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Michael Alvarez, NMLS 257246
561-962-5835
Michael has served as a professional licensed Mortgage Loan Originator (MLO) for nearly twenty years, the last eight here in Florida. He is sometimes known as “Monster Mike” for scaring interest rates lower and paying buyer’s scary closing costs. “People think I’m so relaxed, I guess because I’m from California I seem relaxed, but I’m not. Think dynamic tension!”
Whether he is truly relaxed or only pretending, Michael manages to provide his clients with calm and competent customer service during each transaction. As a leader in his field, Michael keeps a close eye on any trends in the mortgage industry or the economy at large that might affect his clients. Lately a more active economy is making his job busier and the market more active. He noted: “The economy is going to keep getting better. That means rates will one day be going up and now we’ve got more people who have more money to purchase more homes.”
When he isn’t working, Michael loves to spend time traveling or at the beach. With a myriad of business and family plans in the works, Michael is sure to remain a force to be reckoned with in the mortgage industry for years to come. Beyond his work in mortgages, Michael is also a health and fitness buff and an avid reader of The Great Books of the Western World.
Rule of Thumb Estimate! Approximately every $10,000 of home loan = $70 per month of PiTiMi. This is Most accurate for first time homebuyers putting 5% or less down with a +640 score. Factors estimated are taxes, insurance and mortgage insurance. Rates change daily. Ask Monster Mike specifics at www.MonsterMikeMortgage.com
Great question. A direct answer is APR = the Note Rate + All FEEs/Expenses required to close & fund the loan, expressed as an interest expense.
"All fees" include taxes insurance, appraisal, survey, termite, title services, county taxes, mortgage insurance, underwriting, processing, Points, etc etc.
There are many ways to express an interest rate. The Federally mandated APR disclosure gives consumers a standard to compare the lifetime expense of two or more loans. The APR requirement makes hidden fees Visable. Points raise the APR quickly.
As a policy, MonsterMike does not charge discount points unless the client will insist. Even then we will do a limitus test to see how quickly the increase in fees is recovered by the lower rate. Less than 36 months is BEST.
Ask Monster Mike anything at www.MonsterMikeMortgage.com
