Mortgage Mike Helps | How Condo Financing Works

Link to YouTube Video Episode: https://youtu.be/iaEb5rgkrGg

Condo deals don’t have to be scary—if you know what to expect, they’re often smoother than you think!

In this episode, Brendan and Mike Riley break down everything you need to know about condo financing—from association approvals and Fannie/Freddie guidelines to avoiding deal-breaking delays. Whether you're a realtor working with condo buyers or a buyer yourself, this video pulls back the curtain on the often misunderstood world of condo mortgage approvals.

Learn why some condos are a no-go for FHA and VA loans, how conventional loans offer more flexibility, and the critical role the condo association plays in your deal’s success.

Stop losing condo deals over paperwork and miscommunication. Know the process, avoid delays, and close confidently.

For more expert mortgage tips, visit mortgagemikehelps.com

Subscribe for the latest videos from Mortgage Mike Helps on Youtube @rileyteammortgageloans

00:00 – Intro: Why condos don’t scare us
00:12 – What makes condo financing different
00:27 – The importance of association vetting & questionnaires
00:36 – FHA & VA condo lists: strict yes or no
01:08 – How conventional loan condo approvals work
01:40 – Red flags: lawsuits, owner concentration, low reserves
02:30 – The importance of insurance and cash reserves
03:00 – Occupancy rules: when they do and don’t matter
03:14 – Most condos do get approved—here's why
03:33 – Why cooperation from the condo association is essential
04:04 – Real-world delay example: part-time associations
04:30 – Pro tip: Get contact info from the listing agent
04:48 – Why realtors shouldn’t fear condos—we’ll do the heavy lifting

Don’t let a mystery derail your deal—equip yourself with the knowledge to navigate condo financing like a pro.
📧 Email Us: mike.riley@supremelending.com

Mortgage Mike Helps | How Much Are Your Buyer’s Closing Costs?

Link to YouTube Video Episode: https://youtu.be/IHFbslUCPQY

Are you puzzled by the term "closing costs" when buying a home? You're not alone.​

In this enlightening video, mortgage experts Brendan and Mike Riley break down the components of closing costs, helping you understand what you're paying for and why. They discuss factors that influence these costs, such as the closing date, homeowner's insurance, HOA dues, and title fees. By the end of this video, you'll have a clearer picture of the expenses involved in closing a mortgage deal and how to prepare for them.

For more expert mortgage tips, visit mortgagemikehelps.com

Subscribe for the latest videos from Mortgage Mike Helps on Youtube @rileyteammortgageloans

00:00 - Introduction Brendan and Mike Riley introduce the topic of closing costs in mortgage deals.​
00:10 - Common Questions About Closing Costs Discussion on the frequent inquiries from buyers regarding the specifics of closing costs.​
00:30 - Importance of Closing Date Explanation of how the chosen closing date affects the amount of prepaid interest.​
01:20 - Role of Homeowner's Insurance Insights into how the type and condition of the home influence insurance costs.​
02:30 - Impact of HOA Dues Exploration of how Homeowner Association dues and transfer fees can vary and affect closing costs.​
03:35 - Title Fees and Unknown Variables Discussion on the unpredictability of title fees and their contribution to closing costs.​
04:30 - Estimating Closing Costs Strategies for providing accurate estimates to clients and the importance of professional guidance.​
05:10 - Conclusion Final thoughts on the complexities of closing costs and encouragement to seek expert advice.​

Don’t let mystery fees wreck your budget—arm yourself with the facts so you can close with confidence and protect your financial future.
📧 Email Us: mike.riley@supremelending.com

Mortgage Mike Helps | How Property Tax Increases Affect Your Buyer’s Future Mortgage Payments

Link to YouTube Video Episode: https://youtu.be/WFTFESiYUfY

Think your fixed-rate mortgage means fixed payments? Think again. In this eye-opening video, mortgage experts Brendan and Mike Riley delve into the often-overlooked world of property tax reassessments in Florida. Discover how purchasing a home can lead to a significant increase in your property taxes—and consequently, your monthly mortgage payments.​

We'll explore why two similar homes can have vastly different tax bills, the impact of Florida's "Save Our Homes" cap, and how the homestead exemption plays into this complex equation. Learn how to anticipate and plan for these changes to avoid unexpected financial strain.​

For more expert mortgage tips, visit mortgagemikehelps.com

Subscribe for the latest videos from Mortgage Mike Helps on Youtube @rileyteammortgageloans

00:00 – Introduction by Brendan and Mike Riley
00:13 – How property taxes vary based on last sale price and date
01:02 – County's reassessment process after a home sale
01:29 – Examples of significant property tax increases
02:04 – Importance of informing buyers about potential tax hikes
02:33 – Impact of tax increases on mortgage payments
03:28 – Escrow shortages and temporary payment spikes
04:17 – Legal limitations on escrow estimations
05:11 – Real-life example: Tax implications on a $400,000 home
05:31 – Clarifying misconceptions about the homestead exemption
06:14 – Final thoughts and advice for buyers

Don't be caught off guard—equip yourself with the knowledge to make informed decisions and protect your financial future.
📧 Email Us: mike.riley@supremelending.com

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