Hightide Mortgage LLC

Congrats again to Kyle Albert for another early clear to close!

A common question we get is “What is the difference between FHA and Conventional mortgages, and how do I choose?”

It’s a great question, and there’s no single answer that fits everyone. Take a look below at some of the pros and cons of each, and as always, give us a call with any questions you have!

𝐅𝐇𝐀 𝐯𝐬. 𝐂𝐨𝐧𝐯𝐞𝐧𝐭𝐢𝐨𝐧𝐚𝐥 𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐋𝐨𝐚𝐧𝐬: 𝐏𝐫𝐨𝐬 𝐚𝐧𝐝 𝐂𝐨𝐧𝐬⁣

𝐅𝐇𝐀 𝐋𝐨𝐚𝐧𝐬:⁣⁣
𝐏𝐫𝐨𝐬:⁣
⁣
-Lower Down Payment: As low as 3.5%.⁣
-Easier Qualification: More lenient credit score requirements (typically 580+).⁣
-Assumable Loans: Can be transferred to a new buyer if you sell your home.⁣
-Higher Debt-to-Income Ratio: More flexible in approving borrowers with higher DTI ratios.⁣

𝐂𝐨𝐧𝐬:⁣
⁣
-Mortgage Insurance Premiums (MIP): Requires both upfront and annual MIP.⁣
-Loan Limits: Caps on the amount you can borrow.⁣
-Primary Residence Only: Must be used for a primary residence.⁣
-Property Requirements: The home must meet strict property standards.⁣

𝐂𝐨𝐧𝐯𝐞𝐧𝐭𝐢𝐨𝐧𝐚𝐥 𝐋𝐨𝐚𝐧𝐬:⁣
⁣
𝐏𝐫𝐨𝐬:⁣
⁣
-No Mortgage Insurance (with 20% Down): Avoid PMI with a 20% down payment.⁣
-Flexibility: Can be used for primary, secondary, or investment properties.⁣
-Higher Loan Limits: Higher borrowing limits compared to FHA.⁣
-Variety of Terms: More options in terms of loan durations and structures.⁣

𝐂𝐨𝐧𝐬:

⁣
-Higher Credit Requirements: Typically require a credit score of 620 or higher.⁣
-Larger Down Payment: Minimum of 3%, but better terms with higher down payments.⁣
Stricter Qualification: More stringent income and debt requirements.⁣
-Rate sensitivity: Interest rates can be higher for those with lower credit scores.⁣

Choosing between FHA and conventional loans depends on your financial situation and homeownership goals. Evaluate your needs and consult with us before making your decision.

Happy 4th of July from the Hightide family!

Congrats to Dianna Stewart for 3 clear to close loans last week! Dianna and Hightide are on a roll!

Kyle Albert with TWO MORE same day loan approvals. This is the second and third same day approval for Kyle in two weeks!

Steven Carey with another smooth loan clear to close!

Mortgage brokers are often asked why should I work with you over a bank. Here are just a few reasons:

-𝐁𝐚𝐧𝐤𝐬 𝐰𝐨𝐫𝐤 𝐟𝐨𝐫 𝐛𝐚𝐧𝐤𝐬. 𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐛𝐫𝐨𝐤𝐞𝐫𝐬 𝐰𝐨𝐫𝐤 𝐟𝐨𝐫 𝐲𝐨𝐮.
Yes, brokers get paid by the lender, but they get paid by whichever lender you choose. So, it doesn’t make sense for us to get you the wrong deal just to go with a particular lender. Successful brokers build careers by getting the right deal for each individual borrower.

-𝐁𝐫𝐨𝐤𝐞𝐫𝐬 𝐛𝐫𝐢𝐧𝐠 𝐦𝐨𝐫𝐞 𝐨𝐩𝐭𝐢𝐨𝐧𝐬 𝐭𝐨 𝐭𝐡𝐞 𝐭𝐚𝐛𝐥𝐞.
A broker has no commitment to any single institution and is free to work with any lender. A broker can compare loans from a bank and other lending institutions – a banker cannot.

Choice is the borrower’s best friend. But comparing and assessing the options can be time consuming and confusing for the inexperienced. Brokers have intimate knowledge of all the options available to borrowers at any one time.

-𝐀 𝐛𝐫𝐨𝐤𝐞𝐫𝐬 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐝𝐞𝐩𝐞𝐧𝐝𝐬 𝐨𝐧 𝐡𝐚𝐯𝐢𝐧𝐠 𝐚 𝐬𝐮𝐜𝐜𝐞𝐬𝐬𝐟𝐮𝐥 𝐫𝐞𝐥𝐚𝐭𝐢𝐨𝐧𝐬𝐡𝐢𝐩 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮.
At banks you can oftentimes feel like just a number. However, a brokers business depends on you being happy with us and the deal that we can provide. Banks have all sorts of financial products to rely on for business. Mortgage brokers rely on delivering you with the best mortgage product possible and making sure that you are satisfied with the service you receive.

-𝐁𝐫𝐨𝐤𝐞𝐫𝐬 𝐜𝐚𝐧 𝐬𝐚𝐯𝐞 𝐲𝐨𝐮 𝐭𝐢𝐦𝐞, 𝐦𝐨𝐧𝐞𝐲, & 𝐬𝐭𝐫𝐞𝐬𝐬.
Once a broker has a good picture of your situation and goals, we can sift through many different lenders, products, and banks so that you dont have to. We know who to use, where to go, and how to get you the deal you need. Brokers also know the best possible methods to get the lenders to say yes.

This means you don’t have to waste time with a lender that doesn't have the right product for you, or isn’t going to give you a loan in the first place.

When you use a mortgage broker over a bank it’s usually quicker and easier for you to get the right financing for the home you want.

Kyle Albert going from loan submitted to approved in ONE DAY is outstanding work! Reach out to Hightide to see how we can help you!

Hi Everyone! The home buying process can be a stressful time, especially for first time home buyers. At Hightide we want to help you eliminate as much of that stress as possible by being helpful, efficient, and transparent. On top of the support we are happy to provide, here are some simple things you can do to make sure you are prepared!

𝟏 𝐂𝐡𝐞𝐜𝐤 𝐘𝐨𝐮𝐫 𝐂𝐫𝐞𝐝𝐢𝐭 𝐒𝐜𝐨𝐫𝐞
📊
◦ Review your credit report and score. A higher credit score can get you better interest rates. Fix any errors and pay down debts to boost your score.

𝟐 𝐒𝐚𝐯𝐞 𝐟𝐨𝐫 𝐚 𝐃𝐨𝐰𝐧 𝐏𝐚𝐲𝐦𝐞𝐧𝐭
💰
◦ Aim to save at least 20% of the home’s price for a down payment. This can help you avoid private mortgage insurance (PMI) and lower your monthly payments.

𝟑 𝐆𝐚𝐭𝐡𝐞𝐫 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐃𝐨𝐜𝐮𝐦𝐞𝐧𝐭𝐬
📑
◦ Lenders will need proof of income, tax returns, bank statements, and other financial documents. Having these ready can speed up the approval process.

𝟒 𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝 𝐘𝐨𝐮𝐫 𝐋𝐨𝐚𝐧 𝐎𝐩𝐭𝐢𝐨𝐧𝐬
🏦
◦ Research different types of mortgages (fixed-rate, adjustable-rate, FHA, VA, etc.) to find the one that best fits your financial situation and long-term goals.

𝟓 𝐆𝐞𝐭 𝐏𝐫𝐞-𝐀𝐩𝐩𝐫𝐨𝐯𝐞𝐝
📝
◦ Before house hunting, get pre-approved for a mortgage. This shows sellers you’re serious and know your budget, making your offer more attractive.

As always, reach out to us when you start your home buying experience and we will help guide the way!

Congratulations to my buyers! This beautiful home at 8667 Dahlia CIR in Azalea by Meritage Homes is now off the market 🥳🎉

Huge thank you to Steven Carey with Hightide Mortgage LLC for assisting with financing. Because of his great work, we were able to go from contract to close in just two weeks!

Thinking of buying, selling, or investing?... Let's get to work!

Tyler Pettey
Keller Williams Realty of PSL
📲(508) 717-5383
📧[email protected]

𝐀𝐓𝐓𝐄𝐍𝐓𝐈𝐎𝐍 𝐕𝐄𝐓𝐄𝐑𝐀𝐍𝐒, 𝐀𝐂𝐓𝐈𝐕𝐄 𝐃𝐔𝐓𝐘 𝐌𝐈𝐋𝐈𝐓𝐀𝐑𝐘, 𝐀𝐍𝐃 𝐀𝐋𝐋 𝐅𝐈𝐑𝐒𝐓 𝐓𝐈𝐌𝐄 𝐇𝐎𝐌𝐄 𝐁𝐔𝐘𝐄𝐑𝐒 𝐈𝐍 𝐅𝐋𝐎𝐑𝐈𝐃𝐀 𝐂𝐎𝐍𝐒𝐈𝐃𝐄𝐑𝐈𝐍𝐆 𝐓𝐇𝐄 𝐇𝐎𝐌𝐄𝐓𝐎𝐖𝐍 𝐇𝐄𝐑𝐎𝐄𝐒 𝐏𝐑𝐎𝐆𝐑𝐀𝐌!

If you aren’t already aware, the Hometown Heroes program offers up to $35,000 in down payment and closing cost assistance to qualifying first-time homebuyers, as well as veterans or active-duty military who live and work in Florida.

This assistance comes as a deferred second mortgage, meaning no monthly payments but it must be paid back eventually. It's a great option for those who need help covering closing costs for a new home.

𝐇𝐨𝐰𝐞𝐯𝐞𝐫, 𝐤𝐞𝐞𝐩 𝐢𝐧 𝐦𝐢𝐧𝐝:

*The loan must be repaid when the first mortgage is refinanced, the home is no longer your primary residence, the home is sold, or the deed is transferred.
Interest rates on your first mortgage will be higher, increasing your monthly payment.

*Debt-to-income ratio limits are lower, possibly reducing the purchase price you qualify for.

*The minimum credit score is 640, higher than other traditional methods.

*Active duty members PCS’d will trigger the repayment demand.

𝐀𝐧𝐝 𝐭𝐡𝐞 𝐁𝐢𝐠𝐠𝐞𝐬𝐭 𝐜𝐨𝐧: When interest rates drop, refinancing to take advantage of lower rates becomes difficult since you have to repay the down payment assistance in full. You'd likely need a cash-out refinance with full income documentation, a new appraisal, and higher rates due to the larger loan. Plus, you may not have enough equity to cover the refinance and original down payment assistance, which could mean out-of-pocket expenses.

In short, while the program has its benefits, current declining interest rates means if possible, you should use traditional mortgage methods so that you can take advantage of the refinance market without the hassle of a cash-out refinance.

𝐐𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐞 𝐇𝐨𝐦𝐞𝐭𝐨𝐰𝐧 𝐇𝐞𝐫𝐨𝐞𝐬 𝐩𝐫𝐨𝐠𝐫𝐚𝐦 𝐨𝐫 𝐭𝐡𝐞 𝐡𝐨𝐦𝐞 𝐛𝐮𝐲𝐢𝐧𝐠 𝐩𝐫𝐨𝐜𝐞𝐬𝐬? 𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐮𝐬 𝐚𝐭 𝐇𝐢𝐠𝐡𝐭𝐢𝐝𝐞! 𝐖𝐞’𝐫𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐡𝐞𝐫𝐞 𝐭𝐨 𝐡𝐞𝐥𝐩!

Kyle Albert with another clear to close. Kyle and Hightide are on a roll in June!

Another clear to close for Steven Carey!

Huge shoutout to Steven Carey for closing over 5 million dollars in loans in May!
Steven Carey

Congrats Tim Pendl on the fast close!
Steven Carey Kyle Albert Tim Pendl

Congrats Kyle Albert on your clear to close!

Congrats Steven Carey!

1 day approval on a VA loan. That's what I'm talking about!
Hightide Mortgage LLC

Contact me today with questions! This is a FANTASTIC program

Welcome to the team Dianna!!!

Asset Utilization Loan cleared to close 10days early!
Hightide Mortgage LLC

Tim Pendl Rocking it with Freedom Mortgage on this one!
Hightide Mortgage LLC
Tim Pendl
Steven Carey
Buddy Hawkins
Steven Morales
Jennifer Cevallos

Believe in better mortgage outcomes! At Hightide Mortgage, our relentless search for ideal solutions empowers you to achieve your goals. Hightide Mortgage LLC

🏄🏼Yo, you wanna slide into a preapproval without wiping out? Hit up those Hightide Mortgage LLC dudes and dudettes this weekend, they're totally tubular! Hightide Mortgage LLC🏄🏼
Steven Carey
Steven Morales
Buddy Hawkins
Tim Pendl
Jennifer Cevallos