1st Financial Ponce De Leon

11/28/2022

What’s a Qualified Mortgage Loan?

QM loans provide certain legal protections to lenders once they are able to show that you have the ability to repay your loan. The stricter guidelines for QM loans were put into place to protect homeowners and to reduce the likelihood of defaulting on home loans.

What’s a Non-Qualified Mortgage Loan?

Any loan that doesn’t meet all of the criteria of a QM loan is essentially a Non-QM loan. These types of non-traditional loans are ideal for borrowers who have fluctuating or lump sum incomes or who are self-employed as independent business owners, entrepreneurs, contractors, hospitality workers, retirees, actors, artists, musicians, etc.

A significant difference between a QM loan and a Non-QM loan is that a Non-QM loan uses alternative methods of income verification (vs. the standard income methods of verification of a QM loan) to help the borrower get approved for a mortgage loan. Also, Non-QM loans are not insured, guaranteed or backed by FHA, VA, Fannie Mae or Freddie Mac. Also, a loan that meets QM requirements provides safe harbor for lenders against lawsuits from borrowers who default on their loan.

So which loan is best for you ?

Give us a call and oner of our specialized agents will present to you, your best option.

1ST FINANCIAL PONCE DE LEON
1701 Ponce De Leon Blvd | Suite 206
Coral Gables, FL 33134
(305) 677-8278
[email protected]

NMLS ID # 2334059

11/24/2022

Gratitude is the inward feeling of kindness received. Thankfulness is the natural impulse to express that feeling. Thanksgiving is the following of that impulse.

Happy Thanksgiving Day from our family to yours.

1ST FINANCIAL PONCE DE LEON
1701 Ponce De Leon Blvd | Suite 206
Coral Gables, FL 33134
(305) 677-8278
[email protected]

NMLS ID # 2334059

11/22/2022

A reverse mortgage loan, like a traditional mortgage, allows homeowners to borrow money using their home as security for the loan. Also like a traditional mortgage, when you take out a reverse mortgage loan, the title to your home remains in your name. However, unlike a traditional mortgage, with a reverse mortgage loan, borrowers don’t make monthly mortgage payments. The loan is repaid when the borrower no longer lives in the home. Interest and fees are added to the loan balance each month and the balance grows. With a reverse mortgage loan, homeowners are required to pay property taxes and homeowners insurance, use the property as their principal residence, and keep their house in good condition.

For more detailed information on how this program works, please call us today.

1ST FINANCIAL PONCE DE LEON
1701 Ponce De Leon Blvd | Suite 206
Coral Gables, FL 33134
(305) 677-8278
[email protected]

NMLS ID # 2334059

11/21/2022

What Is A VA Loan?

A VA loan is a type of government loan, backed by the U.S. Department of Veterans Affairs (VA).

The VA offers specific guarantees to private lenders that handle VA loans. Because of these guarantees, lenders offer loans that typically feature no down payment to veterans, and they may have less stringent requirements than other loans.

VA Mortgages are considered non-conforming loans because they don’t meet the guidelines of conventional lenders Fannie Mae and Freddie Mac. However, this allows more flexibility for clients to qualify because of their easier credit score requirements. They offer many advantages over conventional loans, including lower interest rates, more lenient borrowing requirements and no down payment due at closing. VA loans also never have monthly mortgage insurance.

If you are a Veteran looking to buy your home please contact us, we have a team of experts that will explain in detail your best purchasing options.

1ST FINANCIAL PONCE DE LEON
1701 Ponce De Leon Blvd | Suite 206
Coral Gables, FL 33134
(305) 677-8278
[email protected]

NMLS ID # 2334059

11/15/2022

“Conventional” just means that the loan is not part of a specific government program. Conventional loans typically cost less than FHA loans but there could be more requirements to get approved

There are two main categories of conventional loans:

Conforming loans:

Conforming loans have maximum loan amounts that are set by the government. Other rules for conforming loans are set by Fannie Mae or Freddie Mac, companies that provide backing for conforming loans.

Non-conforming loans:

Non-conforming loans are less standardized. Eligibility, pricing, and features can vary widely by lender, so it’s particularly important to shop around and compare several offers.

Mortgage insurance is required for some conventional loans.

For more detailed information please contact us, an experienced loan officer will answer all of your questions and will help you with your approval process.

1ST FINANCIAL, INC . is privately held, well capitalized and relentlessly focused on three simple words: “MOVING YOU FORWARD”.



☆ FHA – CONVENTIONAL – JUMBO - VA
☆ NON QM – REVERSE MORTGAGE
☆ HARD MONEY LOANS

1ST FINANCIAL PONCE DE LEON
1701 Ponce De Leon Blvd | Suite 206
Coral Gables, FL 33134
(305) 677-8278
[email protected]

NMLS ID # 2334059

11/11/2022

Thank you for your service to this country. Your bravery, sacrifice, and strength do not go unnoticed, and we will always be indebted to you and your family for all that you have given to our country.

1ST FINANCIAL PONCE DE LEON
1701 Ponce De Leon Blvd | Suite 206
Coral Gables, FL 33134
(305) 677-8278
[email protected]

NMLS ID # 2334059

11/10/2022

WHAT IS AN FHA LOAN ?
The FHA loan is the most popular government-backed home loan in the country. These low down payment loans are made by qualified lenders and guaranteed by the Federal Housing Administration (FHA).

FHA loans require just a 3.5% down payment for borrowers with a 580 credit score or higher. For homebuyers with less-than-perfect credit, FHA loans offer additional significant benefits. The government backing means average FHA interest rates are typically lower than average rates for conventional mortgages.

Borrowers with credit scores as low as 500 can qualify for an FHA loan with a 10% down payment. Guidelines and policies will vary by lender.

This historic home loan program continues to open the door to homeownership for millions of Americans who might struggle to secure conventional financing.

Please reach out for a personalized attention, our experienced loan officers are ready to help.

1701 Ponce De Leon Blvd | Suite 206
Coral Gables, FL 33134
PH: 305-677-8278
[email protected]

NMLS ID # 2334059

11/09/2022

What is a loan amortization schedule?

A loan amortization schedule gives you the most basic information about your loan and how you'll repay it. When you take out a loan with a fixed rate and set repayment term, you'll typically receive a loan amortization schedule. This schedule typically includes a full list of all the payments that you'll be required to make over the lifetime of the loan.

How to calculate a loan amortization schedule if you know your monthly payment

It's relatively easy to produce a loan amortization schedule if you know what the monthly payment on the loan is. Starting in month one, take the total amount of the loan and multiply it by the interest rate on the loan. Then for a loan with monthly repayments, divide the result by 12 to get your monthly interest. Subtract the interest from the total monthly payment, and the remaining amount is what goes toward principal. For month two, do the same thing, except start with the remaining principal balance from month one rather than the original amount of the loan. By the end of the set loan term, your principal should be at zero.

Click on the link in BIO to use our Payment Amortization Calculator, then reach out to consult one of our expert loan officers. We will be happy to assist you.

1701 Ponce De Leon Blvd | Suite 206
Coral Gables, FL 33134
(305) 677-8278
[email protected]

NMLS ID # 2334059

11/08/2022

Do you know how much debt is too much debt for your finances? Your debt-to-income ratio allows you to compare the total payments you make each month on your debt to how much money you bring in. In turn, this simple ratio can help you determine if you’re on track with your finances or if you’re carrying too much debt and need to explore new ways to pay it off.

In addition, banks and other financial institutions use your debt-to-income ratio as a way to measure your ability to repay a debt. Maintaining a b debt-to-income ratio can help increase your borrowing potential, so you’re more likely to get approved for loans and new lines of credit assuming there isn’t any major issue with your credit score.

Call Us today to schedule a personal analysis of your finances and determine your Home Loan Amount.



☆ FHA – CONVENTIONAL – JUMBO - VA
☆ NON QM – REVERSE MORTGAGE
☆ HARD MONEY LOANS

1701 Ponce De Leon Blvd | Suite 206
Coral Gables, FL 33134
305-677-8278
[email protected]

NMLS ID # 2334059

11/01/2022

Is it better to buy or rent a home? Despite what you may hear, there's no single right answer. But, don’t panic—we’re here to help! Read my latest article for details about how to make the best choice for you.

Buy Now or Rent Longer? 5 Questions to Answer Before Purchasing Your First Home Deciding whether to jump into the housing market or rent instead is rarely an easy decision – especially if you’re a first-time homebuyer. But in today’s whirlwind market, you may find it particularly challenging t...