Mortgage Costs...Be Honest When Filling Out Your Application

By Chuck Lunsford

If you've stayed with me through this series of articles you may recall earlier I covered closing costs. It is important that you understand what closing costs are. They are sometimes referred to as "closing costs" or "mortgage costs". The lender MUST adhere to government regulations when providing funding. Your application for a mortgage will be taken in person or by phone and detailed on a form (USGOV # 1003)

This is a US Government form and this information becomes an integral part of the process. The information that you provide is the information the government uses for audit purposes.

Let's say you have a run of bad luck and lose your home through foreclosure. The government guaranteed to the bank they would not lose money. If there is a rash of foreclosures the government begins to look closely for fraudulent loans. Information provided on Form # 1003, if erroneous, can be determined as fraudulent and is punishable by imprisonment. The point I'm trying to make here is to take Form #1003 seriously. Don't "fudge" or leave out anything. Give honest answers or no answers. Once you've signed this form plus a bundle of additional documents they become part of a total package that eventually ends up in the archives and might later come back to haunt you.

Since you are the one buying the home, you are the one that is responsible for certain costs. These include:

1. Appraisal

2. Origination Fee

3. Credit Report Fee

4. FHA Upfront MIP Funding Fee

5. Flood Certification Fee

6. Hazard Insurance Premium

7. Hazard Insurance Impounds

8. Mortgage Insurance Impounds

9. Settlement Of Closing Fees

10. Recording Fees

11. Survey

12. Termite Inspection

On top of the above fees, there are other items that you will need money for but are not really considered costs. These are referred to as escrow monies. Escrow funds are collected at closing to pull into a special fund for the lender to pay property taxes and insurance for you. In some cases, the number of months that the lender wants to have money set aside can vary. This is like a savings account for you. It can only used for the purposes it was set aside for.

Chuck Lunsford is the owner and developer of EasyFloridaHomeLoans.com. He offers advice on how to get your credit in order and working for you. Visit his website and learn more about obtaining a bad credit home loan with little or no money down.

Bridging Loan Advice: For Staying on the Right Track

By Eva Baldwyn

So, you have planed to apply for a bridging loan. This loan is a good option, with which you can cover your financial void during property transaction. Though you are aware of the basic feature of this loan, but still, you want to take some bridging loan advice for staying on the right track. This article has given some valuable advice.

As bridging loans, you can borrow the amount, ranging from £25,000 to £500,000. Usually, these loans are a sort of secured loan. You have to pledge a security in order to avail these loans. Therefore, choose your collateral consciously. If you use high valuable collateral, it will facilitate you in availing a higher amount. Besides, a worthy security also privileges borrowers to get these loans with better terms and conditions. So, use a proper object against the lending amount. You can use the new purchasing property as security. Besides, other valuable objects also can be used.

Normally, while providing the loan, lenders check the value of property in stead of purchasing price. So, you are advised to be aware of this fact while applying for a bridging loan.

In order to get a bridging loan with better terms and conditions, you need to make a bit research. Various lenders like banks, financial institutions, lending companies offer bridging loans. Meet those lenders in person, collect their quotes and compare them minutely. It will enable you in getting a bridging loan at an attractive interest rate. If you do not have enough time, then you are advised to opt for online option. It will help you in collecting various loan quotes within a minimum time period.

It does not take much time to get a bridging loan approved. If your all necessary documents are ready then within 24 hours you can avail the loan. So, at last, my advice is to prepare your all necessary documents before applying for this loan. It will enable you in getting a bridging loan within a minimum time.

Eva Baldwyn aims to inform common men and women of the several issues involved in personal loans and mortgages through her articles. An MSc in Economics & Finance from the Warwick Business School is proof enough of the knowledge that she possesses in the field of finance. To find Bridging loans, Personal bridging loans, Short term bridging loans, Commercial bridging loans visit http://www.easybridgingloansuk.co.uk

Southwest Florida Business Briefs

The partners of Garlick, Stetler & Peeples, LLP in Naples have announced that Andrew G. Elliott has joined the firm as an associate. Elliott specializes in the areas of real estate development, general residential, commercial real estate law and construction litigation.

Colliers Arnold Commercial Real Estate Services has appointed Andrew Falde as industrial property specialist in the Fort Myers office. Falde has more than four years of experience in commercial real estate and was formerly with C.B. Richard Ellis. Falde will handle both sales and leasing.

Commerce Bank of Southwest Florida has appointed Nancy Finch as a mortgage banking officer. In this position, Finch will be responsible for the production of residential loans for the bank. Prior to joining the company, Finch was an in-house lender for Keller Williams Elite Realty.

Key Private Bank has announced the promotion of Karen R. Gudknecht to senior vice president and financial advisor. Gudknecht has been with Key Private Bank since 2002. She has been in the financial services industry for 20 years.

Commerce Bank of Southwest Florida has appointed Gerry G. Harris as a mortgage banking officer. Harris has more than 30 years of professional experience. Prior to joining the company, she served as a mortgage loan officer for AmSouth Bank.

Carolyn S. Hodges has joined Riverside Bank of the Gulf Coast. Hodges most recently worked in the wire room/loan department of Orion Bank. She will be located at the Hancock Bridge Parkway Branch in Fort Myers.

Bonita Community Health Center has hired Jeanette Kiekbusch as marketing coordinator. Kiekbusch began her career in interior design and is responsible for developing marketing materials and programs for the center.

Jessica Mendez has joined Riverside Bank of the Gulf Coast. Mendez previously served as branch manager for Florida Credit Union. In her new position, she will serve as a floating branch manager for various Riverside Bank branches in Lee County.

Lisa K. Nilsen has joined Riverside Bank of the Gulf Coast. Nilsen has over six years experience in the banking industry and most recently served as assistant vice president/administration manager for Fifth Third Bank. In her new position, she's a special projects coordinator located at Riverside Bank's Santa Barbara branch in East Naples.

Anthony C. Patterson has joined Riverside Bank of the Gulf Coast. Patterson has been named a business development officer for the bank. He's served as a vice president and financial specialist in the banking industry.

Angela Rosado has joined Image Marketing Associates in Bonita Springs. A former intern for the company, Rosado has been promoted to public relations/marketing coordinator. She assists with the coordination of special events, market research, press releases, media distribution and customer service.

Suzanne M. Smith has joined Riverside Bank of the Gulf Coast as a relationship banker for the Hancock Bridge Parkway branch in Fort Myers. She began her banking career in 1977 with Union National Bank in Lowell, Mass. and most recently served as customer service representative for Florida Community Bank.

Image Marketing Associates in Bonita Springs has added Kelly Sule to its team. Sule, who has more than 10 years of sales experience, has managed several successful businesses, including a restaurant, a residential/commercial cleaning company and an IT staffing service. Sule will assist IMA with the expansion of its sales department as part of the firm's plans for growth.

Colonial Bank promoted David Toadvine to branch sales manager at the Summerlin Commons Office in Fort Myers. He is responsible for managing day-to-day operations, leading deposit and loan growth, marketing to outside businesses, and promoting Colonial's customer service and financial products. Toadvine has more than nine years of banking experience, including his previous position as assistant branch sales manager.

Christina S. Woods has joined the Naples office of Roetzel & Andress as an associate in the business services group. Woods' practice focuses on business and wealth planning for family-owned and closely held businesses, general taxation, entity formation, asset protection planning, mergers and acquisitions, business/tax planning for real estate developers, estate planning and estate administration.

AWARDS

Bay Investment Club of Naples has been named top investment club in the state by BetterInvesting (formerly the National Association of Investors Corp.) and Value Line through a survey. The annual club survey, which began in 1960, provides a benchmark for performance among BetterInvesting investment clubs across the country.

DEALS

Naples-based Dominion Video Satellite Inc., owner/operator of Sky Angel direct broadcast satellite provider of Christian and family-friendly TV and radio channels, has signed a deal with Hughes Network Systems LLC, the leading provider of broadband satellite network solutions, to offer high-speed, two-way satellite-based Internet service to Sky Angel customers.

Fort Myers-based NeoMediaTechnologies, Inc., an international leader in market driven technologies, has announced that Euro RSCG London, a United Kingdom advertising agency, has purchased a license to use and co-market NeoMedia's flagship qode technology, which links consumers and cell phones directly to the Web. NeoMedia will work with Euro RSCG London (www.eurorscglondon.co.uk) in co-marketing qode to the agency's clients.

NEW BUSINESSES

Cocoplum, a craft and gift store, has opened in Everglades City. Named for a native Florida plant, the store will offer artwork by local artisans, as well as a wide variety of gifts and crafts, with a focus on fair trade and natural items and gifts with a cause. Address: 207 W. Broadway, Everglades City. Phone: 239-695-2630.

Golf Mania Pro Shop is now open at Miromar Outlets in Estero. The 1,413 square foot store offers golf equipment, accessories and apparel, direct from the manufacturer, with savings of up to 70 percent off retail prices. Address: 10801 Corkscrew Road, Suite 190, Estero. Phone: 239-992-2310

Tampa-based law firm Stichter, Riedel, Blain & Prosser has opened an office in Fort Myers. The law firm has represented debtors, creditors' committees, purchasers, and secured and unsecured creditors in Chapter 11 bankruptcy cases in Fort Myers for decades, including many of the largest cases filed. Address: 1342 Colonial Blvd., Fort Myers. Phone: 239-939-5518. Additional information about the firm can be found at www.srbp.com.ñ

ON THE BOARD

Bonita Community Health Center's CEO Michael Riley has been appointed to the board of directors for the Bonita Springs Area Chamber of Commerce. Riley has more than 25 years of experience in health care and financial services.

The Immokalee Friendship House has announced the election of its officers and board members for 2007

The officers are Chuck Schroeder, president; Andy Bravo, vice president; Bill Fennessy, treasurer, and Chris Facka, immediate past president.

Other members are Cheryl Agin, James Howard, Mac McCormack, Daysi Mejia, Daphne Pfaff and Jackie Stephens.

The 2007 Lee County Business Leadership Hall of Fame advisory board has been announced. Members are: Dilman Thomas, Oswald Trippe & Company, chair; Marcia Hobe, Bank of America, co-chair. Board members include Bob Bassett, Colonial Bank, Charles Idelson, Investors Security Trust, Steve Pontius, Waterman Broadcasting, Robbie Roepstorff, Edison National Bank, Heidi Colgate-Tamblyn, SunTrust Bank, Marti VanVeen, HCA Florida, and Janet Watermeier, Watermeier Property Services.

The Make-A-Wish Foundation of Southern Florida has added the following members to its West Coast Advisory Council: Ted Corbin, vice president of new business development for Mellon Financial Corporation; Amy Lane, executive director of Garden of Hope & Courage, and Ryan Richeal, marketing & brand development director for the Miami Dolphins.

The United Arts Council of Collier County has elected the following officers for the new year: Tom Ray, president; Merlin Lickhalter, president-elect; Matthew Kragh, vice-president; Tom Bringardner, treasurer, and Jody Rosenbaum, secretary.

Source http://www.naplesnews.com

Bristol woman signs up for unique mortgage

Housing developer Places for People begins offering range of finance products

A young woman from Bristol struggling to get onto the property ladder has become the first person to take advantage of an innovative mortgage offer from Places for People.

Jackie Davies, a 26-year-old administrator has taken out a £55,000 mortgage with the UK’s largest housing and regeneration group to buy a 50 per cent share of a one-bed house in Totterdown, Bristol.

This is the first time a housing organisation has directly offered its customers mortgages, and is one of a number of finance products and options that the Group is now offering to help its customers purchase a share in their homes.

The organisation launched a range of financial products to customers in July 2006, including personal and small business loans and mortgages, in a bid to prevent them relying on high interest doorstep credit lenders, and to help them onto the property ladder.

Places for People directly lends personal and small business loans to customers alongside a range of exclusive mortgages – tracker, discount and fixed-rate – which are provided by the Co-operative Bank.

So far, over £200,000 has been loaned to 153 customers and 11 mortgage applications are currently being processed.

Jackie Davies said: "I have wanted to buy a property for several years, but with my income have found it difficult to get a mortgage or raise the five per cent deposit needed.

"This mortgage has given me the chance to buy a share in a (new-build) home and yet still pay the same amount per month that I would have, if I were renting a property."

David Cowans, chief executive of Places for People said: “I am delighted for Jackie who like many people, has wanted to get onto the property ladder for a long time, yet has been deterred from doing so by the increase in house prices and a lack of affordability.”

“These financial services underline our determination to work with our customers to create sustainable communities. They help people to step onto the housing ladder and gives them greater choice and support if they experience changes to their financial circumstances. They also assist us to combat financial exclusion and prevent customers getting into a vicious cycle of debt.”