WHAT IS THE DIFFERENCE BETWEEN MORTGAGE PRE-APPROVAL AND MORTGAGE PRE-QUALIFICATION?

Verification and Documentation explain the difference. Pre-Qualification is based on information provided by the buyer whereas Pre-Approval is given after receipt of copies of bank account statements, income proof (pay stubs) and income tax returns; other information may be requested as well. Neither are considered a mortgage commitment, but the more detailed Pre-Approval is preferred by sellers. Pre-Qualification requires the borrowers name, address, phone number, date of birth and social security number with permission to do a credit check. Questions may be asked about annual income and what down payment the borrower can make. A letter is issued with an estimate of the amount of a mortgage for which the borrower can be approved, based on documentation verification, which may be described in the letter. The letter will also include a disclaimer, e.g., “subject to verification of employment (2 years of work history) / assets / credit review / charge card statements / mortgage underwriting guidelines” and the prevailing interest rate, which can be “locked in.” This serves temporarily as confirmation to a seller that a buyer appears to be able to afford to purchase their property. Underwriting criteria may include credit scores, work history, verification of income, qualifying income ratios, verification of where down payment will come from (e.g., brokerage or bank account or gift), cash reserves after closing. There may be information that has a negative impact on mortgage approval, including a borrowed down payment, inconsistent work history, unreported “cash” income, not enough assets for closing costs, and other issues.

LINK TO LOWEST LOCAL GAS PRICES

http://www.sun-sentinel.com/business/custom/consumer/sfl-gasprices-htmlpage,0,826131.htmlpage

A PERSONAL MESSAGE FROM YOUR BLOG MANAGER

“Buyers are coming out of the woodwork,” is what I’m hearing from other real estate agents, and that is indeed true for me as well. I’m working with many buyers on purchasing primary and second homes. Closings are resulting. Some are from the US, and others from countries including Canada, England, China and all over Europe and South America. I predicted in the past, and reiterate now: “the best buys will be made between now and the early summer.” Sale prices are on the low side right now, interest rates are low but nevertheless, inventory to pick from is low, so when you see a property you like like like, do not hesitate to purcahse or it could be gone within a few days.  A BUYER’S MARKET. Will keep the readership updated in the coming months… Marilyn Farber Jacobs, Realtor, ePRO – WEICHERT REALTORS, HEATH & JOSEPH.

1920's Mizneresque Property for Sale in Lantana

Pecky cypress ceilings… hardwood floors… beams… archways… fireplaces… iron grillework… are typical features found in 1920’s Spanish mansions, including a 1920’s early Mizneresque mission-Mediterranean home, ”Captain’s House,” on a dead end with 75’ of picturesque intracoastal waterway frontage in Lantana. The property is for sale for $2.45-MM. The main house and guest apartment, including five bedrooms, 5 baths and 2 kitchens, can be purchased separately for $1,999-MM and the adjoining properties for $455,000. The 2-story vaulted Great Room features the pecky-cypress ceilings, newly refinished red-oak floors and massive fireplace. The room is flanked on two sides by twin enclosed loggias with arched windows and has French Doors and the original 8” sq tile floors, similar to those manufactured by Addison Mizner, famous society architect. The dining loggia was the original entry; the other loggia, formerly a screened porch, has been closed in and is setup as a music room. “Eyebrow” windows are featured. The main door was milled and shipped in the 1920’s. The kitchen has reconditioned vintage appliances. The fireplace has applied masonry that looks like stone. Original antique sconces and massive metalwork chandeliers, as well as a buggy under the staircase are included. Kitchen cabinets are made of hardwood, but facings are built of cypress beadboard from old storm shutters from a 1926 house across the street. Shower rods are brass, curtain hooks are stainless steel, faucets are high-end reproductions. It includes a separate 1930’s-era duplex with two 1-bedroom, 1-bath apartments, and 1-bedroom, 1-bath 1940’s era cottage with Spanish tile floors and leaded-glass windows and runs along Lake Worth Avenue to South Lake Drive. These units include Dade County pine, Spanish tile and a shared fireplace. Enter the main residence through a walled courtyard. A big cement pond was dug up, landscaped and made into a koi pond with a brass Cupid fountain. Careful restoration has been done to a scrolled metal gate and metalwork on the grounds. Marilyn will be happy to show you this beautiful restored Spanish Mansion (561-302-3388).

WATER, WATER EVERYWHERE…

Alas, all the sand-renourished beach areas in the county have been returned to the ocean by abnormal winds and tides, leaving behind long buried groins, rocks, tree stumps and revetments. Stairs, lifeguard stands and building foundations have also been removed. Nearby parking areas and parks have been flooded. Millions of tons of sand are gone, ensuring death to the off-shore environment. The sand smothers fragile coral reefs and all life that inhabits them, limiting food sources for sports and food fish, interfering with “catches” for the fishermen. According to the NEW YORK TIMES (10-2-07) the world’s polar areas are experiencing and ice melt so vast that predictions are that by 2013 a blue Arctic Ocean will exist. Would you say this is an exercise in futility, and that Mother Nature wins?