Choose Your Lifestyle




8,000 mortgages a day

 According to the National Association of Realtors “Existing Homes Sales Report” there are 12,109 homes selling every day in the US. 72% of those have mortgages, so there are 8,719 people getting mortgages every day. If you believe the comments that homes aren’t selling and that people can’t get mortgages – that’s not really true.

Spoken by Sharon Simms | Discussion: No Comments »

Save money on closing costs with any Florida credit union

 All Florida credit unions are exempt from the intangible tax on mortgages, according to Julie Holt of Anclote Title Services. I recently blogged about saving money by using the Navy Federal Credit Union, which was correct, but I thought you should know that the intangible tax exemption applies to all Florida credit union mortgages.

The intangible tax is 20 cents per $100, which would be a $200 saving for every $100,000 of mortgage. It is generally paid by the buyer, unless the contract states otherwise.


Spoken by Sharon Simms | Discussion: 2 Comments »

Save money on closing costs with Navy Federal Credit Union

 If you obtain your mortgage through the Navy Federal Credit Union you will save money on your closing costs because you will not pay the Intangible Tax on the mortgage. The tax is .20 per $100. So you’d save $200 for every $100,000 of mortgage amount.

Not in the Navy? Membership in the Navy Federal Credit Union is not limited to the Navy. Membership is available to all those serving in or retired from the Army, Marine Corp, National Guard, Navy, Air Force and Department of Defense. Membership is also available to their families, which include not only their children, but their parents and siblings. Once that family member is a member, they can offer membership to their family.

The Navy Federal Credit Union is headquartered in Vienna, Va. They are the world’s largest credit union, with $4 billion in assets. One of its 312 branch offices is in Tampa, near MacDill Air Force base.


Spoken by Sharon Simms | Discussion: No Comments »

Banks getting slower at processing loans

We’re seeing more instances of banks that are “ignoring” the closing dates on contracts – not all of them, but enough to be a concern. Other agents are reporting delayed closings as well. Sometimes the day before the scheduled closing the lender will ask for more information from the buyer – sometimes the lender will just say that they didn’t “get to it” and delay it a week, and then another week. Lesson 1: it’s not over until it’s closed.  Lesson 2: have a contingency plan in case the closing is delayed.

Spoken by Sharon Simms | Discussion: No Comments »

Reverse mortgages and the new housing bill

Reverse mortgages are for older homeowners – the owners are allowed to mortgage their home for cash or for  monthly income, all according to a formula based on the owners ages and the home value. The lender does not need to be repaid as long as the borrower continues to live in the house.

One of the provisions in the housing bill just approved by Congress, awaiting President Bush’s signature, is an increase in the  maximum mortgage amount for a reverse mortgage – it is more than doubling to $417,000. In some high cost areas of the country the amount can be as high as $625,000.

Spoken by Sharon Simms | Discussion: No Comments »

Copyright © 2007 Florida Simms     Agent Login     Design by Real Estate Tomato     Powered by Tomato Blogs