14 Jul, 2025

– Florida home buying involves pre-approval, property search, offer submission, inspections, appraisal, and closing.
– Median home price in Florida in April 2024: $420,000 (Florida Realtors).
– Florida’s property taxes vary by county; homestead exemption reduces taxable value by up to $50,000.
– Inspections (general, wind mitigation, 4-point) are recommended but not always required, revealing potential issues.
– Financing contingency protects buyers if they can’t secure a mortgage; appraisal contingency protects if the appraisal is lower than the purchase price.
– Closing costs in Florida typically range from 2% to 5% of the purchase price.
– Escrow accounts hold earnest money deposits and may be used for property taxes and insurance.
– Title insurance protects against title defects and liens.

14 Jul, 2025

In news for fans of the wholesale lending channel (more below), heading into the baseball All Star Break the Philadelphia Phillies, owned in part by Freedom Mortgage’s Stan Middleman, are leading the NL East. UWM Holdings Corp CEO Mat Ishbia and SFS Holding Corp sold a combined total of 1,200,108 shares of UWM Class A Common Stock in three separate transactions, netting approximately $5 million. The sales come as UWM, currently valued at $6.6 billion, has seen its stock decline by over 26 percent in the past six months. That said, UWM has invested $100 million in Bilt which offers rewards for housing payments. Bilt originally made its name by offering renters the opportunity to earn points on rental payments and is building capital: The company announced that it has raised $250 million in new funding, bringing its total valuation to $10.75 billion, more than twice its valuation from roughly a year ago. It’s also introducing Bilt Card 2.0, an upgraded credit card offering that will launch in February of next year. That’s UWM… What is your company doing to obtain leads? (Today’s podcast can be found here and this week’s are sponsored by Ocrolus. Ocrolus is transforming the mortgage industry with AI-powered data and analytics, featuring cutting-edge tools for automated indexing, income analysis, and discrepancy insights that empower underwriters to make timely, confident lending decisions. Hear an interview with Absolute Home Mortgage Corporation’s Matthew VanFossen on how executives handle recruiters constantly attempting to poach top originators.)

13 Jul, 2025

Mortgage refinancing in Florida involves replacing an existing mortgage with a new one, potentially offering lower interest rates or different loan terms.

* **Interest Rates:** Refinancing can be advantageous when current interest rates are lower than the existing mortgage rate. As of late 2023/early 2024, rates remain elevated, making careful evaluation critical.
* **Cash-Out Refinance:** Allows borrowers to access home equity by taking out a larger mortgage than the existing one, utilizing the difference for other expenses; however, it increases the loan amount.
* **Rate-and-Term Refinance:** Changes the interest rate and/or loan term. Shorter terms result in higher monthly payments but faster equity building and less interest paid overall.
* **Break-Even Point:** Crucial to calculate how long it will take for the savings from a lower interest rate to offset the refinancing costs (appraisal, closing costs, etc.).
* **Florida-Specific Considerations:** Florida homestead laws offer protections, but also impact how equity can be accessed and refinanced.
* **Credit Score Impact:** Refinancing involves a credit check. Maintaining a good credit score can lead to better interest rates.
* **Loan Types:** Options include fixed-rate, adjustable-rate (ARM), and government-backed loans (FHA, VA), each with specific eligibility requirements and benefits.
* **Common Refinancing Reasons:** Lower monthly payments, shorten loan term, convert from ARM to fixed-rate, tap into home equity for improvements or debt consolidation.

12 Jul, 2025

Florida property valuation methods significantly impact property taxes, investment decisions, and market understanding.

* **Market Value/Fair Market Value:** Most common method, estimates price a property would fetch on the open market. Crucial for sales and purchase decisions.

* **Assessed Value:** Used for property tax purposes; often lower than market value. Florida law requires property to be assessed at just value as of January 1st of each year.

* **Taxable Value:** Assessed value minus any exemptions (e.g., homestead). Property taxes are calculated based on taxable value. Homestead exemption provides up to $50,000 exemption from assessed value.

* **Cost Approach:** Estimates value based on the cost to replace the property minus depreciation. Useful for unique or specialized properties where comparable sales data are limited.

* **Income Capitalization Approach:** Estimates value based on the income the property generates. Primarily used for commercial and investment properties. Net Operating Income (NOI) is a key factor.

* **Comparable Sales Approach (Sales Comparison Approach):** Most common residential method; analyzes recent sales of similar properties (comps). Adjustments made for differences between subject property and comps.

* **Florida Statute 193.011:** Outlines factors appraisers must consider when determining just value (e.g., location, size, use, condition, zoning).

* **Property Tax Appeals:** Florida property owners have the right to appeal their assessed value if they believe it’s inaccurate. Filing deadlines and procedures vary by county.

* **Impact of Market Conditions:** Rapid appreciation or depreciation can affect all valuation methods. Understanding local market trends is vital.

11 Jul, 2025

– Florida’s real estate market is competitive, requiring strategic home selling approaches.
– Staging is crucial: Staged homes sell 73% faster than non-staged homes, potentially yielding a 1-5% higher sale price.
– Professional photography & virtual tours: Homes with professional photos sell 32% faster.
– Pricing strategy is paramount: Overpriced homes linger on the market, leading to price reductions; competitive pricing attracts more buyers.
– Curb appeal matters: Landscaping and exterior improvements can significantly increase perceived value.
– Marketing reach: Utilizing online platforms (Zillow, Realtor.com) is essential to maximize exposure.
– Negotiation skills: Effective negotiation can secure the best possible price and terms.
– Average Days on Market (DOM) varies by region; understanding local trends is crucial.
– Working with a local real estate agent is typically advised for their expertise, market knowledge, and negotiation skills.
– Florida’s population growth is driving demand, particularly in certain metro areas.

11 Jul, 2025

Don’t forget to snag your free Slurpee today at participating 7-Elevens! Speaking of edible things, I like my Frosted Flakes, Froot Loops, and Raisin Bran. M&A is not confined to lenders: Imagine my surprise when I learned that Michigan’s WK Kellogg Co. is set to be acquired by the Italian candymaker behind Ferrero Rocher in a nearly $3 billion deal. Sometimes it is hard to track who’s doing what, and how it impacts us, which is why STRATMOR’s latest write up is titled, “The Tax and Spending Bill: The Impact on Borrowers.” Tracking locks is important: the locks that Optimal Blue tracks increased 2 percent in June. Non-QM locks account for an increasing percentage of total volume, rising over 7 percent during the month. “The steady rise in this category reflects the industry’s growing focus on flexibility and meeting borrowers where they are.” According to Curinos’ new proprietary application index, refinances decreased 21 percent week over week and increased 17 percent in June; the purchase index decreased 19% week over week and decreased 2% for June as a whole. June 2025 funded mortgage volume increased 15% YoY. (Today’s podcast can be found here and this week’s is sponsored by Truework, the only all-in-one, automated VOIEA platform that helps mortgage providers achieve up to 50 percent cost savings with an industry leading 75 percent completion rate. Today’s has an interview with National Community Reinvestment Coalition’s Josh Silver on ending redlining through a community-centered reform of the Community Reinvestment Act.)

10 Jul, 2025

– Professional real estate photography can lead to homes selling up to 32% faster.
– Homes with high-quality photos sell for $3,000-$11,000 more, on average.
– Listings with professional photos receive 61% more views than those without.
– Include 20-30 high-quality photos to maximize buyer interest.
– Homes listed with professional photos have a 47% higher asking price per square foot.
– Properties lacking professional photographs may stay on the market an average of 21 days longer.
– Focus on bright, well-lit spaces, showcasing key features (pools, waterfront, updated kitchens).
– Decluttering and staging are crucial before the photoshoot to highlight the home’s potential.
– Drone photography can be especially effective in Florida to showcase waterfront properties and expansive land.

10 Jul, 2025

Lenders and servicers have entire sets of policies and procedures based on the Federal Emergency Management Agency (FEMA) declaring an emergency in a given area. President Trump says FEMA should be eliminated, which would definitely impact this process. Texas officials weren’t fans of FEMA until they needed it. Unfortunately, FEMA has become politicized. Generally, how does politics work, regardless of political party? President Trump’s spending bill passage was in trouble, and it needed Alaska Senator Murkowski’s vote. And that is how 150 Eskimo whalers saw a fivefold increase in the amount they claim in expenses against tax every year, and the subsidy for Alaska’s rural hospitals was doubled from $25 billion to $50 billion. Meanwhile, professional poker players and sports bettors are demanding a change to the massive tax and spending bill since it changed the way gamblers deduct their losses on their taxes. Currently, gambling winnings can be offset by 100 percent of gambling losses. But the deduction will be lowered to 90 percent of losses in the new bill, which professional gamblers and tax professionals say could lead to taxes on income that gamblers did not earn. So “if they won $100,000 and lost $100,000, they still owe money on the $10,000” because only $90,000 can now be deducted, said Rep. Dina Titus, a Democrat representing Las Vegas who introduced a bill this week to reverse the tax change. (Today’s podcast can be found here and this week’s is sponsored by Truework, the only all-in-one, automated VOIEA platform that helps mortgage providers achieve up to 50 percent cost savings with an industry leading 75 percent completion rate. Today’s has an interview with Pennymac’s Kim Nichols on the current state of the broker channel, market dynamics, and strategies shaping the future of third-party origination.)

9 Jul, 2025

Florida’s diverse real estate market offers significant flipping potential. Median home sale price in Florida as of late 2023 is around $400,000. Common flipping strategies include targeting distressed properties, renovations in high-demand areas, and capitalizing on seasonal tourism.

Key areas for flipping include:

* **Tampa Bay:** Strong job market and population growth
* **Orlando:** Tourism and family-friendly attractions drive demand
* **Miami:** Luxury market with high potential ROI, but also high competition.
* **Jacksonville:** Affordable housing market.

Important considerations:

* Average time to flip a house in Florida is 6-12 months.
* Renovation costs can range from $20,000 to $100,000+ depending on the scope of the project.
* Property taxes, insurance, and HOA fees significantly impact profit margins.
* Understanding local zoning regulations is critical.
* Rising insurance rates in Florida coastal areas due to hurricane risk significantly impact profitability.
* Cash buyers and hard money lenders are common financing options.

9 Jul, 2025

Anyone who’s spent much time around MBS Live knows about our favorite mantra regarding predictions.  Specifically, they are for suckers–at least in the context of predicting future interest rate movement. Occasionally, though, there are conditions that result in somewhat reliable patterns or “paths of least resistance.” 
Any time the bond market has been rallying with regularity–especially when we see several successive days at the lowest yields in many weeks–and then encounters a big data flash point that prompts a sell-off (like last  week’s jobs report), the path of least resistance is to undergo a bit of a correction. Subsequently, that correction tends to show signs of leveling-off, as we noted yesterday afternoon. From there, the path of least resistance is a broadly sideways range trade as we wait for more meaningful data/events to make a case for a breakout.
Today’s supply of such events is still light even though it includes Fed Minutes and a 10yr Treasury auction (we don’t see either being up to the task of stoking any sort of large or sustainable momentum).