I’ve lost track of how many times people have mentioned the ‘horrible taxation’ in Florida as a reason not to live here!

I have some great news.

I don’t know how many of you have head of The Tax Foundation - a non-partisan tax research group based in Washington D.C.

In their own words:

“The mission of the Tax Foundation is to educate taxpayers about sound tax policy and the size of the tax burden borne by Americans at all levels of government. From its founding in 1937, the Tax Foundation has been grounded in the belief that the dissemination of basic information about government finance is the foundation of sound policy in a free society.”

According to a study that they just released, Florida actually has the FIFTH BEST tax climate in the country. 

In arriving at this conclusion they looked at (at least):

• Property Tax
• Individual Income Tax
• Corporate Tax
• Sales Tax AND
• Unemployment Tax

While it is true that Florida does have high PROPERTY TAXES, in actuality they are the 19th best in the country - certainly lower then New York, New Jersey, Massachusetts, Connecticut, Vermont and Rhode Island.  So for those of you in the Northeast part of the country, you had better come up with a better excuse!

In addition, Florida is one of 7 states that DON’T have a STATE INCOME TAX.

Also while several states have INCREASED their ESTATE TAX RATES over the years, Florida dosen’t even have one.

If the misconception about the tax situation in Florida has kept you from buying here, I hope this will help to clear things up.  We still have a strong Buyers’ Market and prices are low - but they won’t be that way forever…………

This article was supplied by Marc Blasi and http://www.palmbeachrealestateandloans.com/0045A4

Palm Beach Gardens is well known for it’s fantastic golf and country club real estate - however, don’t make the mistake of thinking that’s all the city has to offer!

There are a lot of people who would love to live in Palm Beach Gardens and take advantage of everything it has - but they just aren’t into the country club lifestyle or the prices.  No problem-

One great choice would be Siena Oaks. Started around 1990, Siena Oaks is located on the east side of town.  It’s entrance can be accessed from either Prosperity Farms Road or Burns Road.

 
View Larger Map

While we can all agree that the phrase:  ‘You have to see it to believe it’ is a bit over-used, it really does apply in this case.  Siena Oaks is close to all of the major draws to the area - shopping, the beaches, dining, parks, public golf, etc., but you really are in your own world when you drive in. 

It’s a very quite area with only about 299 homes. It’s a great choice for small families and first-time homeowners.  For those of you with kids that might be worried about cars, there are no through roads which drastically cuts down on traffic.

Most of the homes do have pools, but there is also a community area with a large pool plus 2 tennis courts and a clubhouse that can be rented for private functions.

http://www.palmbeachrealestateandloans.com/004542

 A friend of mine - Chris Griffith from Life in Bonita Springs - pointed this video out to me late yesterday.  It’s a piece from 60 Minutes that goes into detail about the recent housing crisis and the titanic stupidity of the sub-prime mortgage situation that caused it all.

It really is an eye-opener.

As a country, if we didn’t learn our lesson from this recent love affair with greed, I can’t imagine what will happen the next time.

Watch CBS Videos Online 

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2005 Custom Craftman Style Home on East Lake Embraces the craftman style with all the new ammenities

2005 Custom built home embraces the Arts and Crafts style of the twentieth century while offering the amenities of a modern home built today. 2165s.f. under central air and heat with three bedroom, two bathroom , formal dining room, living room, office/den, separate laundry room and breakfast nook in kitchen . Three bay garage with a 24+ L.F. long bay for boat/workshop area. Small deck with private hot outdoor shower off of master bedroom porch. Screened back porch off family room is 212 S.F. and leads to a 16’X26’ open wood deck. Surround sound, security system, irrigation system, wood and tile floors thru out this wonderful open floor plan with split bedroom layout. These are just a few of the amenities this charming home has to offer. Please call 352-551-0345 with questions or to set up an appointment for a viewing of this beautiful home. Property For Sale: $399,000 Single Family Home 3 Bed 2 Bath Parking: 3 Car 2165sq/f under air Sq. Ft. Built 2005 Commission: 3% East Lake Estates 480 East Collins Street Umatilla, FL 32784 (click for map) Virtual Tour PROPERTY FEATURES: Air Conditioning Central Heat Fireplace Vaulted Ceiling Walk-in Closet Hardwood Flooring Tile Flooring Living Room Office/Den Formal Dining Room Breakfast Nook Dishwasher Refrigerator Range/Oven Microwave Granite Countertops Stainless Steel Appliances Attic Washer Dryer Laundry Area-Indoor Balcony/Deck/Patio Yard Jacuzzi/Spa Garage View Cable Septic Sewer Lake 1 acre with 150LF of lakefrontage on spring fed 84 acre East Lake Custom cabinets thru out home with beautiful stain glass in kitchen Surround sound in living, master bedroom, back porch and wired for garage Master bath has jacuzzi tub and glass enclosed walk in shower with slate tiles Master bedroom with large walk in closet and built in organizer Wood burning fireplace with antique mantal, granite hearth and surround Outdoor hot shower off master bedroom porch Anderson insulated doors and windows thru out home Security system with doors, windows, glass packs, and motion sensor Irrigation system 2 door 3 bay garage with one extra large 24′ long bay Custom woodwork details on windows and doors CONTACT INFO: Leslie Wasgatt 480 East Collins St. Umatilla, Fl 32784 Office: 352-551-0345 Cell: Fax: 352-669-3982 Email Me Visit My Website

When was the last time your bank guaranteed that you would be approved for a loan or a mortgage?  If you were denied, did they work with you to get you to where you need to be to be approved?  Or did they just send you a letter in the mail?  If this applies to you, then you should know that we will get you approved.

How can we say this? Well, here is how the program works.  If when a borrower first applies for a home mortgage loan (refinance or purchase) and they are not approved (or bankable), we will begin our part of the program - The KMS Plan.

The KMS Plan:  We will review the borrower’s credit in detail to determine the best method of improving their situation.  We will also work out a budget for the monthly expenses to payoff debt, save for reserves, increase down payment funds, or a combination thereof.  Each month for 12 months, we will follow up to make sure that the plan is being followed.

Now, if the KMS Plan is followed exactly as it is laid out to the borrower, we are guaranteeing that the borrower will be elligible for a mortgage loan after the 12 month.  If for any reason the borrower has done exactly what the plan detailed and they are still not bankable, we will continue to work with the borrower until the loan is approved AND we will do it for free.  That means that if the borrower upheld their part and we failed at ours after the 12 month, we will not charge a broker fee or yield spread premium when we do make it to closing.

If you or anyone you know is a candidate for this program, please call 352-308-7219 to get enrolled today or click here to complete the application.

When applying for a commercial mortgage, there are many financing options that are available.  Just like with residential loans, commercial borrowers can choose between fixed rate or adjustable rate, construction or permanent, and even interest only or fully ammortized.  However, it is not just that simple.

There are many factors that come into play that are similar to residential mortgages, yet different from them.  Some of these items DSCR (or Debt Service Coverage Ratio), Rent Roll, Operating Expense, and many more.  Property types plays even more important role than in residential financings.  With residential where it is limited to primarily Single family, condo, 2-4 plexes, townhouses, and mobiles, there is a whole slew of property types that most lenders place into categories.  The categories are based on property risk and business risk… multi-family is very low risk for a bank versus a restaurant which is very high risk.

Over the course of this series, I will cover some of the common terms/jargon of the commercial mortgage lending world.  I will also discuss different property types and typical qualifying guidelines for financing the property (IE down payment, loan term, etc).  SBA loans will be briefly discussed, as I will create a separate thread on this topic in the future.

THE AUGUST $79 WEEKEND SPECIAL

Wow, the year has really gone by fast here at the Holiday Inn Express & Suites on the Scenic Dead River!

We have stayed very busy improving our product for our guests and visitors.

Just this month, we completed installing brand new carpet and padding in all of our guest rooms. In addition, all of our rooms are now equipped with brand-new Dove Quilt-Top Beds.

Our guests have been enjoying our weekly manager’s reception on Tuesday nights, where we offer complimentary wine, beer, and appetizers in the evening for our guests. It also gives us a chance to discuss with our guests what we have done right, and how we can improve. It helps us feel a little smarter, too.

How many of you know that our frequent guest program, Priority Club, is the largest frequent visitor program in the nation? The points you earn for stays never expire, and can easily be converted into airline points, points for shopping clubs, or even for stays at competing hotel chains!

The new hot breakfast bar has been a hit with our guests, and some of them are even ordering the products to use in their homes. Delicious, yet easy and quick to prepare is something that everyone can appreciate. And, the breakfast is the envy of our competitors. Not just a continental bagel with some cream cheese anymore.

A bit more of news – Nate’s Riverdeck is next door, and has officially opened under its new name. The new menu is truly delicious, and there is live entertainment on the weekends. Come give it a try!

When you get a chance come by and visit if you haven’t in a while, and remember, we offer friends and family discounts, as well as Chamber of Commerce discounts for those of you who are members. They are easy to qualify for. Just call directly to the hotel at: 352-742-1600

Here’s to a spectacular August, and you can look forward to Staying Smarter with Less Stress at the Holiday Inn Express!

Alex Cooke

Director of Sales and Marketing

The Holiday Inn Express Hotel and Suites

on the Scenic Dead River

3601 W. Burleigh Blvd

Tavares, Florida 32778

352-742-1600

www.hiexpress.com/tavaresfl

tvrflsales@aol.com

Eustis, Florida

The following is a Rate Lock Advisory issued by a la mode, inc and Mortgage Commentary. The views and opinions expressed are not that of Knightlines Mortgage Services, LLC. Please contact your mortgage professional before locking an interest rate.

Tuesday’s bond market has opened in negative territory due to early stock gains. The stock markets are off to a strong start with the Dow up 165 points and the Nasdaq up 30 points. The bond market is currently down 6/32, which will likely push this morning’s mortgage rates higher by approximately .125 - .250 of a discount point over yesterday’s morning rates.

There was no relevant economic news posted this morning. Stock traders are showing their optimism in the economy following another decline in oil prices. High fuel costs have been noted by many sources as a contributing factor to the slowing economy. As oil prices fall well off their recent highs, that concern seems to be easing. This leads to better expectations for economic activity and corporate earnings.

Today’s FOMC meeting will adjourn at 2:15 PM ET and is expected to bring no change to key interest rates. If that is indeed the result, I expect top see little reaction in the markets. However, the post-meeting statements seem to have more of an influence on the markets than the rate adjustments themselves, or a lack of one in many cases. Accordingly, we may still see some volatility in the markets and possibly mortgage pricing during afternoon hours even if the Fed leaves interest rates alone.

Look for an update to this report after the markets have an opportunity to react to the news.

If I were considering financing/refinancing a home, I would…. Lock if my closing was taking place within 7 days… Float if my closing was taking place between 8 and 20 days… Float if my closing was taking place between 21 and 60 days… Float if my closing was taking place over 60 days from now… This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.”
©Mortgage Commentary 2008

Our lender, whom which we owe.

Oh, how much we owe!

The bills will come,

The monies all gone, this mortgage we should not have had.

Forget this debt, as we forgot our payments,

Do not deliver us to the courts

Or send us into foreclosure.

We would sell, but the market is just not there.

For in the future, we will use Knightlines. This mortgage we would not have ’cause they do care.

Amen.

Do not let this be you saying this prayer because you wanted a house you could not afford. While some brokers and lenders only watch out for their well-being, we at Knightlines Mortgage Services, LLC watch out for yours. Putting your faith in us will not get you into heaven, but it will help you keep you in your home.