gerry suarez: Buyers Thirteen Commandments for getting a mortgage loan - 03/19/14 05:15 PM

So you’ve spoken to your lender and got qualified. You’ve searched high and low with your buyer’s agent and finally found THE house. You submitted the strongest offer you could and just got word back- YOUR OFFER HAS BEEN ACCEPTED!
Congratulations, but the process isn’t over yet. Now we have to wrap it up and get you closed. Most of the hard part should be done but there are so many factors that can delay or derail a closing. Please keep in mind that the mortgage process is meant to uncover surprises that then must be addressed. A good … (3 comments)

gerry suarez: Market Moment for 03/18/2014 - 03/18/14 06:03 AM
 
Sorry about yesterday folks. Technical difficulties prevented getting an email out early and then Monday took over…
 
That said, please be advised I won’t be doing these anymore. Yes they have been well received and I thank you all for the interactions we’ve shared, but the workday is getting too long and something’s gotta go.
 
But I’m going out while things are exciting ;)
 
The Fed meet today- the new Fed headed by Chair Janet Yellen for the first time. “Same as the old boss” again comes to mind but traders will be scrutinizing the announcement … (0 comments)

gerry suarez: Market Moment for 03/14/2014 - 03/14/14 06:11 AM
 
Happy Pi day ;)
 
Well obviously the threat of war trumps positive market data, especially when the war might be between the US and Russia…
 
Yep it looks like the Crimean thing is coming to a head and the pseudo saber rattling is making markets unhappy. The Dow had one of its worst days of the year losing over 230 points. We were the lucky beneficiaries of that thanks to the stock lever. “Flight to quality” (when stocks are tanking traders often “park” their money in safe havens like bonds) trading resulted in a pretty good day for … (0 comments)

gerry suarez: Market Moment for 03/13/2014 - 03/13/14 06:23 AM
 
Yesterday was another yawner in the markets with stocks/equities and bonds/rates/debt closing nearly unchanged. The good news for us was that after the 10yr treasury auction mortgage bonds seemed to regain some of the strength they had lost with the talk of winding down Fannie/Freddie.
 
Today is the data flood, compared to what we’ve had all week, and the most important number has already come in stronger than expected. New Jobless Claims, which were low last week, are even lower this week showing marked improvement in employment. Retail Sales also came in slightly higher than expected. This is good … (0 comments)

gerry suarez: Market Moment for 03/12/2014 - 03/12/14 06:12 AM
 
Well yesterday delivered as expected. Lack of data and real news has the market wandering- stocks lost a bit yesterday but rates just keep slowly inching upwards.
 
The little data we’re getting, like this morning’s mortgage applications numbers, is coming in at consensus estimates and not leaving much room for surprise. Mortgage Apps were down marginally from last week’s stronger than expected numbers. Treasury auctions continue to sell well which is helping to keep some pressure off of rates.
 
Tomorrow before the bell we have Jobless Claims and Retails Sales numbers that will be moving the market. Some … (2 comments)

gerry suarez: Market Moment for 03/11/2014 - 03/11/14 06:05 AM
 
Ho hum… another day in the market…
 
Yea, yesterday’s yawner session came real close to gaining legs and being a bad day for the stock market, but the momentum wasn’t sustained and in the end not much happened. That’s probably the template we can use for today as well. Slow data and slow news days make for the weirdest headlines- did you know Colorado collected over $3.5mil in January on marijuana taxes?
 
Yesterday’s treasury auctions were strong as rates saw little change as well. Pressure was on the upwards side though, as it will have to be … (5 comments)

gerry suarez: Market Moment for 03/10/2014 - 03/10/14 06:10 AM
 
Friday looked like it was going to be a lot worse than it was. Stocks and bonds took the employment report in stride and ended little changed.
 
Today’s artificially early trading start (it’s not really 9:30a when that bell rings this morning ;)) has no real data to drive it. Other than a few treasury auctions and a couple of Fed speakers there isn’t anything else for the day either…
 
So look for employment to stay in the news a while. Given the light data calendar thru Wed and the lack of corporate earnings look for markets … (0 comments)

gerry suarez: Market Moment for 03/07/2014 - 03/07/14 06:06 AM
 
Yesterday morning’s momentum continued through the day with stocks staging another nice rally and rates getting hit a little. All of that is moot as of this morning though- it’s Employment Friday!
 
 
Let’s be clear folks- anything under 200k jobs being created is not enough, however, the 175k reported was better than expected. The slight uptick in the unemployment rate (6.6 to 6.7%) is likely attributable to more people actually looking for jobs which is a good thing. How will the market interpret all this? By the looks it all being received well and stocks are looking to … (2 comments)

gerry suarez: Market Moment for 03/06/2014 - 03/06/14 05:58 AM
 
Yesterday’s tug of war ended up going nowhere for stocks but rates got a little help from the morning data and ended trending downward.
 
 
Today’s data is already streaming in with a job cut report indicating less layoffs were announced in Feb. Financial services lead the charge with cuts in the mortgage operations of larger banks being the main cause. It’s not a refi market anymore…
 
 
But that was the early data. At 8:30a we got a Gallup payroll vs. population, a productivity and costs report and the all-important weekly Jobless Claims report. Know that the … (2 comments)

gerry suarez: Market Moment for 03/05/2014 - 03/05/14 06:09 AM
 
…and yesterday turned out exactly as anticipated. The stock market hit new highs, rates got a bit worse and Ukraine is still a wild card keeping things interesting.
 
Data is in already this morning, however, and we have nice improvements in mortgage application volume. Both purchase and refi business picked up nicely last week. Employment numbers came in a little under estimates, but a Gallup Job Creation report is slightly improved. The markets are being tugged by all this and going nowhere fast- preopen is pretty flat for stocks and rates so far. A report on non-manufacturing business … (0 comments)

gerry suarez: Market Moment for 03/04/2014 - 03/04/14 05:56 AM
 
Well admittedly, yesterday wasn’t difficult to call…
 
Stocks tanked a bit, rates improved a smidgen, and I took advantage and locked. But remember when I thought this would be short lived? In the end there will be a lot of rhetoric and threats but truth is Russia and China have never been closer allies, and the US just doesn’t command the respect it once did. What happens in Ukraine will be decided by Russia and Putin, not by anything we do. With that done, let’s move on…
…because yesterday was filled with some decidedly good news on the data … (2 comments)

gerry suarez: Market Moment-03/03/2014 - 03/03/14 05:56 AM
 
Amazing what a difference a couple days and a foreign occupation on the other side of the world can make…
 
So much for the market’s shrugging off Ukraine, but when a superpower (are they still considered one? With enough nukes to fry the world they should be…) invades/occupies any other country markets tend to take notice. Today appears to be a classic flight to quality day. Stocks are looking to take a hit and bonds/rates should benefit from it. I expect this to be a short term bounce though so look for advantageous rate lock opportunities.
 
Data … (0 comments)

gerry suarez: Market Moment for 02/28/2014 - 02/28/14 06:16 AM
 
Well it’s official now… the housing, employment, manufacturing and retail sales slowdown are all a result of the weather and we’re basically going to have to wait until April to see how the economy is really doing. Man I wish my job was that easy…
That’s basically the take away from Yellen’s testimony to the Senate yesterday, but with phrases like “"Asset purchases are not on a preset course… so if there's a significant change in the outlook, certainly we would be open to reconsidering, but I wouldn't want to jump to conclusions here." she did an awesome job of … (0 comments)

gerry suarez: The state of real estate. Lake Co FL January, 2011 - 01/27/11 10:23 AM
Amid much talk about a real estate "double dip", shadow inventory, and a continuing crush of foreclosures; the market seems to be reacting with a mind of its own. Here in the middle of Florida, a state hit hard by foreclosures, we are seeing what may be a new equilibrium.
Sure there is a lot of inventory, but not nearly as much as we've had. It's true that the vast majority of sales are still under $180k, but more high end properties are selling and showing. Investors are having a field day with distressed properties and they are rehabilitating these homes … (2 comments)

gerry suarez: Important Tax info if you bought a home in 2010 - 01/17/11 08:24 AM
With 2010 behind us, there are many tax related considerations for those fortunate enough to have bought last year. From property taxes to income taxes and even home buyer tax credits- purchasing a home can have a huge positive effect on your tax bills.
Property Taxes
The start of a new year always marks the imminent deadline to file for homestead exemptions in Florida. Here in Central Florida the exemption can add up to $700/yr or more of savings, but it's important to know how and when you can file.
Each County in our area has a different procedure for filing … (6 comments)

gerry suarez: Veterans and Active Duty Borrower Being Denied VA Loan Relief - 10/20/10 10:17 AM
Thanks to my friend and fellow Mortgage Myth Buster Gary Miljour for collaborating with me on this post. It's a disturbing trend we are seeing that is having a very negative effect on our veterans. Read below and see.

 
If you are a veteran or active duty military and own a home in Arizona, California, Florida or Nevada you have just been plagued and punished for living in a sand state.  While most homeowners are taking advantage of refinance opportunities with these low interest rates you are suffering for having a VA loan.  The Veterans Administration has a special … (2 comments)

gerry suarez: Some of the mortgage loan myths we’ve busted - 09/21/10 08:40 AM
RS from Florida....
A first time homebuyerhad applied with a local military credit union and were prequalified for well over $200k and told to go shopping for a home. Once they found a home and began the loan approval process, their lender said they would only be able to approve them for $135k! Thankfully the Mortgage Myth Busters where called and now this couple will actually be buying their home with a USDA Rural Development loan that was never even offered by the other lender! Did we mention that since a recently deployed veteran is a co-buyer, they will be qualifying … (6 comments)

gerry suarez: Mortgage Myth Busters goes "Live" TODAY!!!!! - 07/12/10 10:08 AM
From today on know you will have a place to go to ask ALL your residential mortgage related questions. We will do our best, through our combined knowledge and experience, to bring Web 3.0 to the mortgage industry. The internet used to be a great place to get a lot of information. We will try to make it the best place to get your answers! Please "like" our Facebook fan page and feel free to post general questions there as well. Also look for us on twitter soon!
Thanks for the post/press release Larry. You rock dude!
Gerry Suarez, Jr.
Your … (1 comments)

gerry suarez: The first sign that your mortgage application is going wrong... no one is answering the phone - 07/10/10 08:49 AM
One of my Mortgage Myth Buster colleagues that is seeing much of the same thing I'm seeing. Now more than ever the details will make or break a deal. Work with trusted lenders that know what they are doing and care about you, or pay the price!
Thanks for allowing the reblog John!
Gerry Suarez, Jr.
Your FHA Loan Pro!
 

Over the past two weeks, I spoke to three new clients with similar situations... their Loan Officer was not returning their calls all of a sudden.
When I receive these calls, it is music to my ears. I'll be happy … (2 comments)

gerry suarez: USDA Rural Development loans are back! - 05/27/10 11:07 AM
The USDA issued a memo yesterday, May 26, 2010, reauthorizing the issuance of conditional commitments for USDA loans. What that means is that your better lenders (the ones that usually close USDA loans while funds are waiting to be allocated) will immediately be able to continue closing loans. The amount that has been authorized is $2.5 billion and it's expected that new funding will be available from Congress before this is exhausted (there are currently a few bills, but HR 4899 is the most likely to pass quickly- possibly by today).
Do know this money comes at a cost. Per the memo, … (11 comments)

 
Gerry Suarez Jr., Expert Home Loan Advisor (Mortgage Financial Group, Inc.) Rainmaker large

Gerry Suarez Jr.

Expert Home Loan Advisor

Mount Dora, FL

More about me…

Mortgage Financial Group, Inc.

Address: 725 E. Alfred St, Tavares, FL, 32778

Mobile: (352) 516-9884

Office: (352) 742-7900

Email Me

Local information regarding Mortgage lending in Central Florida including Orange, Seminole, Osceola, Lake, Volusia and Marion Counties. Also providing up to date information on HUD and government loan programs, and first time buyer programs. I'm required to tell you I'm not acting on behalf of HUD/FHA or the US Government!


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