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1. Are you licensed? A licensed broker will have had to go through a criminal background check. This helps to weed out unscrupulous brokers. Ninety nine percent of mortgage brokers are honest but you don't want the one percent that isn't helping you obtain a loan.
2. What will my interest rate be? What you are verbally told should be the same as what you see on all of your paperwork that you sign. Rates can change is you don't lock them in.
3. Will you lock in my interest rate? I suggest that you do lock in your rate so that if rates go up you still get the lowest rate possible. Many lenders will lock in your rate anywhere from 15 to 60 days. Some may charge a fee for this so ask if it will cost you anything to lock your rate.
4. How will my downpayment affect the cost of my loan? Downpayments range from zero down to as much as you want to put down. Keep in mind if you don't put at least 20% down you may have to pay for private mortgage insurance (PMI). This of course will add to your monthly payment amount.
5. What are the payment terms? Be sure you understand what your terms will be. Some lenders will do automatic withdrawals from your bank account and others will send a coupon payment book. Depending on your terms you may be able to get a lower interest rate for doing automatic withdrawals.
6. Can I pay off my loan early? Chances are you will refinance before the term is complete. Even so, ask about prepayment penalty's. Prepayment penalty's usually range from one to three years and the amount declines with each passing year.
7. How long will it take to close my loan? Processing a mortgage application is very time consuming. The lender will have to check your credit score, income, assets, as well as other documentation and this can take up to six weeks. Most loans can close within two to four weeks though.
8. What documentation do you require? You will be asked for a lot of information! This will include but is not limited to; income, employer, social security number, assets and an appraisal on your home.  Getting the necessary information to your mortgage broker asap will keep the loan from being delayed because of the lack of proper documents.
9. What might delay the process? Again...not getting your documentation to the mortgage broker. If you make any large purchases that are put on your credit cards some of your application will need to be re-worked and this is almost like starting all over again.
10. What else can I do to be better prepared? Check your credit report and correct any mistakes at least four months before you apply for a loan. You can get a free credit report at www.freecreditreport.com.

Homeowner's-Protects you from damage or loss to your home or the property in it. It is a package policy that combines several types of insurance into one policy. The coverage is usually for: dwelling, personal property, personal liability, medical payment and additional living expenses. Keep in mind that flood, wind and earthquake are separate policies.

Private Mortgage Ins-(PMI) This protects the lender against default and enables the lender to make a loan which they consider a higher risk. You would most likely need this when you don't have 20% of the sales price to use as a down payment. This can be paid monthly (escrowed), biyearly or annually. You may also encounter (LPMI) lender paid mortgage insurance. In this case the lender will most likely increase your interest rate to pay for the coverage they provide. You can not cancel LPMI when you have 20% equity in your home but you can cancel PMI.

Title Ins-Usually required by the lender to protect the lender against loss resulting from claims by others against your new home.  This policy does not protect you. If you want to protect yourself against others you will need owner's title insurance. If you buy an owner's policy it will be much less expensive if you buy it at the same time and with the same insurer as the lenders policy. To save money I would certainly compare rates! Ask what type of coverage they have and what the limitations are. In many states title insurance premium rates are controlled by the state and may not be negotiable. In Florida the rates are controlled by the state. One last thing about title insurance. If you are buying a home that has changed owner's in the last few years ask your title company about a "reissue rate", which would be cheaper then purchasing new insurance.

Your mortgage broker can work with you when the time is right to get the coverage you need. Ultimately it is up to you to call around and get quotes from several insurance companies for homeowner's insurance. When it comes to wind or flood insurance your realtor will know if the home you are looking to buy requires this type of coverage. And just like homeowner's insurance it is up to you to decide which company to purchase a policy from.

A biweekly mortgage is just what is sounds like. Instead of having one mortgage payment per month you will have one every two weeks. You could potentially shave years off of your mortgage. This in turn would save you thousands of dollars in interest payments. Some lenders that offer this service will also offer you a slightly lower interest rate. This is especially true when it comes to equity loans. The lender will process your payment through automatic withdrawls from your bank account. Most lenders will still send you a statement showing the payments you have made.

What if this is not right for your situation. Did you know that by making just one extra payment per year can also reduce your mortgage by years, saving money in interest payments. Add $50.00 extra each month if you can and this will help as well.

Watch out-This service costs you fees. Yes, you will reduce your mortgage by years but you will be paying the lender a fee to take out your biweekly payments that you could do yourself. If you don't feel you can be responsible for this by all means let the lender do it for you.

Let your mortgage broker know if this is something you are interested in learning about. Find out if it will reduce your interest rate. If this is right for you let your mortgage broker know and they can make it happen for you.

If you read the paper or listen to the news today's real estate market is all doom and gloom. But historically speaking real estate has always been a good investment. I believe that it still is! Every market has fluctuations and the real estate market is no different. Mortgage rates are still good so if you are looking to buy don't let this dip in the market scare you.

If you are looking  buy a home keep in mind the following points.Your in luck because it is a buyers market. There are many homes for sale and you can pick and choose between what you want and what you can afford. Home prices have gone down but not by much and if you think you can wait out the market I would not count on it. If you let a house that you want go buy because you think you can wait and save $2500.00 and then the house sells to someone else is it worth the money to lose what you wanted?

If you are selling and your house has been on the market for the last six months without much traffic here are a few hints. Is it priced right? Can or do you want to hold out for every penny you want. Is it empty? Professional stagers can come in and place furniture, art, etc so potential buyer's can see the true potential of the home. Is your Realtor having open houses? If not this might help bring in more buyers. Always keep your home neat and clean. Allow access to it whenever possible. A lock box is a good idea unless you have pets that could pose a problem.

What about financing? Again if you read the paper or listen to the news you know things aren't what they used to be. Does this mean you can't get a loan? Of course not! Talk to your mortgage broker and Realtor, be honest with them and together they can map out a plan to help get you into a home. Contact me before you start looking at homes and we can start the paperwork so you will be ready to make an offer as soon as you find the home of your dreams. As always there is application fee.

If you don't have a wad of cash to use as a down payment but know once you purchase a home you will be able to afford the mortgage there are some options for you.

1-FHA loans. The FHA doesn't loan money but they provide lenders protection through mortgage insurance in case the borrower defaults on the loan. Available to all buyers, this program is designed to help creditworthy low income and moderate income families who do not meet the requirements of conventional lenders.  Some of the benefits are; needing only 3% down payment instead of the traditional 5% down, closing costs can be financed, lower monthly mortgage insurance, loans are assumable to qualified buyers and the FHA limits the amount lenders can charge for some of your closing costs.

2-If you have good credit there are lenders who will fund a loan for you with a minimal down payment (as low as 3%). To qualify for this type of lender program you will need to meet the following criteria; high credit scores, at least 3 trade lines, documentation of your income as well as lower debt to income ratios.

3- VA loans. VA guaranteed loans are made by lenders and guaranteed by the VA to eligible veterans. The US Dept of Veteran Affairs guarantees protection to the lender should the loan default. Benefits of a VA loan are; In most cases no down payment is needed, negotiable interest rates, the right to prepay without penalties and no private  mortgage insurance is needed.

Whatever option you choose make your realtor and mortgage broker aware of your decision early in the loan/house hunting process. Some sellers may not accept some of the above programs because of restrictions placed on funding and or closing costs.

Tampa Bay is a wonderful place to live with year round temperatures that rival most other states. Whether you like hiking, fishing, boating or the arts they can all be found here. This is my top 10 list of reasons why you should consider Tampa Bay Florida your home.

1-As reported in the St Pete Times (4-5-07) the cost of living in Pinellas county is below the national average. We are at 99% of the national average.

2-Tampa Bay outperforms 35 other metro areas, including Atlanta, Dallas/Fort Worth and  Washington D.C. when it comes to economic development. According to Southern Business & Development magazine "Tampa Bay is one of the most attractive places to operate a business.

3-The University of Tampa is one of the top education institutions in the nation, according to U.S. News & World Report. In 2002 the magazine ranked it 33rd out of 130 colleges and universities in the south.

4-According to Southern Living Sarasota county is a wealth of cultural opportunities. Some examples; Sarasota Ballet, Ringling Museum of Art and the Florida West Coast symphony.

5-Tampa International Airport is one of the top 5 airports in the world. J.D. Power & Associates ranked Tampa International second only to Singapore for Airports serving up to 30 million passengers each year.

6-MacDill Air Force Base is located in Tampa. The bases presence dates back to the Cuban Missile Crisis in 1962. It's economic impact is over 6 billion dollars per year.

7-Tampa is the only city in the country that has taken a former nuclear weapons manufacturing plant and turned it into a 750,000 technology center.  The Young-Rainey STAR center (science,technology & research) houses 24 technology firms on 96 acres.

8-Tampa Bay is home to the NFL's Tampa Bay Buccaneers, the NHL's Tampa Bay Lightning, and MLB's Tampa Bay Devil Rays. Need I say more?

9-We are home to Busch Gardens, one of the most popular theme parks in Florida. You can find thrilling rides, exotic encounters with the African continent, over 3000 animals, live shows, water theme park and restaurants.

10-City living, country style living or anything in between can be found in this area.  For those of us living in Tampa Bay we wouldn't trade it for amount of gold. Come visit and discover what has made this area what it is today.

So you are looking at taking out a mortgage. Whether you are trying to purchase a home, refinance or take out some of the equity in your current home lenders are looking at how well you handle your money. The following three items are most important to lenders.

• Your credit score
• Past & present payment history
• Your debt to income ratio

You can find your credit information at freecreditreport.com. Most lenders will look at your mid score. This is the middle of three scores from credit reporting agencies. Usually if your mid score is above 620 you can get a pretty good interest rate. If you score is above 680 you should get a good interest rate. Credit report ranges are 350-850.

Past payment history is also found on your credit report. If you find any errors be sure to report them right away. Which ever agency has recorded the payment information can help guide you in fixing the error. This information is used to help agencies gauge how well you have handled past debts and how much of a risk your mortgage will be to them. Lenders want to see open accounts with payment histories.

Your debt to income ratio is almost as important as your credit report. For most programs if your debts are greater then 45% of your income you fall into a higher risk category. When your debt to income ratio is greater then 55% most lenders will not offer you a mortgage. So where as your credit score should have greater numbers your debt to income ratio should have lower numbers.

So what can you do to help yourself when you know you will be looking for a mortgage? Be responsible with your money! Some helpful hints-When your credit cards are over 49% of the credit limit you lose points on your credit report. Keep your cards as low as possible. Remember by using them wisely and making regular payments/payoffs you show you can handle debt well. The biggest "hit" to your credit report comes from not paying your current mortgage (if you have one) on time. Always pay your mortgage! Lastly, past problems can stay on your credit report for up to 7 years but that doesn't mean you can't get a new mortgage. Talk to a mortgage professional and always be honest about your situation. It is there job to find the loan that best fits your individual needs.

Mostly, this has to do with lowering your out of pocket costs by decreasing the amount of "prepaid interest" you pay on your mortgage at closing.

You will start paying interest from the day your transaction closes, but most loans are due on the first day of each month. So at your closing you will " pre pay" the interest from the day of closing through the end of the month.

An example of this would be if you closed your loan on the 15th of March you would pay interest through the 31st ( 16 days). Your first payment would be due on May 1st and you would be paying Aprils interest.

As you can see having a closing at the end of the month helps you keep more money in your pocket. If closing costs are a concern let your Realtor and Mortgage Broker know and they will work together to help close your loan at the end of the month.

The simple answer is yes!

Sometimes just reading the local paper or listening to the news makes you wonder what your chances are. Lets cover some of the basics if you are thinking of buying.

1-There are more homes then buyers so you can afford to be choosy. On the chance that someone else is bidding on the house you want be sure that you have already become pre approved. Having paperwork stating a lender has a loan for you already may give you the upper hand.

2-Keep your credit cards below 50% of the limit. If they aren't currently then pay them down. Your credit score will take a "hit" when your credit cards are higher then 50%. You want your credit score as high as possible.

3-Homeowners insurance is part of your monthly mortgage (if escrowed) and this can be approximately 25% of your monthly payment. So before you start looking know the area you are interested in and talk to an insurance agent. You may need flood and or wind coverage as well. It helps to know before you find your next home approximately what these cost will be.

4-Do your homework. You should know before you start looking for a home if and what you can afford. Talk to your mortgage broker! Together you can map out what you can afford and you should have no surprises when your first mortgage payment is due.