6 Reasons Why You Should Use a Wholesale Lender!


Tags: Mortgages By Linda Team, RE/MAX WaterMarke



“But I LOVE my Twenty-Third, Union, Army, National, Credit Bank!” This is a typical statement we hear often from clients regarding their decision between choosing a traditional (retail) bank or a Mortgage Broker (wholesale) when buying a home loan. We know the commitment (and pressure) individuals feel to stay loyal to their banks, however, investing into real estate is a 15-20 year commitment that requires knowledge. With knowledge comes power and it is OF value to inform you of that information.


1. A Mortgage Broker is an expert in the mortgage industry – we study the market trends so we can shop your financial options around to the best lender.

2. Brokers act as the middle man – we will help facilitate the paper between you and the lender. This will save you time, money, and at times your sanity.

3. Brokers compare wholesale mortgage rates from a variety of banks and lenders – we can typically offer you lower interest rates since we have access to them. (Side note: MBL works with 15 difference lenders)

4. Brokers are pros at working with your UNIQUE situations – since the economy has been on a roller coaster ride, we pride ourselves in offering services, guidance, and lenders that work with people who have had a challenging financial past.

5. Brokers understand the power of accessibility – our priority is our clients, and if that means working with you and your mortgage outside of the Monday to Friday, 9am to 5pm hours, then we will do it.

6. Brokers are required to be licensed with the state – Loan officers at retail banks are NOT required to be licensed with the state and are not fully aware of the state guidelines for each particular loan program.

There are numerous resources available to help assist you in making an informed decision. After you study the information and know the facts then you can make the choice that best fits your needs. Of course, we are confident that you will choose us, The Mortgages By Linda Team for your mortgage needs!

For more information, please call 905-591-3662 or visit us at MORTGAGESBYLINDA.COM to start the process!.



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The Truth About PMI!


Tags: Mortgages By Linda Team, RE/MAX WaterMarke



Did you know that NOT all loans require a 20% down payment?

Depending on the type of mortgage and the type of borrower, the initial down payment on a home may be as low as 3.5% of the purchase price. However, with the lower down payment comes an added monthly mortgage insurance premium called PMI (Private Mortgage Insurance). This is an insurance that protects the lender in the case the borrower defaults on their loan. The lender requires PMI when the down payment is not at least 20% of the purchase price. This makes the borrower a greater risk to the lender and therefore requires the additional monthly PMI.


Paying extra on your mortgage certainly isn’t enjoyable; however, it does allow borrowers who wouldn’t be able to afford a higher down payment the ability to buy a home. The good news is there are a few ways to get rid of the private mortgage insurance on most loans.

1. Borrower-requested cancellation
Once you feel you have reached 20% equity in your property, you can ask your lender to cancel PMI on your property. They may require a new appraisal to verify the value of the property before they will consider removing the PMI. However, there are many ways to build equity faster, the simplest of which is to pay extra towards your principal balance each month when your mortgage payment is due.

Another option is home improvements. If chosen wisely, this may be another way to get to that 80% loan-to-value ratio faster, although your loan will stay the same your home will increase in value. The difference between your loan and the new value is equity in your pocket. Just remember that before the lender will eliminate PMI, they’ll require a home appraisal. The borrower will be required to pay for the appraisal which typically costs about $400-$500.

2. Automatic termination
If you can’t afford extra payments, or your lender rejected your cancellation request, never fear, in a few years your private mortgage insurance will automatically terminate. If your initial down payment was the minimum required when you purchased the home it will typically take about 5 years to pay the balance down to 80% of the value.

The Homeowner’s Protection Act (HOPA) makes it illegal for lenders to unnecessarily charge borrowers mortgage insurance. Typically, this means that when your principal loan balance is paid down to 78% of the original value, lenders will automatically end the PMI.

The only exception to that rule is the FHA loan. Unfortunately FHA does not allow the borrower to remove PMI. It is required on the loan for the life of the loan.

Some lenders do offer creative lending solutions to help avoid the PMI. Otherwise start saving! The sweet spot to avoid PMI is a 20% down payment.

For more information, please call 905-591-3662 or visit us at MORTGAGESBYLINDA.COM.



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RE/MAX WaterMarke Hosts Realtor Fundraiser to Benefit Children’s Miracle Network Hospitals


RE/MAX WaterMarke’s Realtor Island Party Raised Over $2,000 to Help Local Kids through Children’s Miracle Network Hospitals

Tags: Children’s Miracle Network, RE/MAX WaterMarke


Realtor Island PartyJacksonville, Fla. (June 16, 2015)  

By Sarah Roy

Over 150 realtors, preferred partners, and guests attended RE/MAX WaterMarke’s 2nd Annual Realtor Island Party on Wednesday, June 10th to support Children’s Miracle Network (CMN) Hospitals. The fundraiser, held at RE/MAX WaterMarke’s Queen’s Harbour office, raised $2,135 that will help purchase life-saving medical equipment, child-life activities, and pediatric educational resources for Wolfson Children’s Hospital and UF Health Jacksonville.

Since 1992, RE/MAX Affiliates across the U.S. and Canada have raised more than $138 million for CMN Hospitals. Last year alone, RE/MAX Affiliates raised $8.75 million to help 170 member children’s hospitals provide the best care for kids. In Northeast Florida and Southeast Georgia, CMN Hospitals raises funds that directly impact Wolfson Children’s Hospital and the pediatric programs at UF Health Jacksonville.After reaching their goal of raising over $2,000 for CMN Hospitals in one calendar year, RE/MAX WaterMarke’s Queen’s Harbour office is now a designated “Miracle Office.”

“Both of our RE/MAX WaterMarke offices proudly support Children’s Miracle Network Hospitals, and we are committed to making a difference in the lives of children in our local hospitals and beyond.”

– John Glover, owner of RE/MAX WaterMarke

RE/MAX WaterMarke is Jacksonville’s only RE/MAX Collection office, with associates working in St. Augustine, Ponte Vedra, Arlington, Mandarin, Orange Park, Southside, and the neighboring counties of Clay, Baker, Nassau, and St. Johns. RE/MAX WaterMarke has two offices: the Queen’s Harbour/Intracoastal office located at 13361 Atlantic Blvd, Jacksonville, FL 32225 and the Beach office located at 922 3rd Street N, Jacksonville Beach, FL 32250.

For more information about RE/MAX WaterMarke, check out their website at www.WaterMarkeFL.com


Children’s Miracle Network Hospitals is dedicated to improving the health and welfare of all children by raising funds and awareness for Wolfson Children’s Hospital and the pediatric programs at UF Health Jacksonville. A founding principle of CMN Hospitals is that all funds raised in a community stay in that community. Therefore, all donations made in Northeast Florida/Southeast Georgia are used to purchase medical equipment, child life activities and educational resources for both local pediatric programs. Learn more at www.CMNJax.com.


Children’s Miracle Network Hospitals® raises funds and awareness for 170 member hospitals that provide 32 million treatments each year to kids across the U.S. and Canada. Donations — including all those made on IHOP National Pancake Day — stay local to fund critical treatments and healthcare services, pediatric medical equipment and charitable care. Since 1983, CMN Hospitals has raised more than $5 billion, most of it $1 at a time through the charity’s Miracle Balloon icon. Its fundraising partners and programs support the nonprofit’s mission to save and improve the lives of as many children as possible. Find out why children’s hospitals need community support, and learn about your member hospital, at www.CMNHospitals.org.

Image Source: Suzanne Lamoutte Photography  


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