Are you married, and yes or no questions on the loan application.

Let's talk about the 1003 residential loan application, how to answer, and what will save you money.

All mortgage lenders need you to fill out a 1003 residential loan application, but they don't explain it to you. Well, let us explain the 1003 and help you out.

Better yet, give us a call before starting and we can save you some time and money, (727) 784-5555 .

Are You Married? The 1st Question That Loan Applicants Struggle With.

When completing the residential loan application, one of the questions I come

across all the time is are you married, unmarried, widowed, or divorced. This might seem like a simple question, but often people who are getting divorced mark the box as divorced, or if they have been with a significant other for decades they mark the box as married.

What matters is what the government knows. Is there a marriage license? A death certificate? Divorce papers?

You have to realize you have to answer the questions truthfully. If you are married and you don't complete the application correctly, the lender will find out through during the titling process. The lender is going to find out through pro

logic.

In Florida when you're buying a primary or a secondary home you have to have your significant other, your married spouse, sign.

Why do they have to sign they don't have to be on the title, and they don't have

to be on the note? Why do they have to sign on the mortgage?

No, they're not on the debt instrument. They're not on the mortgage. They're not apart of the note. But, by signing, they are waiving their homestead rights.

When you have a married couple both cannot have homestead, so it's really important that both parties sign.

Just remember when you're buying a private residence or a secondary home, you need to get your spouse's signature again. They do not have to be

on the title, they do not have to be on the note, but they have to sign the CD

and they have to sign the mortgage.

Have You Ever Had A Bankruptcy? The 2nd Question That Loan Applicants Struggle With.

Have you had a bankruptcy in the last seven years, have you had property foreclosed upon, are you a party to a lawsuit?

This is a simple yes or no question you must answer truthfully.

Other questions people don't like to answer are about federal debt, paid child support, alimony, and co-signing. You have to answer those questions truthfully.

We're gonna find out during underwriting and we need to know now because it may not show on the credit report. You're thinking I think I'm okay, but when we do that ProLogic we're going to find out.

We always want to answer all the questions truthfully so that we can have a smooth sailing and get to the closing table.

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Check out our other helpful videos to learn more about credit and residential mortgages.

Finally, putting a stop on the trigger list

By Didier Malagies • September 10, 2025

Excited to share a major update that will make the homebuying process more secure and less stressful. President Donald Trump recently signed the Homebuyers Privacy Protection Act of 2025 into law. This bill is a significant victory for the real estate industry, as it directly addresses the problem of unwanted calls, texts, and emails that often flood clients upon mortgage application. What's Changing? For years, many borrowers have experienced a barrage of unsolicited contact from different lenders immediately after their mortgage application. This happens because of "trigger leads"—a process where credit reporting agencies sell information to other companies once a credit inquiry is made. Effective March 5, 2026, this new law will put a stop to this practice. It will severely limit who can receive client contact information, ensuring client privacy is protected. A credit reporting agency will only be able to share trigger lead information with a third party if: • Clients explicitly consent to the solicitations. • The third party has an existing business relationship. This change means a more efficient, respectful, and responsible homebuying journey. We are committed to a seamless process and will keep you informed of any further developments as the effective date approaches. In the meantime, you can use the information below to inform clients how to proactively protect themselves from unwanted solicitations. Opting Out: • OptOutPrescreen.com: You can opt out of trigger leads through the official opt-out service, OptOutPrescreen.com. • Do Not Call Registry: You can also register your phone number with the National Do Not Call Registry to reduce unsolicited calls. • DMA.choice.org: For mail solicitations, you can register with DMA.choice.org to reduce promotional mail. tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329

Finally putting a stop to the Trigger leads from happening

By Didier Malagies • September 10, 2025

We're excited to share a major update that will make the homebuying process more secure and less stressful. President Donald Trump recently signed the Homebuyers Privacy Protection Act of 2025 into law. This bill is a significant victory for the real estate industry, as it directly addresses the problem of unwanted calls, texts, and emails that often flood clients upon mortgage application. What's Changing? For years, many borrowers have experienced a barrage of unsolicited contact from different lenders immediately after their mortgage application. This happens because of "trigger leads"—a process where credit reporting agencies sell information to other companies once a credit inquiry is made. Effective March 5, 2026, this new law will put a stop to this practice. It will severely limit who can receive client contact information, ensuring client privacy is protected. A credit reporting agency will only be able to share trigger lead information with a third party if: • Clients explicitly consent to the solicitations. • The third party has an existing business relationship. This change means a more efficient, respectful, and responsible homebuying journey. We are committed to a seamless process and will keep you informed of any further developments as the effective date approaches. In the meantime, you can use the information below to inform clients how to proactively protect themselves from unwanted solicitations. Opting Out: • OptOutPrescreen.com: You can opt out of trigger leads through the official opt-out service, OptOutPrescreen.com. • Do Not Call Registry: You can also register your phone number with the National Do Not Call Registry to reduce unsolicited calls. • DMA.choice.org: For mail solicitations, you can register with DMA.choice.org to reduce promotional mail. Didier Malagies nmls212566 DDA Mortgage nmls324329

When is the right time to refinance your mortgage

By Didier Malagies • September 8, 2025

Good question — refinancing can be a smart move, but the timing really matters. The "right time" to refinance your mortgage depends on a mix of personal and market factors. Here are the main ones to weigh: 1. Interest Rates If current mortgage rates are at least 2% lower than your existing rate, refinancing could save you money. Example: Dropping from 7% to 6% on a $300,000 loan can save hundreds per month. 2. Loan Term Goals Switching from a 30-year to a 15-year mortgage can help you pay off your home faster (though monthly payments are higher). Extending your term may lower your monthly payment but increase total interest paid. 3. Equity in Your Home Lenders usually want you to have at least 20% equity for the best rates and to avoid private mortgage insurance (PMI). If your home’s value has increased, refinancing can help eliminate PMI. 4. Credit Score If your credit score has improved since you got your mortgage, you may now qualify for much better rates. 5. Life Situation Planning to stay in the home at least 3–5 years? That’s often how long it takes to “break even” on refinance closing costs. If you might sell sooner, refinancing may not make sense. 6. Debt or Cash Needs A cash-out refinance can help if you want to consolidate higher-interest debt, fund renovations, or free up cash — but it raises your loan balance. ✅ Rule of Thumb: Refinance if you can lower your rate, shorten your term, or eliminate PMI, and you’ll stay in the home long enough to recover the costs. tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329