Paradise Real Estate of Key West
521 Simonton Street, KW
305-294-6008 office
305-896-8821 cell
webme1@msn.com
click on loans to see the new mtg laws
coming January 2014
click on insurance to view the Flood Insurance Reform Act 2012
Real Estate Ramblings 2014
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NEW MORTGAGE LAWS COMING JANUARY 2014 click here for the brochure |
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MTG BROKER vs BANK....there are several reasons: 1) A BROKER WORKS WITH MANY LENDERS. What a client goes to a bank, they are limited to the loan programs being offered by that specific bank. They are also limited by that bank's policies, procedures, pricing, underwriting, and turnaround time. A broker will match up the client with the bestt lender to match their particular circumstance. We choose the appropriate, also taking into consideration pricing and service levels. Some lenders are better for FHA/ VA, others for Fannie Mae products, others for Freddie Mac products, and so on. 2) WE DO THE LOAN SHOPPOING FOR THE CLIENT. Can you imagine how time consuming it would be for a client to go several banks in order to make the comparisons we do every day on the above criteria? 3) ACCESS TO LENDERS WITHOUT "OVERLAYS". The lending environment became more conservative after the real estate downturn. In the panic that followed, most lenders added "overlays" to the standard guidelines in order to further protect themselves. In other words, they added extra criteria over and above the minimums required in order to further reduce the risk of default. Most lenders have been slow to remove these "overlays" as the market has improved. As a broker, I have access to lenders that don't have any overlays over the basic guidelines, therefore increasing the ability to provide financing in a variety of situations. These overlays can consist of all manner of things, from credit scores, to debt/income restrictions, number of properties owned, etc., etc. To provide a basic example, most lenders require a 640 credit score on FHA/VA loans. We have lenders that go down to a 580 score on these. 4) BROKER HANDLES PROCESS FROM START TO FINISH. The process at most banks is that the loan officer takes the application, and then turns it into the processing department at the bank and there is little involvement from the loan officer from here. I manage the processing from start to finish on all my transactions, and am therefore more in control of status, timelines, etc. 5) THE LENDER PAYS OUR FEE!. There is often a misconception that a broker is a "middleman" with additional fees. This is simply not the case. In 99% of our transactions, the lender pays our compensation. We work with the wholesale departments of our lenders, consistently delivering our products at very competitive pricing that's typically lower than that available from the retail banks. |
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KELLY F. ARMSTRONG PA
Residential Mortgage Loan Originator
Premier Nationwide Lending
Cell
(305)240-4858
Fax (214)206-1260
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 Ruben Concepcion, CMC Owner / Broker Keys Financial Corporation Office/Cell (305) 294-1484 Fax (305) 294-2938 ruben@keysfinancial.com |
LEGAL NOTICES:
All properties listed are not necessarily listed by the above broker. This information is deemed reliable, but not guaranteed. Data is provided exclusively for the personal , non-commercial use of site visitors, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.