Congratulations! Your mortgage Was denied

Many people in today’s market are hesitant to apply for a mortgage, whether it be a purchase or refinance.  They are scared, or more so embarrassed, about the possibility of being denied for the loan.  However, those that are denied for a mortgage are one step closer to getting approved than those that sit around doing nothing and hoping that time will solve their problems.

Unlike many institutions, Knightlines Mortgage Services LLC views a denial as an opportunity to help and eventually turn that denial into an approval.  We do not just send you a simple letter that says your mortgage has been denied with a generic reason (usually something like “Decision was based on information obtained from a credit reporting agency.”)  That does a lot of help… what information on the report?

If a borrower is denied because of derogatory credit, Knightlines will work with the borrower on how to improve the credit to meet qualifying standards.  In some cases, it could just be a matter of removing old information that is incorrect.  In others, it can be formulating a plan that can have you in a new home within 3-6 months.  And in extreme cases, it can take up to 12 months.  But any way you slice it, Knightlines works with you to get that home.  We do not just send a letter and say sorry, try again later.

If the issue is more than credit keeping a borrower from their new loan, we structure a plan.  The plan could be as simple as a budget to help save money each month so reserves can be met.  Whatever the issue is, Knightlines does not stop when a denial is obtained.

So, if you are concerned about being denied, do not be.  We are here to help.  And who knows, you might just already be approvable.  Call us today to start you path to being approved.  Or apply online now for same day decisions.

Jason Price

Owner/Principal Broker

(352) 308-7219 Phone

For some time now, Knightlines Mortgage Services has been offering the people of Florida a convenient way to finance and re-finance their residential property.

But that isn’t the entire story - we are also doing commercial lending in all 50 states.  AND - now we can offer commercial financing OUTSIDE of the country as well.  Caribbean, South America, etc - just call for the details.

Issue: Hazard Assessment of Copper 25Corrosion and Air-Conditioner Evaporator Coil Failures Possibly Associated with Imported Drywall.

The State of Florida is currently identifying and assessing potential human health hazards related to the phenomenon of rapid and recurring corrosion of metals inside of homes.  This phenomenon is suspected to be associated with the presence of Chinese Drywall in homes built since 2003. 

In an effort to keep people updated there is an online subscription you can sign up for.  Visit: Imported Drywall Updates or

http://www.doh.state.fl.us/Environment/community/indoor-air/drywall.html

Be sure to check your email after you sign up.  You have to *confirm* your addition to the list via email or you won’t get updates regarding new information and findings regarding Chinese Drywall.

If you’re you’d like to learn about the signs of Chinese drywall read also:

A Home Inspector’s Chinese Drywall Checklist

Notes From A Foreclosed Home Owner

The home buyers and real estate agents shopping in the current market see just about everything when dealing with foreclosures or bank owned homes and especially their swimming pools.

Sometimes, it is clear that vengeance is all that is left.  Homes are destroyed by the owner because they’re so angry at the bank.  If the bank wants it back, they can get it back destroyed.

Other times you the heart ache and despair is almost palpable.  A few weeks ago I showed a foreclosed home in Bonita Springs and you could literally read the writing on the walls.  Days and days up to the foreclosure were document by the current owner of this foreclosed piece of real estate.

You might have never seen a crying shame up close and personal before.  This is what it looks like when owning real estate goes wrong.

Things To Do in Estero & Bonita Springs

Lee County Florida has some of the best libraries I’ve ever visited.  If you’re in the Bonita Springs, Florida the library is on West Terry Street and if you’re in Estero Florida you’ll find a library just north of Corkscrew road on Three Oaks Parkway.

Besides the regular supply of book, tapes and computers the library branch in Estero has meeting rooms.  Last Monday a blogging group called the Word Press meet up group I belong to met at the South County Library for the first time. 

If you’re looking for free or inexpensive things to do the Lee County Library offers tons of things to do. 

If you’re looking for a hobby specific group to meet other locals and further develop your hobby, check out www.MeetUp.com

South County Library in Estero

21100 Three Oaks Parkway
Estero, FL 33928
Phone (239) 533-4400
TTY (239) 485-1131
FAX (239) 485-1130

A Humming Bird No Bigger Than My Thumb

Every creature needs a home, right? There’s now two eggs but I don’t want to disturb the bird by taking a second picture.  This bird built a nest in an ordinary, potted ficus tree just outside of the kitchen window.  It’s at my friends house, so technically it’s her hummingbird.

Your Kids Are Worried, Too

Many people in Southwest Florida believe that it is the land of haves or have nots. It’s no secret that there’s an incredible amount of affluence in the area. When there are a couple of million dollars of cars in a restaurant parking lot and some of those cars cost more than many people’s homes it’s clear that there are definitely some people more fortunate than others.

Not long ago, I had an opportunity to have lunch with several youngsters at a local middle school and the conversation we shared echoed the sentiments of many grown ups. The difference was that these were just kids. Each of these kids thought they were the only one that had worry, was scared, whose mother passed away, who got evicted, whose home was taken by the bank, who had diabetes, whose dad didn’t have a job or whose home didn’t have any food in it.

It is so easy to notice of the illusion of how perfect everybody else’s life seems to be and compare it to ones own reality, especially when the reality so darn ugly. It’s hard for people to realize the perceived reality of someone else’s life isn’t always as perfect as it looks, so how can kids?

These kids just broke my heart. They are little champions. The problems that they’re shouldering are huge, grown up issues. They feel that they’re alone and the only person who’s ever had set backs, loss or gone without. They don’t know that they’re not the only one. They really don’t have anyone to talk about it with, though.

You can see the worry in their eyes, it’s peeking out when they tell you about what they want to do when they grown up. They’ll tell you anything if you’ll take the time to listen.

Every person and every family, no matter how perfect things appear, has a story. Nobody’s life is so perfect that they don’t have something weighing heavy on their heart. It may be loss, foreclosure, bankruptcy, addiction or illness.

Most of the negative things are private matters happening behind closed doors with the illusion that everything is alright. Everyone has problems, especially these days, but kids don’t understand that. They really do think that it’s only their family that is struggling.

The downturn of the economy and real estate has caused a lot of pain for so many people, so many families. The kids are quietly watching this crisis and they’re secretly scared senseless. The kids are silent witnesses to it all and they are collateral damage that is going unnoticed. Almost everyone is looking right over their heads, past their little ears that are hearing everything.

Someone needs to let them know that the things that may have gone wrong within their life doesn’t mean that something is wrong with them. These kids have value that isn’t defined by their circumstances. They don’t know that. They’re just kids.

Maybe if you get a chance to spend some time with a kid, maybe even your own kid, you can let them know how important and worthy they are regardless of what they have or where they live.

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Real Life in Bonita Springs is a project by Chris Griffith dedicated to writing useful blog posts for consumers about the Bonita Springs, Florida area.  Find out what it is really like to live in Bonita Springs, Florida by reading about our fair city. You’ll get the latest in local real estate information, Bonita Springs real estate market reports and a little bit of humor.  If you have topic ideas, feel free to request a story about the idea, after all, this site is just for you.

You can subscribe to a weekly email newsletter by visiting www.LifeInBonitaSprings.com and entering your email in the subscription area on the left pane of the web page or by adding us to your reader by subscribing to this blog. Oh, and if you’re reading this content anywhere else but www.LifeInBonitaSprings.com or Naples Daily News it is probably stolen.

If you don’t see the video imbed below click this Housing Video. (video link expired)

Bonita Springs Real Estate Under $400,000

If you have Bonita Springs real estate for sale or you’re thinking of listing your home and you’re wondering what’s really “moving” in the real estate market, this is your answer. 

My patented, handy, dandy real estate pie graph that spells it out in percentages what real estate sold in April 2009.  That was just a few days ago so it’s a clear indication of whether the home or condo that you have is in a sector that’s moving or not.

I’d say if your home or condo is in the $400,000 and under market, you’re in the hot spot.  Seventy five percent of sales last month were under $400,000. 

What Real Estate Sold in Bonita Springs?

We’re in mid May and while the temperature goes up, the number of tourists in Bonita Springs shrinks.  The sales of homes and condos hasn’t really shrunk. 

The month of April 2009 brought real estate sales to a much healthier level.  The largest share of the real estate sales in Bonita Springs was in the $400,000 and under price point.  Actually, in the Bonita Springs and Estero area over 75% of the real estate sale in the month of April were priced under $400,000.

So how many homes and condos in Bonita Springs and Estero closed sale in April?  The chart below shows each home style and the number.  It also shows the three years prior for the month so you can gauge the growth of the real estate market.  Yes, its improving.  Sales are increasing.

The absorption rate for the remaining unsold inventory in Bonita Springs and Estero Florida has slightly diminished due to a combination of increased sales and the standard expiration fall out due to the “end of tourist season”.  Many home owners let their real estate listings expire

Curious about how things have been selling over the last year or so in Bonita Springs and Estero, Florida?  You can reference past Bonita Springs real estate market reports by visiting the links below:

• Bonita Springs Real Estate Market Report – March 2009
• Bonita Springs Real Estate Market Report - February 2009
• Bonita Springs Real Estate Market Report - January 2009
• Bonita Springs Real Estate Market Report - December 2008
• Bonita Springs Real Estate Market Report - November 2008
• Bonita Springs Real Estate Market Report - October 2008
• Bonita Springs Real Estate Market Report - September 2008
• Bonita Springs Real Estate Market Report - August 2008
• Bonita Springs Real Estate Market Report - July 2008
• Bonita Springs Real Estate Market Report - June 2008
• Bonita Springs Real Estate Market Report May 2008
• Bonita Springs Real Estate Market Report April 2008
• Bonita Springs Market Conditions - March 2008

Are you too late to the home buying or refinancing game?

Some people still think that things are going to get better.  So I decided to hold off one week on writing something, so this way I could write on what did happen.  As they say, “Hindsight is 20/20.”  Now, there is no arguing that things are getting worse.

May 1, 2009 - Policy went into effect whereby lenders are no longer accepting broker/3rd party appraisals.  This is better known as the Home Valuation Code of Conduct (HVCC).  Lenders will now order an appraisal for a newly submitted loan.  Why is this bad? 

Brokers must make a decision on what lender they will use prior to knowing the value of a the house.  Some lenders have better “bumps” for varying LTVs.  If the LTV comes in too high, the bumps may offset the “Par” rate.  If it come in too low, the borrower could be missing out on a lower rate.

Brokers can no longer submit to more than one lender.  Let’s say the lender all of a sudden becomes backlogged (YES, this does happen) and are no longer turning loans over in a couple of days but rather weeks, brokers used to be able to submit the file to another lender to get the faster turn time.  Now that the broker no longer owns the appraisal, a new appraisal would need to be ordered for the new lender.

Relationships break down.  Brokers and appraisers will no longer work in unison to help a borrower determine a range value for their house prior to ordering the appraisal and working on the file to make sure that a loan is even possible.

Home values will decrease, as appraisers will want to low ball a value to make sure that they stay on the lender’s good side to see future business.  Etc. Etc. Etc.

May 4-8, 2009 - Mortgage rates started at 4.5% on Monday.  On Friday, mortgage rates climb up to 4.75% for a 30 year fixed.  This rate increase was sparked by the failure of mortgage backed securities (MBS) to be sold on the market Thursday.  Fannie Mae stepped up to the plate to buy the MBS in hopes to keep rates down a little longer.  But investors want rates to come back up before they will start buying MBS again.  FNMA only has so much money and time left to keep rates low.  A .25% increase in less than 5 days is a sign of things to come.  Especially when you look at market trends.  The ceiling is being tested… it is only a matter of time before the ceiling becomes the new floor.

I can go on about how time is coming to an end for low mortgages and favorable financing guidelines, but I felt that these two items were the most important of this week.  One ties the hands of those who are here to protect you and get you the best possible deal, and the other proves that rates are on the rise.

The clock is striking eleven… don’t wait for it to strike twelve and the fairytale ends because there is no happily ever after for those waiting for lower rates.

Jason Price

Owner/Principal Broker

(352) 308-7219 Phone

For some time now, Knightlines Mortgage Services has been offering the people of Florida a convenient way to finance and re-finance their residential property.

But that isn’t the entire story - we are also doing commercial lending in all 50 states.  AND - now we can offer commercial financing OUTSIDE of the country as well.  Caribbean, South America, etc - just call for the details.