Hightide Mortgage LLC
Talented Mortgage Brokers
Congrats again to Kyle Albert for another early clear to close!
A common question we get is โWhat is the difference between FHA and Conventional mortgages, and how do I choose?โ
Itโs a great question, and thereโs 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!
๐
๐๐ ๐ฏ๐ฌ. ๐๐จ๐ง๐ฏ๐๐ง๐ญ๐ข๐จ๐ง๐๐ฅ ๐๐จ๐ซ๐ญ๐ ๐๐ ๐ ๐๐จ๐๐ง๐ฌ: ๐๐ซ๐จ๐ฌ ๐๐ง๐ ๐๐จ๐ง๐ฌโฃ
๐
๐๐ ๐๐จ๐๐ง๐ฌ:โฃโฃ
๐๐ซ๐จ๐ฌ:โฃ
โฃ
-Lower Down Payment: As low as 3.5%.โฃ
-Easier Qualification: More lenient credit score requirements (typically 580+).โฃ
-Assumable Loans: Can be transferred to a new buyer if you sell your home.โฃ
-Higher Debt-to-Income Ratio: More flexible in approving borrowers with higher DTI ratios.โฃ
๐๐จ๐ง๐ฌ:โฃ
โฃ
-Mortgage Insurance Premiums (MIP): Requires both upfront and annual MIP.โฃ
-Loan Limits: Caps on the amount you can borrow.โฃ
-Primary Residence Only: Must be used for a primary residence.โฃ
-Property Requirements: The home must meet strict property standards.โฃ
๐๐จ๐ง๐ฏ๐๐ง๐ญ๐ข๐จ๐ง๐๐ฅ ๐๐จ๐๐ง๐ฌ:โฃ
โฃ
๐๐ซ๐จ๐ฌ:โฃ
โฃ
-No Mortgage Insurance (with 20% Down): Avoid PMI with a 20% down payment.โฃ
-Flexibility: Can be used for primary, secondary, or investment properties.โฃ
-Higher Loan Limits: Higher borrowing limits compared to FHA.โฃ
-Variety of Terms: More options in terms of loan durations and structures.โฃ
๐๐จ๐ง๐ฌ:
โฃ
-Higher Credit Requirements: Typically require a credit score of 620 or higher.โฃ
-Larger Down Payment: Minimum of 3%, but better terms with higher down payments.โฃ
Stricter Qualification: More stringent income and debt requirements.โฃ
-Rate sensitivity: Interest rates can be higher for those with lower credit scores.โฃ
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:
-๐๐๐ง๐ค๐ฌ ๐ฐ๐จ๐ซ๐ค ๐๐จ๐ซ ๐๐๐ง๐ค๐ฌ. ๐๐จ๐ซ๐ญ๐ ๐๐ ๐ ๐๐ซ๐จ๐ค๐๐ซ๐ฌ ๐ฐ๐จ๐ซ๐ค ๐๐จ๐ซ ๐ฒ๐จ๐ฎ.
Yes, brokers get paid by the lender, but they get paid by whichever lender you choose. So, it doesnโt 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.
-๐๐ซ๐จ๐ค๐๐ซ๐ฌ ๐๐ซ๐ข๐ง๐ ๐ฆ๐จ๐ซ๐ ๐จ๐ฉ๐ญ๐ข๐จ๐ง๐ฌ ๐ญ๐จ ๐ญ๐ก๐ ๐ญ๐๐๐ฅ๐.
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 โ a banker cannot.
Choice is the borrowerโs 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.
-๐ ๐๐ซ๐จ๐ค๐๐ซ๐ฌ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐๐๐ฉ๐๐ง๐๐ฌ ๐จ๐ง ๐ก๐๐ฏ๐ข๐ง๐ ๐ ๐ฌ๐ฎ๐๐๐๐ฌ๐ฌ๐๐ฎ๐ฅ ๐ซ๐๐ฅ๐๐ญ๐ข๐จ๐ง๐ฌ๐ก๐ข๐ฉ ๐ฐ๐ข๐ญ๐ก ๐ฒ๐จ๐ฎ.
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.
-๐๐ซ๐จ๐ค๐๐ซ๐ฌ ๐๐๐ง ๐ฌ๐๐ฏ๐ ๐ฒ๐จ๐ฎ ๐ญ๐ข๐ฆ๐, ๐ฆ๐จ๐ง๐๐ฒ, & ๐ฌ๐ญ๐ซ๐๐ฌ๐ฌ.
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 donโt have to waste time with a lender that doesn't have the right product for you, or isnโt going to give you a loan in the first place.
When you use a mortgage broker over a bank itโs 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!
๐ ๐๐ก๐๐๐ค ๐๐จ๐ฎ๐ซ ๐๐ซ๐๐๐ข๐ญ ๐๐๐จ๐ซ๐
๐
โฆ 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.
๐ ๐๐๐ฏ๐ ๐๐จ๐ซ ๐ ๐๐จ๐ฐ๐ง ๐๐๐ฒ๐ฆ๐๐ง๐ญ
๐ฐ
โฆ Aim to save at least 20% of the homeโs price for a down payment. This can help you avoid private mortgage insurance (PMI) and lower your monthly payments.
๐ ๐๐๐ญ๐ก๐๐ซ ๐
๐ข๐ง๐๐ง๐๐ข๐๐ฅ ๐๐จ๐๐ฎ๐ฆ๐๐ง๐ญ๐ฌ
๐
โฆ Lenders will need proof of income, tax returns, bank statements, and other financial documents. Having these ready can speed up the approval process.
๐ ๐๐ง๐๐๐ซ๐ฌ๐ญ๐๐ง๐ ๐๐จ๐ฎ๐ซ ๐๐จ๐๐ง ๐๐ฉ๐ญ๐ข๐จ๐ง๐ฌ
๐ฆ
โฆ 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.
๐ ๐๐๐ญ ๐๐ซ๐-๐๐ฉ๐ฉ๐ซ๐จ๐ฏ๐๐
๐
โฆ Before house hunting, get pre-approved for a mortgage. This shows sellers youโre 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 ๐ฅณ๐
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
๐ฒ(508) 717-5383
๐ง[email protected]
๐๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐, ๐๐๐๐๐๐ ๐๐๐๐ ๐๐๐๐๐๐๐๐, ๐๐๐ ๐๐๐ ๐
๐๐๐๐ ๐๐๐๐ ๐๐๐๐ ๐๐๐๐๐๐ ๐๐ ๐
๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐๐ ๐๐๐ ๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐ ๐๐๐๐๐๐๐!
If you arenโt 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.
๐๐จ๐ฐ๐๐ฏ๐๐ซ, ๐ค๐๐๐ฉ ๐ข๐ง ๐ฆ๐ข๐ง๐:
*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 PCSโd will trigger the repayment demand.
๐๐ง๐ ๐ญ๐ก๐ ๐๐ข๐ ๐ ๐๐ฌ๐ญ ๐๐จ๐ง: 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.
๐๐ฎ๐๐ฌ๐ญ๐ข๐จ๐ง๐ฌ ๐๐๐จ๐ฎ๐ญ ๐ญ๐ก๐ ๐๐จ๐ฆ๐๐ญ๐จ๐ฐ๐ง ๐๐๐ซ๐จ๐๐ฌ ๐ฉ๐ซ๐จ๐ ๐ซ๐๐ฆ ๐จ๐ซ ๐ญ๐ก๐ ๐ก๐จ๐ฆ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ ๐ฉ๐ซ๐จ๐๐๐ฌ๐ฌ? ๐๐จ๐ง๐ญ๐๐๐ญ ๐ฎ๐ฌ ๐๐ญ ๐๐ข๐ ๐ก๐ญ๐ข๐๐! ๐๐โ๐ซ๐ ๐๐ฅ๐ฐ๐๐ฒ๐ฌ ๐ก๐๐ซ๐ ๐ญ๐จ ๐ก๐๐ฅ๐ฉ!
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!
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Believe in better mortgage outcomes! At Hightide Mortgage, our relentless search for ideal solutions empowers you to achieve your goals. Hightide Mortgage LLC
๐๐ผYo, 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 LLC๐๐ผ
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