Eagle Realty

What Clients Can Do If Rejected For A Loan

admin — Mon, 24 Oct 2011 17:29:06 +0000

NEW YORK – Oct. 31, 2011 – With the tightening of credit standards, more homebuyers find themselves rejected when they apply for a loan. But after just one rejection, lending experts say buyers shouldn’t give up – they may still be able to qualify for a mortgage if they keep trying.

However, buyers shouldn’t try again until they closely evaluate why the lender turned down the original mortgage application and find ways to address the issues in their second or third attempt, says Marisol Torruella, a loan originator with the New York Municipal Credit Union. Applicants can, by law, find out why they were rejected in a mortgage application. The Equal Credit Opportunities Act gives lenders 30 days to tell applicants, in writing, the specific reasons why they denied a loan.

Some rejected borrowers may need to save for a larger downpayment or take steps to improve their credit score.

Some applicants may find that shopping around for other lenders helps (particularly if the applicant has been a longtime member at a credit union) or discussing other alternatives with the original lender. Applicants could also consider different options, such as a loan from the Federal Housing Administration (FHA), which has less stringent requirements. Surveys suggest that most borrowers aren’t aware of FHA loans.

Torruella says one of the main reasons homebuyers get turned down for a loan is that they’re trying to purchase more home than they can really afford. These applicants may need to get more practical with their home purchase too.

Source: “Mortgages: After a Rejection,” The New York Times (Oct. 13, 2011)

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=2&id=266845

CNN & Money Rank Cape Coral No. 2 In “25 Best Places To Retire”

admin — Mon, 24 Oct 2011 17:26:32 +0000

Source: CNN Money

Population: 154,300
% over 50: 38%
Median home price: $95,000
Top state income tax: None
Cost of living index: 96

For retirees who are looking for lower taxes, cheap housing and a gentle climate, Cape Coral scores on all fronts. Home prices here, for example, have fallen more than 60% since the 2006 peak. For homebuyers, that means a lot of bang for the buck: A newly renovated three-bedroom, 1,800-square-foot house with a pool was recently bought here for $145,000.

Lots of Florida towns have seen dramatic price drops, of course, but Cape Coral has something else going for it: It’s paradise for water lovers. The town is sliced with 400 miles of canals, half of which have access to the Gulf of Mexico, about 20 minutes away by boat.

This quiet place doesn’t offer much nightlife. But there’s a public golf course, a weekly farmers’ market with live music, and a nearby outlet mall. Training camps for the Boston Red Sox and Minnesota Twins are just 15 minutes away.

http://money.cnn.com/galleries/2011/real_estate/1109/gallery.best_places_retire.moneymag/2.html

Own Your Very Own Private Island!

admin — Mon, 24 Oct 2011 17:07:21 +0000

Own your very own private island! Don’t let this unique opportunity pass you by! Named for its abundance of cypress trees, the 1.69 acre Cypress Island sits in the middle of Spruce Lake in Fort Myers. It features a private drive with gated entry and a bridge, a main home with a guest house, and an abundance of beautiful landscaping, local wildlife, and peaceful panoramic views. The 3/2 home is very open and spacious with windows all around. It has southern pine vaulted ceilings with custom beams and was completely redone in 1997 with raised panel cabinets, stainless appliances, and hard maple countertops. The master bedroom is very large, 32×20, with a large walk in closet and master bath. The 2/1 guest house has a living room and kitchen, perfect for family, guests, or even tenants. Cypress Island is just minutes from schools, the interstate, the airport, and some of the best shopping our area has to offer. Don’t let this once-in-a-lifetime opportunity pass you by!

Click here to view listing.