") How it works: A lump-sum loan secured by your property's equity, separate from your existing mortgage. Pros: Fixed interest rates and predictable payments. Cons: Higher rates than primary mortgages. Separate loan payment on top of your existing mortgage. 4. Sell the Property How it works: You sell the investment property and realize your equity as cash. Pros: Immediate full access to equity. No debt obligation. Cons: Capital gains taxes may apply. You lose future appreciation and cash flow. 5. Portfolio Loan How it works: A loan based on a group (portfolio) of your properties' combined value and cash flow. Pros: Useful if you have multiple properties. Lenders may be more flexible on qualifications. Cons: Complex underwriting. Higher costs. 6. Private or Hard Money Loan How it works: Short-term, high-interest loan based on property value, not personal credit. Pros: Fast funding (days instead of weeks). Less strict underwriting. Cons: Very high interest rates (often 8%–15%+). Short loan terms (often 6–24 months). 7. Seller Financing (if you're buying another property) How it works: If you own a property free and clear, you could "sell" it and carry financing, creating cash flow and upfront cash through a down payment. Pros: Passive income from note payments. Cons: Risk if the buyer defaults. Key Factors to Think About: How quickly do you need the cash? How much do you want to borrow? How long do you want to be repaying it? How the new debt impacts your overall portfolio. tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329

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/blog didier malagies nmls#212566 dda mortgage nmls#324329

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 Questions Lenders 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, retirement)? tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329