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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
www.facebook.com/FLMortgageLady
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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
www.facebook.com/FLMortgageLady
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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 84 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
www.facebook.com/FLMortgageLady
www.twitter.com/FLMortgageLady

Filed Under: 2012, Business, May/June 2012 - Tampa Bay, Tampa Bay Tagged With: , , , , , , , , , , , , , , , , , , , ,

Spring Into Savings

March 19, 2012 By 25 Comments
Ethan New

Ethan New

Spring is the perfect time of year for Floridians. The weather is perfect and most of us are planning on spending as much time out of our homes as possible but home improvement is a necessary evil. The important thing for most of us is that it is also tax season and a time to spend our money wisely. There are many home improvements that are easy on the wallet and beautiful at the same time. This particular article is going to focus on laminate flooring.

I know what you are thinking, it’s not real wood, but the technology of today’s laminate is much more superior than it was ten and even five years ago. The warranties for laminate are greater than that of hardwood (engineered or solid) and the pricing is often 75% less than those products. It also offers a wide range of species that are costly in real hardwood and in some cases impossible with deforestation being a real issue in South America. Most people in your home would never know the difference if the product is professionally installed with a proper underlayment. Most products come one half inch thick today which is greater than a lot of engineered real hardwoods and sound is only an issue when the padding used was too thin.

For The Floor is a family owned third generation company where we give everything we can to our customers and the quality of service every homeowner deserves. Our employees are here to help answer any questions you might have, from cleaning to installing, and we care about your home and your pocketbook. Thank you to all of the readers who have let us service your homes over the past thirty years.

Filed Under: 2012, 2012, March/April 2012 - North Pinellas/Pasco, March/April 2012 - Tampa Bay, North Pinellas / Pasco, 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 174 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
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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 9 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: , , , , , , , , , , , , , , , ,

It’s a Family Affair at Grand Plaza Café

September 18, 2011 By 23 Comments
Linda DePasquale, Marguerite and Tommy Cottone - Grand Plaza Café

Linda DePasquale, Marguerite and Tommy Cottone

It’s been a long road, but this month, Grand Plaza Café in Trinity is celebrating its one-year anniversary.

After a string of bad luck relating to finding the right location for the restaurant, there was a time when Linda DePasquale and Marguerite and Tommy Cottone didn’t know if their dream of opening a restaurant together would become reality.

Thankfully for Trinity and New Port Richey diners, they found a place for their dream at the Grand Plaza strip near the intersection of Little Road and State Road 54.

The inspiration for Grand Plaza Café sprouted from the many dinners out the trio shared over the years. Marguerite says that, “we come from an Italian family where eating and cooking is a huge part of our family so food is really important to us. The three of us would always go out to dinner and say, we could make food so much better than this!”

The menu at Grand Plaza has something for everyone, no matter what the craving. They serve breakfast, lunch and dinner with different dinner specials each night.

Some of the highlights of the menu are the pastrami and corned beef stacked on marbled rye ($8.95)—the best I’ve had anywhere outside of New York — the cheese and parsley sausage with broccoli rabe, and the Pecan Crusted Tilapia topped with a lemon basil sauce.

Grand Plaza CafeAn absolute must-order when you go to Grand Plaza Café are the rice balls, a Sicilian favorite also known as aranchine. The balls are filled with a little bit of Sopresata, Genoa salami and Mozzarella, and then deep friend to crisply perfection. Quite possibly, it’s the most perfect little bite ever created.

As for the family tree, Linda and Margurite are cousins and Tommy and Marguerite have been happily married for thirty years. Linda says that the goal of opening the restaurant “was to create a family restaurant in a modern environment. The type of place we’d like to take our families to.” Grand Plaza is the perfect family restaurant,

Grand Plaza is the perfect family restaurant, where kids eat free Monday through Thursday and the dinner entrée prices are in the $12-14 range. Last month, Grand Plaza ran a special promotion featuring a wine tasting, two appetizers, two pastas, entrée and two desserts for only $19.95. Linda estimates that 98 percent of all customers return to Grand Plaza after their first visit, so the restaurant’s success is closely tied to word-of-mouth.

On the horizon, Grand Plaza has more wine tastings in the works and live music and dancing on most Friday or Saturday nights.

They are planning a one-year celebration party complete with prizes and free drinks for attendees. More details can be found on their Facebook page or on the Grand Plaza Café Website.

Grand Plaza Cafe
4040 Little Road
New Port Richey, FL 34655
www.GrandPlazaCafe.com

Gina Giradot Melton

Gina Giradot Melton

Gina Giradot Melton is a Tampa-based food blogger. Her blog, Zest: The Florida Foodie Insider’s Guide (www.ZestFloridaFoodie.com) documents her gastronomic attack on Florida via restaurant reviews, recipes and other bon vivant obsessions. She was born into a boisterous Italian family where food was paramount and early on, her Mom – an amazing pastry chef in her own right—fueled her interest by teaching her everything she could in the kitchen. Her goal is to give readers easy access to delicious food that’s a little bit off the beaten path and miles away from the many chains and tourist traps that proliferate Florida’s landscape. She can be reached at zestfloridafoodie@gmail.com

Filed Under: 2011, 2011, North Pinellas / Pasco, Nosh, September 2011 – Tampa Bay, September/October 2011 - North Pinellas/Pasco, Tampa Bay, Wine & Dine 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
www.facebook.com/FLMortgageLady
www.twitter.com/FLMortgageLady

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 Dog Days of Summer – Keeping Your Pets Safe

July 15, 2011 By 213 Comments
Sandra Lindstedt

Sandra Lindstedt

July is also known as the dog days of summer so this is an appropriate time to share some tips on keeping your pets safe.

Know the signs of an emergency. Unusual whining, bleeding, irregular or difficulty breathing and constant pacing are among the things that should be checked out. Heatstroke is very common during our summer months so be sure to limit the amount of strenuous exercise your dog receives and be aware if he pants excessively, has pale gums and a bright red tongue and thick saliva.

Learn how to treat common pet injuries and perform CPR. The American Red Cross offers pet first aid/CPR courses in the Tampa Bay area. Visit www.FLWestCoastRedCross.org for a schedule. The money and time spent may save your pets’ life.

Assemble a pet first aid kit. The Humane Society of the United States provides a list of items that should be in every pet owner’s first aid kit including gauze pads, adhesive tape, a blanket, antibiotic ointment and hydrogen peroxide.

Post a list of contact numbers near your phone for your vet, an emergency 24-hour vet clinic (along with driving directions) and a poison control center. Better yet, store the numbers in your cell phone. In an emergency, minutes may be the difference between life and death.

Prepare to care for your pets during emergencies, such as hurricanes and tornados, by creating a pet evacuation kit. At the minimum, your kit should contain a two week supply of food and water along with your pets’ bowls, medication, carrier, collar and/or harness and leash, a recent photo of your pet, bags for pet waste, toys and treats, and of course proper identification for your pet including his name and your contact information, rabies tag and other vaccination documentation, microchip number and phone numbers for your veterinarian.

Remember that it’s always best to be prepared for unplanned pet emergencies. I hope you and your four legged family have a fun and safe summer!

The Pet Nanny of Trinity
www.ThePetNannyofTrinity
727-534-6576

Filed Under: 2011, 2011, July 2011 - Tampa Bay, July/August 2011 - North Pinellas/Pasco, North Pinellas / Pasco, Pets, Tampa Bay Tagged With: , , , , , , , , , , , , , , , , , , , ,

WOGO Continues To Accomplish Miraculous Missions, Locally and Worldwide

July 15, 2011 By 43 Comments
Dr. Jennifer Cook with 2010 WOGO Mission Volunteer Team in Kathmandu, Nepal

Dr. Jennifer Cook with 2010 WOGO Mission Volunteer Team in Kathmandu, Nepal

WOGO has recently partnered with the Perry Initiative www.perryinitiative.org. The Perry Initiative is committed to inspiring young women to be leaders in the exciting fields of Orthopaedic Surgery and Engineering.

This year WOGO will be hosting a program for local high school students on October 15 at Community Hospital in New Port Richey, FL. [Applications]. The Perry Outreach Program Curriculum has been shown to increase self-confidence in young women’s abilities in science and medicine.

Another new partnership for WOGO is a non-profit organization, called Soles 4 Souls. In an effort to expand their global outreach as they move forward, Soles 4 Souls collects shoes from donors, many of which come from large shoe manufacturers’ excess inventory, and then distributes them to worthy recipients.  The organization has recently taken great interest in WOGO’s efforts to aid not only the patients they treat, but also, enrich the community they visit.

This year WOGO has adopted an elementary school adjacent to the hospital in Guatemala. WOGO has donated 20 computers to the school, and the team surgeons have come together to hire the school a full time computer teacher.  In addition, they have outfitted the school with webcams so that they communicate with a sister elementary school in North Carolina. On the pre surgical trip the surgeons realized that the school’s playground was extremely run down and most of the children did not own proper shoes for exercise. The team will be reconstructing the playground in September. However, without shoes the children would be unable to take advantage of the new playground.

The computers that WOGO donated are destined for delivery to the Urban School for Girls No. 1 “Pedro Bethancourth” in La Antigua, Guatemala, in conjunction with the WOGO surgical mission to Guatemala this September. Each computer is installed with the Ubuntu open source operating system, the Open Office Suite, and Firefox web browser – all running in the Guatemalan dialect of Spanish.

In addition to thanking MITRE, WOGO would also like to acknowledge the work of Dr. Craig M. Cook of Great Falls, Virginia, in providing technical and logistical support in obtaining, outfitting, and refurbishing the computers. This was truly a team effort, and WOGO is pleased to be able to expand its endeavors in this new direction.

To learn more about WOGO and how you can help, please visit www.WOGO.org

Filed Under: 2011, 2011, July/August 2011 - North Pinellas/Pasco, July/August 2011 - Tampa Bay, Philanthropy, Tampa Bay Tagged With: , , , , , , , , , , , ,
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