Review Mortgage Lenders

First Choice Mortgage of South Florida

NBC News - Republican Candidates Debate @ University of S. Florida in Tampa, FL - January 23, 2012

Time: 09:00 PM (2100) EST on Monday, January 23rd, 2012 Location: University of South Florida in Tampa, Florida Broadcast: NBC News Sponsors: The ...

Your mortgage-holder may get veto power over contractor you hire to fix your house

Courts have consistently ruled that insurers cannot restrict their customers’ right to assign their claims, and the state Legislature has refused to enact bills that would allow insurers to impose restrictions.

In December 2017, the Fifth District Court of Appeal in north central Florida ruled that Security First Insurance could not require policyholders to seek the insurer’s approval to assign a claim. The court said the requirement sought by Security First was prohibited under a common law rule established by the state Supreme Court in 1917, barring insurers from restricting the post-loss transfer of a benefit.

A ruling on Sept. 5 by the Fourth District Court of Appeal, which decides cases in Palm Beach, Broward, St. Lucie, Martin, Indian River and Okeechobee counties, addressed a slightly different approach by insurer Ark Royal: After a repair company submitted a $20,306 invoice for repairs at a consumer’s home, Ark Royal declined to pay the full amount, saying the assignment was not signed by the customer’s mortgage-holder as required by language in the customer’s policy.

As interest rates rise, many South Florida homebuyers rush to sign on dotted line

According to a late 2017 survey conducted by the national real estate brokerage Redfin, 75 percent of 4,000 respondents nationwide indicated they would alter their home search plans in some way if interest rates surpassed the 5 percent mark. The survey included buyers and sellers, as well as those who tried or planned to do a deal.

Twenty-seven percent said they would slow their searches to see if rates came back down again; 21 percent said they would increase their urgency to buy before rates climbed higher; and another 21 percent said that while their urgency would not change, they would move their home searches to other areas or buy a smaller home.

Only 6 percent of the respondents said they would cancel their plans to buy a home, and 25 percent of the respondents said there would be no impact on their searches.

Buyer interest has been resilient in the face of rising rates, with statewide and South Florida regional sales generally on the rise, according to Realtor groups that track monthly sales. Prices are also up.