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Either a mortgage broker or a mortgage banker may help you when you need a mortgage.

People can often confuse the two because both will yield the same outcome: a new home. However, knowing the differences between them will be advantageous to your mortgage loan process.

About Mortgage Brokers

During the mortgage loan process, an individual or group who is an independent agent for the mortgage loan borrower, as well as the lender, is a mortgage broker.

A mortgage broker facilitates things for you and your lender, which can be one of the following: a credit union, bank, trust company, finance company, mortgage corporation or even an individual investor.

Acting as a facilitator between you and your lender, your mortgage broker can match you with a bank, trust company, credit union, mortgage corporation, finance company or even a private investor.

A mortgage broker will consider your finances to find out which lender is the right fit for your loan needs.

From application to closing, your mortgage broker works with you: submitting your loan application to several lenders, and walking you with the chosen lender through to the closing of the loan.

Upon closing, the broker's commission is given by the borrower.

What is a Loan Officer?

Lending Institutions (banks, finance companies, and others) employ mortgage bankers to promote and process loans originated by that specific institution alone.

They may be able to promote loans to fit many different situations, but all the loans will be programs from the same lender.

A mortgage banker represents you to the bank or other lending institution.

From finding a loan, to closing, a mortgage banker can help a borrower through the process. Loan officers are given a commission, or salary, for their services by their employers.

Head to our main page, www.ContemporaryMortgage.com to apply for your home loan today! You can also call us at 407-834-3377 to get the process started.

Posted by Holly Ecimovic on November 24th, 2021 10:15 AM

Have you ever thought about how title insurance protects your home investment?

Here are some important things to know when it comes to title insurance. 

Purchasing a home is likely the largest investment you will make in your lifetime. So before you commit to the transaction, you must be sure that the property's title is free of any other claims. 

A title insurance company ensures that your new home doesn't carry encumbrances and other legal obstacles.

You pay the title company a single premium, which includes the cost of verifying clear title and covers you in case some fault is later discovered in the title.

The title company performs an extensive search on the title history of the property.

Through its research, the title insurance company can usually find any title problems and have these problems cleared up prior to closing. 

Because Real Estate Law is so complex, you need an expert to make sure that all previous transactions have been correct, so you don't end up with legal problems or a problem with the title to your property. Your title insurance owner's policy will describe the property and outline the limitations on your ownership. It will also cover what the title company is responsible for. Title insurance usually covers:

  • Contested title — This usually happens when someone who owned or even lived in the home before you claims to still hold an interest. In this case, the title company will defend your title at no expense to you. 
  • Defective title — "Defective title" covers any number of problems with the title to your home. It can even include a "contested title". Defects are rare, but they can be very difficult, making the property inaccessible, unbuildable, or unsaleable. Any number of other complex problems define "Defective Title" or "Clouded Title." The title insurance company will uncover these problems, or should they miss them, insure your loss up to the amount of the policy. 

 

For more info on title insurance, click the following link to download a free guide on title insurance: Title Insurance Guide.pdf

 

Contemporary Mortgage Services, Inc. can walk you through the pitfalls of getting a mortgage. Give us a call at 407-834-3377.


Posted by Holly Ecimovic on November 23rd, 2021 12:35 PM

Looking for a home loan in the Orlando area? 

You've come to the right place!

When you decide to buy a home or refinance a mortgage in Orlando or the surrounding areas, your search for a home loan or mortgage should start and end here.

With so many lenders to choose from in the greater Orlando area, and nationally, you need to choose one you can trust to find the mortgage loan that’s best for you.

Sure, there are dozens of big bank mortgage lenders nationally, but you need a lender in Orlando. Why? Because we know Orlando and the surrounding areas of Orange, Osceola, Seminole, and Marion counties.

We know the local REALTORS®, appraisers, inspectors, and so much more. We also have state-of-the-art technology that makes the loan process as easy and fast as possible, all while delivering personal customer service that can’t be beat.

Don’t gamble your family’s largest investment with a big name lender that may not know Orlando. Choose us, the Orlando mortgage and loan specialists!

We serve the following areas with home loans and related services:

  • Metro Orlando 
  • Kissimmee 
  • Lake Buena Vista homes 
  • Lake County 
  • Osceola County 
  • Orange County 
  • Seminole County 
  • Deltona 
  • Palm Coast(Flagler County) 
  • The Villages 
  • Brevard County 
  • Marion County 
  • Indian River County

Home loans or mortgages in Orlando

We’ll help you find the perfect home loan or mortgage.

We'll help you refinance loans, or refinance your current home in Orlando.

We help Orlando families lower their mortgage payments and/or lock in lower interest rates for their home loans every day.

Home equity loans

We can help you draw from home equity for home improvements, school or medical expenses, a family vacation, and any other reason under the sun!

We do bridge loans, jumbo loans, reverse mortgages, and so much more!

No matter what type of home loan you need, we’re ready to help.

We will give you the personal attention you deserve and treat you as a valued customer. Give us a call or apply online now! www.ContemporaryMortgage.com.

Posted by Holly Ecimovic on November 22nd, 2021 1:53 PM


If you have never gone through the process of buying a home, you may not know these quick tips that will help you to get preapproved for a mortgage.

Here are things you can do to get a preapproval:

1. Gather your personal information and details on your finances and income

2. Have our team calculate your debt-to-income ratio

3. Become familiar with your credit history

4. Have us calculate your credit score

5. Determine where your down payment will come from

6. Consider the debts you owe

Call us today so we can answer your questions on how to get started! 407-834-3377

Posted by Holly Ecimovic on November 22nd, 2021 11:01 AM


Have you thought about refinancing?

Here are some ways you can benefit from refinancing your home loan:

?? Refinance your mortgage so you can cash out to make home renovations you’ve always dreamed of, but haven’t done yet.

? Refinance so you can lower your mortgage payment. Now is the time!

?? Want to lower your interest rate? That’s possible when you refinance!

?? Refinance so you can get cash out to use for your wedding, or another special event or family vacation.

Contact us today to see what options are available to you! 407-834-3377.

www.ContemporaryMortgage.com

NMLS #205042


Posted by Holly Ecimovic on November 19th, 2021 12:58 PM

Are you buying or selling a home? 

If so, you should have a professional home inspection performed.

Here's a list of systems that will be looked at during the inspection:

  1. Roofing
  2. Electrical systems
  3. Cosmetic condition, paint, siding, etc.
  4. Plumbing systems 
  5. Structural elements, foundation, framing, etc.

You need to know exactly what you're getting when buying a home.

A home inspection, performed by a professional home inspector, will reveal any hidden problems with the home so that they may be addressed before the deal is closed.

You should require an inspection at the time you make a formal offer. Make sure the contract has an inspection contingency. Then, hire your own inspector and pay close attention to the inspection report. If you aren't comfortable with what the inspector finds, you should not go through with the deal.

On the other hand, if you are selling a home, you want to know about potential hidden problems before your house goes on the market.

Almost all contracts include the condition that the contract is contingent on upon completion of a satisfactory inspection.

Most buyers are going to insist that the inspection be a professional home inspection, usually by an inspector they hire.

If the buyer's inspector finds a problem, it can cause the buyer to become hesitant, and the deal can often fall through. Unexpected problems uncovered by the buyer's inspector will cause delays in closing, and usually you will have to pay for repairs at the last minute, or take a lower price on your home.

It's better to pay for your own inspection before putting your home on the market. Find out about any hidden problems and correct them in advance. Otherwise, you can count on the buyer's inspector finding them, at the worst possible time.

Call us today to begin the home loan process: 407-834-3377.

Posted by Holly Ecimovic on November 18th, 2021 12:36 PM

Are you thinking of buying a home right now?

Contemporary Mortgage Services, Inc. has compiled a short list of things you should know ahead of time, below. Contact us today to see what your options are: 407-834-3377.

According to experts, mortgage rates are near historic lows, and many people predict they will rise soon. Some potential home buyers have started to wonder if it's a good time to buy, because housing prices are on the rise, in many cases. Here are some thoughts from real estate experts:

Many pros believe that they expect interest rates to rise at the end of 2022, according to a report from MarketWatch.com.

According to a report posted recently to MarketWatch, "Fannie Mae predicts that interest rates will average roughly 3.4% in 2022," which would be up slightly from this year. Another expert at NerdWallet.com said there could be a "long-lasting upward trend" in mortgage rates. [Click here to read more from NerdWallet.com.]

The following excerpt is from an article from MarketWatch.com: 

'Home prices have risen roughly 20% over the past year - and most experts think they will continue to rise, albeit at a slower pace - but demand for homes is still high: "While economic uncertainty could potentially dampen mortgage demand over the longer term, we believe current market conditions remain conducive to home purchase activity, as demand for homes continues to far outstrip the supply available for sale," said Doug Duncan, Fannie Mae's senior Vice President and chief economist.'

One key takeaway from the article indicates that demand is far exceeding supply in most markets currently.

Fannie Mae's deputy chief economist Mark Palim told MarketWatch.com that "timing mortgage rates and the housing market is hard," and according to the article, he recommends that buyers look at their own personal wants and needs.

One key thing to think about would be to ask yourself: how long will I be in the area? If the answer is more than five years, experts say buying makes more sense than renting a home. One thing to always consider is to understand what you can truly afford.

Be sure to contact us today to get started with your loan application process. www.contemporarymortgage.com or call 407-834-3377.

Posted by Holly Ecimovic on November 17th, 2021 3:51 PM

What's the difference between an adjustable loan, and a fixed rate loan?

Here's some useful information on how each one differs and which one could be the best for you.

With a fixed-rate loan, the principal and interest portions of your payment do not change for the entire duration of your mortgage.

The longer you pay, the more of your payment goes toward principal. Your property taxes may go up (or rarely, down), and your insurance rates might vary, as well. But generally, payment amounts on your fixed-rate mortgage will increase very little.

When you first take out a fixed-rate loan, the majority of your payment is applied to interest. The amount paid toward your principal amount increases slowly each month.

You might choose a fixed-rate loan to lock in a low rate. People select fixed-rate loans when interest rates are low and they wish to lock in at the low rate.

For homeowners who have an ARM now, refinancing into a fixed-rate loan can offer greater monthly payment stability. If you currently have an Adjustable Rate Mortgage (ARM), we'd love to assist you in locking a fixed-rate at a good rate. Call Contemporary Mortgage Services, Inc. at 407-834-3377 to learn more.

Adjustable Rate Mortgages — ARMs, as we called them above — come in even more varieties. ARMs usually adjust twice a year, based on various indices.

Most ARMs are capped, so they won't go up over a certain amount in a given period of time. Your ARM may feature a cap on how much your interest rate can increase in one period. For example: no more than two percent per year, even if the index the rate is based on increases by more than two percent. Sometimes an ARM has a "payment cap" which ensures your payment won't go above a fixed amount in a given year. The majority of ARMs also cap your rate over the duration of the loan period.

ARMs most often feature the lowest, most attractive rates at the beginning of the loan. They provide that rate from a month to ten years. You may have heard about "3/1 ARMs" or "5/1 ARMs". In these loans, the introductory rate is set for three or five years. It then adjusts every year. These kinds of loans are fixed for 3 or 5 years, then they adjust. Loans like this are usually best for borrowers who expect to move in three or five years. These types of adjustable rate loans benefit people who plan to sell their house or refinance before the loan adjusts.

Most borrowers who choose ARMs choose them when they want to take advantage of lower introductory rates and don't plan to remain in the home longer than this introductory low-rate period. ARMs can be risky in a down market because homeowners could be stuck with rates that go up if they can't sell or refinance with a lower property value.


Have questions about mortgage loans? Call us at 407-834-3377. We answer questions about different types of loans every day.

Posted by Holly Ecimovic on November 17th, 2021 12:31 PM


Five ways to make the loan process go faster

Here are some things you can do to make the home loan process easier and more efficient.

First, contact our team at Contemporary Mortgage Services, Inc. today to get started! (407) 834-3377.

When you let us help you find the loan that's right for you, you truly are taking advantage of some of Central Florida's best technology and expertise to get you a loan decision and funding on your loan quickly. 

Here are five more ways you can speed up the process of getting a mortgage loan:

1. Have everything ready and in one place. Elsewhere on our website, you'll find a list of things you might need in support of your mortgage application. If you get them all together and keep them in a safe, portable place like a special pouch or folder, you can cut down on time spent rooting around for things we may need. Also, you'll help cut down on your own anxiety and confusion.

2. Be honest and complete when you fill out your application. "Fudging" your employment or residence history or omitting open credit accounts you'd rather not have considered doesn't increase your chances of getting a favorable loan. In 100 percent of cases, it makes it harder, and take longer.

3. Respond promptly to requests for additional information. During processing, we or the lender considering your loan may need additional information. Provide it as soon as you get the request, or return the call as soon as you get the message.

4. Be prepared to explain derogatory items in your credit report. This is really part of number 2 above. If you had an illness or a divorce where you missed or made late payments, or you have other instances of late payments or delinquencies on your credit report, be prepared to explain them. Be honest, and don't be nervous! The loan processor isn't judging you, they're trying to fill in all the blanks in their paperwork.

5. Let the appraiser in! The appraisal is one of the lengthiest parts of the mortgage loan process. Studies have shown that the single biggest factor in appraisal "lag time" is the appraiser's inability to reach the homeowner to make an appointment. If you're refinancing and the appraiser calls to make an appointment, make it as soon as convenient for both of you. 

And remember that the appraiser doesn't want to buy your house. He or she will say what the house is worth clean and tidy and in reasonable repair, even if you have some dirty laundry on the laundry room floor or dirty dishes in the sink. Cleaning doesn't get you a higher appraisal! Letting the appraiser in as soon as possible gets you a loan faster, though.

www.contemporarymortgage.com

(407) 834-3377

Posted by Holly Ecimovic on November 16th, 2021 8:26 PM

Are you in the process of buying a home? Here are some facts on closing costs that you might not yet be familiar with.

There are certain standard costs related to closing the sale of a home. Buyers and sellers customarily split these costs, as the sales contract specifies, experts say.

Click here to fill out your secure online loan application!

Many of the costs associated with buying a home are associated with getting the mortgage loan. Since Contemporary Mortgage Services, Inc. has extensive experience with closings and mortgages, we are closing cost experts.

Here are some facts on the Loan Estimate, also known as the LE:


Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this closing cost estimate on our extensive past experience. Please note that while our LEs are very accurate, we cannot always estimate your closing costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that sometimes vary a little bit at the closing table.


We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you have completed your loan application.

At Contemporary Mortgage Services, Inc., we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs:

Loan-related costs:

  1. Interest Payment
  2. Escrow Account
  3. Taxes
  4. Loan-related costs
  5. Points - These are costs you pay up-front to lower your interest rate (optional)
  6. Appraisal Fee
  7. Obtaining Your Credit Report

Property Taxes

  1. Recording fees and transfer taxes
  2. Insurance

Homeowners Insurance

  1. Flood or earthquake insurance
  2. Private mortgage insurance (PMI)
  3. Title insurance

Contemporary Mortgage Services, Inc. can help you understand closing costs. Call us at 407-834-3377.

Posted by Holly Ecimovic on November 15th, 2021 11:42 AM


Contemporary Mortgage Services, Inc

498 Palm Springs Drive Suite 220
Altamonte Springs, FL 32701