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If you are an underwater homeowner

May 16, 2013 By Leave a Comment

If you are an underwater homeowner the HARP (Home Affordable Refinance Program) was set to expire December 2013 and was just extended for two years to December 2015. If you’re not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through the Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage.

  • The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
  • The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  • The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
  • The current loan-to-value (LTV) ratio must be greater than 80%.
  • The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

The HARP program is eligible for owner occupied homes a second home, an investment property, single-family homes, condos and villas as long as Fannie Mae or Freddie Mac owns your loan.

To check if Freddie Mac or Fannie Mae owns your loan go to the website below, or call and I will check for you.

www.fanniemae.com/loanlookup 

www.freddiemac.com/mymortgage

You can reach JoAnn Rooney at My Mortgage Source 727-938-9007

Dear Customer,

I am very pleased to announce that My Mortgage Source is now open for business and is located at 2142 Alt. 19 Suite D, Palm Harbor 34683.

After 10 years of being a partner and co-founder of Your Mortgage Source, I decided the time was right for me to branch out on my own. As far as you my customer is concerned, nothing has changed, except for the name and location. My entire staff has moved along with me and we look forward to providing you with the same excellent service and advice that we have in the past. Please feel free to contact me with any questions that you might have. 

Sincerely,

JoAnn Rooney

JoAnn Rooney is the CEO of My Mortgage Source, LLC. JoAnn is also a member of Dunedin Rotary North, a 2007 Leadership Pinellas Graduate, a Member of the Mortgage Bankers Association, serves on the board of the Pinellas County Economic Development Council and a member of the Florida Association of Mortgage Brokers. My Mortgage Source, LLC is located at 2142 Alt. 19, Suite D Palm Harbor, Florida 34683. JoAnn can be reached at 727.938.9007 or email: joann@mymtgsource.com. Also visit www.mymtgsource.com, facebook.com/FLMortgageLadyand follow on Twitter@FLMortgageLady. Company NMLS# 1019744

Filed Under: 2013, Home, May 2013, Tampa Bay Tagged With: , , , , , , , , , ,

Facts and Figures About Florida

February 10, 2013 By Leave a Comment

Here are some facts and figures about Florida, some of which you will already know and some that will surprise you.

1. The United States city with the highest rate of lightning strikes per capita is Clearwater.

2. Gatorade was named for the University of Florida Gators where the drink was first developed.

3. The St. Johns River is one of the few rivers that flows north rather than south.

4. The longest lake in Florida is Lake Okeechobee.

5. The Pinellas Trail is a 47 mile hiking/biking trail that connects St. Petersburg with Central and North Pinellas County. It is the longest urban trail in the eastern United States.

6. Orlando attracts more visitors than any other amusement park destination in the United States.

7. St. Augustine is the oldest European settlement in North America.

8. Florida has over 1300 miles of coastline and 800 miles of beaches!

9. Florida covers 54,560 square miles of area, of which 4,424 square miles are water! It is roughly the size of England and Wales.

10. The Florida Everglades are the only place where alligators and crocodiles coexist.

11. Jacksonville is the most populous city in Florida.

12. Florida means “feast of flowers” in Spanish.

13. Florida has over 40 million visitors per year!

If you need any mortgage advice to see if refinancing your existing mortgage will save you money, or to see if you qualify for a HARP loan please call me. Rates are now at an all-time low. I have many clients that refinanced their current mortgage from a 30 year term to a 15 year term and the payment did not change much. I just closed one where the payment was actually lower and we shaved 10 years off the term of their loan. 727-787-2299 X 1

JoAnn RooneyJoAnn Rooney is President of Your Mortgage Source, Inc. JoAnn is also a member of Dunedin Rotary North, a Paul Harris recipient, a 2007 Leadership Pinellas Graduate, a Member of the Mortgage Bankers Association, serves on the board of the Pinellas County Economic Development Council, a member of the Florida Association of Mortgage Brokers, as well as the National Association of Mortgage Brokers. Your MortgageSource, Inc. is located at 29399 US 19N, Ste. 365 Clearwater, Florida 33761. JoAnn can be reached at ex. 1 727-787-2299 or email jorooney@urmortgagesource.com.

Also visit
YourMortgageSourceInc.com
www.facebook.com/FLMortgageLady and follow on www.twitter.com/FLMortgageLady
NMLS#150917
Company NMLS # 150934

Filed Under: 2013, Business, February 2013, Tampa Bay Tagged With: , , , , , , , , , ,

Things I Learned in 2012

December 16, 2012 By Leave a Comment
JoAnn Rooney

JoAnn Rooney

Buying or refinancing a home was not easy. Short sales and foreclosures had title issues, leaky roofs and black pools. Appraisals came in short and sellers took it out on buyers and buyers blamed realtors. Contract dates meant nothing to lenders as rate locks expired and underwriters asked for more and more paperwork. I have worked for fifteen years in this industry and this year was the most challenging by far.

Buying a home in 2012 was like going to Bush Gardens and riding a roller coaster. Finding your dream home is the first part of the ride and after that comes the ups and downs. If all parties involved in your real estate sale transaction (buyer, seller, Title Company, realtors, mortgage broker, lender) keep their heads and work well together, your roller coaster ride will have a happy ending.

There are still incredible buys available on homes in the Tampa Bay area. In 2012, we saw rates at their lowest levels in 40 years. If you are in a position to buy a home to own, a second home or an investment property, 2013 may be your year.

If you read the headlines in the paper or listen to the news, you will hear that you need a 20% down payment to purchase a home, but if you look beyond the headlines, you will find that very few lenders are requiring a 20% down payment. The majority of first-time home buyers used a loan from the Federal Housing Administration (FHA) which allows a 3.5% down payment and is NOT just for first time homebuyers. There are plenty of lenders offering 95% financing and the Veterans Administration offers 100% financing for Veterans.

Even in a tough economy, people continue to graduate from college, marry, have babies, and buy homes. While potential homebuyers remain cautious, the abundance of affordable housing combined with historical low rates will draw more buyers to the closing table in 2013.

Remember that in the midst of turmoil, uncertainty and change….lies opportunity…

Here’s to a great 2013!

Call JoAnn Rooney today 727-787-2299 X 1
www.facebook.com/FLMortgageLady
www.twitter.com/FLMortgageLady

Filed Under: 2012, Business, December 2012 / January 2013, Tampa Bay Tagged With: , , , , , , , , , ,

In the Spirit of Thanksgiving

November 14, 2012 By Leave a Comment
JoAnn Rooney

JoAnn Rooney

In the spirit of Thanksgiving I’m taking a moment to remind myself of all the things I have to be thankful for

Politics. I am really thankful the election is over. My home phone has finally stopped ringing. I am tired of being insulted by people feeling the need to tell me how to think…and vote.

Family. We have our ups and downs, but they really are my foundation.

Work. Low interest rates and wonderful clients that I get to work with and be there for one of the happiest moments of their life

My Staff… Debbie and Candice and Lucy… I could not do this without you

Laughter. There is little better in the world than the laugh-so-hard-you-cry feeling.

Generosity. One of those things that’s just as great to give as it is to get.

Encouragement. So many friends have supported me in my life and I’m so lucky to have them.

Patience. I don’t have very much of it yet, but I’m getting better at it every day!

Honesty. It really is the best policy.

Passion. One of the best things: seeing someone passionate about what they do or who they love.

Positivity. Look for the good in everything and you will find it.

Kindness. Even the smallest act or word can change a day around…

Good News. We all know there’s a lot of bad news out there, so it’s great to hear the good stuff.
Enthusiasm. If you can’t get into it, get out of it!

When you sit down with your loved ones for Thanksgiving dinner, be thankful for everyone and everything that makes it possible. Look your family and friends in the eye tell them how grateful you are that they are there for this day to share this wonderful time together.

HAPPY THANKSGIVING!!!!!

Call JoAnn Rooney today 727-787-2299 X 1
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Filed Under: 2012, Business, November 2012 - Tampa Bay, Tampa Bay Tagged With: , , , , , , , , , ,

Mortgage Broker

September 18, 2012 By Leave a Comment
JoAnn Rooney

JoAnn Rooney

Definition: (One who acts as an intermediary on behalf of individuals to help them find a loan specific to their needs from a bank or lending institution).

Mortgage brokers that are still in business today are because of hard work, pride and dedication to their craft. Continuing education is required to keep up with the stringent laws and changes that have been put into place in the mortgage industry over the past several years. Keeping up with these changes has not been easy for many. As a result, the mortgage brokers that are still active and conducting business are a direct result of the hard work and effort they have put forth. The others have fallen by the wayside.

This is good news for you the consumer! Mortgage brokers are better than ever at helping you find financing for your home. If they can’t find affordable financing for you, maybe you are not ready to purchase a home. Sometimes I have to tell a client they should wait eight months and get their credit score raised so they can qualify for a loan. Sometimes it requires saving more for a down payment or for reserves. It makes my day when someone calls me back a year after I last spoke with them and asks me to check their credit rating and I find they have taken my advice on cleaning up their credit. I love informing them that now is the time to call a realtor and start searching for their dream home.

So what exactly does a mortgage broker do? It starts with a phone call from someone interested in purchasing a home. Then it goes as follows;

Assess the borrower’s circumstances. This includes reviewing a credit report as well as income documentation and assets. This is a fact finding interview. I give the borrower as many options as possible since I work with more than 10 lenders. After discussing what their options are I help them choose which one best suits their needs, Conventional, FHA, Jumbo, VA, USDA or a HARP loan.

I generate a lenders agreement in principle (pre-approval letter). Next, I gather all documents that are needed; pay stubs, bank statements, tax returns, contracts, insurance, title, surveys, etc. Then I complete an application with the borrower and go over all the closing costs. I explain all legal disclosures and the underwriting process and submit the file to the lender. I like to accompany my borrowers to closing and be there for them on their big day.

Once a customer closes on their home, this is not the end of my relationship. I keep all clients on an email list that periodically sends them updates about the mortgage market. As people’s lives and careers change, so do rates and the market. Empty nesters are downsizing and growing families need more space. I get to be a part of my client’s lives as I watch them have babies and see grown children leaving for college.

The best compliment I can receive is when a client calls me with a referral. This is also the most rewarding part of my job!

Call JoAnn Rooney today 727-787-2299 X 1
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www.twitter.com/FLMortgageLady

Filed Under: 2012, Business, September 2012 – Tampa Bay, Tampa Bay Tagged With: , , , , , , , , , , , , , , , , , , , ,

What Is Your Credit IQ?

July 17, 2012 By Leave a Comment
JoAnn Rooney

JoAnn Rooney

A credit score is primarily based on credit report information typically sourced from credit bureaus. Credit scores can affect many aspects of your life, your ability to get a credit card, a mortgage and even a job. Credit can be tricky to understand..

How well do you understand what goes into your credit report and credit score? The following true and false statements may give you a better idea what your credit scoring is all about. Test your knowledge of credit reports and scores to see how much you know;

1. As soon as you pay off an overdue account, the late payments are removed from your credit report. False. Paying the balance of an overdue account is always a good idea. However, missed payments will still show up on your report because they are part of your credit history. Delinquencies of 30 to 180 days will stay on your report for seven years from the date of the missed payment. The good news is that older delinquencies gradually become less of a factor in your score.

2. Filing for bankruptcy will erase the blemishes on your credit report and allow you to start from scratch. False. For people in severe financial distress, declaring bankruptcy may be the only option. However, while a bankruptcy can erase your debts, it will not wipe clean your credit report. Bankruptcies will be noted on your credit report for seven to ten years, depending on the type of bankruptcy you file for.

3. You can request a copy of your own report without lowering your credit score. True. Checking your own credit report will not lower your score. In fact, it’s a good idea to monitor your credit file regularly to make sure that it is accurate. Go to www.annualcreditreport.com for a free credit report.

4. You only need to check your credit report with one of the three credit bureaus. False. While Equifax, TransUnion and Experian use similar formulas when calculating your credit score, each collects its data independently. Therefore, each bureau may have slightly different information in your file, and it’s a good idea to check your report with each of them. These scores can vary greatly from bureau to bureau!

5. Your income has no effect on your credit score. True.


6. A good way of raising your credit score is to obtain several credit cards, even if you don’t plan to use them. False. Using a mix of credit accounts — a mortgage, a car loan and a credit card, for example — and making regular payments on all of them will help you establish a solid credit history. However, opening accounts you won’t use does nothing to build up a positive credit rating. It may even backfire as too much available credit can lower your score. You should only apply for credit cards that you genuinely need.

7. Your credit report and your spouse’s are, and remain, separate reports. True.
8. While it is not easy, achieving a perfect credit score of 850 is possible. True (I’ve yet to see an 850 score in 15 years of originating mortgages).

9. Unpaid library fines and traffic tickets can affect your credit score True. Because cities looking for revenue are sending these cases to collection agencies.

What’s the big deal?

No matter which scoring model lenders use, it pays to have a great credit score. Your credit scores effect whether you get credit or not, and how high your interest rate will be. A better score can lower your interest rate.

The difference in the interest rates offered to a person with a score of 580 and a person with a 740 score can be thousands of dollars on a 30 year fixed rate mortgage. Paying bills on time and paying credit cards in full monthly are the single most important ways to maintaining a good credit score.

Call me if you need advice on how you can increase your credit scores, if you need mortgage advice or information on the HARP 2 refinance program for underwater borrowers.

Call JoAnn Rooney today 727-787-2299 X 1
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Filed Under: 2012, Business, July/August 2012 - Tampa Bay, Tampa Bay Tagged With: , , , , , , , , , , , , , , , , , , , ,

Get Your Affairs In Order!

May 17, 2012 By 141 Comments
JoAnn Rooney

JoAnn Rooney

Two years ago, I helped a lovely young couple purchase their first home. Shortly thereafter, the wife quit her job since they were expecting their first baby. Less than a year later the husband passed away unexpectedly. His life insurance policy through his employer was soon gone after the burial expenses were paid. This young man left his wife and child unprotected and with nothing left to help pay for their mortgage and monthly bills. This family lost not only a father and a husband but they also lost the family bread winner.

This is a very important reminder to my clients to look at your life insurance and make sure you not only have coverage, but the right coverage. Many of my first time homebuyers are young which means your insurance will be less expensive at that time in your lives. We all need a trusted advisor to talk to about insurance to help us decide just how much and what kind of insurance we need. You should also have a will in place so that you can spell out your wishes if something happens to you.

When my husband and I were young and planning our first vacation without our children, we started to ask each other what would happen to our two children if we didn’t make it home? This led to a very spirited argument about which family member would raise the kids and how we could secure their future in the event something happened to us. We immediately asked some friends and family members about finding a trusted financial planner we could talk with about insurance and financial security. While on our way to our initial appoinment, I remember thinking this experience is going to be painful as well as painfully expensive. Neither was true. We left two hours later and ever since that day we both feel very secure knowing we are in good hands and have done everything we could do to prepare ourselves should anything catastrophic ever befall our family.

With our wills drawn up and insurance in place (disability and long term care as well), we were comfortable knowing that we would never be a burden to our kids and all of us were protected should anything ever happen. How many times have you heard someone say what wishes they want carried out are after they pass away? Put your wishes in writing! Get your affairs in order no matter what your age!

Getting on that plane and heading to Cancun, knowing we had gotten our affairs in order, made for a great start to our vacation. Over the years, we have watched our children grow up and leave the nest. We have tweaked our insurance policies since then but since that day, we are both comfortable knowing that we had a plan in place to take care of each other as well as our family.

Don’t put off taking care of your family another day and if you need a referral to a trusted financial planner or someone to draw up a simple will, please call or email me any time!

Call JoAnn Rooney today 727-787-2299 X 1
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Filed Under: 2012, Business, May/June 2012 - Tampa Bay, Tampa Bay Tagged With: , , , , , , , , , , , , , , , , , , , ,

Why am I Harping on the HARP 2 Program???

March 16, 2012 By 50 Comments
JoAnn Rooney

JoAnn Rooney

Because over a million homeowners may be eligible for this refinance and it comes out this month in March.

The HARP program is designed to help people who have made good on their mortgage obligation through a period of severe economic stress and housing price declines. This program will refinance your 1st mortgage only. The HARP program will allow borrowers to refinance their current mortgage to today’s lower rates. This program is specifically for borrowers who are “underwater” on their mortgage.

Borrowers who fulfill the following criteria will, in general, qualify for the HARP 2 program

  • They must be current on their mortgage and have no record of a late payment within the last six months, and may only have had one late payment maximum over the past 12-month period.
  • The current loan-to-value ratio (LTV) must be higher than 80%.the mortgage must have been sold to or guaranteed by Fannie Mae or Freddie Mac on or before May 31, 2009
  • The mortgage must not have already been refinanced through HARP in the past, unless it happens to be a Fannie Mae loan that underwent a HARP refinance between March and May 2009

Your mortgage must be owned by Fannie Mae and Freddie Mac and to check it is as easy as going to these web sites and entering your information:
www.FannieMae.com/loanlookup    www.FreddieMac.com/mymortgage

If Fannie Mae or Freddie Mac own your loan than you can apply for the HARP 2 on an owner occupied home, a second home or a rental property. It can be a single family home, a villa or a condo it does not matter. You can owe 250K on a home that is now worth 200K it does not matter. You can have multiple properties owned by Fannie Mae or Freddie Mac and they are all eligible.

If you check and your home is owned by either Fannie Mae or Freddie Mac then call your current servicer (your servicer is who you are making your payments to) and ask them if your loan qualifies for a HARP 2 loan. Then ask them what rate and terms are they offering. I have clients who have called their servicers and have been offered lower rates, shorter terms, no appraisal and minimal closing costs.

If you have a second mortgage and that lender will subordinate then you can refinance the first mortgage. You can NOT include the second mortgage in the new loan. If you currently have MI insurance and Fannie Mae or Freddie Mac own the loan then you are eligible to refinance. You can not get back more than $250.00 at closing.

Consider a shorter term on your mortgage to pay off your loan faster and build equity. Rates on a 15 year mortgage are less than a 30 year term. If you have been paying on your mortgage for the past 3 years ask your servicer for a 27 year term instead of a 30 year term.

Whatever you do first check the two web sites above and then pick up the phone and call your current servicer and ask if they participate in the HARP 2 program and if they do get started. If your servicer does not offer the HARP 2 program then call me.

Call JoAnn Rooney today 727-787-2299 X 1
www.facebook.com/FLMortgageLady
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Filed Under: 2012, 2012, Business, March 2012 - South Tampa, March 2012 – Tampa Bay, South Tampa, Tampa Bay Tagged With: , , , , , , , , , , , , , , , , , , , , , ,

Things I Learned in 2011

January 21, 2012 By 231 Comments
JoAnn Rooney

JoAnn Rooney

Buying or refinancing a home was not easy. Short sales and foreclosures had title issues, leaky roofs and black pools. Appraisals came in short and sellers took it out on buyers and buyers blamed realtors. Contract dates meant nothing to lenders as rate locks expired and underwriters asked for more and more paperwork. I have worked for fifteen years in this industry and this year was the most challenging by far.

Buying a home in 2011 was like going to Bush Gardens and riding a roller coaster. Finding your dream home is the first part of the ride and after that comes the ups and downs. If all parties involved in your real estate sale transaction (buyer, seller, Title Company, realtors, mortgage broker, lender) keep their heads and work well together, your roller coaster ride will have a happy ending.

There are still incredible buys available on homes in the Tampa Bay area. In 2011 we saw rates at their lowest levels in 40 years and the Federal Reserve Bank announced in August that it plans to keep rates down. If you are in a position to buy a home to own, a second home or an investment property, 2012 may be your year.

If you read the headlines in the paper or listen to the news you will hear that you need a 20% down payment to purchase a home, but if you look beyond the headlines you will find that very few lenders are requiring a 20% down payment. The majority of first-time home buyers used a loan from the Federal Housing Administration (FHA) which allows a 3.5% down payment and is NOT just for first time homebuyers. There are plenty of lenders offering 95% financing and the Veterans Administration offers 100% financing for Veterans.

Even in a tough economy, people continue to graduate from college, marry, have babies, and buy homes. While potential homebuyers remain cautious, the abundance of affordable housing combined with historical low rates will draw more buyers to the closing table in 2012.
Remember that in the midst of turmoil, uncertainty and change….lies opportunity…

Here’s to a great 2012!

Call JoAnn Rooney today 727-787-2299 X 1
www.facebook.com/FLMortgageLady
www.twitter.com/FLMortgageLady

Filed Under: 2012, 2012, Business, January 2012 - South Tampa, January 2012 – Tampa Bay, South Tampa, Tampa Bay Tagged With: , , , , , , , , , , , , , , , , ,

What’s All This Talk About HARP?

November 14, 2011 By 13 Comments
JoAnn Rooney

JoAnn Rooney

What’s all this talk about HARP (Home Affordable Refinance Program) and is this something that I would benefit from?

THE HARP PROGRAM
The Home Affordable Refinance Program (HARP) allows homeowners to refinance into low mortgage interest rates or lower terms even if the property has significantly decreased in value. Established in 2009, for Fannie Mae and Freddie Mac, the Home Affordable Refinance Program provides an option for homeowners to refinance “Under Water Mortgages.” A HARP refinance addresses situations where the homeowner’s property value has fallen causing them to no longer qualify under traditional underwriting criteria.

The HARP program helps underwater borrowers who have made their payments on time but have been unable to refinance. There are 11 million underwater borrowers estimated in the United States.

Who is eligible for a refinance under this enhanced program?
Borrowers who fulfill the following criteria will, in general, qualify for a HARP refinance:

  • Borrowers must be current on their mortgages and have no record of late payment within the last six months, and may only have had one late payment over the past 12-month period.
  • The mortgage must have been sold to or guaranteed by Fannie Mae or Freddie Mac on or before May 31, 2009. You can go to their web sites to see if either one owns your loan; http://www.FannieMae.com/loanlookup or https://www.FreddieMac.com/mymortgage
  • You cannot consolidate multiple mortgages with the HARP refinance program. It is for first liens only. All subordinate/junior liens must be resubordinated to the new first mortgage.
  • Mortgage Insurance providers have reportedly agreed to automatically transfer mortgage insurance coverage to the new loan. If this is true this will be a major change from the current program because currently borrowers with MI insurance cannot qualify for a HARP loan.

Are appraisals required for all refinances?
NO an appraisal is not required when there is a reliable automated valuation model (AVM) value estimate on a property. If there is no reliable AVM estimate available, a new appraisal is necessary so that lenders can make sure your house is “standing.”

Why are these changes being implemented now?
The FHFA, Fannie Mae, and Freddie Mac have been working with the mortgage industry to create a plan that would boost the number of homeowners who qualify for refinancing through HARP. The new changes to the HARP program will take advantage of today’s historically low interest rates and, by spreading the opportunity to refinance, provide benefits to homeowners, housing markets, taxpayers and government enterprises alike.

Do second homes and investment properties qualify for refinance under HARP?
YES, this program will apply to a refinance of an investment home even if that home was once your primary residence. You can also refinance a second home. The loan must meet program eligibility and once again be guaranteed by Fannie Mae or Freddie Mac.

Do mortgages on condominiums qualify for refinance under HARP?
Yes, condominiums already qualify for HARP loans and will continue to qualify under the enhanced program as long as they meet the original requirements by Fannie and Freddie.

When will these HARP enhancements be made available?
Each mortgage lender will enact its own schedule for implementing these enhancements. Lenders should receive instructions from Fannie Mae and Freddie Mac before November 15. We will have more details later this month and expect the revamped program to be available the beginning of 2012.

Call me to see if you qualify for a refinance under the HARP program! 727-787-2299. ext 1

Call JoAnn Rooney today 727-787-2299 X 1
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Filed Under: 2011, 2011, Business, November 2011 - South Tampa, November 2011 – Tampa Bay, South Tampa, Tampa Bay Tagged With: , , , , , , , , , , , , , , , , , , ,

Your Mortgage Source – Help! I owe more on my mortgage than my house is worth. Is there a mortgage for me?

October 17, 2011 By 10 Comments
JoAnn Rooney

JoAnn Rooney

HARP is the Homeowner Affordability Refinance Program being offered for those homeowners who do not otherwise qualify to refinance their current home loan.

If your current loan is owned by either Fannie Mae or Freddie Mac you may be eligible to refinance your home with HARP funds, take advantage of the new low interest rates, and reduce your monthly payment. We have several lenders offering this program NOW.

How do I find out if I have a Fannie or Freddie mortgage?

Visit the webpages below and complete the short form online.
www.fanniemae.com/loanlookup
www.freddiemac.com/corporate
You will know immediately if Fannie or Freddie owns your loan. Only your first mortgage can be refinanced (if you have a first and second mortgage, the second mortgage remains as is). We can finance up to 105% of the current value of your home. In some cases HARP loans are available up to 125%.

How do I know if I am eligible?

1. You owe more than the house is worth OR you have lost significant equity.
2. You have a fixed mortgage rate higher than current interest rates.
3. You have an adjustable rate mortgage (ARM) that has reset or will soon reset.
4. You are current on your mortgage and have not been 30 days late making a payment in the last 12 months.

Can I get cash out to pay other debts?

No. Unfortunately, the Home Affordable Refinance Program (HARP) will not allow cash back to the borrower in excess of $250. The goal of this loan is to reduce your current monthly payments.

What about closing costs and mortgage insurance?

All closing costs can be included the mortgage, so except for a credit report fee and appraisal fee (if required), HARP loans do not require cash at closing. The credit report and appraisal fees typically run $300 or less. This expenditure will be offset by your reduced mortgage payments savings in a matter of a few months.

Typically you would be required to pay mortgage insurance, making the refinance transaction not worth paying the closing costs. Mortgage Insurance is not required for HARP loans.

Here is an example of a HARP refinance that I did for clients Jack and Kate:

Jack and Kate have steady jobs. They pay their bills on time including their monthly mortgage payment. Like many homeowners in Florida, Jack and Kate felt they were unable to refinance to a lower interest rate because the value of their home has declined. They met the following requirements; They own a one-to-four unit home with a $310K balance on their first mortgage and an appraised value of $300K. Their Adjustable Rate Mortgage currently at 6.25% was owned by Fannie Mae and was scheduled to reset in June 2011. They are up-to-date on their mortgage payments and have not been more than 30 days late in the past 12 months.

With my assistance, Jack and Kate were able to secure a 4.50%* 30-year fixed rate loan through the HARP program. Their payment went down by $368 a month, greatly reducing their stress over other bills each month and freeing up funds for other cash needs. Their credit score will not be affected and they now have peace of mind knowing their payment is fixed and they can remain in their home indefinitely. *4.769% APR

Loan to Value Ratio (LTV) can be used to estimate the amount of equity you have in a property. Example: $300,000 (loan balance) divided by $286,000 (market value) = 105% LTV

The HARP program is not just for folks “upside down” on their mortgages. If your LTV is anywhere from 80% to 125%, you may be eligible.

Call me to see if you qualify for a refinance under the HARP program! 727-787-2299. ext 1

Call JoAnn Rooney today 727-787-2299 X 1
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Filed Under: 2011, 2011, Business, October 2011 - South Tampa, October 2011 – Tampa Bay, South Tampa, Tampa Bay Tagged With: , , , , , , , , , , , , , , , ,

Realtors Work Hard These Days

September 18, 2011 By 17 Comments
JoAnn Rooney

JoAnn Rooney

They deal with short sale negotiations with banks that can go on for 6 months to a year. They deal with foreclosures that need renovations and banks that won’t spend a dime to fix up the property. They deal with buyers who think they need to see 50 homes before they can find the right one and sometimes it’s the first one they looked at but is now under contract. Realtors drive around for weeks with buyers. They deal with appraisals that come in short and home inspections that bomb. I cannot imagine the gas bills and the time they spend away from their families because someone flew into town and wants to see properties NOW.

My article today is about so-called preapproved buyers and how to avoid being one. Realtors put clients in their cars who tell them they are pre-approved with a lender only to find out they worked with someone that did not ask the right questions.

So if you are in the market to purchase a new home, find a mortgage broker or a bank and get approved 3 months before you start seriously looking. I don’t mean you call a broker or banker and tell them what you need and they type up a piece of paper that says you’re good to go. If your financial person does not ask you for your tax returns, recent paychecks, bank statements and information to pull your credit, then find one that will.

Getting a loan today is a totally different experience than when you bought a home prior to 2008…you now have to QUALIFY! We are all paying for the sins of the past and we should be. There are plenty of loans available for home buyers: VA loans for anyone that served in the military or reserves with 0% down, there are FHA loan with 3.5% down, USDA loans with 0% down and conventional loans now available with as little as 3% down. Sellers are helping with closing costs and even paying for mortgage insurance policies. Mortgage professionals are busy, properties are selling and it’s a great time to be a buyer. Interest rates are great no matter what product you pick- – but, here it is again- – you must be properly pre-approved. I like to see my client 90 days before they go look for a home. I want to be able to look at their credit and help them increase their scores before they purchase. The better the score the better the rate!

I can not tell you how often I see a medical collection for under $20, which if recent can actually decrease your credit score. I had one go down a 112 points…that’s crazy! I got it removed and the score went up 112 points. That took a week to accomplish. I work with people to increase scores with a strategy that is fairly simple and easy for the client to follow. I look at tax returns for any “surprises” that might get a loan denied. I look at tax returns for self employed borrowers and show them what income the lender is going to allow. I look at bank statements to make sure there aren’t any large deposits that can not be sourced. I look at paycheck stubs and check for commission, bonus or overtime that must be averaged. I talk about closing costs and how much of a home a buyer will qualify for.

It’s difficult to keep up with 15 lenders and all their products and guidelines. I have to think out side the box today more than ever. Every loan is different and some are very challenging but at the end of the day when I’m sitting at the closing table with the realtor and the buyers, it is one of the most rewarding jobs imaginable.

Make sure you qualify for that home before you fall in love with it. And don’t be a “so-called” pre-approved client. Your realtor will appreciate it and work even harder to find you your dream home.

Call JoAnn Rooney today 727-787-2299 X 1
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Filed Under: 2011, 2011, Business, North Pinellas / Pasco, September/October 2011 - North Pinellas/Pasco, September/October 2011 - Tampa Bay, Tampa Bay Tagged With: , , , , , , , , , , , , , , , , ,

Why Should I Use a Mortgage Broker for my Home Purchase Instead of a Loan Officer at a Bank?

August 12, 2011 By 7 Comments
JoAnn Rooney

JoAnn Rooney

I had a potential client (Beth) ask me the other day, “Why should I use a mortgage broker for my home purchase instead of a loan officer at a bank?

I was all set to explain my logic to her when I noticed she was wearing a killer pair of red pumps. I asked her where she bought them and it turns out we shop at the same shoe store at International Mall. I asked her why she goes to that particular store and she said “I go to that store because I’m offered a wide variety to choose from, the salesperson knows my name and knows my style. I receive that “personal touch” when I go there. Sometimes when I’m standing there I am overwhelmed by all the beautiful shoes to pick from. I grab a seat, get comfortable, and my salesperson brings out the shoes I want to see, in addition to others that I never noticed but are also my style. The store also stands behind every pair of shoes that it sells. It’s a pleasant experience for me and I always walk out with a smile on my face. I feel like I make educated decisions based on the many options presented and the personal attention and care I am given.”

“Beth” I said, “you just answered your own question for me”.

As a mortgage broker, I work with more than 15 local and national lenders, and my job is to help find the right fit for you. There are no more “one size fits all” products in this market and new rules and regulations are changing the landscape every day. The average consumer, busy with his or her own job, family, finances, etc., does not have the time or expertise to navigate this environment. FHA, VA, USDA, conventional and jumbo mortgages, short sales, foreclosures, sink holes, flood and wind insurance, judgments and bankruptcies, investments properties, second homes and self-employed borrowers … all these are things I address daily with customers. I had a closing last month for a client that didn’t qualify because their credit was so bad a year ago. I gave him a road map to clean up his credit and last month he moved into his new home!

At Your Mortgage Source we negotiate for our borrowers with national lenders for better terms and quicker processing, often with the same institution you may have gone to anyway. As a mortgage broker I work with fewer clients than a loan officer at a bank so I can give that personal touch. I work with my clients through the entire process until we get to the closing table and even after the boxes are unpacked.

Standards in the mortgage industry have tightened up immensely. As a mortgage broker I must be licensed, pass rigorous background checks, be fingerprinted, nationally registered, have our personal credit report examined, pass state and national tests, and attend continual education classes year round.

As a trusted mortgage professional for the past 14 years, I have been helping families buy or refinance their homes and I take the stress out of mortgage shopping. Call me to help you with the financing for the purchase of a new home, to refinance an existing home…or for a road map of how you can become a homeowner.

Purchasing a home is one of the biggest investments of your life. We help manage our client’s expectations up front and take the emotion out of a home purchase. IT PAYS TO SHOP AROUND!

Call JoAnn Rooney today 727-787-2299 X 1
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Filed Under: 2011, 2011, August 2011 - South Tampa, August 2011 - Tampa Bay, Business, South Tampa, Tampa Bay Tagged With: , , , , , , , , , , , , , , , ,

The Best Kept Secret in the Lending Business Today…VA Loans!!

July 15, 2011 By 26 Comments
JoAnn Rooney

JoAnn Rooney

To all our Military Friends and their Families: Army, Navy, Air Force, Marines, Coast Guard and National Guard…I thank you for your service, bravery and commitment to our country. In return, I would like to make sure that you are aware of the great benefits that VA loans provide for you.

Just the other day I was talking with a client about securing a loan for a home he would like to purchase. I asked if he was a veteran and he said yes, but he used his VA entitlement 25 years ago when he bought his first home so he would not qualify for another VA loan. I explained that yes, he could use his VA entitlement again and what a good option he has with a VA loan. He was more than surprised to find this out. We are now in the process of qualifying him for a home purchase using his VA entitlement.

This made me wonder how many other people are not fully aware of the benefits that are available to them.

10 Important Things You Should Know about VA Loans

  • You do not have to be a first time homebuyer.
  • You are eligible for 100% financing on a VA Loan, no money down.
  • Sellers can pay up to 4% of the sales price in sales concessions and closing costs may be paid by the seller.
  • You can get a fixed rate that will be as good or better than a conventional mortgage.
  • If you have ever served in any branch of the military and been given an honorable discharge, you are eligible for VA entitlement.
  • You can purchase a single family home, a VA approved condo or townhome, or a multi unit residence for rental purposes as long as you occupy one of the units.
  • VA does jumbo mortgages, loans over 417K, at great rates.
  • VA Loans are assumable.
  • Surviving spouses also have VA entitlement rights.
  • You qualify for a VA loan if you served 90 days or more of service during wartime or 181 days or more of active duty during peacetime.
  • You can refinance a current VA loan to reduce your interest rate and include closing costs without re-qualifying, regardless of property value.

Here at Your Mortgage Source, I am committed to helping veterans and their families. Make sure that you are fully aware of the options that are available to you! Feel free to contact me about a VA mortgage and I can help you find out if you qualify.

On a 500K purchase price, your down payment is only 4.15%
On a 750K purchase price, your down payment is only 11%
On a 999,999K purchase price, your down payment is only 14.50 %

Call JoAnn Rooney today 727-787-2299 X 1
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Filed Under: 2011, 2011, Business, July/August 2011 - North Pinellas/Pasco, July/August 2011 - Tampa Bay, North Pinellas / Pasco, Tampa Bay Tagged With: , , , , , , , , , , , , , , ,

Her Recipe For Success… Passion, Commitment and Get It Done!

May 15, 2011 By 107 Comments
Entrepreneur - JoAnn Rooney - Your Mortgage Source - Panache Vue Magazine

JoAnn Rooney

JoAnn Rooney, President and co-owner with Marlene Crawford of Your Mortgage Source, is a licensed mortgage broker who specializes in residential lending. But this lady is not your typical broker! This business chose JoAnn. She was a stay at home Mom and when her youngest was in middle school, she needed something to do. A friend knew someone who was opening a mortgage business in Florida and was looking for someone to process loans for all the male brokers. “When I asked what a mortgage broker did, I decided that’s what I wanted to do! I was the only female among all men which made me work harder. It was tough and I learned a lot but I found out that not only did I like helping clients, but I was good at it and I loved what I did”!

JoAnn takes the stress out of buying a home in today’s market. “I remember when I bought my first home and it was not a good experience. We had a big surprise right before closing – we needed to bring more money than we thought because someone at the bank miscalculated our closing costs. No one explained anything to us and being a first time homebuyer, we weren’t as educated as we were when we bought our second home”. When she opened Your Mortgage Source, JoAnn decided to educate her first time homebuyers, she walks them through the entire process so they know what to expect. There are no “surprises” before closing and with the mortgage process being so extremely difficult and frustrating these days, having a trusted advisor to help you through takes a lot of the stress out of the transaction.

JoAnn attends all of her closings. “Since my job doesn’t stop at the closing, I tell my clients if they need a referral for a plumber, contractor, CPA or even a hairdresser, I want to be the first person they think of! We stay in touch even after the closing”. They are small enough to offer the kind of personal service banks do not offer. They work with 14 lenders; the big ones and the small ones and they tailor the lender to the clients needs.

JoAnn has reached many goals – to survive in a business that has seen many companies close is remarkable! “We have shed thirty thousand mortgage brokers in Florida alone and the ones that have survived are here because they truly believe that they can make a difference when it comes to helping a client negotiate a mortgage”.

Your Mortgage Source services the entire State of Florida! JoAnn is always thrilled when she gets a call from Fort Lauderdale, Naples or the Pan Handle from someone who heard about them from a past client or realtor.

JoAnn’s favorite part of her business is staying in touch with clients, having the opportunity to help them buy or refinance a home. “I have watched my clients marry and have children in a home that I helped them purchase. I have one family alone that I have helped 6 family members buy homes over the years. I love the Christmas cards that I get with the pictures of “my families.” I am touched by the cards I receive thanking me for making dreams come true”.

JoAnn lives in Palm Harbor with her husband Mike, they have two grown children Michelle and Michael who still call her up to make their favorite foods. The entire family loves to watch movies and lie around and laugh. “My passion is cooking, baking, Pilates and reading any cook book or cooking magazine that I can get my hands on. I love to read anything that is about the financial market, I find it fascinating to see where it all started and how we got to where we are today, I’m always learning something new”.

She owes her success to hard work; something she learned from her parents growing up in a family of twelve in St.Charles, IL. She credits her girlfriends for their friendships and the business owners who have taken her under their wings and helped her stay focused and shared with her what they have learned. “Joe you taught me how to make time for myself and Bud you have taught me that we all make a difference”.

JoAnn credits her success in sales to her husband Mike who always from the very start believed in her and helped her through the tough times. To this day she can still hear him say “it’s not how you start, it’s how you finish. If you believe it you can do it”!

Filed Under: 2011, 2011, Entrepreneur, Entrepreneur - NP / P, May/June 2011 - North Pinellas/Pasco, May/June 2011 - Tampa Bay, North Pinellas / Pasco, South Tampa, Tampa Bay Tagged With: , , , , , , , , , , ,
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