Sarasota Mortgage Rates | The Mortgage Skinny

Ever wanted a step by step process of a purchase loan? Here it goes… 

1. Pre-qualification – Lenders are encouraging buyers to get pre-qualified for a mortgage even before they begin looking for a house. This way, buyers know ahead of time how much house they can afford.
2. Loan Search – Although buyers often use a lender recommended by their Real Estate agent, some prefer to do their own comparisons. Borrowers may choose to contact a mortgage broker who has access to a wide variety of loans.
3. The Hunt - At this point, the buyer begins shopping for a house. When the right one is found, the terms of the sale are negotiated, including the sale price and often the type and conditions of the loan being sought.
4. Loan Application - It’s crucial to supply the lender with as much information as possible, as accurately as possible. All outstanding debts as well as assets and income should be included.
5. Documentation - Paperwork supporting the application must also be submitted. Information commonly sought includes pay stubs, two years’ tax returns, and account statements verifying the source of the down payment, funds to close and reserves.

6. Appraisal - Lenders require an appraisal on all home sales. This step could jeopardize a deal if a big discrepancy were to exist between the home’s sale price and appraised value.
7. Title Search - This is the time when any liens against the property are discovered. A lien may have been placed on a property to ensure payment of outstanding debts by the owner. All liens must be cleared before a transaction can be completed.

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In the teeth of the worst mortgage crisis in decades, Sarasota mortgage bankers Priscilla Gratton and her twin sons, Brock and Blake, known as “Team Gratton,” have left AmSouth Mortgage, now known as Regions Mortgage, after only a half year and opened their own mortgage origination business at 741 S. Orange Ave.

The Grattons bring a combined 30 years of mortgage experience in the Sarasota market, with expertise in offering a complete range of mortgage products, including no-income, investment, extended rate locks, construction, alternative credit, and commercial lines.

“We are extremely excited to be able to provide our clients a full line of programs. In today’s market, you just can’t afford to limit yourself on your product line,” said Priscilla Gratton, adding that AmSouth’s “very conservative” approach to mortgage lending contributed to her team’s departure.

The Grattons said they can tap 200 lenders.

“Although many subprime lenders are cutting back programs, we believe we can still access mortgages for most borrowers,” Priscilla Gratton said. Read the rest of this entry »

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Purchasing a home has many legal ramifications. You will need to consider how you will “hold title” to the property. This is such an important decision that you should consult with an attorney or accountant for advice as you make the choice. Because it is so crucial to the ensuing decisions, this determination should be made early in the mortgage process. Here is an overview (not to be taken as a legal description) to help you understand the possibilities available to you:

Sole Ownership
Sole ownership means holding title alone, as a single person. Even a married or divorced spouse may hold title as a sole owner. However, a spouse would formally give up any legal rights to the property. At the death of a sole owner, the distribution of the property is handled through the probate court, often a lengthy process (9-12 months).

Living Trust
Living trusts have several advantages. They are created while you are still alive, designated as revocable or irrevocable. Even though you transfer ownership of your property to the trust, in the case of a revocable trust, the trustee may buy, sell or finance assets. You, the trustor, create the trust for the beneficiaries, Read the rest of this entry »

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