Today's topic is: Pre-qualification vs Pre-approval and how they affect your search for Real Estate in Palm Beach.Before getting into what's what, the basic idea is that BEFORE you start looking around for your new Home, you need to know how much you can borrow. (If you're paying cash, just skip ahead to the next article!)That makes a lot of sense - but you would be surprised at how many Clients want to look at Property before checking into a mortgage.I've had many people come to me over the years trying to get a Loan to buy property that they couldn't possibly get approved for.  I felt badly for them - they found they Home they'd been dreaming about and then got a big disappointment.In addition to that, most Realtors® won't even take a Buyer out to look at property if they haven't been... 08/09/2007

Before I begin, I just would like to let you know this Post is not about Credit Repair or the FICO system.  That I will allow others to blog about.                                                                                           Living and working in Palm Beach Gardens, Florida many of my clients that I have are self-employed and are very aware at all times what their FICO scores are especially after what is happening in the Mortgage Industry.  With this is mind I have become quite familiar with the What-If Simulator that most credit agency's offer.What the credit simulator does, is after you pull the clients credit you are allowed to go back in the Credit agency system and check to see if a client would pay off or pay down on a debt what effects it would have on his/her FICO. ... 08/09/2007

Unless you are one of the lucky few that can pay 100% cash for your new Palm Beach Real Estate, you are going to need  financing....... Today I'm going to begin a series of posts that are aimed at explaining the entire Mortgage process from beginning to end. The funny thing is that it really ISN'T that complicated - it's just been made to seem that way by the more unscrupulous people in the business.  They have the need to make it seem like you're headed into some horrible haunted house - and only THEY can protect you! There is another,  much easier way to protect yourself: BE INFORMED - that way no one can pull the wool over your eyes! Please click here for more information- 08/09/2007

BallenIsles Estate homes are moving finally again. After a long wait and slow market 31 homes sold this year in BallenIsles with 1,588 homes in BallenIsles and only 89 homes on the market for sale; it looks like the inventory in BallenIsles is shrinking back to normal level. With the reduction in inventory, and the demand remaining the same, real estate sales should return back to normal the Golf Club Communities in Palm Beach Gardens Florida. some of the other Luxury Homes communities like  IBIS Golf and Country, Mirasol Luxury Homes, and Old Palm Estates are still waiting to recover.Mike K Thomas - Golf Club Communities - BallenIsles Estate Specialist 08/07/2007

 With all the craziness in the Mortgage Industry in the past week I believe many people are becoming caught up in the media frenzy.  Yes the industry is going through a correction stage right now where only the strong will survive.    After seeing the movie "The Wizard of Oz" I belive we can learn a lot from this movie.  Below is a list of what we can learn from the movie. Don't let the Evil Witch Bring you down.                                                        Remember to have courage things will get better                                         Make sure your working with someone who has a  brain                                                Find a Mortgage Professional with a Heart                                                 The lending industry still has some fantastic p... 08/07/2007

Palm Beach Country Estates, Palm Beach Gardens           Palm Beach Country Estates, a country setting community is conveniently located in Palm Beach Gardens to the west of I95 at the end of Donald Ross Road.   You will find elegant country living in Palm Beach Country Estates with various size homes built on nice sized lots with over an acre, great for those animal lovers or equestrians who would like to have a little room and be close to nature. It's also very close to town, so without a long drive, you'll have some of the finest shopping available, and enjoy great restaurants.  There is easy access to I95 and only about 20 minutes to Palm Beach International Airport.  Beaches and fishing are less than 10 minutes away.  A great golf course is even closer.  Homes like the one below ca... 08/06/2007

For those younger me (which should be pretty much most of you), I am not talking about a new tour or album that KISS is about to put out. K.I.S.S. - KEEP IT SIMPLE, STUPID or KEEP IT SHORT & SIMPLE.  This philosophy is often overlooked when it comes to mortgages.  Many mortgage professionals get so caught up in what is going on that they forget that the average borrower has little to no knowledge of the mortgage financing industry.In this part, I am going to explain the very basics of a mortgage.Here is a simple definition that I pulled from Dictionary.com:American Heritage Dictionary - Cite This Source mort·gage       (môr'gĭj)  Pronunciation Key  n.   A temporary, conditional pledge of property to a creditor as security for performance of an obligation or repayment of a debt. A contra... 08/04/2007

                                           I Googled Myself this Morning and it was amazing!                                                                                                   Ok get your head out of the gutter!! While speaking with David Podgursky earlier in the week about Mortgages and SEO he asked me if I Google myself.  My first reaction was excuse me? "Is'nt that kinda of a personal question?"  He told me to get my head our of the gutter he was very serious.   I am very glad David had passed that information along.This morning I did my usual Google Search about Mortgage's and the Palm Beach Gardensarea.  I remember what David had asked me earlier in the week and did a google search on "Matthew J Blum" and "Matthew Blum" I was blown away on way came back.Many people o... 08/04/2007

Come see our newest listing in Palm Beach Gardens'/West Palm Beach's Ironhorse Country Club on Sunday, August 5 from 1 to 4 PM.This exciting home has 3 bedrooms, 4 bathrooms, a living room, dining room and family room plus an open kitchen with granite countertops.  There is a pool and  screened patio opening out from the family room.This split floor plan provides plenty of privacy for residents and guests and flows beautifully for both living and entertaining.  Large windows create a light and bright atmosphere.  Each bedroom has its own bath and the master suite includes his and hers baths.  Crown molding, plantation shutterS and an intercom system piping music throughout the home is included in the 2561 square feet under air.The home is value priced at $550,000 and is located at 8191 ... 08/03/2007

Home prices in Palm Beach Gardens' communities of Ironhorse and Steeplechase sustained double digit declines during the first six months of 2007 compared with the similar time period in 2006.Ironhorse is an intimate, full amenity country club in Palm Beach Gardens/West Palm Beach sitting adjacent to the magnificent Loxahatchee Nature Preserve.  Prices of homes in the community declined 13 percent from January to June 2007 compared with January to June 2006.  And the number of homes sold during the period is down by 50 percent; 10 homes sold in the first six months of 2006 while just five homes sold in the first six months of 2007   Today there are 29 homes on the market in Ironhorse, many priced below market value.Steeplechase is Palm Beach County's premiere estate-home community locate... 08/02/2007

Recently I did a post titled "Yeah I Can Do it All" in this post it talks about people stating they can do everything.  Well to expand on that, below is facts about the State of Florida.                                                             State Capital Tallahassee 2004 Florida had 76 Million Visitors which had an Economic Impact of 57 Billion Dollars54,254 Square Land Miles..Pensacola to Key West is 792 Miles663 Beaches1,197 Miles of Coastline11,000 Miles of Rivers, Streams and WaterwaysPalm Beach County (where I live) 2,578 Square Miles1,000 People a day move to the State of FloridaFacts about the State where provided by the State of Florida web site.Please take a moment to really take in the actual size of the State of Florida.  The next time someone tells you they are license... 08/01/2007

                                                                   Maybe it is South Florida or living in Palm Beach Gardens but it seems like everyone you meet says "They Can Do It All"  Last Week I was a Realtor this week I am a Mortgage Broker and a Home Stager and and and and and..... Enough Already!!  Many people blame the Sub-Prime lenders for everything that went wrong in the lending industry.  Let's face it; all they did was add fuel to a fire that was already burning.  When you have a Realtor that also does the Mortgage and the office in which they work in also owns the title company and the appraisal service.  What do you think would happen??HELLO?!?!? Part of making one of the most important financial decisions of your life is to ensure you have independent advice from everyo... 07/31/2007

This Elegant two story with 5 bedrooms, 5 full and 2 1/2 baths. Features a Grand Living Room, Elegant Dining Room.Master Suite with Coffered ceilings, walk-in closets, Roman Tub and Separate Shower, Private Study.Air Condition Living Area 5,316 sq.ft. Close to Local Beaches, Water and Golf Lots Available, Resort Amenities, Pool and Spa included.Enjoy a private  gated country club within 5 minutes of the Gardens Mall, Downtown, Legacy Place for  shopping and restaurants. Many Golf courses.  A few minutes to I-95 or the Turnpike. Twenty minutes to the airport and Palm Beach Worth Avenue.A wonderful community for everyone in the family.Go to Frenchmans Reserve Website. Kathy LewellenFrenchman's Reserve Specialist.Ocean 30 Marketing Group.Kathy@Ocean30.com561-676-6333Quantum One Realty 07/28/2007

South Florida has a great joke about the weather: "If you don't like it just wait 15 minutes it will change".                                                                        That is why I love what I do.. I am a Mortgage Broker.. Just when your pipeline might get a little lite your phone rings or you receive an email (Thank you Active Rain) with someone stating they where referred to you by so and so... and could you please help them.  Just like that the clouds go away and sun comes out.                                                                    This is where the fun begins. I love to listen to the story so I get a clear picture of what the client is trying to achieve before I make any suggestions. Usually they tell you how bad their last experience was with the Loan Offi... 07/27/2007

Home prices in Palm Beach Gardens executive community of San Michele have remained reasonably stable despite a significant price drop for homes throughout Palm Beach County.  The number of homes sold, although few, declined by 50 percent.A study of home sales in San Michele for the first six months of 2007 shows the average dollars per square foot to be $263, an increase of about 2 percent compared with the first six months of 2006.  During the first six months of 2007, three homes sold in San Michele, ranging in price from $1,199,100 up to $1,995,000 and ranging in size from 4459 square feet under air to 6210 square feet under air.  The average dollars per square foot for the homes sold in 2007 is $263During the first six months of 2006, six homes sold in San Michele, ranging in price ... 07/27/2007

                                                          I am writing this post as a follow up to my previous ATTENTION CIGAR SMOKERS Know your Rights.  Living in South Florida I am lucky because we are in know short supply of some Great Cigar Stores.  (Great Place to Network)  However, I am shocked to learn that many people don't really understand this bill.Today (July 26) I was amazed to see an advertisement about this bill and how it will help the children.  I agree it, will help the children because their parents will be out of work and so they won't have insurance. In the Bill they state the average cigarette pack will go up .63 while the premium cigar starting at $7.00 will be raised by a $10.00 tax making it a $17.00 smoke.  How is this fair?  I have found two very important lin... 07/26/2007

                Fixed Rate Mortgage vs. Adjustable Rate Mortgage (ARM) what is the best mortgage?                 This question is like asking what is the best car to drive? I drive a Lincoln but does that mean it is the best car? I like it.Do you realize that most mortgage professionals offer over 100 type of loan programs?  Some of these are fixed rate products as well as adjustable rates.  Do you really need all these choices?  The answer is quite simply yes because everyone is different.  Everyone's plans are different some are short term other are long term.  Some people are looking to payoff the mortgage quickly (Not something I would recommend) and some are thinking they just want the lowest payment no matter if goes to 50 years.So the question really is'nt what is the best mortg... 07/24/2007

Home prices is Steeplechase, Palm Beach Gardens premiere estate community, have declined just slightly during the first six months of 2007 compared with the first six months of 2006.  This indicates a stable market for the community and may mean that prices in Steeplechase are near bottom.  For potential buyers it is a good time to move forward on that home you've been eyeing!Prices for homes in Steeplechase declined just 6 percent during the first six months of 2007 compared with the same period in 2006.  In some communities throughout the area, prices declined as much as 25 percent.In 2006 there were eight homes sold between January and June with prices ranging from $610,000 for a teardown to $3,175,153 for a newly built home. The average "dollars per square foot" for these homes is $... 07/23/2007

Ok you have read all the negative's about the Option Arm, 1% or Pick-A-Pay home loans. Yes this is a Negative Amortization loan (Neg Am).  Your balance will increase if you let it.  Living in South Florida most of my clients are outside of the conforming loan limits so they would not be able to go Fannie Mae.  Besides that,  the option arm is not a Fannie Mae product.  With that said, I have read a lot on Active Rain (Mostly Negative) about this product.  So I decided to write a post about who this loan could help, besides the obvious one an investor.I met with a client yesterday who just is at the end of her Divorce and is going to need to refinance and take her ex-husband off the loan and title.  This woman has not only a college degree but also a masters as well in finance.   When I ... 07/18/2007

When shopping for a mortgage a true Mortgage Professional should ask you what your plans are for your mortgage.  Are you looking short term or long term?  Is your goal to pay down quickly on your mortgage? If you decide that you are looking, long term and one of your goals is to pay down on your mortgage quickly a bi-weeklypayment maybe for you.  Please keep in mind if you choose this option you will also have to allow the lender to set up an auto pay out of your accounts.  Every other Monday half of your payment would be coming out of your account. However,  what does this really mean?One of the most important questions you should really ask is does your lender offer a true amortization of a bi-weekly payment.  This is a very important question.  What you are asking them is do they pla... 07/18/2007