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Mortgages Archives

Florida real estate market's recovery spotty at best

The residents and business owners in Broward County, Florida, remember the boom times of the late 2000s and the catastrophic economic crash that started in late 2008. The crash caused a financial fallout which rippled through all of the Florida economy and, in particular, affected real estate values.

What is a deed in lieu of foreclosure?

When a Fort Lauderdale resident has been refused a short sale or denied a loan modification and is underwater on his or her mortgage, they may consider a deed in lieu of foreclosure. This is a document that transfers title from the homeowners to the bank that holds the mortgage. The homeowner has to sign the document and it has to be notarized by a notary public.

South Florida residents pay quite a bit for mortgage payments

When potential homebuyers are getting ready to submit an application for a mortgage, most experts note that these individuals should devote no more than a certain percentage of their income to mortgage payments. For instance, for years, the rule was 20 percent: no more than 20 percent of a homeowner's monthly income should be devoted to the monthly mortgage payment. So, are South Florida residents following this rule?

Getting the right help with a mortgage in South Florida

The excitement that comes with searching for a new home in South Florida is sometimes overwhelming, as potential buyers scan the internet and other sources looking for the perfect new residence. After all, buying a home is one of the biggest commitments that a person will make in life, both personally and financially. Our readers who are in the process of making this decision will want to get it right. That is why it is so important to think about the financial aspects of this type of real estate transaction. And, for most people, that means it is time to think about what to look for in a mortgage lender.

Is the health of the real estate market impacting foreclosures?

Several of our recent posts here have examined the ongoing fluctuations in the South Florida real estate market. In a market that had been surging forward on high demand and expanded residential development, there have been some signs that a bit of a slowdown is happening. But what do these fluctuations mean for those who already own a home and who have a monthly mortgage payment to make? Is the relative health of the South Florida real estate market impacting foreclosures in the local area?

What is a "security interest" with a residential mortgage?

There are millions of Americans throughout the country who have only been able to purchase a home because they applied for and were approved for a mortgage. Obtaining a mortgage to purchase property is so common as to be almost taken for granted in every residential real estate transaction. But, even as South Florida residents go through the process of applying for and obtaining a mortgage, they may not understand all of the terms involved. For instance, what is a "security interest" with a residential mortgage?

Most people need mortgages to buy a home in South Florida

Searching for a home in South Florida can be an exciting process. Many people are looking for their first house, while others may be looking for a new house for their expanding family. The fun part is looking at all of the options that are available, evaluating the fit for the new neighborhood and making sure that key amenities are available. Of course, there are some people who can find this process to be exhausting as well.

Are mortgages getting easier or harder to qualify for?

For many potential homebuyers in South Florida, applying for a mortgage is the least appealing part of buying a home. There are many reasons why: all the documentation that is needed, the verification of income and the scrutiny that comes from a potential lender attempting to determine whether or not the applicant will be a reliable borrower. And, since the so-called "housing bubble" burst a few years back, applying for a mortgage isn't like it was 10 or even 20 years ago. So, as of right now, are mortgages getting easier or harder to qualify for?

Cause for concern over new South Florida foreclosure numbers?

Several of our previous posts here have noted that there are some indications that the South Florida real estate market is leveling out - or even headed toward a slight downturn. There have been a number of economic and price-point indicators to support this conclusion, but it hasn't been all bad news. However, a recent report contained some data that will likely continue to leave real estate and mortgage experts concerned.

What are some of the keys to get a mortgage loan modification?

Not everyone is able to cruise through life without the specter of financial problems clouding difficult times in their lives. In fact, most people in South Florida would probably admit that they have had some scary times to deal with, financially speaking. For some of our readers, that scary time may have been during the darkest days of the so-called "burst" of the housing bubble a few years back. And, unfortunately, there are still many Florida residents who are trying to figure out their options when it comes to dealing with their mortgage.