Judy Durant
November 2019
Specializing in Bradenton, Anna Maria Island and Sarasota properties...

Daily News And Advice
Today's Feature Stories

Mortgage Loans: What You Can Do On Your Own and What to Leave to Your Lender

You’d be surprised about how much it takes to get a loan from application status to final approval. There are multiple steps involved and many of these steps can’t be taken unless a previous step has been completed. To help, borrowers can take on some of the load to help streamline the entire process. There are some initial requirements that borrowers must complete without the assistance of anyone else. Applicants are required to complete a loan application. That can be done with the assistance of the loan officer, but most often it’s the sole duty of the borrowers.

Borrowers are also asked to provide certain documentation upfront before the loan gets too much further into the process, like providing paycheck stubs and tax returns, for example. But when it comes to third party services, there are some limitations on what the borrowers can and cannot choose. For certain credit documents, borrowers are not allowed to provide their own credit report. It’s the lender’s job to run credit. That certainly makes sense as to why a borrower can’t provide a separate credit report. The lender orders the credit report as part of the initial package. A credit report and credit scores are one of the first things ordered to see if the loan can be approved as requested.

Lenders provide a Settlement Service Provider List, or SSPL, which lists third party service providers the borrowers can select. Title insurance, for example, is one such service. Lenders can open up title but so too can consumers. Title insurance is indeed insurance and protects interested parties from fraud and previous claims of ownership on the property. States regulate insurance companies so it’s likely that title insurance from one title company to the next will be the same. For areas where the title company also works with a settlement service provider, the title company can also suggest the closing agent. Services that the borrower can order independently of a lender are listed on the initial Loan Estimate.

But the twist with this is the borrower really has no experience selecting one title company over another. Title insurance is a mortgage lender requirement. Lenders order title reports day in and day out. Borrowers rarely, if ever, do. Borrowers can’t order an appraisal. Lenders do that but order an appraisal via an appraisal management company, who then proceeds to order the appraisal from a list of approved appraisers. Borrowers should also choose their own insurance company. Most often it’s the insurance company currently covering other assets such as an automobile policy.

The fact is that while borrowers can choose some third party providers on their own, it’s often best to leave that up to the individual lender. Mortgage loan approvals can have different requirements for different situations and sometimes a full appraisal isn’t even needed. Instead, an automated valuation model is accessed which arrives at an appraised value based upon digital research regarding sales of homes recently sold in the area. It’s the automated approval that dictates whether an automated valuation model, or AVM can be used, or a full appraisal is required.

Lenders establish working relationships with various third party providers. These providers can even hire sales representatives to solicit a lender’s business. While you can order some services on your own, it’s probably best to leave all that to your lender.



The Basics of Down Payment Assistance Programs

Perhaps the single biggest obstacle to home ownership is coming up with enough money for a down payment, closing costs and cash reserves. While some loan programs don’t require a down payment, such as the VA and USDA programs, others do. For example, FHA loans ask for a minimum down payment of just 3.5 percent of the sales price.


Is It a Good Time to Buy a House?

Is it a good time to buy a house? The summer rush is over, mortgage rates are super low, and the job market is strong, leading the Federal Reserve to proclaim that the housing market is the economy’s “bright spot.” 


Five Chic Fall Home Trends

Yes, a menagerie of pumpkins and autumn leaves gathered about speak to the time of year. But that doesn’t mean you have to turn your home into what could pass for a fall festival in order to capture the spirit of the season. Leave the gourds behind and embrace these fall interior design trends for a chic home that oozes fall coziness.  


You Don’t Need 20% Down and Seven Other Myths That Are Getting in the Way of Homeownership

Think you need to come up with 20% for a down payment in order to buy a house? It might surprise you to know that the median down payment for first-time buyers last year was just 7%, per the National Association of Realtors®. And there are plenty of loan programs out there that require far less. The 20% myth is just one of the things that’s keeping homeownership out of reach. We’re digging in to seven others.

You need to be well-established in your forever career


Are You Buying For The Right Reasons?

Obviously, you can buy any type of home, in any location that suits you if you have the money and the good credit to pay for it. You are free to make a good choice or a bad one, to pay too much or to get a great deal.

• In the push to buy, have you stopped to decide what is driving you into homeownership in the first place?
• With this in mind, are you sure you’re well equipped to buy what’s best for you?

The U.S. Census Bureau (, which recently FULL STORY->

Co-Signing? Consider These Points

Co-signing is an awfully nice thing to do for those that need a little help qualifying for a home. Usually it’s a parent helping a child, but it can also be for a relative or close friend. It’s certainly not an uncommon request and, for those who are able, it’s a great way to get someone into a first home. But before you get too much further, there are some things you definitely need to know.

The first is realizing what happens if someone you co-signed for defaults on a loan. A FULL STORY->

The Power of SEO – How to Grow Your Online Presence

In 2019, it’s not enough for your business to simply be online. You have to cultivate a unique, highly visible, and authoritative presence to stand out from the crowd, and place highly in search rankings. Search engine optimization (SEO) is the art of doing exactly that.

What is SEO?

When a user searches a keyword, Google presents them with a ranked list of results. Those links have been evaluated and ranked by an algorithm for popularity, relevance, density, inbound and outbound FULL STORY->

5 Designer Tips on How to Mix and Match Furniture

It is likely that, over the years, you’ve accumulated an amount of furniture from ever-changing trends and from dressers and coffee tables that have been handed down through generations, forcing you to have no other option but to mix and match different styles and designs.

Don't stress – by following only a few tips, you will be able to easily shape and style your home to build character and create a welcoming FULL STORY->

Mortgage Rates
Averages as of November 2019:

30 yr. fixed: 3.75%
15 yr. fixed: 3.18%
5/1 yr. adj: 3.4%

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Judy Durant,Realtor e-PRO
Direct: (941) 713-4980
Bayshore Realty, Inc
(800) 330-1543 -or- (941) 755-3701
1509 60 Avenue West
Bradenton FL 34207

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