Charming 3/2: $295,000.00

3 bedrooms, 2 baths, 2046 Sq. Ft., 0.33 acres

Call 954-727-5902. Espanol 954-727-5904. EZ Info: ID# BR110-649-474

Welcome to this Charming 3/2/2 corner lot house! It sits on an oversized lot (.33 acre). High Ceilings ( Vaulted/ Tray ceilings ).

Lots of upgrades. New Ac in 2019, New water heater in 2019, Interior was repainted in 2018, Exterior in 2019. Bluecastle Lending, Realty & Title sells real estate in Broward, Palm Beach, St. Lucie & Miami-Dade Counties, with headquarters in Broward. With our Closing Cost Assistance Program, you could buy this house with half of the funds you will normally need with other banks.

The Master bedroom floor was upgraded in 2018, the other rooms were done in 2019. Find your home with Bluecastle, and get exclusive notice to hot properties before they even enter into the market.

The roof was replaced in 2018 and the garage door in 2019. At Bluecastle, we are concerned with your needs, and we care to achieve your real estate goals. Find out if you can qualify to receive up to $15,000.00 with our Closing Cost Assistance Program.

Very well taken care of, lots of natural light and very clean and bright.
Lots of room for a barbecue party on the covered porch. Big backyard. Our one-stop-shop makes it very easy to get answers and solve issues that may come up, way before they become problems.

Get access to our exclusive proprietary software, and search the MLS live Know how much your monthly payment is, and how much is the cash you need to buy a house for every property you are interested in. Deliver your mortgage documents in seconds. Discover what real estate agents don’t want you to know by watching our documentary “Insider Secrets – Guide to Getting the Best Deal in the Market”, and much more!

Junior Loan Originator

Description:

You will have an inside sales position in a mortgage call-center setting. You have to call our leads, convert into loan applications, and obtain documents.  Additionally, take lead transfers from our Real Estate Agents and Telemarketers.

We offer a platform for your success that includes:

  • PQ live leads from our real estate agents & telemarketers!
  • More leads than you can handle!
  • Highest quality leads in the market!
  • Sr. Loan Officer and Processing handles all the headaches and closes the loans!
  • Incredibly low rates let you easily beat your competitors!
  • Closing Cost Assistant Program allows borrowers to purchase their home with half the funds they need with other banks!
  • Proprietary real estate software allows our realtors to find our client’s homes the first day looking!
  • Draws available!
  • Cloud-based LOS & document management
  • Proprietary mortgage software – LE’s done in seconds, Loan Master solves loan issues, easy document management, integrated with real estate tools!
  • Small, ready to blowout company, with plenty of opportunity for growth, and the tools & resources for you to succeed beyond your dreams!
  • Immediate onboarding!
  • Multiple locations in Broward coming up in 2021

Requirements

  • NMLS Florida Licensed Mortgage Loan Originator.
  • Comfortable in a learning (not teaching) environment.
  • Proficient with computers, paperless, digital.
  • Comfortable and experienced in sales over-the-phone.

To apply, email your resume to alex@bluecastlelending.com

Hiring Organization: Bluecastle Lending LLC

Job Location: 12514 W. Atlantic Blvd. Coral Springs, FL 33071

Income: $60,000.00 to $105,000.00 /year

Employment Type: Full time, contractor, 1099

Date Posted: 2020-01-17  Valid through: 2020-12-31

Senior Mortgage Loan Officer

Title: Senior Mortgage Loan Officer

Description:

You will have an inside sales position in a mortgage call-center setting. You have to pre-approve loan applications taken by our Jr. Loan Originators, and then close the loan once under contract. Additionally, take lead transfers from our Real Estate Agents and Telemarketers, convert them into loan applications, and close the loan. Lastly, increase the size of your Team (and income) by recruiting & hiring new Jr. MLOs that will be under your supervision.

We offer a platform for your success that includes:

  • PQ live leads from our real estate agents & telemarketers!
  • PQ applications taken by your Jr. MLO’s
  • Cloud-based LOS & document management
  • Proprietary mortgage software – LE’s done in seconds, Loan Master solves loan issues, easy document management, integrated with real estate tools!
  • Incredibly low rates let you easily beat your competitors!
  • Closing Cost Assistant Program allows borrowers to purchase their home with half the funds they need with other banks!
  • Proprietary real estate software allows our realtors to find our client’s homes the first day looking!
  • Draws available!
  • Small, ready to blowout company, with plenty of opportunity for growth, and the tools & resources for you to succeed beyond your dreams!
  • Immediate onboarding!

Requirements

  • NMLS Florida Licensed Mortgage Loan Originator.
  • Experienced, intelligent, goal-oriented.
  • Troubleshoot loans solving front and back ratio issues when they arise (no loan denials)
  • Research, find and correctly interpret mortgage guidelines.
  • Effectively discuss underwriting guidelines with underwriters, and influence their decision.
  • Meet Jr MLO and personal production quotas
  • Independent and self-reliant.
  • Comfortable in a learning (not teaching) environment.
  • Proficient with computers, paperless, digital.
  • Comfortable and experienced in sales over-the-phone.

To apply, email your resume to alex@bluecastlelending.com

Hiring Organization: Bluecastle Lending LLC

Job Location: 12514 W. Atlantic Blvd. Coral Springs, FL 33071

Income: $240,000.00 to $350,000.00 /year

Employment Type: Full time, contractor, 1099

Date Posted: 2020-01-17  Valid through: 2020-12-31

Bluecastle Title & Escrow

When you purchase a home, you are really purchasing the title to the property, which is the right to occupy and use the space. That title may be contested based upon past rights and claims asserted by others. These types of claims can cause you to lose money or even worse… lose your home.

The risk of a claim is diminished by our title search and examination. A title search is a detailed examination of the historical records concerning a property. These records include deeds, court records, property and name indexes, and many other documents. The purpose of our search is to verify the seller’s right to transfer ownership and to discover any claims, defects and other rights or burdens on the property., which include (but not limited to) unpaid taxes, unsatisfied mortgages, judgments against the seller and restrictions limiting the use of the land. For instance, the previous owner could have incorrectly stated his or her marital status, resulting in a possible claim by a legal spouse.

A title insurance policy issued by a title insurer and signed by Bluecastle Title protects your right to ownership and is your policy of protection against loss if any of these problems (hidden or not) result in a claim against your ownership.

If a claim is made against your property, our owner’s title insurance will, in accordance with the terms of your policy, assure you of a legal defense, pay all court costs and related fees. But also, if the claim proves valid, you will be reimbursed for your actual loss up to the face amount of the policy.

Some examples of hidden hazards are forged deeds, mortgages, satisfactions or releases. A deed granted by a person who is insane or mentally incompetent, or by a minor. The deed from a corporation, unauthorized under corporate bylaws or given under falsified corporate resolution. The deed from a partnership, unauthorized under the partnership agreement, etc. The list goes on and on, and Bluecastle’s title policy will protect you if any of these problems end with a claim against you.

Call us at 954-866-0000 and ask to speak with Alex for more information.

 

Bluecastle Title & Escrow Lic # W578038

Agent in Charge: Martin A. Baglioni Lic # W022640

Bluecastle Realty

Buy Your Home Quickly & Easily, With a Payment You Can Afford, and Half the Cash Your Bank Wants.

Consider a new revolutionary way to find and buy the right house for you. Bluecastle’s proprietary patent-pending software Turboagent (R) allows you to identify more expensive properties and still have the same monthly payment than much lesser expensive properties. Furthermore, it allows you to find the best deal on the market, the first day looking.

In just seconds, Turboagent (R) filters properties whose payments are the same regardless of the purchase price. Hundreds of properties get scanned in seconds, yielding the best deals in the market for your taste and budget. That means you could potentially buy a $300,000.00 home and have the same mortgage payment of a $250,000.00 home. That makes a big difference in what you could buy!

How do you find your home on the first day?

When you use Bluecastle Realty, in addition to Bluecastle Lending and Bluecastle Title & Escrow, you could get up to $13,000.00 in lender credits allowing you to purchase your new home with half the funds you will need with most other mortgages & real estate companies. When you add our lender credit (up to 3.5% of the loan amount) with no origination fees (normally 1% of the loan amount) & no underwriting fee (usually $1,500.00), you can save up to $18,000.00 in cash out of pocket with a 373,000.00 loan amount. *

Below find the chart that lets you know how much money most of our clients need TOTAL to purchase real estate based on their credit score, loan type, and purchase price. This is the total cash our clients will likely need, and it includes insurance, escrows, pre-paids, title fees, mortgage fees, etc. For example, a $150K buyer will need approximately $8,962.50 if the credit score is 580, or $6,369.00 if the credit is 720. A $300K FHA buyer will need $13,038.00 with a 680 score.

Find out if you qualify for the program by calling Bluecastle at 954-866-0000 or email info@bluecastleLending.com

FHA LOANS

Purchase Price 580 Score 600 Score 620 Score 640 Score 660 Score 680 Score 700 Score 720 Score
$150,000.00 $8,962.50 $8,962.50 $8,056.50 $7,119.00 $6,931.50 $6,744.00 $6,744.00 $6,369.00
$200,000.00 $11,692.00 $11,692.00 $10,442.00 $9,192.00 $8,942.00 $8,692.00 $8,692.00 $8,192.00
$250,000.00 $14,615.00 $14,615.00 $13,052.50 $11,490.00 $11,177.50 $10,865.00 $10,865.00 $10,240.00
$300,000.00 $17,538.00 $17,538.00 $15,663.00 $13,788.00 $13,413.00 $13,038.00 $13,038.00 $12,288.00
$350,000.00 $20,286.00 $20,286.00 $18,098.50 $15,911.00 $15,473.50 $15,036.00 $15,036.00 $14,161.00

VA Purchase – Regular Army – 1st Use

Purchase Price 580 Score 600 Score 620 Score 640 Score 660 Score 680 Score 700 Score 720 Score
$150,000.00 $5,098.00 $5,098.00 $3,786.00 $2,661.00 $2,473.00 $2,286.00 $2,2864.00 $1,911.00
$200,000.00 $5430.00 $5,430.00 $3,680.00 $2,180.00 $2,000.00 $2,000.00 $2,000.00 $2,000.00
$250,000.00 $6,702.00 $6,702.00 $4,514.50 $2,639.00 $2,500.00 $2,500.00 $2,500.00 $2,500.00
$300,000.00 $7,549.00 $7,549.00 $4,924.09 $3,000.00 $3,000.00 $3,000.00 $3,000.00 $3,000.00
$350,000.00 $8,282.00 $8,282.000 $5,219.00 $3,500.00 $3,500.00 $3,500.00 $3,500.00 $3,500.00
$400,000.00 $8,995.00 $8,995.00 $5,495.00 $4,000.00 $4,000.00 $4,000.00 $4,000.00 $4,000.00

It gets better.

Starting at 9:00 am with every single property available for sale in the real estate market (about 43,000 properties in the tri-county market), your search gets narrowed down to the location, criteria, and price, usually around 500 properties. Next, we include only those homes whose mortgage payments and the cash you need to buy them, are affordable to you, and this brings the quantity down to about 150 properties (if what you want is in line with what it costs)

Then, you look at the overall location, the street view of the neighborhood, the schools, the crime for the community, the census data, the monthly payment, the total cash you need to buy that house, and of course, the pictures of each property. If you like all of it, we will show the house to you right then in there.

Between 1:00 pm and 8:00 pm you go visit all the properties you selected, one after the next. By process of elimination, without fail, you easily identify the best three to five properties on the market for your taste and your budget. These properties are the best deal on the market for you. You will achieve in one day, what most other people achieve in four months, and you will see twice the amount of properties that most people see in the same time frame.

Please note that Baglioni Real Estate is now Bluecastle Realty.

For information on this program contact Bluecastle Lending at 954-866- 0000 or email info@bluecastleLending.com . Bluecastle Lending is an Equal Opportunity Lender

Bluecastle Realty is a d/b/a for Baglioni & Associates Realty LLC Lic # CQ1038727. Broker of Record: Martin A Baglioni Lic# BK657296

* It is subject to credit and underwriting approval, only for government loans, and other restrictions apply.

Licensed Real Estate Salesperson

Title: Florida Licensed Real Estate Salesperson

Corporate Culture: Our most important assets are the beautiful people that work with us. Bluecastle is successful because of the hard work and efforts of every one of us. Knowing this truth makes a significant difference in how you are treated, seen, and valued. 

Description: Call leads, show property, plus all the activities of a realtor. Bluecastle Lending, Realty & Title is conveniently located on Atlantic Blvd and the Sawgrass Expressway.

We offer a platform for your total success:

  • We are a one-stop-shop: real estate, mortgage & title.
  • We have the absolute best quality, most motivated leads available in the market.
  • You will have consistency with a ton of daily and fresh leads
  • Our clients can receive up to $15,000.00 in financial assistance!
  • Only show property to fully approved, documents reviewed, Fannie Mae approved borrowers.
  • Salary & draws are available for the right candidate.
  • No real estate experience is necessary.
  • Proprietary software makes writing contracts, addendums, and integration with our mortgage side really easy.

Looking for: 

  • Licensed Florida real estate agent
  • Willingness to convert HOT prospects by phone all-day
  • To work from our office in Coral Springs
  • Individuals who are self-driven with a strong work ethic

We pay salary (if this is your preference): 

  • $30,000.00 / year base contingent on the number of calls made. We pay the first of every month according to the number of calls made and pay $1.00 per outgoing call – Maxed at $2500/month
  • $1,000.00 per sale. 2+ sales are expected minimum monthly
  • You pay $0.00 per month to Bluecastle. No desk fees, technology fees, lead fees, etc
  • You will be a 1099 independent contractor – Take the advantage of writing off your expenses! 

We pay commission (if this is your preference)

  • The average commission to you, after Bluecastle’s cut, is $5,000.00 per sale
  • The minimum you are expected to produce are two sales per month
  • You have the leads & tools to make four-plus sales per month.
  • You pay $0.00 per month to Bluecastle. No desk fees, technology fees, lead fees, etc
  • You will be a 1099 independent contractor – Take the advantage of writing off your expenses! 

Your duties: 

  • Make outbound calls converting prospects into leads
  • Convert on the first call OR follow up on those leads as needed
  • Answer & convert inbound calls
  • Showings, contract writing, negotiations, and other responsibilities of a real estate agent.
  • Work evenings and weekends, as needed, for showings only. No phone calls needed.

We expect you to: 

  • Be positive and focused
  • Have no excuses.
  • Come to work on time every day
  • Make two sales per month
  • Desire to learn & make uncapped commissions – Most full-time agents earn 6 figures after 12 months.
  • Work from your own laptop – will also need a headset for calling and a reliable vehicle to show property.

Your challenges:  

  • You will be calling people who are interested in buying real estate, all day, every day. This can become monotonous, boring, and frustrating. Persistence is key and thick skin is crucial.
  • Driving to the office every day consumes time and gas. Please confirm the distance is acceptable before applying. Working hours are 9 am until 6 pm, Monday thru Friday.
  • Newly licensed – Transitioning to any new career can be challenging. This is no different.
  • Experienced agents – “Teaching an old dog new tricks.” Our approach may be a bit different than what you are used to. Be open and trust that our process has worked for over 2 decades with remarkable success!

Your benefits: 

  • After one year, you will be trained and with more experience than a 5-year realtor veteran due to the volume in sales. If you chose salary, you can then move to commission only and make well into a six-figure income.
  • After two years with us, we can give you 100% of the commission of all three companies (mortgage, real estate & title) to buy your own piece of real estate paradise. This allows you to buy a house with little to no money if you do an FHA loan.

To apply: 

Email your resume to alex@bluecastlelending.com or enter your contact information in the form below. If you prefer, call 954-633-7897 and speak with Alex for a confidential no-obligation conversation. Thank you for your interest!

    Turboagent: Find the Best Deal on the Market in One Day

    Locating the best deal in the market for you can be quite a challenge, but not so much with Bluecastle Lending’s ® proprietary software – Turboagent ®. With it, you will be able to locate houses that have the same monthly payment for a $300,000.00 property or a $250,000.00 home.  Additionally, if you use a real estate agent in our network, we will cover most of your closing costs, and find the best deal in the market for you the first day looking.

    Watch this two-minute video that explains what we do, and how we do it. Then give us a call to schedule the appointment.

    Mortgage Loan Originator

    Title: Mortgage Loan Originator

    Description:

    You will have an inside sales position in a mortgage call-center setting. You do not need to have relationships with realtors, nor pay to get your own leads. Call our leads, convert into loan applications, collect documents, and submit to processing!

    We offer a platform for your success that includes:

    • Get transfers from our real estate agents & telemarketer
    • Underwriting support desk to ask scenario questions
    • Underwriting support software to research scenario questions
    • Low rates let you easily beat your competitors
    • Work fully remote, or from our Coral Springs office
    • One-stop-shop for real estate, mortgage & title
    • Closing Cost Assistant Program allows borrowers to purchase their home with half the funds they need with other banks
    • Cloud-based LOS
    • Proprietary software allows our realtors to find our client’s homes right away
    • Plenty of opportunity for growth.
    • Immediate onboarding process with ongoing support

    Requirements

    • NMLS Florida Licensed Mortgage Loan Originator.
    • Comfortable in a learning (not teaching) environment.
    • Proficient with computers, paperless, digital.
    • Comfortable and vastly experienced in sales over-the-phone.
    • Independent thinker

    Responsibilities

    • Call leads & accept transfers
    • Take loan applications
    • Collect loan documents
    • Submit to processing
    • Troubleshoot loan conditions
    • Close the loans

    To apply, email your resume to alex@bluecastlelending.com

    Hiring Organization: Bluecastle Lending LLC

    Job Location:  Remote, or 12514 W. Atlantic Blvd. Coral Springs, FL 33071

    Income: $80,000.00 to $300,000.00 /year

    Employment Type: Full time, contractor, 1099

    Date Posted: 2020-01-17  Valid through: 2020-12-31

    Newly Licensed MLO

    We are looking for Florida licensed mortgage loan originators who want to be part of a growing company by changing people’s lives and better our world, one client at a time.

    You will have to prove to you, to ourselves and to our clients that you have the necessary skills, integrity, and passion for the job. We have immediate Opening a Florida NMLS Licensed Loan Originator!

    Bluecastle Lending, Realty & Title is conveniently located on Atlantic Blvd and the Sawgrass Expressway.

    Your job? Cold call trigger leads (100+/day), convert into loan applications, collect documents, and submit to Sr. Manager! We will pre-qualify, pre-approve, underwrite and close the loan!

    We offer a platform for your success that includes:

    • Newly licensed or no mortgage experience is OK.
    • Up to $3,000.00 monthly draws while you build your pipeline and for the first three months!
    • Work Mo – Fr 9 to 6! No evenings, weekends or holidays!
    • Immediate onboarding process with ongoing training & support
    • If you work hard, we want you to grow! You will have the opportunity to become a Sr. Loan Originator/Manager and earn a tremendous income!
    • Get transfers from our real estate agents & telemarketers
    • Multiple locations in Broward coming up in 2021

    Requirements

    • NMLS Florida Licensed Mortgage Loan Originator.
    • Experience in sales.
    • Relentless, with an eager desire to earn & grow
    • Mentally strong, able to deal with rejection
    • Strong desire to help people achieve homeownership

    Responsibilities

    • Cold call trigger leads provided daily.
    • Take loan applications
    • Collect loan documents
    • Repeat

    Job Types: Full-time, Commission

    Salary: $60,000.00 to $180,000.00 /year

    If you want an opportunity to prove you deserve a six-figure income, please email your resume to alex@bluecastlelending.com to begin the interview process.

     

     

    Careers

    Bluecastle Lending is looking to hire honest individuals who share the company culture and values.

    We strive to be an exemplary institution with a noble, worthy and vital reason to be in business. We provide affordable, lower than most banks interest rates and closing costs (we offer value), we do so with the utmost integrity, without lying or trickery, and we do not give up when clients don’t easily qualify. We have a passion for what we do, and we take it to the heart.

    We are changing people’s lives one loan at the time by figuring out a way to give them a mortgage, and by saving them money month after month for the next 30 years. Without us, several hundred homeowners would still be renting or paying substantially more money in their mortgage every month. It is our duty to serve them honorably by helping them understand we are the better choice, being grateful and reliable when they realize it, and being relentless when pursuing the funding of their loan.

    We are looking for individuals who are trustworthy, energetic, goal-driven, optimistic, self-reliant, inspiring to others, and compelled by a desire to prove their worth. Do your actions reveal the personality traits described above? If so, we invite you to apply. Place your mouse on the Careers tab to see the different positions we have available.

     

     

    October 2018

    Mortgage Rates Keep Edging Higher as Stocks Recover

    October 31, 2018

    Mortgage rates were higher by a fairly small margin once again today.  Interest rates in general (which are determined by the bond market) have been taking most of their cues from recent stock market volatility.  That’s not always the way it works, but it’s the way things have been in the wake of the big stock losses seen on several occasions in recent weeks.  Now, as stocks begin to stabilize and move higher, rates have felt some pressure to do the same.

    Unfortunately, in relative terms, the recent drop in rates hasn’t even come close to matching the move in stocks.  Simply put, the bond market is reluctant to improve too much without more substantial justification.  Such justification could take the shape of even bigger stock losses, or more realistically, weaker economic data.  To that end, the last two days of the week bring the most important economic reports with Friday’s jobs report being the biggest ticket.

    Best Execution
    Rate Change
    30 Yr FRM 4.97% +0.01
    15 Yr FRM 4.46% +0.01
    FHA 30 Year Fixed 4.45% +0.01
    Jumbo 30 Year Fixed 4.44% +0.04

    September 2018

    Mortgage Rates at 2-Week Lows

    September 28, 2018

    Mortgage rates were slightly lower again today, but there are some caveats.  First of all, the average lender wasn’t in substantially better shape compared to yesterday afternoon.  On top of that, bond markets (the underpinnings of mortgage rates) weakened throughout the day.  If lenders were beginning their day looking at current bond market pricing, we’d likely have seen rates edge slightly HIGHER.  As such, unless bonds manage to receive solid support from Asia and Europe on Monday morning, US lenders will likely be forced to bring rates a bit higher.

    Despite those gray clouds on the horizon, the average lender was indeed able to offer their lowest rates in 2 weeks for the entirety of the day, providing a much-needed respite from the recent spike toward long-term highs.

    Best Execution
    Rate Change
    30 Yr FRM 4.78% -0.02
    15 Yr FRM 4.26% -0.02
    FHA 30 Year Fixed 4.37% -0.03
    Jumbo 30 Year Fixed 4.32% -0.03

    August 2018

    Mortgage Rates End Week Near Best Levels

    August 31, 2018

    Mortgage rates caught a break to end a week that was otherwise spent moving higher.  Although we did see a bit of improvement in underlying bond markets yesterday, lenders were still getting rate sheets caught up with Wednesday afternoon’s bond market weakness.  As such, we were left with a decent trading day but no improvement in rates.

    In order to see that improvement, we needed this morning to bring stronger trading levels and that’s exactly what it did.  Lenders were consequently able to offer token improvements in the upfront costs attached to the same old rate quotes that have prevailed for weeks.

    In other words, bond markets aren’t moving enough for actual mortgage rates to change.  Instead, the movement is limited to the upfront costs (or credits) associated with any given loan–something that allows for finer tuning than the typical .125% gap between mortgage rate offerings.

    Monday is a bank holiday.  Virtually every mortgage lender will be closed, and unable to process rate lock requests.  Lenders will not be updating rate sheets until Tuesday.

    Best Execution
    Rate Change
    30 Yr FRM 4.65% -0.01
    15 Yr FRM 4.15% -0.02
    FHA 30 Year Fixed 4.37% -0.01
    Jumbo 30 Year Fixed 4.33% -0.02

    Today’s Mortage Rates

     

    https://www2.optimalblue.com/OBMMI/widgetConfig.php

    LOAN PROGRAM                                                     RATE                APR               POINTS      

    30-year fixed FHA loan                                         4.625%             5.621%          0.00%

    30-year fixed VA loan                                            4.75%                5.016%          0.00%

    30-year fixed Conventional loan                      5.125%              5.148%          0.00%

    30-year fixed Jumbo loan                                     5.375%              5.42%            0.00%

     

    These mortgage rates are based upon a variety of assumptions and conditions which include a consumer credit score which may be higher or lower than your individual credit score. Your loan’s interest rate will depend upon the specific characteristics of your loan transaction and your credit history up to the time of closing.

    Determining rates is a complex process. Because we do not have all of your financial information, the rate and payment results displayed may not reflect your actual situation. Today’s purchase rates are based on the purchase of a single-family, primary residence, a credit score of 740, and assumes the loan will have an escrow account.

    Bluecastle Lending offers a wide variety of loan options, and you may still be eligible for a loan even if your situation does not match our assumptions. Rates vary according to market conditions and financial profiles.

    This is a representative example based upon rates that were effective as of 10/20/2018. Rates and programs may change at any time.

    All mortgage loans are subject to credit and underwriting approval. 

    All Bluecastle Lending mortgage professionals are registered on the Nationwide Mortgage Licensing System & Registry (NMLS), which promotes uniformity and transparency throughout the residential real estate industry. Search the NMLS Registry.

     

     

    Relax Inn

    48 ft Luxury Trawler

    Beautiful 48 ft trawler where almost everything on the boat is about 3 years old or newer! Over $180,000.00 spent to get this yacht totally remodeled, problem free,  low fuel consumption long range cruiser and Great American Loop vessel! This gorgeous yacht is fit and ready for all of our cruising needs! From her huge, expansive aft deck, very large and accommodating bridge, spaciousness below decks and very comfortable engine room,  you’ll see that “Relax Inn” Seamaster 48 MY has much more to offer than any other boat in its size! We truly relax economically with comfort and luxury! Rarely ever you get the combination of the four!
    This is a motor yacht/trawler with a spacious three-stateroom interior.  Interior highlights include full teak interior, expansive salon, booth-style dinette, luxurious owner stateroom, generous storage throughout. Spacious aft deck with wing doors, and wet bar.

    Rare in a 48 ft size is the 16 ft beam. With three cabins (and additional sleeping for two), and three heads…this vessel is not short on room, and it compares in its volume to 60 ft yachts. Her huge salon offers plenty of natural lighting with the wrap around windows. The galley is down to starboard with a nice sized dinette to port. The forward guest cabin is fitted with a private head. Stepping down aft of the salon is the day head, washer/dryer, second guest quarters and the master suite with private head and shower. Throughout the entire vessel, there is a plethora of storage space.

    She’s powered by twin Caterpillar diesel 3208’s that were just serviced and deliver large on performance and economy! If we cruise at a relaxing 1,650 RPM’s we’ll glide through the water at about 8-9 knots while enjoying a fuel burn rate of about 8-9 gallons an hour or less! With a fuel capacity of 350 gallons, we’ll have a cruising range of just over 350 miles! She will top out at about 2,400 RPM’s while reaching a top speed of about 16 to 18 knots.

    Relax Inn has a very stable (wide) platform with her deep keel design. She holds true to her course with predictable handling with a safe, comfortable ride in just about all conditions. Her extra wide side decks make moving about topsides an ease.

    Vessel Specifications:

    • Engines: Twin Caterpillars inboard diesel 3208 with 375 hp with 1400 hours
    • Manufacturer: Seamaster Yachts, Inc
    • Model: Motor Yacht 48 Year: 1986 Length: 47’11”
    • Total length with swim platform: 50 feet
    • Beam: 15’9” Draft: 4’3”
    • Hull composition: Fiberglass
    • Alternating Current Generator: Onan diesel 12KW (no hour meter)
    • Hull ID #: ASMY48015G586
    • USCG Doc #: 907292

    Walk through description: 

    The forward stateroom offers upper and lower berths stacked to port and followed aft by a hanging locker; several drawers are to starboard. There is a guest head aft to starboard. There are opening portlights and an overhead hatch.

    The dinette is next aft to starboard featuring a high low table with good natural lighting from the overhead salon windows and opening ports. Across to port is a well-outfitted galley with a full sized side stainless steel refrigerator with freezer, stainless steel stove and over, and a full sized microwave

    Up three steps to the large and open salon featuring new saloon furniture and abundant casual seating in the salon with a rug on top of the teak floor

    Aft and down three steps one passes the laundry center on the way to the starboard side guest stateroom with over/under crisscross single berths opposite the spacious guest head.

    Next aft is the master stateroom with a centerline queen berth, private head with very large shower stall, three hanging lockers and ample drawer storage.

    The aft deck is under a hardtop with new patio furniture, wing doors and a wet bar with ice maker. This is the focal point for entertainment, and very difficult to match the incredibly spacious aft deck. The aft deck and Fly-bridge have varnished teak doors and cabinet doors. The Fly-bridge has a new full Isinglass enclosure with U-Zips, which is up from the aft deck with a centerline helm and lots of guest seating.

    The upper deck is aft of the flybridge and covers the aft deck. Here one finds a dinghy davit, dinghy and less than 20 hours of use Honda 9.9 engine. There is also a lounge recliner to sunbathe, read or watch the stars.

    The side decks are very wide and lead from the aft deck, through wing doors, to the fore-deck with plenty of room to add an additional entertainment area.

    New items
    • New hull paint 2015 ($11,500.00)
      New paint on deck, aft deck, flybridge, upper deck and outer deck 2016 ($24,000.00)
      New non-skid deck and paint 2018 ($2,000,00)
      New bottom paint 2018 ($1,800.00)
      New stainless steel rub rail 2015 ($2,000.00)
      New Bimini enclosure 2018 ($9,000.00)
      New stainless steel portlights for entire boat 2016 ($11,000.00)
      New paint on all three heads 2016 ($3,000.00)
      New granite counters on kitchen, aft deck and 3 heads 2016 ($4,000.00)
      New faucets on the kitchen, 3 heads and aft deck 2016 ($2,100.00)
      New water faucet on port gunwale 2016 ($500.00)
      New led light fixtures on aft deck 2016 ($400.00)
      New flybridge upholstery and cushions 2016 ($2,500.00)
      New saloon furniture 2017 ($1,500.00)
      New teak flooring throughout 2016 ($18,000.00)
      New aft deck furniture 2017 ($1,000.00)
      New kitchen backsplash 2017 ($2,200.00)
      New kitchen table teak sole glossy finish 2016 ($1,500.00)
      New stainless steel refrigerator 2017 ($1,200.00)
      New teak flooring throughout the interior 2016 ($21,000.00)
      New teak high gloss wall refinish throughout 2016 ($15,000.00)
      New teak on kitchenette wall 2016 ($3,500.00)
      New interior decoration 2017 (stays)
    • New saloon a/c 2016
    • New stern underwater lights 2016 ($1,600.00)
    • New instrument gauges 2016 ($2,300.00)
    • New gauge panels 2016 ($800.00)
    • New autopilot 2015 ($5,500.00)
    • New shafts 2015 ($4,500.00)
    • New Garmin 12 inch touch screen 2015 ($7,000.00)
    • New 130 gallon water tanks 2016 ($15,000.00)
    • New back up camera 2016 (not functioning after Irma) ($800.00)
    • New fuel gauge sensor on starboard tank 2016 ($1,200.00)
    • New shaft packing units 2018 ($1,800.00)
    • New bilge pump 2018 ($750.00)
    • New water puppy 2018 ($750.00)
    • New inverter 2016 (not functioning) ($2,500.00)
    • New house and starter batteries 2017 ($1,800.00)
    • New 1000 hour service done by Caterpillar dealer (Pantropic) and replacement of engine parts 2018 ($15,000.00)
    • New a/c service on all three units 2018 ($1,500.00)
    • New aft deck ceiling rod holders (4 rods) 2016
    • New aft deck stainless steel rod holders ( 2 ) 2016
    • New kayak holders (2) 2016 ($450.00)
    • New kayaks (2) 2018 ($650.00 – included)
    • New lines 2016 and 2018 ($1,700.00)
    • New anchor 2016 ($1,800.00)
    • New swimming boarding ladder 2016 ($450.00)
    • New dinghy davit line and winch 2018 ($500.00)
    • New 2015 Honda 9.9 engine for dinghy – less than 20 hours ($2,800.00)
    • New 2018 West Marine Hypalon 10 ft double floor dinghy ($3,350.00)
    • New battery charger 2019

    Mortgage Rates Edge Lower; Volatility Potential Remains

    July 31, 2018

    Mortgage rates fell modestly today, bringing them back in line with last Friday’s levels.  Most of the inspiration for the improvement came from overnight developments in Japan, where the country’s central bank doubled down on its commitment to keep easy money policies flowing for an extended period of time.  In general, when large central banks commit to maintaining such policies, it’s good for interest rates.  Last night was no exception, but much of the benefit went to Japan’s bond market (unsurprisingly) with US markets just getting a small token of the gains.

    It should be noted that by the time such news filters through to the world of mortgage rates, the improvements are barely detectable for the average borrower.  Many mortgage seekers will be seeing the exact same quote compared to yesterday.  Those who see better quotes will almost certainly still be seeing the same interest rate, but with marginally lower upfront costs (something around $100 for every $100k financed).

    From here on out the rest of the week is busier in terms of scheduled events that could impact rates.  The potential for volatility is higher, culminating with Friday’s big jobs report.  Bottom line: rates are already near the highest levels in more than 2 months, but if the incoming economic data isn’t ‘rate-friendly,’ they could keep moving higher.

    Best Execution
    Rate Change
    30 Yr FRM 4.72% -0.01
    15 Yr FRM 4.19% -0.01
    FHA 30 Year Fixed 4.42% +0.00
    Jumbo 30 Year Fixed 4.50% -0.01

    Mortgage Rates on Autopilot Ahead of Holiday Week

    June 29, 2018

    Mortgage rates haven’t moved for 3 straight days now.  In fact, if you’re not too concerned with minutia, there hasn’t been any major movement in weeks.  Unless something big happens in financial markets soon, we shouldn’t expect that to change next week

    Rates are driven by bonds, and bonds are traded by humans (or algorithms written by humans).  Many of those humans are on vacation at the moment, having taken advantage of the lull in the market calendar between now and next week’s 4th of July holiday.  Markets will be closed on Wednesday and will close early on Tuesday.  Point being: there’s not an exceptionally vibrant marketplace underlying mortgage rate movement at the moment.

    After the holiday, however, volatility potential increases.  Traders will be getting back to the office in greater numbers and the last part of the week brings several important economic reports.

    Best Execution
    Rate Change
    30 Yr FRM 4.66% +0.00
    15 Yr FRM 4.11% +0.00
    FHA 30 Year Fixed 4.38% +0.00
    Jumbo 30 Year Fixed 4.69% +0.00

    Mortgage Rates Slightly Higher After Yesterday’s Big Drop

    May 30, 2018

    Mortgage rates were somewhat higher today as politicians struck a more conciliatory tone in Italy.  To be clear, we are indeed talking about mortgage rates in the United States in relation to European politics.  It’s not the first time and it likely won’t be the last.

    The European Union is massive in terms of the size of its economy and its impacts on the global financial system.  Threats to the stability of the EU cause shockwaves in financial markets.  Those shockwaves have an impact on everything from stock prices to mortgage rates.

    The latest threat is Italy’s would-be government: a coalition between 2 parties that are both less than enthusiastic about Italy remaining in the EU.  They drafted a lawmaking gameplan 2 weeks ago, and while it didn’t include any specific goals regarding the country’s EU membership, one of their nominees is a vocal proponent of a Brexit-style departure for Italy.

    Yesterday’s surge toward lower rates occurred because the Italian President vetoed that nomination.  At first glance, that might seem like good news because it keeps the guy who wants to leave the EU out of office.  The unintentional consequence is that new elections would have to be held and those elections would likely evolve into a referendum on Italy’s membership in the EU.

    Today saw the political tone move in a more moderate direction, with key players on both sides expressing some willingness to sort things out and try to avoid snap elections.  This does more than anything defuse the sorts of risks that helped rates yesterday.  In short, that’s why rates moved higher today.  To whatever extent the conciliatory tone grows, rates could continue higher.

    Best Execution
    Rate Change
    30 Yr FRM 4.55% +0.02
    15 Yr FRM 3.99% +0.02
    FHA 30 Year Fixed 4.33% +0.03
    Jumbo 30 Year Fixed 4.62% +0.03

    First Time Homebuyer Programs

    Buying a Home with Bluecastle Lending May Be More Affordable Than You Think

    Coming up with the cash for a down payment and/or closing costs on a house may seem challenging, or even impossible, to some homebuyers, but it doesn’t have to be. Watch this three minute video to receive an offer you will gladly accept:

    There are a number of programs that can help make homeownership more affordable, many with low- and no-down payment options; and some connected to popular government-backed loans:

    • CCAP – Closing Cost Assistance Program – exclusively offered by Bluecastle Lending, this program offers up to $15,000 in closing cost assistance for qualified homebuyers in Florida purchasing with a government loan such as FHA, VA or USDA. Restrictions apply.
    • HomeReady® – this Fannie Mae-backed program allows for a 3% down payment and offers discounts on mortgage rates and private mortgage insurance; it’s targeted at anyone with an income below the average for the area.
    • Home Possible® – a Freddie Mac mortgage option that is a great option for first-time homebuyers; it requires a down payment of only 3%.
    • FHA Loan Program – allows for down payments of just 3.5% and can be used for primary residences with 1-4 units; a big advantage is that FHA mortgage rates are much lower than conventional rates, especially if your credit is below 700. Combine it with CCAP and you could buy a $300,000.00 Florida home with as little as $12,500.00 total out of pocket for both down payment and closing costs.
    • VA Loan Guaranty – this program is available to veteran or active duty military borrowers; there is no down payment requirement and no mortgage insurance charge, regardless of how little you choose to put down. Combine it with CCAP and you could purchase a $400,000.00 Florida home with as little as $4,000.00
    • USDA Home Loan – is available to buyers in less dense parts of the country, including rural areas and many U.S. suburbs as well; it allows for 100% financing and offers reduced mortgage insurance costs as compared to other low- and no-down-payment loans. It can also be combined with CCAP.
    • 203K Renovation Loan – a great solution if your first home is a fixer-upper; if your purchase requires repairs, there’s a low minimum down payment requirement of only 3.5% and the loan covers the value of the property plus the repair costs.

    Wonder if You Qualify for Assistance? Give us a call.

    We’ve only listed some of the many options available here. Before you give up on your dream of owning a home because you think the cash required at closing is insurmountable, do an InstantPQ prequalification without a credit check to find out how much do you need and if you qualify for CCAP.

    No Mortgage Insurance – 5% down

    If you can’t come up with a 20 percent down payment, there’s an alternative that may save you money.

    Mortgage insurance is required on any mortgage with less than 20 percent down (or 20 percent equity when refinancing). It covers the additional risk the lender assumes in accepting a smaller down payment. With Bluecastle Lending, a no mortgage insurance loan with just 5% down it’s an option that’s been growing in popularity and which can save you hundreds, even thousands, of dollars a year in mortgage costs. If you’ve got good credit or you are planning on a small down payment, we have this program available.

    Let us help you realize your homeownership dreams the most economical way. Give us a call.

    Mortgage Rates Unchanged Despite Market Improvements

    March 29, 2018

    Mortgage rates were generally unchanged today, although a few lenders offered slight improvements.  This stands in contrast to the noticeable improvements in underlying bond markets.  As we discussed yesterday, Treasury yields are leading the charge toward lower rates, and while the bonds that underlie mortgages are definitely lagging that move, they’re improving nonetheless.  But again, you wouldn’t really know it based on today’s rate sheets.

    The absence of lender improvements on days like today is unfortunately par for the course.  It was only a half day for bond markets and tomorrow is a full closure for the Good Friday holiday.  As such, there’s additional risk involved for lenders dropping mortgage rates for 2 reasons.  First, the counterparties required to trade the underlying bonds are harder to find on either side of a holiday weekend.  Also, an extra day and a half simply creates risk of additional market movement between now and the next time lenders can update rate sheets.  If they price too low today and rates jump higher next week, today’s commitments would have cost lenders more money than a typical market swing.

    Today’s Best-Execution Rates

    Best Execution
    Rate Change
    30 Yr FRM 4.51% +0.00
    15 Yr FRM 3.89% +0.00
    FHA 30 Year Fixed 4.30% +0.00
    Jumbo 30 Year Fixed 4.54% +0.00

    Mortgage Rates Avoid Setting Another High

    February 28, 2018

    After moving back up to the highest levels in more than 4 years yesterday, mortgage rates fell slightly today.  Pessimists/realists would rightfully point out that today’s rates are still pretty close to those 4-year highs, and that one measly day isn’t much of a foundation for hope.  Optimists could counter that yesterday’s high rates merely MATCHED the recent highs from last week and that the past 2 weeks overall have seen the most sideways stability in 2018.

    Long story short, rates are high relative to anything seen since early 2014, but there also continues to be a chance that they’ll try to avoid going much higher in the short term.  NOTE: a “chance” means strictly that.  We’re not talking about probabilities here.

    The average lender continues quoting conventional 30yr fixed rates of 4.5-4.625% for well-qualified borrowers.  Todays’ NOTE rate would be the same as yesterdays with the modest improvement coming in the form of slightly lower closing costs.

    Today’s Most Prevalent Rates

    Best Execution
    Rate Change
    30 Yr FRM 4.56% -0.02
    15 Yr FRM 3.92% -0.01
    FHA 30 Year Fixed 4.37% -0.01
    Jumbo 30 Year Fixed 4.58% -0.02

    Mortgage Rates Hold Steady Despite Upbeat Fed

    January 31, 2018

    Mortgage rates managed to hold steady today, on average (some lenders were slightly better while others were slightly worse) despite a more upbeat economic assessment from The Federal Reserve.  The Fed releases a statement on monetary policy 8 times a year.  These statements let markets know what the Fed is thinking and how it is planning on approaching policy in the future.  They also serve as venues to announce changes in the Fed’s policy rate, the “Fed Funds Rate,” which has a bearing on almost all other rates (including mortgages).

    The Fed wasn’t expected to hike rates with today’s statement, and this wasn’t one of the 4 meetings a year where they release updated forecasts.  That meant markets were left to glean any actionable info from the verbiage of the statement.  Despite some anxiety in the marketplace about the Fed potentially making bigger changes to its guidance, the actual statement was reasonably close to the previous version.  The only potential hang-ups were a few tweaks that gave more credit to recent economic strength and improvements in the inflation outlook.

    A stronger inflation outlook is bad for bonds and interest rates, all other things being equal.  But today’s statement didn’t do any new damage to the already gloomy rate situation.  That’s because market participants didn’t hear anything from the Fed that wasn’t already clearly understood.  In other words, the Fed essentially re-stated what was already obvious.  Rates have been moving for other reasons recently, and those motivations supersede minor course corrections from the Fed.

    The broader trend in rates remains negative.  It has been and will continue to be the case that we need to see a much bigger and longer-lasting bounce in rates before we can entertain anything else.  Needless to say, floating and hoping for a bounce is not the right strategy at the moment, even though it will end up looking like a good idea in hindsight one of these days.


    Today’s Most Prevalent Rates

    Best Execution
    Rate Change
    30 Yr FRM 4.34% -0.01
    15 Yr FRM 3.71% +0.00
    FHA 30 Year Fixed 4.10% +0.00
    Jumbo 30 Year Fixed 4.44% -0.01

    Mortgage Rates Unchanged For 2nd Straight Day

    December 29, 2017

    Mortgage rates were unchanged again today, keeping them at the same stronger levels achieved on Wednesday afternoon.  Wednesday’s gains were much-needed as they went a long way toward erasing the damage from a quick spike that took rates to the highest levels in months last week.

    The caveat to the back-to-back weeks of volatility is that this is the end of December. Mortgage rates are driven primarily by trading in bond markets, and trading in bond markets becomes exceptionally sparse this time of year.  In market speak, the word is “illiquid.”  Imbalances between buyers and sellers always cause some movement, but illiquidity means that rates move much more than they otherwise would.

    Thankfully, this week’s illiquidity worked in our favor, and rates returned to the dominant range of the third quarter of 2017.  We could be waiting for the 2nd full week of January before we get a clear sense of how traders are approaching the bond market in 2018.


    Today’s Most Prevalent Rates

    Best Execution
    Rate Change
    30 Yr FRM 4.04% +0.00
    15 Yr FRM 3.37% +0.00
    FHA 30 Year Fixed 3.75% +0.00
    Jumbo 30 Year Fixed 4.19% +0.00

    Worst Week For Mortgage Rates Since March

    June 30, 2017

    Mortgage rates moved higher for a 4th straight day to end the month of June.  In terms of upward movement, this has been the worst week for mortgage rates since early March, 2017.  Most borrowers are now seeing rates that are a full eighth of a point higher than Monday morning’s levels.  While that’s not even remotely close to the damage done during election week last year, an eighth of a point in 4 days is definitely on the abrupt side of historical averages.

    Whereas 3.875% had been widely available on Monday morning, the most prevalently-quoted conventional 30yr fixed rate is now up to 4.0% for top tier scenarios, and 4.125% is rapidly gaining market share.

    Whereas the lock/float outlook had been calm and steady heading into this week, it quickly turned defensive as losses mounted.  There are multiple justifications for the weakness ranging from European Central Bank “taper talk” to an overabundance of trading positions in favor of lower rates earlier in the week (which makes rates susceptible to the sort of correction we’re seeing now).  Assume rates can continue higher until we see a definitive ceiling take shape.  The earliest that could happen would be the end of next week.  The last corrective uptrend in rates lasted 3.5 weeks.

    Today’s Most Prevalent Rates

    Best Execution
    Rate Change
    30 Yr FRM 4.07% +0.01
    15 Yr FRM 3.32% +0.01
    FHA 30 Year Fixed 3.75% +0.00
    Jumbo 30 Year Fixed 4.33% +0.02

    Mortgage Rates Slightly Lower to End 2016

    December 30, 2016

    Mortgage rates moved lower for a 3rd consecutive day to end 2016, bringing them to the lowest levels in more than 3 weeks for many lenders.  December 8th was the last time rates were lower.  As of yesterday, 4.25% regained the status of the “most prevalent” conventional 30yr fixed quote on top tier scenarios.  Quite a few lenders remain at 4.375% and a scant few are down to 4.125%.

    While this is all good news in the context of the past few weeks, 2016 nonetheless ends with one of the worst 2-month losing streaks in the history of mortgage rates.  Specifically, the 5 weeks following the election were the worst 5 weeks on record, going back to the Spring of 1987.

    For anyone considering locking or floating into the 3-day weekend (markets and mortgage lenders are closed on Monday, by the way), it’s important to remember that nothing about this week’s momentum is guaranteed to carry over into the new year.

    To repeat yesterday’s thoughts, the  recent gains are largely a result of the year-end bond trading environment.  It’s not the same bond market that’s normally pulling the levers behind the scenes.  Volume is lower and participants are in shorter supply.  Trading considerations differ from other times of the year.  It can all add up to unexpectedly quick moves and the APPEARANCE of new momentum that is subsequently erased in the new year.

    Again, that’s not to say a big bounce toward higher rates is guaranteed next week, but it’s at least an equal possibility.  Whatever the case, the past 2 days of gains can’t be viewed as the sign of a new trend.

    Today’s Best-Execution Rates

    Best Execution
    Rate Change
    30 Yr FRM 4.21% -0.02
    15 Yr FRM 3.40% -0.02
    FHA 30 Year Fixed 3.75% +0.00
    Jumbo 30 Year Fixed 4.23% -0.02

    Mortgage Rates End October Just Off 5-Month Highs

    October 31, 2016

    Mortgage Rates moved sideways to slightly lower for the 2nd day in a row, after hitting the highest levels in 5 months on Thursday.  While the positive progress is better than a sharp stick in the eye, it nonetheless leaves us right in line with highs for all practical purposes.  In fact, virtually all lenders are putting out quotes today that are indistinguishable from Thursday’s for most prospective borrowers.  The most prevalently-quoted conventional 30yr fixed rate remains 3.625% on top tier scenarios, with a handful of the most aggressive lenders at 3.5%.

    The remainder of the week brings several flashpoints for market volatility, with Wednesday’s Fed announcement being the center of attention.  The Fed is not expected to announce a rate hike this week (though it’s not impossible, by any means).  Rather, the baseline assumption is that the Fed will use this meeting much like they used the 2nd to last meeting of 2015 to telegraph a hike in the final meeting of the year in December.

    When you see or hear a reference to the Fed hiking or cutting “rates,” it doesn’t refer to all interest rates–merely the Fed Funds Rate (the Fed’s desired, or “target” rate for overnight borrowing/lending among the largest banks, which it achieves by adjusting several policy variables).  In other words, mortgage lenders are by no means forced to instantly raise rates if the Fed declares that it will now be targeting a higher Fed Funds Rate.  Moreover, mortgage rates are more closely-related to longer-term rates, such as 10yr Treasury yields (i.e. mortgage rates tend to move in the same direction as 10yr Treasury yields, even if short term interest rates are moving in the opposite direction).

    Now for the tricky part.  Even though mortgage rates don’t follow the Fed Funds Rate, they can absolutely follow the EXPECTATIONS that precede changes in the Fed Funds Rate.  As such, if the Fed were indeed to telegraph a December rate hike, mortgage rates could face additional upward pressure.  But if this Wednesday’s Fed announcement doesn’t contain the sort of clue that many investors expect, mortgage rates have some room to move slightly lower.

    Perspective is important when discussing “lower vs higher” rates at the moment.  In general, lenders will hesitate to aggressively push rates lower with the looming possibility of a Fed rate hike in December (among other things).  That means there is decreased reward for the risk of floating.  If you’re OK with the smaller victory and accept the risk that rates continue to move higher, it wouldn’t be unreasonable to float.  If you do, make a gameplan with your originator and be ready to lock immediately if rates react unfavorably to Wednesday’s Fed.

    Best-Execution Rates

    Best Execution
    Rate Change
    30 Yr FRM 3.59% -0.01
    15 Yr FRM 2.90% +0.00
    FHA 30 Year Fixed 3.40% +0.00
    Jumbo 30 Year Fixed 3.75% -0.01

    Mortgage Rates Mostly Sideways to Begin Busy Week

    April 30, 2018

    Mortgage rates didn’t move much today, which keeps them right in line with last week’s lowest levels.  That sounds pretty good!  Unfortunately, any time prior to last week, those “lowest levels” would have been the highest in more than 4 years.

    To make things simple, look at like this: rates didn’t move more than an eighth of a percentage point (.125) for most of March and early April (lenders typically divide rate sheet offerings in 1/8th increments).  Last week brought rates a quarter of a point (.25) higher at its worst, and now we’ve recovered about an eighth.  In other words, we’re right in between the March plateau and last week’s highs.

    The rest of this week brings several important economic reports including Friday’s big jobs report (The Employment Situation, aka “Nonfarm Payrolls”).  This is the single biggest piece of economic data when it comes to labor markets and a longtime flashpoint for interest rates.  Investors are curious to see if last month’s excessively weak reading was an isolated event or a sign of labor market tightening.

    If it’s much weaker than expected this Friday, it would likely be good for rates.  Balance that against the fact that rates had enjoyed the aforementioned stability in March, and the recent trend has been decidedly unfriendly.  It makes sense to remain on guard against additional rate spikes until and unless we can make some better improvements than those seen over the last few business days.

    Today’s Best-Execution Rates

    Best Execution
    Rate Change
    30 Yr FRM 4.61% -0.03
    15 Yr FRM 3.99% -0.03
    FHA 30 Year Fixed 4.43% -0.02
    Jumbo 30 Year Fixed 4.65% -0.03

    Lender Paid Mortgage Insurance

    To the surprise of many homebuyers, there is more than one way to obtain PMI. One of those PMI alternatives is called Lender Paid Mortgage Insurance, or LPMI, and Bluecastle Lending offers it.

    What is Lender Paid Mortgage Insurance?

    Lender Paid Mortgage Insurance is a form of PMI that is paid for by the lender via a one-time fee, rather than by the borrower monthly. Some form of PMI is required whenever a borrower puts less than 20% down on a conventional loan.

    Quite often, LPMI borrowers are able to qualify for a higher purchase price than with regular PMI, since the monthly payments are usually lower even though the interest rate is a bit higher.

    The disadvantage of LPMI is that you will have that interest rate for the life of the loan, vs a lower interest rate that will ultimately yield an even lower monthly payment than LPMI when you reach 78% Loan to Value (20% equity)

    What is better, PMI or LPMI? It depends on what your credit score is, how much you are putting down, and how long you are planning on staying on the property. Give us a call and we will gladly go over it with you according to your financial situation.

    For information on this program contact us at 954-866-0000 or email us at info@bluecastlelending.com. Bluecastle Lending is an Equal Opportunity Lender

    Commercial Loans

    Bluecastle Lending offers a wide variety of Commercial loan products, mostly designed for those business owners looking for an alternative to restrictive bank financing. Below are some highlights:

    • Eligible Borrowers: U.S. Citizens, Permanent Resident Aliens, Legal Entities
    • Loan Amount: $250K-$2MM
    • Purpose: Purchase, Cash Out Refinance or Rate and Term Refinance
    • Products: 5-Year and 7-Year Hybrid
    • Rates: 6-9%
    • Amortization: 20, 25, 30
    • Min. Middle Credit Score: 650
    • Eligible Markets: Top 200 MSAs
    • Index: Wall Street Journal Prime Rate
    • Property Types Tier 1: Multifamily and Mixed-Use (Residential)
    • Property Types Tier 2: Mixed-Use (Commercial), Office, Retail, Light Industrial, Self-Storage, Warehouse, Automotive, Mobile Home Parks
    • Prepayment Penalty: 5% For First 3 Years
    • Credit-worthy investors or business owners looking for an alternative
      to restrictive bank financing can enjoy a max LTV for Tier1 of 80%, Tier 2 of 75%
    • Investors who may not be able to disclose certain financial information or whose properties are more valuable than a tax return might show can enjoy a max LTV of 75%
    • Owner-occupied transactions where the business owner has difficulty
      documenting their income for traditional lenders can enjoy a max LTV of 70% for Tier 2 properties.
    • Borrower does not document income on tax returns, investor and owner occupied.
    • Recently stabilized – we only need 75% economic occupancy for the preceding 90 days at a 1.2 DSCR.
    • No seasoning on title and the ability to use appraised value vs cost basis
    • Low liquidity – we only needs 3-6 months of P&I in reserves

    Subject to credit approval. For more information, contact Bluecastle Lending at 954-866-0000 or info@bluecastlelending.com

    Mortgage Rates Rise Despite Market Improvement

    April 13, 2018

    Mortgage rates were slightly higher for most lenders today even though underlying bond markets suggested the opposite.  This is partly a timing issue.  Yesterday saw bond markets weaken throughout the day.  Weaker bonds imply higher rates.  After a certain amount of weakness, mortgage lenders will adjust rates and re-issue new rate sheets (aka a “negative reprice”).  Many lenders did this yesterday, but not all of them.  Even among the group that repriced, most of them did so earlier in the afternoon and bonds continued to weaken through the end of the day.

    The net effect of all of the above is that most lenders had some catching up to do with bond market weakness that they hadn’t fully accounted for yesterday.  Those that didn’t merely kept rates roughly unchanged.

    Intraday volatility was, once again, closely linked with the stock market.  This isn’t always the case, but bonds/rates are at a crossroads.  They’re not ready to decide on their next big move on their own.  As such, they’re willing to take cues from stocks for the time being.  Be aware, this correlation will come and go throughout the day on any given day.  It’s not safe to EXPECT that it will continue.

    The good news is that they didn’t land too far from yesterday’s levels in the grand scheme of things, and are still technically closer to the bottom of their March/April range.

    The saving grace for slightly higher rates is the fact that the range over the past 2 months has been exceptionally narrow.  Most borrowers haven’t seen their quoted NOTE rate change during that time (it’s only been the “EFFECTIVE rate” which takes upfront costs into consideration).

    Today’s Best Execution Rates

    Conventional 30 yr fixed 4.50% +0.01
    Conventional 15 yr fixed 3.89% +0.01
    FHA/VA 30 Year Fixed 4.25% +0.00
    Jumbo 30 Year Fixed 4.51% +0.01

    Ongoing Lock/Float Considerations

    • 2017 had proven to be a relatively good year for mortgage rates despite widespread expectations for a stronger push higher after the presidential election in late 2016.
    • While rates remain low in absolute terms, they moved higher in a more threatening way heading into the beginning of 2018
    • The scariest part of the move higher looks like it ended as of early February, and rates have been generally sideways since then
    • Even so, the potential remains for more weakness (i.e. higher rates).  It makes more sense to remain defensive (i.e. more inclined to lock) until we’ve seen a more convincing shift lower.

    Condos

    In today’s market, most condos do not qualify for regular Conventional or Government financing. To find out if the condo you want to buy qualifies for FHA, visit the HUD website. Enter the State and County, and under Status select Approved. If you are looking to do a VA loan, go to the VA website and do the search.

    If the condo is not on the HUD site, it will not likely be approved for a Conventional loan without a limited review approval. Check the Fannie Mae Approved Project List website.

    How do you get a limited review approval? Unless the project is a non-warrantable condo, you put 25% down and that’s it.

    To calculate your monthly mortgage payment and cash you will need, use our Loan Estimate tool. Enter the price, taxes and hoa fees, and select the Conventional loan type. Select Include Escrows and Second Mortgage checkboxes.

    For more information please contact Bluecastle Lending at 954-866-0000 or info@bluecastlelending.com. Bluecastle Lending is an Equal Housing Lender.