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House Refinancing Loans in Margate - Osprey Mortgage Lending
What is refinancing of home loan?
Refinancing a home loan involves replacing your existing mortgage with a new one, typically with different terms. People refinance for various reasons, such as to secure a lower interest rate, shorten the loan term, switch from an adjustable-rate mortgage to a fixed-rate one, or to tap into their home equity for cash. Essentially, it's like hitting the reset button on your mortgage, potentially saving money in the long run or achieving other financial goals. However, it's important to weigh the costs and benefits carefully, considering factors like closing costs, the new interest rate, and how long you plan to stay in the home.
Can we refinance home loan?
Yes, you can refinance your home loan if you meet certain criteria. Here are a few common requirements:
Sufficient Equity: Lenders typically require you to have a certain amount of equity in your home before they'll approve a refinance. Equity is the difference between your home's current market value and the amount you still owe on your mortgage.
Good Credit Score: Just like when you applied for your original mortgage, lenders will assess your creditworthiness. A good credit score can improve your chances of getting approved for a refinance and securing favorable terms.
Stable Income: Lenders want to see that you have a steady source of income to ensure you can make your mortgage payments on time.
Debt-to-Income Ratio: Lenders also consider your debt-to-income ratio, which is the percentage of your gross monthly income that goes toward paying debts. They typically prefer a lower ratio, indicating that you have enough income to comfortably cover your debts.
Reasonable Loan-to-Value (LTV) Ratio: This is the ratio of your loan amount to the appraised value of your home. Lenders often have maximum LTV ratios for refinancing, so it's important that your loan amount doesn't exceed a certain percentage of your home's value.
Documentation: You'll likely need to provide documentation of your income, assets, and debts, similar to when you applied for your original mortgage.
If you meet these requirements and it makes financial sense for your situation, then refinancing your home loan could be a viable option. However, it's essential to carefully consider the costs and benefits before proceeding.
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Loan Processing - Sales - Mortgage Lending - Finance - Credit resume in McKeesport, PA, 15132
#HR #jobopenings #jobs #career #hiring #Jobposting #LinkedIn #Jobvacancy #Jobalert #Openings #Jobsearch
Send Your Resume: [email protected]
McKeesport, PA
+1-561-***-****
Financial services professional with extensive experience in credit review, lending, loan processing, underwriting and sales.
Comprehensive knowledge includes mortgage finance (retail mortgage lending and wholesale mortgage lending), commercial equipment finance, consumer finance and automotive finance.
Work Experience
Independent Contractor – (Commercial Equipment Finance) SUN EQUIPMENT LEASING, INC – Boca Raton, FL
January 2008 to Present
• Provide commercial equipment financing nationwide. Obtain all necessary documents required by underwriting, review for accuracy and recommend financing options.
• Identify, originate and structure commercial equipment financing transactions to be analyzed by various underwriters and funding sources. Orchestrate marketing for end users and equipment vendors.
• Offer a full array of commercial equipment financing and leasing options for established businesses and startups. Specialize in the construction industry.
On-Site Underwriter – (Automotive Finance)
CNAC FINANCE, LLC / BYRIDER FINANCE, LLC – Monroeville, PA
December 2017 to September 2021
• Evaluated automotive finance applications for applicants in several states. Ensured compliance with all applicable credit policies and procedures. Twelve month average quality control audit score was consistently in the top tier of all underwriters, in all regions, nationwide.
• Analyzed credit data to approve or decline automotive loan finance requests nationwide based on program requirements. Conducted interviews with each applicant and reviewed credit reports in detail. Verified income, employment and housing histories. Analyzed and satisfied all pending stipulations for final approval and loan funding.
• Communicated all lending decisions to the general manager. Escalated loan decisions to the leadership and senior management teams when necessary.
Consumer Loan Processor – (Unsecured Lending)
F3EA LOAN SERVICING, LLC / ZOCA LOANS – Pompano Beach, FL
September 2016 to April 2017
• Established loan production that exceeded company goals in the training class of a startup unsecured loan company. Reviewed loan documentation and critically analyzed each application for completeness, accuracy and compliance.
• Analyzed short term installment loan applications per credit policy and lending regulations. Managed the online lending process from loan origination through loan funding. Guided consumers through the loan application process.
• Developed partnerships with loan underwriters and loan operations teammates to facilitate unsecured loan funding, while minimizing risk.
Mortgage Account Executive
CITIBANK / CITI HOME EQUITY, INC – Delray Beach, FL
August 2006 to March 2008
• Significantly increased market share by acquiring 48 new mortgage brokers in the first 30-60 days of employment, surpassing company goals. Added value to loan officers by assisting with marketing ideas to increase mortgage volume.
• Originated home equity lines of credit by soliciting new mortgage broker relationships, managing existing relationships and partnering with Citibank Mortgage teammates. Represented the company at trade shows and conferences. Introduced mortgage loan programs to potential mortgage clients.
• Trained and supported mortgage brokers and mortgage bankers on the automated underwriting system, lending program requirements and mortgage lending policies and procedures.
Mortgage Account Executive
BNC MORTGAGE, INC / LEHMAN BROTHERS – Boca Raton, FL
March 2004 to January 2006
• Built company brand recognition by conducting sales activities, such as meetings, presentations, follow up and continuous training. Provided superior customer service and rebuilt relationships with mortgage brokers that previously had a negative experience with the company.
• Visited mortgage brokers daily, pre-qualified subprime mortgage loan applications to determine credit worthiness and eligibility for obtaining a mortgage loan.
• Managed the existing pipeline of mortgage loans. Communicated with mortgage processors and underwriters to ensure an accurate loan determination, quick turnaround time and loan closing in a timely manner for the mortgage broker.
Mortgage Account Executive
NOVASTAR MORTGAGE, INC – Delray Beach, FL
November 2002 to March 2004
• Increased mortgage loan production in the South Florida market by 35%, within the first 90 days of employment, without previous relevant mortgage experience.
• Solicited, built and maintained a successful mortgage broker network, provided a full range of subprime mortgage loan products and a credit reporting service. Scheduled meetings daily, assisted loan officers with entering new loans and managed the pipeline of existing mortgage loans. Provided continuous training and support for all loan officers and loan processors.
• Influenced and motivated new and existing mortgage brokers to efficiently use our innovative automated mortgage underwriting and credit reporting system, separating us from the competition.
Mortgage Underwriting Manager – Loan Processor – Loan Officer
NATIONAL HOME LOAN CORPORATION – Deerfield Beach, FL
November 1997 to November 2002
• Managed and motivated a team of mortgage underwriters, increased monthly mortgage volume by 42%, within 60 days. Supervised a successful group of mortgage loan originators, with loan production well above company goals. Processed mortgage loans from initial loan set-up through loan funding.
• Evaluated mortgage loan risk in 15 states. Analyzed credit, income, appraisal and asset documentation for mortgage loans that were sold in the secondary market. Maintained a strong working knowledge of all investor products and guidelines.
• Originated and processed mortgage loans in several states prior to promotion to the underwriting department. Reviewed credit, capacity, collateral and cash requirements. Obtained and verified the accuracy of all essential loan documentation and promptly provided to underwriting for loan approval.
Education
Bachelor’s Degree in Business Administration / Marketing Clarion University of Pennsylvania
Skills
• Highly organized with strong multi tasking skills
• Effective verbal, written and interpersonal communication skills
• Superior customer service and analytical abilities
• Proven auditing and compliance skills
• Sound decision making skills with high attention to detail and accuracy
• Critical thinking and problem solving skills
• Ability to prioritize, plan and manage time effectively
• Excellent listening and relationship building skills
• Ability to learn and adapt quickly
Contact this candidate
Apply Now
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Why high-end home auctions in South Florida are the next big thing
41 Arvida Parkway
Imagine a red carpet leading to a waterfront South Florida estate where refreshments are served as deep-pocketed investors mingle, ready to raise their paddles in a heated competition to spend millions of dollars for a mansion.
That is an increasingly frequent scene playing out on local shores. Auctions of luxury homes are growing in popularity, as sellers opt for the certainty of a fixed sale date that comes with putting a home on the block. It also allows them to tap into an auction house’s database chock full of wealthy buyers worldwide, and limits expensive carrying costs on high-priced properties that can otherwise take years to sell.
Amid an overall sluggish sales market, auction companies say business is booming this year, with an increasing number of luxury listings either referred by sellers or by brokers who can use them as a sales tool, earning commissions on the deal.
“If you have the Hope Diamond or Jackie Onassis’ pearls or a rare Duesenberg automobile, you go to auction,” said Jim Gall, founder and president of Miami-based Auction Company of America. “And it’s the same principle for homes or condos.”
Auction company CEOs and real estate agents say the advantages to the seller go well beyond a quick closing. An auction can boost marketing muscle and create competition for a property. The sales are also considered “clean” — free of contingencies and financing — and come with six-figure deposits, which means a likely closing.
“This is the way the wealthy and uberweathy have chosen to buy real estate in the 21st century,” said Marc Hameroff of Engel & Völkers Miami. He is co-listing a $68 million waterfront estate at 41 Arvida Parkway in Coral Gables with Lourdes Alatriste. The home is set for an online auction by Concierge Auctions from March 19 to 22.
The growing popularity of auctions is evidenced in how Concierge’s business has ramped up in Florida. The number of sellers the firm spoke to rose from 102 in 2016 to 292 in 2017 and 522 in 2018, Concierge founder and President Laura Brady said. The company auctioned six properties in Florida in 2018 and is on target to hold 16 auctions statewide this year, which would top its record of 12 auctions in 2009.
“Florida is one of the leading markets for us in the $20 million-plus category,” Brady said.
Naples-based Elite Auctions has also seen its volume of properties grow, up 125 percent from 2017 to 2018 and up more than 150 percent so far this year, said Randy Haddaway, founder and CEO. He is also seeing an increase this year in sellers calling directly, to 75 percent from 65 percent.
“Traditionally, a house north of $10 million will take two to three years to sell,” Hameroff said. “Concierge will spend north of $250,000 in a six-week period and will get eyes on [the Coral Gables property] that would not normally see this, from all around the world.”
The benefits for sellers
A wider audience of potential buyers is just one of the reasons why luxury homeowners are going the auction route. Other reasons? The sheer size of the inventory of luxury properties, and the length of time they can linger on the market. In the fourth quarter of 2018, 183 single-family homes of $5.9 million or more were on the market in Miami Beach and the barrier islands, according to Douglas Elliman. The eight top-tier homes that closed in that period took an average of 349 days to sell — or almost a year. At that pace of sales, it would take 68.6 months to sell all the inventory — or almost six years, according to the Elliman report.
“It’s a buyer’s market, and sellers are going to have to look to other ways to create excitement and interest in their properties,” Gall said.
Once a property has lingered on the market for several months or years, it’s considered stale. “There’s no greater challenge a property faces than the stigma of sitting there too long and not being sold,” said Trayor Lesnock, founder and president of Miami-based Platinum Luxury Auctions. Meanwhile, taxes, insurance, landscaping and other maintenance costs can add up, along with mortgage payments, if there are any.
Huizenga’s 1575 Ponce de Leon
“Frustration is a big motivator — frustration that the traditional brokerage process has not given them any results,” Lesnock said.
And sellers often are eager for their next steps, like buying another property. “These people made money by being in charge, solving problems, and here is a problem they can’t figure out,” added Lesnock. An auction “gives them certainty and lets them move on with their lives.”
Kristina Gustafson used Platinum to auction her Wellington farm in 2017.
“The key is you get more buyers to the table and you get a definitive closing date,” said Gustafson, who was a Realtor at the time with Southfields Real Estate.
“I got what the property was worth on that day, and I was happy with it, and I was done,” said Gustafson, who currently owns three farms and a house in Wellington. “That was the big quotient. I was emotionally done, physically done, and I was ready to go on.”
How the auctions work
In South Florida, auctions are held live onsite at a property with registered bidders in person or either by phone or online. Concierge handles most of its auctions online, which has led to lawsuits alleging that the company used fake bidders to increase the price of homes or to make sellers think there was more interest in their properties than there really was, according to a Wall Street Journal report. Concierge has denied all the allegations.
Brady said online auctions offer privacy, transparency and the convenience of being able to bid from anywhere in the world. “Anyone can log onto the site and see the bidding of all auctions open and see bids and bid numbers,” she said. The bidders are anonymous.
Elite, on the other hand, only takes bids onsite. “Online — we don’t trust it. We don’t like it,” said Haddaway, its founder. “I like to see wealthy people competing against each other and seeing each other in person.”
Auctions can also have disadvantages, including the possibility of getting a lower sale price than the seller was hoping for. And if a buyer emerges who wants to lock in and buy the property before the auction date, the seller may cancel, but may be responsible for marketing costs that could be in the hundreds of thousands of dollars.
“The buyer comes in thinking they’re going to get a deal, and the seller thinks they will finally be able to move the property,” Haddaway said. “Is every seller satisfied with the number? Not everyone.”
In the world of auctions, properties can be sold with a reserve — a minimum bid — or without a reserve, which is referred to as an absolute auction.
Not having a reserve is “critical,” said Tim Elmes of Coldwell Banker Residential Real Estate-Fort Lauderdale Las Olas. With a reserve, “it’s like pissing in the wind. It’s a waste of money,” he said. “There’s no driver for people to come to the auction. If it’s absolute, they will fly in from out of town.”
Elmes recently had the listing and brought the buyer for a waterfront home in Fort Lauderdale Beach that sold for $8.1 million at an auction held by DeCaro Auctions International. There were 21 registered bidders, and Reno, Nevada-based real estate magnate Don Norman had the top bid for the mansion, which had been listed for nearly $13 million.
“I didn’t recommend the auction for this house,” Elmes said. “I think we could have sold it for more if had been priced correctly.” Yet the seller was happy with the outcome, he said.
The entire auction process, from listing to closing, can be completed in less than 90 days. Auction companies generally take about six weeks to market a property before holding the auction, and the buyer generally closes about a month after.
Before an auction is held, buyers are required to put down a bidder registration fee of $100,000 to as much as $250,000. Then the winner must put down more after the auction, to reach 10 percent of the sale price.
Buyers also usually have to pay a buyer’s premium of 10 percent, which covers the commissions. Gall said he started the practice for real estate auctions 35 years ago, borrowing the idea from Sotheby’s and Christie’s, which use it in their fine art auctions.
The commission split varies with the deal, said auction experts. “When a Realtor brings us a deal, we come up with a split advantageous to the listing Realtor because they are under pressure from the seller,” Gall said.
Lamar Fisher, president and CEO of Pompano Beach-based Fisher Auction Company, said 30 percent of his business comes from brokers, versus 70 percent from sellers. He offers added incentives to agents. “We can reward them if a broker brings us a prequalified bidder, and they ultimately win, they get additional points of commission.”
The highest bidder
In recent years, auction companies have seen more homes that are listed for $20 million or more, with one recent sale breaking an auction record.
Concierge, along with listing broker Ralph Arias of One Sotheby’s International Realty, handled the sale of “Le Palais Royale,” a 60,000-square-foot waterfront estate in Hillsboro Beach late last year that marked the highest price ever achieved for an auction in the U.S., Brady said. Eleven potential buyers bid for the property — above an average of eight bidders, she said. In the end, records show, Teavana co-founder Andrew Mack paid $42.5 million for the estate, a massive discount from the original $159 million asking price in 2015.
Billy Nash, founder of Nash Luxury Real Estate at the Keyes Company, said he is “a big believer in the process” of auctioning a home. As the listing agent, he suggested that the Fort Lauderdale waterfront mansion of the late H. Wayne Huizenga go up for auction. It hit the market last year, asking $27 million. Concierge has set the auction for March 26, with no minimum bid.
“To get the global attention that trophy properties deserve, having an auction and creating a finite time frame to bring buyers to the table to me adds tremendous value,” Nash said.
But the luxury home auction that really started it all, according to Fisher, took place in 2013 and involved the future president.
It was the onsite auction of the Versace mansion in Miami Beach. The Nakash family ultimately paid $41.5 million for the estate but the backup bidder was Donald Trump, said Fisher, whose company held the auction. “He told me, stop at $37 [million] and he stopped at $41 [million],” Fisher said. Eric Trump was onsite, but Fisher said he dealt directly with Donald Trump.
Fisher is now set to auction embattled developer Robert Matthews’ Palm Beach mansion at 101 Casa Bendita on March 28, by order of a U.S. bankruptcy court. Previously listed for $44 million, it has a $31 million reserve. Federal officials have charged Matthews, the former developer of the Palm House Hotel in Palm Beach, with multiple counts of wire fraud, bank fraud and money laundering over the unfinished development.
Amid the ongoing slow luxury sales market, Fisher expects auctions to keep thriving. He is now in negotiations with several sellers of condos in Sunny Isles Beach and South Beach and is hoping to have those auctions on the books soon.
Fisher sees it as a trend emerging. “The next wave is going to be the luxury condo, penthouse market,” he said.
from The Real Deal Miami https://therealdeal.com/miami/issues_articles/luxury-real-estate-auctions/#new_tab
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Debt-to-income (DTI) Ratio - Osprey Mortgage Lending
What's the Max Debt-to-Income (DTI) Ratio for a Mortgage?
The maximum Debt-to-Income (DTI) ratio for a mortgage can vary depending on the type of mortgage loan and the lender's specific requirements. DTI is a measure of your monthly debt payments relative to your gross monthly income and is an important factor that lenders consider when evaluating your mortgage application. It helps them assess your ability to manage your monthly mortgage payments along with your other financial obligations.
Here are some general guidelines for maximum DTI ratios for common types of mortgage loans:
Conventional Loans: Conventional mortgages, which are not insured or guaranteed by a government agency like the FHA or VA, typically have stricter DTI ratio requirements. Many lenders prefer a maximum DTI ratio of 43% or lower for conventional loans, although some may allow up to 50% in certain cases. However, borrowers with higher DTIs may need to have strong credit scores and other compensating factors to qualify.
FHA Loans: The Federal Housing Administration (FHA) offers loans with more flexible qualification criteria. For FHA loans, the maximum DTI ratio is typically around 43% to 50%, depending on the lender and your overall financial profile. Some FHA lenders may consider borrowers with higher DTIs if they have strong credit and other compensating factors.
VA Loans: The U.S. Department of Veterans Affairs (VA) offers VA loans to eligible veterans and active-duty service members. VA loans are known for their lenient guidelines, and there is no specific maximum DTI ratio set by the VA. Instead, lenders consider the borrower's overall financial picture and ability to repay the loan.
USDA Loans: The U.S. Department of Agriculture (USDA) offers loans for eligible rural homebuyers. USDA loans typically have a maximum DTI ratio of around 41%, although some lenders may allow slightly higher ratios with compensating factors.
It's important to note that these are general guidelines, and individual lenders may have their own DTI requirements. Additionally, lenders consider other factors, such as your credit score, down payment, and financial reserves, when evaluating your mortgage application. To determine the maximum DTI ratio you can qualify for and find the best mortgage option for your situation, it's advisable to consult with multiple lenders and a mortgage broker who can provide personalized guidance based on your financial circumstances.
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Refinance Mortgage Lender Margate - Osprey Mortgage Lending
Can I refinance my home loan online?
Yes, many lenders offer the option to refinance a home loan online. Online mortgage refinancing has become increasingly common, providing convenience and accessibility for borrowers. Here's a general outline of the process:
Research Lenders:
Explore various lenders and their refinancing options. This can include traditional banks, credit unions, online lenders, and mortgage brokers.
Compare Offers:
Use online tools and resources to compare interest rates, loan terms, fees, and other aspects of different refinance offers.
Prequalification:
Many lenders allow you to prequalify for a refinance online. This involves providing basic information about your financial situation, and the lender gives you an estimate of the loan amount and terms you might qualify for.
Application:
Once you've chosen a lender, you can often complete the refinance application online. This typically involves providing detailed financial information, such as income, employment history, and details about your existing mortgage.
Document Submission:
You may need to upload or submit documents to support your application. These documents can include pay stubs, tax returns, and information about your current mortgage.
Appraisal and Underwriting:
The lender may order an appraisal to determine the current value of your home. The underwriting process involves a thorough review of your financial documents and the property.
Approval and Closing:
If your application is approved, you'll receive a loan offer. Review the terms carefully, and if you agree, you can electronically sign the documents. The final step is the closing process, which may involve signing paperwork with a notary.
Funding and Repayment:
Once everything is finalized, the new loan is funded, and the proceeds are used to pay off your existing mortgage. You start making payments on the new loan according to the agreed-upon terms.
It's essential to be cautious and choose a reputable lender when refinancing online. Read reviews, check for any fees associated with the refinance, and ensure you understand the terms of the new loan. If you have any questions or concerns, many online lenders also provide customer support through various channels.
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