Hi guys and gals,

I have been very busy over the last two months and because of the increase in activity I have not written in a while. I promise to keep bringing you good information. I am also adding new tools, features, and listings to the site. I will be adding a mortgage loan calculator as well.

I can not take the credit on this one. This idea actually came to me from my wife. Brilliant, stared me right in the face and I never thought twice about it. Sometimes when you use a tool so often it can be easily over looked.

Anyways with out further adu, here it is. The Ft. Lauderdale Mortgage Loan Calculator.

It is very simple to use. First you put in the amount that you would like to mortgage so if you are buying a home $103, 627.  Then your loan amount would be $100,000 if you choose a FHA mortgage because you can only finance 96.5% of your purchase price.

Second you are going to choose a Ft. Lauderdale Mortgage interest rate. You can use anything between 5% and 6%. This will give you a good idea of how much your new monthly payment will be.

Lastly, you need to put in the amortization period. This is the amount of time it will take you to pay back the entire loan. So if you would like to pay it back sooner, then you would choose a 15 year mortgage. Keep in mind that the longer it takes to pay back a mortgage loan, the higher the interest rate and the lower the payment. Your options are 15, 20 and 30 years. If you have any questions on how to use the Ft Lauderdale Mortgage Loan Calculator, please let us know by writting an email to info@fortlauderdaleloanfha.com. Have fun!

Ok guys and gals (is that politically correct enough for you?)

Yesterday, the federal government announced that they will continue to buy mortgage backed securities beyond the originally $500b to the tune of an additional $750b, so a total of $1.25 trillion dollars!!     Everyone in the world was in shock that they did this. So much so that the news organizations, started reporting it and that lower rates where on their way here.

What do you think actually happened today in Fort Lauderdale and the rest of South Florida with the FHA Rates? Lenders are aggressively repricing rates for the worse. Exaclty opposite what the news organizations were saying. Some lenders this morning even put out rates much worse than the late yesterday after the announcement.  What is happening is pipeline control.  Lenders got slammed with new submissions and lock requests late yesterday and this morning and they cant handle the volume so they are increasing rates. Alot of lenders have to much work and not enough workers. Some lenders websites are getting so much traffic that they are crashing. 

What should you do if you are in this situation? Work with a lender that will honor the rate they quoted you. Know if you have made a commitment with someone by locking your rate and you signed a rate lock disclosure form, then you are in good shape. If you didnt sign one, call your loan officer or mortgage broker and ask if you are locked. Tell him to double and triple check so that you can feel safe. Then ask him to prove it to you.

That is where 1 of 2 things will happen. You will get a lock form that you need to sign or you will get an excuse. When these announcements are made by the media it can cause pandamonium. Its been a hectic week here at Fort Lauderdale Loan FHA Rates with all these announcements. But some one has to keep you updated.

***PS. Always trust your gut. If you think someone is not being straight with you then they are probably not.***

Hopefully, everyone had a great time last night.

An announcement was made by the Federal Reserve yesterday. The Federal Reserve is the central government bank that controls the short term interest rates. Things like car loans, credit cards and Home Equity Lines of Credit are immediately affected by this change in rate. It was lowered from .25% to 0%. So short term rates are going lower. Why? Because the Federal Reserve is trying to cut you a deal so that you will go out and buy something.

Now what does that mean for mortgage rates? It does not mean that you can go through Fort Lauderdale looking for FHA home loans at 0%. The Fed. Fund Rate as it is called in the banking industry, works completely opposite from long term interest rates like Mortgage rates. That’s right. I said it. When that Federal Reserve moves their rate down, Mortgage Rates will go up here in Fort Lauderdale and the rest of the country. But because there is an inverted yield curve in effect in the market, Mortgage rates are virtually unchanged. That is the good thing.

So, Mortgage Rates continue to be disconnected from the rest of the market.  We should see very similar rates today that we have been seeing all week with a 30 year fixed rate mortgages anywhere from 4.75% to 5%.  Some lenders are offering incentives for very high credit scores borrowers and low loan to values which makes their rates around 4.625%.  These incentives are for clients with over 800 credit scores and loan to values under 60%.  When you work with a good lender, they will know about these programs and will be able to provide you a better rate on your mortgage.

Anyways that’s it folks, I wanted to give you a brief update on the current Fort Lauderdale Loan FHA rates. As always, with any questions feel free to contact me via email or the phone.

To celebrate here at Fort Lauderdale Loan FHA the holiday, I am at work. But for those of you that may have taken the day off to go to church or to celebrate with a large feast and a pint of beer, please enjoy the music.

For those of us that live in the real world, lets get to it.

Not so good news was released by the FHA yesterday. Thanks to the current economic crisis and President Obama’s current administraton, they are limiting the amount of “Cash Out” on any FHA Loan. What does that mean?

That means that as of this week, lenders all across the country and Fort Lauderdale will only allow anyone to take cash out of their home up to 85% of the value of the home. Not a first look you think, thats great we as a country dont want people to strip out the equity of their home and lose it by investing with Bernie Maddoff in a Ponzi Scheme. Truth is most folks take cash out of their homes only because they have to. Like a renovation on their home, debt consolidation, medical emergency or taking out cash to invest in their own business. etc…

By limiting Fort Lauderdale FHA Loans to 85% of the value of the home. You are limiting the exposure for the government has if you default on the loan. But what about the people the need to take the cash out for any of the reasons listed above. What does FHA say to them. Sorry you cant get any money here.

I will take it one step further, what if you bought a home some time ago and you need to renovate it because it is 10 to 15 years old. What do you do if they will not let you refinance and take the cash out? 

If you want to do something before its too late, then contact me so that we can get the cash out before its too late! Talk to you all soon.

Ben Bernake View on our Economic Future

According to Ben Bernake our Fort Lauderdale Loan FHA rates will be going up. You dont have to believe me just watch the news video. Folks if this is the case. We need to get of the fence.

These super low rates and great deals that are coming across my desk need to be taken advantage of. In 6 months we could bottom out. If that happens Fort Lauderdale FHA rates will begin to go up and you are going to kick yourself for missing out on a 4.75 to 5.125 % rate. Whether you are purchasing or refinancing, now is not the time to second guess. Like Nike says “Just Do It”.

Plus, I got a purchase contract on my desk today that is a sweet deal. A 4 Bedroom 2 bath in Fort Lauderdale with a pool and on the water. Guys it doesnt get much better than this. I dont know how long it will last. What I do now is that you got to get out there and start looking for deals. Talk to you all later!!