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PODCAST

Buying Florida

Didier Malagies

Didier Malagies is a leader in the Tampa Bay Mortgage industry, serving Pinellas, Pasco, Hillsborough counties, and beyond with his sights set on educating residential and commercial buyers regarding Florida purchases. With over 20 years of expertise, Didier has built relationships with realtors, bankers, and clients based on integrity and his drive to provide the best customer experience in the state by being there from beginning to end of every purchase.Whether you"re looking to move, invest,

business investing

All Episodes

3:51

Frequently asked questions regarding job history and...

Buying Florida ·

2025/04/17

Are you a salaried employee, hourly, self-employed, or a contractor? Do you receive bonuses, commissions, or overtime? How consistent is that income? Can you provide recent pay stubs, W-2s, or tax returns? Self-Employment (if applicable): How long have you been self-employed? Can you provide two years of business tax returns and profit/loss statements? 🔹 Funds to Close Questions Lenders want to confirm you have enough money to cover the down payment, closing costs, and reserves.

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4:12

Rates! Rates! Rates! is it time to refinance your...

Buying Florida ·

2025/04/10

With the recent dip in mortgage rates, you might be contemplating whether refinancing your mortgage is a prudent move. Currently, the average U.S. rate for a 30-year fixed mortgage stands at approximately 6.64%, marking the second consecutive weekly decline . Key Considerations for Refinancing: Interest Rate Reduction: A common guideline suggests that refinancing becomes beneficial if you can lower your interest rate by at least 1% to 2%. Even a 0.5% reduction can be worthwhile, depending ...

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3:58

Which loan product is better for you if you have...

Buying Florida ·

2025/04/03

1. FHA Loan (Federal Housing Administration Loan) Credit Score Requirement: As low as 500 (with 10% down) or 580+ (with 3.5% down). Best For: First-time homebuyers and those with lower credit. Pros: Low down payment, flexible credit requirements. Cons: Requires mortgage insurance premiums (MIP). 2. VA Loan (Veterans Affairs Loan) (For eligible military members & veterans) Credit Score Requirement: No official minimum, but lenders may require 580-620+. Best For: Veterans, active-duty...

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3:37

Where are interest rates today and what do you think...

Buying Florida ·

2025/03/27

As of March 24, 2025, the Federal Reserve has maintained the federal funds rate at a target range of 4.25% to 4.50%. This decision reflects the central bank's ongoing efforts to balance economic growth with inflation control. Looking ahead, Federal Reserve policymakers anticipate implementing two quarter-point rate cuts later this year. These projections suggest a cautious approach in response to expectations of slower economic growth and elevated inflation, partly influenced by recent tar...

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4:54

Warrantable and Non-Warrantable Condos

Buying Florida ·

2025/03/20

The difference between warrantable and non-warrantable condos primarily relates to whether a condominium project meets the eligibility requirements set by Fannie Mae, Freddie Mac, or other government-backed entities like the FHA (Federal Housing Administration) and VA (Veterans Affairs). These classifications impact the availability of financing for buyers. Warrantable Condos A warrantable condo meets the lending guidelines set by Fannie Mae and Freddie Mac, making it easier for buyers to se...

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7:48

What is happening with Ai and mortgage origination

Buying Florida ·

2025/03/13

AI is transforming the mortgage industry in several ways, making processes faster, more efficient, and more customer-friendly. Here are some key impacts: 1. Streamlining Loan Origination & Underwriting AI-powered algorithms can quickly analyze an applicant’s financial history, credit score, and risk factors, reducing the time it takes to approve loans. Machine learning models can assess alternative data (such as rental payment history and utility bills) to approve borrowers who may not h...

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4:40

What is a Reverse Mortgage

Buying Florida ·

2025/03/06

A reverse mortgage is a type of loan available to homeowners aged 62 and older that allows them to convert part of their home equity into cash. Unlike a traditional mortgage, where the homeowner makes monthly payments to a lender, a reverse mortgage pays the homeowner. The loan is repaid when the homeowner sells the home, moves out permanently, or passes away. Key Features of a Reverse Mortgage: No Monthly Payments: Borrowers receive payments instead of making them, though they must continue...

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3:59

What are all the disclosures that come to you during...

Buying Florida ·

2025/02/27

When you apply for a loan, you receive several important disclosures that outline key terms, costs, and your rights as a borrower. These disclosures are required by law to ensure transparency and help you make informed decisions. Here are some common disclosures you might encounter: 1. Loan Estimate (LE) Provides details about the loan terms, interest rate, monthly payment, and closing costs. Must be provided within three business days of your application for most mortgage loans. Helps you c...

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6:09

Using rental income only to qualify for a mortgage

Buying Florida ·

2025/02/20

A DSCR loan (Debt-Service Coverage Ratio loan) is a type of real estate investment loan primarily used for income-producing properties. It evaluates a borrower’s ability to repay the loan based on the cash flow generated by the property rather than the borrower’s personal income or credit score. Here’s a breakdown of how it works: 1. Debt-Service Coverage Ratio (DSCR) Formula: DSCR = Net Operating Income (NOI) Total Debt Service (TDS) DSCR= Total Debt Service (TDS) Net Operating Income...

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3:48

Offering second mortgages on primary, secondary and...

Buying Florida ·

2025/02/13

A second mortgage is a loan taken out against a property that already has an existing mortgage. It allows homeowners to tap into their home equity, which is the difference between the home's market value and the amount owed on the primary mortgage. Here are some key points about second mortgages: Types of Second Mortgages Home Equity Loan – A lump sum loan with a fixed interest rate and repayment term. Home Equity Line of Credit (HELOC) – A revolving credit line with a variable interest rate...

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4:34

How to increase your credit score with a rapid rescore

Buying Florida ·

2025/02/06

A rapid rescore is a service offered by lenders to quickly update your credit report with the latest information, potentially improving your credit score in a matter of days rather than waiting for the usual reporting cycle. Here’s how it works: How Rapid Rescoring Works: Correct Errors or Update Balances – If you've recently paid off debt, had incorrect information removed, or made other positive changes, a rapid rescore can update your credit report faster. Lender Requests the Rescore – Yo...

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2:50

10% down and possible to get an appraisal waiver

Buying Florida ·

2025/01/30

An appraisal waiver with Fannie Mae (FNMA) is part of their Desktop Underwriter® (DU®) system. It allows eligible borrowers to bypass the need for a traditional home appraisal as part of the mortgage approval process. This can save time, money, and simplify the loan process. Here's a breakdown:What Is an Appraisal Waiver?Definition: It’s an offer to waive the traditional appraisal requirement for certain loans, relying instead on data and models from Fannie Mae’s property valuation tools.Purp...

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5:34

Isn't it time to get prequalfied for a mortgage

Buying Florida ·

2025/01/23

1. Assess Your Financial HealthCredit Score: Check your credit score (usually 620 or higher is required, though higher scores get better rates).Debt-to-Income Ratio (DTI): Calculate your monthly debt payments compared to your gross monthly income (lenders typically prefer a DTI below 43%).Savings: Ensure you have enough for a down payment (typically 3-20%) and closing costs.2. Gather Financial InformationLenders will need the following:Proof of income (pay stubs, tax returns, W-2s/1099s).List...

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4:10

Is it the right time to buy now

Buying Florida ·

2025/01/16

Down Payment & Savings: A larger down payment can reduce your loan size and help lower the impact of higher interest rates. If you have substantial savings, it could make sense to buy now, as you’ll likely have more equity and lower monthly payments.2. Long-Term InvestmentHousing Market Trends: If you plan to stay in the home for several years, you might benefit from the property appreciation over time, even with higher interest rates. Historically, real estate tends to appreciate in valu...

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2:29

Eliminate your home sales contingency?

Buying Florida ·

2025/01/09

What if you had access to a solution that allows your clients to eliminate their home sales contingency? They could make non-contingent or cash offers on a new home, while also removing their current mortgage payment from qualification. This would enable them to tap into their home equity for down payments, closing costs, or even debt payoff—all while giving them up to 6 months to sell their current home for top dollar.tune in and learn at https://www.ddamortgage.com/blogdidier malagies nmls#...

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6:19

working with small businesses is so important and...

Buying Florida ·

2025/01/02

Working with small businesses in your community is a great way to build local relationships, foster economic growth, and contribute to the development of the area. Here are several ways you can collaborate and support small businesses:1. Support Local ShoppingBuy Local: Make an effort to purchase from small businesses rather than large chains. This helps circulate money within the community and supports job creation.Encourage Others: Share your positive experiences with friends and family, an...

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3:49

Are you having diffuclty qualifying for a mortgage,...

Buying Florida ·

2024/12/26

To structure your loan effectively and qualify for a mortgage, there are several steps you can take to improve your financial situation and increase the likelihood of approval. Here’s a comprehensive guide:1. Check Your Credit ScoreWhy it matters: Your credit score plays a significant role in mortgage approval. Lenders typically prefer a score of 620 or higher, though higher scores (700+) are ideal for getting better rates.How to improve: Pay off any outstanding debts, avoid late payments, an...

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3:29

Not all questions are being answered on the condo...

Buying Florida ·

2024/12/19

A condo questionnaire is a critical document that lenders use during the mortgage approval process for condominium purchases. It provides detailed information about the condo complex's financial health, rules, regulations, and overall condition. Problems with the condo questionnaire can create delays or complications during the closing process. Here are some common issues that might cause problems:1. Financial Health ConcernsHigh percentage of owner-occupancy: Many lenders require that at lea...

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2:36

Which is better to close in December or January for...

Buying Florida ·

2024/12/12

Closing in December:Tax Deduction for Current Year:If you close in December, you may be able to deduct property taxes and mortgage interest on your current year’s tax return. This can reduce your taxable income and potentially lower your overall tax liability.Pro-rated Taxes:At closing, you’ll typically reimburse the seller for property taxes they’ve already paid for the portion of the year you’ll own the property. This means a smaller tax payment upfront, but you assume responsibility for th...

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4:44

What is my prediction for interest rates in 2025

Buying Florida ·

2024/12/05

Predicting interest rate movements in 2025 depends on various economic factors, including inflation, employment trends, central bank policies, and global financial conditions. Here's a general overview:Key Factors Affecting Interest Rates:Inflation:Central banks like the Federal Reserve adjust interest rates to manage inflation. If inflation stays high, rates may remain elevated. If inflation moderates, there could be a case for lowering rates.Economic Growth:Strong economic growth might keep...

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