Frequently Asked Questions

Yes, you can. In fact, Bee offers many streamline refinance options that can close in as little as two weeks. Plus, when you buy your home with Bee in 2023, you can refinance for free when rates drop*.

Refinancing a home means you trade in one mortgage for a new one with different terms. 

Refinancing a home can provide many benefits letting you:

• Lower the rate
• Pay off the home faster
• Get cash at closing
• Remove someone from the mortgage
• Get a home equity line of credit or HELOC
• Get a better type of loan
• Remove PMI or MIP

Lower the rate

Called a rate and term refinance, lot’s of homeowners refinance their home if rates drop after they buy it. This saves them money each month with a lower monthly payment. While not always the best way to look at a refinance, the most popular refinance rule-of-thumb when considering a refinance is if rates have dropped at least 1%. 

Pay off the home faster

Refinancing into a shorter term with a lower payment is a great way to pay off the home faster. Remember as well, unlike some other lenders, there’s no pre-payment penalty with any of our home loans. This allows you the freedom to pay extra whenever you want, paying off your home quickly. 

Cash at closing

Getting cash at closing means you’re increasing the loan amount to access some equity in the home. This cash can be used for many things such as 

• Consolidating debts such as credit cards and personal loans
  There’s no comparison, a mortgage rate is almost always much lower than the interest rate you pay on credit cards. Most homeowners can save up to $2,500 or more per month paying off high-interest credit cards.
  
  
• Home improvements that increase the value of your home
  Investments in your home are never a bad idea. If you want to go solar, build a deck, put in a pool, go with high-efficiency windows and doors, or even a new roof, A/C or plumbing, this is a great way to do it.
  
  
• Renovations
  If you want to do some upgrading to your home, a cash out refinance is a great way to do it without paying out of pocket to get it done. A mortgage allows you to finance the construction with a much lower rates than a credit card or personal loan most of the time.
  
  
• Additions
  Have you been thinking about adding a deck or putting in pool to your home?
  
  
• A rainy day fund
  In today’s uncertain economy, no one knows when it’ll rain or how hard. If you’re just wanting some security knowing you have some emergency cash on hand, cashing out some equity can provide it for you. If you have a big expense coming up, you might want to consider tapping into your home’s equity to pay for it. 

Remove someone from the mortgage

When couples get divorced a lot of times the person keeping the home has to refinance the mortgage into their name only, and have the other person removed from the mortgage. This is very common, and is considered a rate and term refinance with cause. 

Get a home equity line of credit or HELOC

A HELOC is like a credit card attached to the equity in your home. You don’t make any payments unless you buy something with the line of credit. Most of the time you make interest only payments for the first 10 years, then regular principle and interest payment for the rest of the repayment schedule. A HELOC is great for those who don’t want to access all their equity all at once, and only want to use the equity when needed.

Get a better type of loan

Lot’s of homeowners start out in one type of mortgage because that’s all they could qualify for when they bought their home. But with time, better credit, and improved equity in the home, many refinance into a lower rate or fee home loan as soon as they can. Other owners might switch from an adjustable rate mortgage to a fixed rate mortgage when rates are low enough. 

Remove PMI or MIP

While you don’t have to refinance to remove PMI, many owners refinance to eliminate their private mortgage insurance while they’re taking advantage of some of the other benefits mentioned above. Others refinance out of FHA loans that have mortgage insurance premiums into conventional loans that do not therefore saving lots of money of the life of the loan.

*Participating borrowers do not pay any out-of-pocket mortgage broker commission to refinance their loan after buying a home with Bee in 2023. Other closing costs still apply and are not controlled by Bee Mortgage App. Other lender underwriting terms and conditions for qualifying still apply. Final approval subject to lender review.

Yes, Bee offers 20- or 30-year standalone HELOCs giving you a simply and easy way to tap into your home’s equity without touching the rate on your current mortgage. It’s a popular option for accessing cash that can be used to pay down debt, make home improvements, cover tuition and more.

• Available on primary and second home loans
• Loan amounts up to $500,000
• 640+ FICO, up to 89.99% CLTV
• $25,000 minimum line amount, initial draw must be 75% of line amount
• For line amounts up to $250,000, only an approved AVM is required
• For line amounts over $250,000, a full appraisal is required
• Available in Florida only

**Condos require full appraisal
**All loans subject to final lender approval. Additional terms and conditions may apply. 

Yes, Bee offers 80/20 loans via a 20- or 30-year piggyback HELOC letting you secure a mortgage on a home while simultaneously opening a home equity line of credit. 80/20 loans are ideal for borrowers who want to avoid paying PMI but don’t have 20% to put down.

• Available on primary and second home purchases, rate/term and cash-out refinances on conventional loans
• Loan amounts up to $500,000
• 680+ FICO, up to 89.99% CLTV
• $20,000 minimum line amount, initial draw must be 75% of line amount
• For line amounts up to $250,000, an appraisal waiver is accepted with an approved AVM
• Available in Florida only

**Condos require full appraisal
**All loans subject to final lender approval. Additional terms and conditions may apply. 

Yes. In an effort to better serve self-employed borrowers, Bee offers bank statement loans allowing qualified borrowers to use personal or business bank statements, instead of income docs or tax transcripts.

• 640+ FICO, with LTVs up to 85% and no MI required
• Loan amounts up to $3M
• Up to 50% DTI
• Self-employed borrowers only
• For primary home loans:
• Loan amounts up to $1M — 6 months of reserves required
• Loan amounts between $1M up to $1.5M — 9 months of reserves required
• Loan amounts over $1.5M — 12 months of reserves required
• For second and investment property loans:
• Minimum 12 months of reserves required
• Minimum 12 months consecutive bank statements required
• Two appraisals from two different appraisers required for loans over $1.5M
• Available in Florida only 

**All loans subject to final lender approval. Additional terms and conditions may apply. 

Yes, Bee offers DSCR loans. These loans are perfect for investors looking to expand their real estate portfolio. It allows borrowers to use the market rent of the property to qualify, rather than their current income.

• 640+ FICO
• Up to 80% LTV
• Eligible for investment property purchases, rate/term and cash-out refinances
• Minimum debt-service coverage area ratio (DSCR) of .80
• Finance up to 20 properties
• Loan amounts up to $2M
• Appraisals from two different appraisers required for loans over $1.5M
• Minimum 2 months consecutive bank statements required
• Available in Florida only 
• Minimum of 6 months reserves required
• Available in Florida only 

**All loans subject to final lender approval. Additional terms and conditions may apply. 

Yes! In an effort to better serve self-employed borrowers, Bee offers bank statement loans allowing qualified borrowers to use personal or business bank statements, instead of income docs or tax transcripts.

• 640+ FICO, with LTVs up to 85% and no MI required
• Loan amounts up to $3M
• Up to 50% DTI
• Self-employed borrowers only
• For primary home loans:
• Loan amounts up to $1M — 6 months of reserves required
• Loan amounts between $1M up to $1.5M — 9 months of reserves required
• Loan amounts over $1.5M — 12 months of reserves required
• For second and investment property loans:
• Minimum 12 months of reserves required
• Minimum 12 months consecutive bank statements required
• Two appraisals from two different appraisers required for loans over $1.5M
• Available in Florida only 

**All loans subject to final lender approval. Additional terms and conditions may apply. 

Yes, Bee offers loans for buyers financing the construction of a new home via a fast and easy process giving you a buyers advantage.

The best part is that you only close once, which means one interest rate (with the option to modify down if the market improves), one down payment, one full credit report to order and one approval.

• Eligible on 15-and 30-year fixed conventional and high balance loans and 7- and 10-year ARMs
• Available on primary, second and investment property purchases and rate/term refinances
• 700+ FICO, up to 95% LTV
• DU Eligible
• 11-month maximum build period with 1-month modification period
• Loan amounts up to the conforming loan limits
• Available in Florida only

**All loans subject to final lender approval. Additional terms and conditions may apply. 

Yes, Bee offers temporary rate buydowns that give you a lower interest rate and monthly payment for the first 1–3 years of your mortgage. 

• Seller- and lender paid 1- and 2- and 3-year buydown options
• Eligible on primary and second home purchases for conventional 15- and 30-Year Fixed loans and ARMs
• Eligible on primary home purchases for FHA and VA 15- and 30-Year Fixed loans
• Eligible on primary and second home purchases for Prime Jumbo 30-Year Fixed loans
• Available in Florida only 

**All loans subject to final lender approval. Additional terms and conditions may apply. 

To apply for a mortgage you get with a mortgage broker or lender and complete a loan application.

When processing your loan application, the broker or lender will verify you meet the qualifying criteria on three primary things, your

• Credit
• Income
• Assets

Credit

Each lender has a minimum credit score requirement which is usually 620 or higher, in addition to not having any bankruptcies or foreclosures in the recent past. If you don’t know what your score is but always pay your bills on time, you most likely have a high enough credit score to qualify. 

The rule of thumb for credit is that the better your score is, the better interest rate you get. Your interest rate determines how much you pay back over the life of the loan, and determines what your monthly payment is. 

Income 

A good lender will verify your income during the pre-approval process. Exceptional lenders do it electronically which is easiest for you. Your income is used to determine if you make enough money to afford the monthly mortgage payments on the home you want to buy. For most lenders, your income simply needs to be less than a debt-to-income ratio of 50% which is calculated by the lender. Your income does not impact the rate you get. 

Assets

You’ll need to prove that you’ve got enough money to cover the down payment and the closing cost of the home you want to buy. If some of the money is coming from seller credits towards closing costs, a gift from a family member or relative, or down payment assistance program, be sure to let the lender know. 

The New Home

You’ll also let them know what kind of house you want to buy and if it’ll be your primary residence. The type of home it is matters too. Whether it be a single family home, a town home, condo, manufactured home, or multi-unit property, each property type has an impact on qualifying. 

The rate you get is primarily based on the 

• Your credit score
• How much money you’re putting down for the down payment 
• Loan type such as a 30 year fixed rate mortgage
• If the home will be your primary residence, a second home, or an investment property
• The property type (condo, multi-unit, or a regular single-family home)

When they’re done processing your loan application, they’ll let you know if you’re pre-approved or not, and how much you’re pre-approved for. Then you can give your pre-approval letter to your real estate agent and go home shopping.

Appraisals are one of the things a lender doesn't control.

By law they are supossed to be done by a completely uninfluenced, independent, third-party professional who provides their opinion for the current market value of the home.  

Most of the time they come in high or on the sales price of the home. After all, in a free market value is only determined by what someone is willing to pay for it, so most of the time the contract price matches the appraised value. 

But there are the rare occasions where an appraisal comes in lower than the agreed upon sales price of the home. And lot's of times this can kill the deal but you've got a better chance at buying your home if you're working with a mortgage broker, not a lender directly. For context let's dive into why the home value is important. 

First of all, the value of the home determines what the loan-to-value, or LTV, is. And LTV determines the rate you get, and if the lender will approve the loan for financing. LTV is calculated by what the loan is to the value of the home. For example, let's say the home you're buying is $100,000 (to make math easy). 

The max loan amount you could finance (for the average loan) would be 97% of the value, which would = $97,000. 

If a 3% down payment is all you can afford to put down, then you're maxed out on the LTV. If the appraised value comes in lower than $100,000 and the seller refused to lower the sales price of the home, you'll have to put more money down the make up the difference. 

Let's say the appraisal came in at $95,000. That means you'd have to put down an additional $2,000 to keep the LTV at 97% or less. 

In most scenarios where the appraisal is a little less than the contract price, most sellers agree to lower the sales price of the home. But what if there's a big difference? This is where working with a broker can save your dream home for you, and it happened to us at Bee recently. 

$160,000 LESS

We recently had a home that appraised for $160,000 less than the agreed upon sales price of the home. The person that extremely low-balled this appraisal had a bad public reputation for ruining deals by appraising homes drastically less than the contract price. They are an attorney who owns an appraisal service and have many, many complaints. 

After the seller refused to lower the sales price, and the buyers understandably refused to pony up more cash for the down payment, we got an extension to close and took the file to another lender who ordered another appraisal. The new appraisal came in $6,000 higher than the contract price. 

The first lender offered to order another appraisal, at the buyer's cost of course, but refused to use to higher of the two appraised values. So, what's the point of paying for another appraisal with the same lender? Insanity. This lender is no longer in business, by the way, and it's not hard to understand why. 

Had the buyers been working with a lender directly they would of had to find another lender quickly, apply, and get the appraisal rush ordered. But because they were working with us, a mortgage broker, we handled all of that for them, saving their dream home in the process. 

The Mortgage Broker Advantage

Buyers who use mortgage brokers have the best chance at closing, period. They have a smoother process and get better rates along with the ability to close faster. There's a reason why the broker model is on the rise as homeownership affordability declines and home buying becomes more expensive. 

In many cases, like a low appraisal, mortgage brokers have more resources to fix unexpected problems that might pop up outside of anyone's control. Closings home loans isn't easy or for the faint of heart. It takes a learned skill and the ability to push a team that drags the file over the closing line together. 

In the scenario above, had it not been for a very capable real estate agent, and understanding buyers, working together to solve the problem, they would not have closed when they did; and rates skyrocketed right after they closed. Those minutes urgently working a solution meant the buyers saved a lot of money on their loan by locking in a new low rate quickly. 

If you're a first-time home buyer, you might be wondering how it all works. Here you go! 

High-level overview of buying a home:

- Getting pre-approved
- Signing a contract to buy a home
- Closing

Smaller steps:

1. Identifying a home buying budget
You might want to know what price range to be looking in. This is where Bee’s app can help. While this estimate is no substitute for an actual pre-approval, it will give you a good estimate for how much home you can afford to buy.

2. Start looking at houses online
Start dreaming! Be sure to check out multiple homes to get a good idea of what’s available.

3. Work with a real estate agent
Before you make an offer on a home it’s best to hire a real estate agent to represent you in the transaction. Buyers who use agents statistically get better deals than those who don't. Your agent is your advocate in the purchase to make sure you’re getting a good deal, and you don’t have to pay them anything. Their commission is paid by the seller, even if the seller has an agent selling the home for them.

4. Home shopping with your agent
Your agent will gather a list of houses for you to look at that are in your price range. If you see one you like, they’ll make an appointment to see the home in-person. You’ll do this until you find the one you want to make an offer on to buy.

5. Get pre-approved
When you find a home you like and are ready to make an offer, you’ll need to get pre-approved to show the sellers that you're a qualified buyer. Getting pre-approved with Bee takes a few minutes and can be done in three ways: - In our app (for iOS users; invite only) - On our website - Directly with a loan officer Once you’re pre-approved you’ll receive a pre-approval letter.

6. Make an offer on a home
When you find the home of your dreams, it’s time to make an offer. Your agent will work with you to help you so this the best way possible. You might want to request the seller give you some credits that help you cover the cost of closing. This is common. Rely on your agent’s expertise to guide you.

7. Sign a purchase agreement to buy the home
Once your offer is accepted by the seller, you’ll both sign a contract. Closing normally takes place about 30 days after the date you sign the agreement, but could go up to 60 days depending on the circumstances of the deal. Great lenders close before 30 days. After you get a copy of the signed contract, you’ll need to send it to your lender. Lock in your rate and order appraisal with the lender. If rates are higher than they used to be when you go to lock in a rate, you can always refinance the home in the future when rates drop.

8. Loan Processing: Provide requested documents to lender
After you lock your rate in and order the appraisal, your file goes to loan processing where the lender will make sure the property is eligible for financing. This is the property approval step, and is called loan processing by the lender.

The lender completes three main steps in processing:

- Establish the current value of the home with an appraisal.
- Make sure the title is clear of any liens or encumbrances.
- Verify all costs associated with the home such as property taxes or any dues homeowners are required to pay.

While this is going on, you will be asked to provide certain documents to the lender such as:

- Homeownership insurance policy information verifying adequate coverage on the home
- W2’s verifying job history
- Survey of the property
- Letters of explanation for various things such as credit inquiries

Borrowing tips:

- Good communication between all parties involved
- Follow all lender instructions or requests quickly
- Sending in requested documents quickly
- Letting the lender know of any updates you receive on your end
- Any delays on your end could cause you to miss your closing date or have to pay to extend your rate lock.

If you’re buying a condo, you’ll most likely have to pay to have a condo questionnaire completed by the company that manages the condo units and common areas for the homeowners association. Please note: Do not use your credit to buy anything new until after you close. Financing anything new could jeopardize your ability to qualify for the home loan. After you close, you can buy whatever you want with your credit. It won’t matter at that time.

9. Close!
Get ready to sign your name a gazillion times at the title company’s office! After you close you'll get the key to your new and and Bee a homeowner!

How to Buy A Home During A Recession

All we hear right now is about a certain recession this year. And while previous recessions have caught everyone by surprise because nobody thinks the music will end, it seems as if everyone and their mother is expecting one this year. 

Before we explore the advantages a recession gives home buyers, let’s first understand what a recession is and why it’s not so bad for an economy. 

What is a recession

Although the definition is open to interpretation and political opinion, the classic definition is that a recession is consecutive quarters of negative GDP growth. In other words, the economy contracts two quarters in a row. 

In the broader sense of the market, this is good and needed; as no markets can go up forever just as they can’t go down forever [hopefully]. Think of a recession as pruning a tree so that it has the chance to grow higher. Without a natural pull back, fair value is overtaken by irrational exuberance, which isn’t good for anyone. 

Just think about the last time when you were irrationally exuberant–the bachelorette party you can’t remember, or the company holiday party where you might have had a few too many and found yourself making out with someone on a table like your plane was going down. Regardless, irrational exuberance is not good under any circumstance which is why recessions are natural and needed for healthy markets to take the next leg up.  

How does a recession impact home buying 

Home Prices 

Home prices tend to drop during a recession due to an increase in inventory caused in part by more foreclosures as people lose their jobs and ability to keep their homes. Home prices dropped $65,100 on average in the crash of ‘08, but there's no guarantee they'll drop that much as certain markets hold up better than others. Visit here to get more tips on how to get the best price on a home. 

Mortgage Rates 

Mortgage rates also tend to drop as the Fed lowers interest rates to stimulate the economy. However, there is no guarantee we’ll see the same historic low mortgage rates like we did in 2020 & 2021. If unemployment remains low and there are millions of jobs to fill, the Fed will continue to raise rates until inflation is nearing their 2% target. If this happens mortgage rates will not fall that much during a recession. 

Deals 

Sellers tend to give more seller concessions the longer the home sits on the market, making it cheaper for you to buy. Seller concessions are credits towards closing costs and can usually be as high as 9% of the loan amount if your down payment is 25% or more. This can add up to a lot of money you save. 

You might also be able to find deals on short sales or homes in foreclosure. But be careful, some of these houses can cause you to incur additional costs so make sure you have the home properly inspected so you know what you're buying. Even after an inspection, you might still be required to buy the home as-is so the seller or bank would not be giving you any money towards things that need to be repaired. This can impact your home warranty, ongoing maintenance costs, and homeowners insurance costs.   

With a long term view, over time you'll be okay, no matter when you buy. This chart from the Federal Reserve will give you an idea of how the housing market has performed during recessions. The gray bars are recessions, and, as you can see, home prices held up pretty well historically. 

When to buy 

No one can predict the market, but no matter when you buy, you'll probably end up in the green over a long period of time as homevalues appreciate overall. And while home prices historically have dropped during a recession, waiting to catch the bottom of the market can drive you nuts, causing you to put your comfort and peace of mind on hold while you try to catch a falling knife. So, if you’re waiting for the perfect market conditions of rates and home prices to be low at the same time, you might be waiting long while because that’s not how the market works. 

Remember, you don’t buy a home when the market is perfect, or else you’ll never buy. You enter the market when you’re ready to enter; when you’ve found the home of your dreams and can afford the mortgage payment. If rates drop after you buy, refinance into a lower rate and payment. If they don’t, be thankful you locked in a low rate when you bought the house.

How to choose the best mortgage company

Everyone wants to know how to get the best deal right now, especially with rates higher than normal, but most importantly, you want to get the lowest rate you can and close on your home. Here’s 3 ways to make that happen. 

#1 Work with a mortgage company that has good reviews. 

This includes companies with a reputation for low rates and being able to close loans fast. Remember, at the end of the day it’s all about being able to solve problems and close loans so you can buy your house. If a company has bad reviews and complaints about the process or poor communication, stay away. 

#2 Work with a mortgage expert.

Your rate is only as good as the people at the mortgage company working your file to closing. A bad loan officer and processor can screw up your loan or cause you to spend more money than you have to. Here again is where reviews are key to finding a mortgage expert, especially agent reviews. If a real estate agent has agreed to go on the record and give a good review, they’re staking their own name and reputation behind the review. Real estate agents only use the best they can find. Feel free to call the agent that gave the review to ask them about their experience with the company.  

#3 Get started now. 

Nobody knows what rates will do. They’ll most likely keep trending up, but who knows and who cares. You don’t buy a home when rates are low. You buy a home when you’re ready to buy, have found your dream home, and can afford the mortgage payment. Getting started now will let you lock in a low rate before they have the chance to go up more. If they drop after you buy your home, you can refinance into a lower rate and payment.

We need a mortgage that's there for you through thick and thin, not just when rates are high, but when they're low. 

One that opens your door for you and calls you back after the first date. One that doesn’t drive slow in the fast lane. A mortgage that waits at your front door in case you need something. A mortgage that likes to hold hands and long walks on the beach. A mortgage that can finish your sentences. That you can go to with anything and you know you won’t be judged. A mortgage that already has their shoes off before going through airport security.

A mortgage that doesn’t make the payments for you, but comes pretty darn close. A mortgage you’ve got at home that you brag about to your buddies when they’re all talking about their “personal” loans. A mortgage you wouldn't just trade for a nod a wink from another lender wanting some quick refi fun. 

A mortgage you can see yourself spending the rest of your life with, just like the home you’ll use to buy it with. 

We need a mortgage you can trust, that has real feelings for you and isn’t just using you for the money. A mortgage you can take home to meet your parents. One that will stand up straight, look your Dad straight in the eye and firmly shake his hand to introduce themselves, and have you back 5 minutes early.  

We need a mortgage you can respect. 

In 2023, when you buy with Bee, you can refi for free.

Home buying tips when rates are higher than normal

Everyone wants to know how to get the best deal right now, especially with rates higher than normal, but most importantly, you want to get the lowest rate you can and close on your home. Here’s 3 ways to make that happen. 

#1 Work with a mortgage company that’s known for low rates. 

You can find out what their rates are by looking on their website and checking reviews from actual customers. Mortgage companies and brokers that have the best rates will advertise them. 

#2 Work with a mortgage expert.

Your rate is only as good as the people at the mortgage company working your file to closing. A bad loan officer and processor can ruin a good rate by not closing on time or causing you to spend more money than you have to. Here again is where customer and real estate agent testimonials are important to finding a high IQ mortgage broker. 

#3 Get started now. 

Nobody knows what rates will do. They’ll most likely keep trending up, but who knows and who cares. You don’t buy a home when rates are low. You buy a home when you’re ready to buy, have found your dream home, and can afford the mortgage payment. Getting started now will let you lock in a low rate before they have the chance to go up more. If they drop after you buy your home, you can refinance into a lower rate and payment.

You might hear of lot’s of offers from other lenders right now offering temporary rate buydowns and specials where the mortgage payment is lower for the first year or so. Don’t be fooled. Lenders don’t give away anything for free. But at Bee we do! 

When you buy with Bee in 2023 we will refinance you for free when rates drop. 

And by free we mean you won’t pay us any out-of-pocket commission at closing for brokering your loan. We understand rates are the top concern of home buyers right now and want to ensure their peace of mind when they buy with us. We’ll track mortgage rates for you and when they drop enough to get a good savings by refinancing, we’ll let you know. 

Keep in mind, that doesn’t mean you won’t pay normal closing costs. We can’t do anything about those pesky third-party fees. However, you can easily roll them into your new loan so that you’re not paying any money out of pocket from start to finish–the cost of the appraisal and all other closing costs can be rolled into the new loan. Plus, you’ll be able to close remotely, from the comfort of your home or somewhere else if you like.

With record inflation driving prices sky high, a low mortgage rate is everyone’s goal. 

Unlike working directly with a lender, buyers get much lower rates using mortgage brokers because they’re gaining access to wholesale rates, not retail. At Bee, we shop around for you to find the lowest rate possible. 

We get paid on the loan amount, not the rate, so we’re incentivized to find you the lowest rate possible so that you refer your friends and family members to us. And don’t worry about our broker fee that can range up to 2% of the loan amount. Most of the time it’s paid by the lender directly, not you. 

Sometimes buyers want to pay our broker fee directly to us because they get a much, much lower rate and the cost easily justifies the savings. For example, one of our first-time buyers was offered 7.25% from a credit union but got 5.999% from Bee by paying our small broker fee directly to us. His broker fee was a about $3,500 but his savings was more than $50,000 with our loan. 

In certain situations, buying points to get a lower rate is the best way to go. Each situation is unique and no matter the circumstance, we work with each customer to figure out a rate and mortgage payment that’s best for them, then let them decide for themselves which way they want to go.

Buy with Bee and refi for free

You might hear of lot’s of offers from other lenders right now offering temporary rate buydowns and specials where the mortgage payment is lower for the first year or so. Don’t be fooled. Lenders don’t give away anything for free. But at Bee we do! 

When you buy with Bee in 2023 we will refinance you for free when rates drop. 

And by free we mean you won’t pay us any out-of-pocket commission at closing for brokering your loan. We understand rates are the top concern of home buyers right now and want to ensure their peace of mind when they buy with us. We’ll track mortgage rates for you and when they drop enough to get a good savings by refinancing, we’ll let you know. 

Keep in mind, that doesn’t mean you won’t pay normal closing costs. We can’t do anything about those pesky third-party fees. However, you can easily roll them into your new loan so that you’re not paying any money out of pocket from start to finish–the cost of the appraisal and all other closing costs can be rolled into the new loan. Plus, you’ll be able to close remotely, from the comfort of your home or somewhere else if you like.

How to make an offer

When you and your agent make an offer on a home to buy, the seller will want a copy of your pre-approval letter verifying you to be a qualified buyer. This is normal. However, high IQ agents and buyers don’t let the seller know the highest amount the buyer is pre-approved for, and instead provide a copy of the pre-approval letter that matches the offer they’re making. 

So, for example, if the home is listed for sale for $300,000 and the buyer is pre-approved for a loan up to $350,000, the agent is going to make an offer with a pre-approval letter for whatever their offer is, not what the max the buyer is pre-approved to borrower. So, if they offer $290,000, they’ll include a pre-approval letter for that amount, not $350,000. 

This works to the buyer’s advantage in negotiating a better price for the home. After all, how flexible would you be on the price knowing the buyer is approved to buy more than what you’re asking for your home? 

This is real estate agent best practices 101, and if your agent doesn’t do this, fire them. You wouldn’t hire a clown to fix a leak in the john, would you? So, why let some hooligan agent let the seller know how much you’re qualified to buy way higher than what they’re asking for? If you do find yourself in this situation, tell your agent you want them to submit your offer with a pre-approval letter to match the offer, and if they don’t, seriously consider letting them go and finding another agent. 

The lender or broker should allow you to customize your pre-approval letter to match whatever offer you’re making on a home. This is mortgage lending 101, and if they don’t, fire them and go with someone else. Exceptional lenders calculate the max you’re able to borrower then give you the ability to change the amount on your own, that way you can put in offer quickly without having to wait on a loan officer to change the numbers. 

Making an offer that’s going to get the seller’s attention is all that matters, and a part of negotiating to get the best deal on the home. Certainly the seller wants to sell their home for as much as possible, and you want to buy the home for as little as possible; but at the end of the day they’ve got to work with a buyer or risk not selling it at all. Most sellers and their listing real estate agent know they’ll have to come down some on the price, and set the asking price with some cushion in the first place. 

Unless you’re buying a very unique home designed by a legendary architect or ultra fancy design, most sellers will come down on the price.

Things to remember when making an offer on a home to buy:

The Home

You want to know as much as possible about the home. This means researching online to get as much information as you can. Have your agent do a search on MLS to see the sales and price history of the home. You also want to know why the seller is selling. There’s no such thing as bad information so get as much info as you can. 

Current Home Mortgages

The state of the seller’s finances or mortgage on the home might be a factor in determining motivation to sell. And while mortgage information isn’t public record like property sales are, simply asking might give you some valuable info that impacts the sales prices of the home in your favor. 

Permits

Simply put, you want to make sure that everything done to the home was properly permitted, and that there are no current permits for construction on the property. All additions should be permitted and the square footage accounted for. If something was done to the home without proper permitting, get with your real estate agent and legal counsel for advice. If it doesn’t stop you from buying the home, it will certainly give you leverage in negotiating a better sales price. 

Comps & Inventory

Comps or comparables are similar homes in the area that have recently sold. You want to know what’s going on in the local market. No one wants to blindly move into a neighborhood that’s on a downtrend and everyone is fleeing for some reason. Signs of a good real estate market are steady and consistent home value appreciation and few home sales. The fewer the home sales, the less people want to leave.

Be sure to look at what’s sold, what’s under contract, and what’s listed for sale. Be sure to ask if there’s any whisper listings, which are home sales done privately, not listed for sales on the MLS. 

Property Taxes, Dues and Cost of Living

You want to know all about what residents are paying for taxes in the area. From what your property taxes will be to every other area of your life that will be impacted by taxes. Some areas have lower taxes than others, while some have very high taxes. Local area cost of living and property taxes are one thing that’s difficult to budget for in the beginning if you don’t know exactly where you’ll be buying a home. 

You’ll also want to consider any dues the home might have such as HOA (homeowners association) or CDD or co-opt dues. These two are hard to budget for in the very beginning, but need to be accounted for as soon as possible because they impact whether or not you qualify for a mortgage on a particular home. 

It’s okay to speak with a neighbor about how the HOA is, or someone at the local bank or supermarket to get more information on day-to-day living expenses. You’re going to be stuck there so you might as well get to know some of the people in advance. If they’re not very polite, you might not want to live there to begin with. Look at area crime and how the local schools are. Even if you don’t have children of your own, how good or bad the schools are could affect you selling the home in the future. See where the home is in relation to the grocery store, your favorite restaurant, and your job. 

Utilities & Upkeep 

Find out from the current owner what they pay for all utilities, and what they spend per year to keep the house up. While upkeep might be harder to estimate, you can know exactly what they pay for utilities. If they’re paying a lot, there might be a draft problem with how well the home seals. The windows and doors might be old and letting air in. If you get this information up front from the seller, your inspector can be on the lookout for anything that is damaged or needs to be replaced that affects the utility costs for the home. If you find something that needs to be replaced, the seller will either replace it or give you a credit for the cost to do it yourself after you buy the home. 

Homeowners Insurance 

This is a big one. Insurance is important. The last thing you want to do is get a policy that won't work, have the carrier cancel the policy, then have the lender put forced-placed coverage on the home. Forced-placed coverage is very expensive. 

Where the home is can affect the cost of insurance dramatically. In Florida, one house can have a small cost for insurance and the next house down the street can be 3x as much. 

Day to Day Living

Lastly, before moving into the community, you want to get a sense of what living there is like. If you don’t know someone personally who lives in the community that can tell you all about it, social media and news outlets are a great resource to find out what day to day life is all about. 

Nocatee, Florida is constantly ranked a top place to live in Florida by many publications and websites. In addition to the various community groups, schools, entertainment, churches and shopping, homes are in high demand and don’t sit on the market very long.

The short answer is, yes, so long as you have found the home of your dreams and can afford the mortgage payment.

The long answer is that it depends on your current needs. 

Since interest rates will affect your monthly payment, there are always financial implications to consider for anyone purchasing a new home. Unfortunately for homebuyers, higher mortgage rates mean higher monthly payments. However, the increase in loan costs also affects the overall affordability and availability of homes for sale. 

The cost of homeownership has doubled over the past six months leaving many buyers with more than just location to weigh into their home buying decision. This rapid increase in cost has been driven by the central bank’s reactionary monetary policies because of the pandemic. 

The Federal Reserve, or “the Fed”, uses fed fund rates as the primary tool to influence the U.S. economy through the Federal Reserve Banks. In their efforts to help manage inflation and steer our economic outlook away from a recession, interest rates were kept at a near-zero range during the pandemic while they pumped trillions and trillions and trillions of dollars into the system to prop up the economy. Then, in an effort to stave off hyper-inflation, the Fed started raising rates sharply in 2022 causing the cost of credit for everything from goods and services, to homes and automobiles to become much more expensive. 

But despite how it may seem, this also has positive benefits for homebuyers.

More Choices and Lower Prices 

If you’ve been shopping for a home, you’ve likely heard stories about how crazy the housing market had been earlier this year. When mortgage interest rates dropped to an all-time low, the demand for buying a new home went up and the supply of houses for sale started to drop. This natural short supply and high demand scenario caused home prices to soar to record levels never seen before. Real estate agents even had to recommend that homebuyers offer more than the seller’s asking price just to make an offer more competitive during the bidding wars.

The good news for a home buyer in today’s market is the rising interest rate has helped to rectify the issue by reducing the number of buyers who can qualify for a mortgage loan. By pricing some buyers out of the market, the decline in demand means the inventory of available homes will be going up and the price you have to pay for a home will be much more competitive as the housing market reverts back to its natural equilibrium. 

While homes are still expected to sell relatively quickly, additional listings that spend more days on the market is a great sign for qualified homebuyers. This means we’re returning to a somewhat “normal” market, although no one can quite define what “normal” actually means. 

Again, we remind buyers that it’s not about what the market is doing. You buy a home because it’s where you want to build your life and dreams for your family; and you buy because you can afford the mortgage payment. 

How to Buy Your Dream Home

It’s simple – you do it just like you did before the housing market went crazy. You find a real estate agent that you trust to help you shop for your dream home and a mortgage broker that you trust to find you the most competitive loan. As for the changes the Fed may make in raising or lowering interest rates, your mortgage broker can keep you informed as to when will be the best time for you to refinance if you end up buying your dream home when rates are high. 

When buying a home, there are real-world factors for any homebuyer to consider. Listed below are a few of the key things to keep in mind when shopping for your dream home:

1. Location: Consider the neighborhood and proximity to schools, public transportation, and other amenities.
2. Size and layout: Think about the size of the home and the layout of the rooms to ensure it meets your needs and accommodates your lifestyle.
3. Condition: Be sure to thoroughly inspect the property to ensure it is in good condition and identify any potential issues that may need to be addressed.
4. Cost: Consider your budget and be sure to factor in additional costs such as closing costs, property taxes, and homeowners insurance.
5. Future plans: Think about your future plans, such as starting a family or retiring, and consider how the home will fit into those plans.
6. Resale value: It's always a good idea to consider the potential resale value of a home in case you decide to sell it in the future.

Overall, it's important to carefully evaluate all of these to ensure that the home you buy is the right fit for you and/or your family. To continue the homebuying process, visit the Bee media page to watch our helpful Mortgage Videos.

So, should I buy a new home now?

If you are a qualified buyer, yes. There’s no doubt that the housing market was in need of a correction but stabilizing the buying frenzy does not suggest a housing market crash. In fact, there are already signs that inflation is starting to cool off and the housing market is returning to normal. Generally speaking, if you are looking to buy a home in the next year, it may be advisable to lock in today’s interest rate using the Bee Advantage.

From shopping for a loan to closing on your mortgage, Bee will be there with you every step of the way to ensure you stay up to date with everything going on. To begin your home-buying journey, visit the App Store or Google Play to download the Bee app. Our buying power calculator is FREE to use and doesn’t require a credit check for you to estimate monthly payments and personalize a mortgage to fit your budget. From fixed to adjustable rate loans, Bee has a mortgage that will work for you with shorter or longer terms for repayment.

Yes, absolutely.

Home buyers who use real estate agents get better deals than those who don't. On average, home buyers pay less for their new home when they're represented by an agent. These agents are professionals at what they do, which is getting an offer accepted, then pushing the deal to close. They anticipate and troubleshoot problems quickly, and are paid by the seller, not the home buyer.

When thinking about home buying with an agent or not, consider this: you can rebuild your engine and run a marathon, but the master mechanic and seasoned athlete will have better results.

NAR, the National Association of Realtors, lists 7 reasons why you should use a real estate agent.

1. Act as an expert guide.
Buying a home typically requires a variety of forms, reports, disclosures, and other legal and financial documents. A knowledgeable real estate agent will know what's required in your market, helping you avoid delays and costly mistakes. Also, there’s a lot of jargon involved in a real estate transaction; you want to work with a professional who can speak the language.

2. Offer objective information and opinions.
A great real estate agent will guide you through the home search with an unbiased eye, helping you meet your buying objectives while staying within your budget. Agents are also a great source when you have questions about local amenities, utilities, zoning rules, contractors, and more.

3. Give you expanded search power.
You want access to the full range of opportunities. Using a cooperative system called the multiple listing service, your agent can help you evaluate all active listings that meet your criteria, alert you to listings soon to come on the market, and provide data on recent sales. Your agent can also save you time by helping you winnow away properties that are still appearing on public sites but are no longer on the market.

4. Stand in your corner during negotiations.
There are many factors up for discussion in any real estate transaction—from price to repairs to possession date. A real estate professional who’s representing you will look at the transaction from your perspective, helping you negotiate a purchase agreement that meets your needs and allows you to do due diligence before you’re bound to the purchase.

5. Ensure an up-to-date experience.
Most people buy only a few homes in a lifetime, usually with quite a few years between purchases. Even if you’ve bought a home before, laws and regulations change. Real estate practitioners may handle hundreds or thousands of transactions over the course of their career.

6. Be your rock during emotional moments.
A home is so much more than four walls and a roof. And for most buyers, a home is the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you stay focused on the issues most important to you when emotions threaten to sink an otherwise sound transaction.

7. Provide fair and ethical treatment.
When you're interviewing agents, ask if they're a REALTOR®, a member of the National Association of REALTORS®. Every member must adhere to the REALTOR® Code of Ethics, which is based on professionalism, serving the interests of clients, and protecting the public. 

With over 200,000 agents in Florida, finding one or getting a referral to one is easy.

For more High IQ Buying tips or to apply for a mortgage online click here. 

When buying a home, you want to get pre-approved at the right time, not too soon and not too late.

Simply put, you don't want to get pre-approved until you're ready to make an offer on a home. The seller and their agent want to know that you're a qualified buyer before even looking at your offer. Having a verified pre-approval letter, meaning your credit, income and assets have been verified, will set you up for success and set the tone of how the rest of the home buying process should go. 

Minutes count in hot real estate markets, like Florida, and being pro-active instead of reactive will ensure you have the best chance to close and avoid problems. But when should you apply for pre-approval? There are key things to consider for when you should get pre-approved. 

Too Soon

Getting pre-approved too soon can waste time, money and a credit pull. While it's totally up to you when you do apply for pre-approval, if you're not buying within the next 6 months, you probably shouldn't get pre-approved unless you simply want to know for sure what you're qualified to buy.

Too Late

Just as getting pre-approved too soon can be a waste of time and resources, getting pre-approved too late can cause you to miss out on getting the offer for your dream home in before other offers, and accepted by the seller. You're competing with other pre-approved buyers and if someone has their offer accepted before your's, you've lost out on the home. 

Just Right

Generally speaking, if your wanting to buy a home a certain month, you need to get pre-approved about a month before that. Your credit report is good for 4 months, and, if you run over 4 months, an expert mortgage broker can easily re-pull your credit without hurting your score.

Shopping for homes with a verified pre-approval letter will boost your chances of having your offer accepted before someone else's, and allow you to hit the ground running because you've already qualified to buy the home.

Seller's and their agents love to work with buyers who have already been pre-approved to buy, that way they can move fast as opposed to waiting for you to get pre-approved before they entertain your offer. 

Getting pre-approved the month before you start making offers on homes will allow you to get ahead of the game by completing a key step in advance instead of scrambling to do so as soon as you find the home you want to make an offer on. Getting pre-approved the month before you want to make an offer gives you the luxury of working out any small issues regarding your credit, income or assets; the three pillars of a verified pre-approval letter. 

Making an Offer

Before you can make an offer to buy a home the seller and their agent will want to know you're a qualified buyer. So, no matter where you are in the process, you'll need to get pre-approved and give the seller a copy of the pre-approval letter when you're ready to make an offer. Seller's and their agent will prioritize an offer from someone who has their income and assets fully verified in advance. This is why top lenders and brokers insist on verifying those things before sending out a pre-approval letter. 

If you're thinking about buying a home and will buy it as soon as you find it, you should probably go ahead and get pre-approved that way you are ready to go and make a qualified and verified offer as soon as you find your dream home. The longer you wait to get your offer in, the greater your chances are of losing out on the home. Speed is key and minutes count, especially when it comes to your dream home! 

Yes. Here's 3 Key Takeaways From The Fed’s Meeting Minutes recently released:

1. Inflation is not under control
2. The Fed is committed to raising rates until it is, even if it means increasing the hikes
3. The market doesn’t know what it’s talking about when interpreting Fed moves

The Federal Reserve released the minutes from their December meeting. As expected, and in line with previous comments from Fed Chairman Jerome Powell, they are committed to raising rates for "some time" until inflation is on a clear path towards their 2% target, which is still a ways away. 

Due to persistent and unacceptably high inflation, policymakers raised their key interest rate 50 basis points and reaffirmed the importance of maintaining this restrictive monetary policy until inflation is under control–pretty much the same thing they’ve been saying since they started raising rates last year.

In addition to cautioning against premature pull backs, meeting minutes stated, “Participants generally observed that a restrictive policy stance would need to be maintained until the incoming data provided confidence that inflation was on a sustained downward path to 2 percent, which was likely to take some time.” 

With an aggressive policy not seen since the 90’s, the Fed increased their benchmark rate 75 basis points four consecutive times in a row for a total federal funds rate of 4.25%-4.5%, the highest level in 15 years.

Officials stressed the importance and need to maintain a policy approach of “flexibility and optionality” as they stayed focused on new data moving forward. Officials also said the public shouldn’t misinterpret their decisions or read too much into rate-settings by the Committee; or think they'll swith to lower rates hikes at any time. They also indicated that all options are still on the table and a reversal of policy could be implemented should the data support a larger hike. 

Although Chairman Powell said progress battling inflation has been made, he expects rates to hold at higher levels after the increases end meaning a new cost of credit reality could be upon the markets. This will have a negative impact on homeownership affordability and consumer credit; but could also reign in home values more in line with area median income. 

“A number of participants emphasized that it would be important to clearly communicate that a slowing in the pace of rate increases was not an indication of any weakening of the Committee’s resolve to achieve its price-stability goal or a judgment that inflation was already on a persistent downward path,” the minutes said.

Meeting minutes also reflected a general sentiment that the committee doesn’t expect any rate cuts this year, in 2023, even though market pricing certainly believes the worst is behind us. The personal consumption expenditures price index (without food and energy), the Fed’s go-to data point, was at 4.7% annually in November, which is down from a peak of 5.4% in February 2022, although still well above the 2% target of the Fed. 

A 2023 Recession

Just about every CEO and economist expects the economy to enter into a recession in the coming months, as if we haven’t been in one already according to the malleable definition of a recession. Assuming the inflation data supports it, the Fed should continue raising rates until it negatively impacts the jobs market and enough people start losing their jobs or can't find work. But as of right now there are 4 million open jobs that can't be filled, and more than enough able-bodied workers to fill them. 

Still emerging from the pandemic, a strong jobs report and fourth-quarter 3.9% GDP last year gave the Fed a lot more leverage to continue raising rates, ending a year on a positive note that started with negative data. 

Minneapolis Fed President Neel Kashkari said Wednesday, in a post for the district’s website, that he sees the funds rate rising to 5.4% and possibly higher if inflation doesn’t trend down.

In addition to battling inflation, the Fed has been attempting to reduce the size of its balance sheet, which has fallen $364 billion to $8.6 trillion since early June. Where we end up remains to be anyone’s guess as the Fed is truly navigating uncharted policy waters and market conditions.

Mortgage Rates

While there’s no crystal ball, conventional wisdom says that mortgage rates track the overall policy of the Fed, and more closely, the 10-Year Treasury. If that’s true, then mortgage rates are going up in 2023. And while they might be higher than where they are now, home buyers need to be smart about their approach and lock in a low rate when they can.

Waiting can be costly, even if you’re waiting for home prices to drop.

If we experience hyper-inflation, we believe Chairman Powell is committed to fighting it, meaning we could easily see mortgage rates in the double digits in that scenario; another early 1980’s type event. 

Regardless, high IQ buyers buy when rates are as low as they can get them, no matter where they are at the time they buy. Remember, you’re either going to be renting and paying the landlord’s equity, or owning, and building your own. 

So, budget well, plan ahead, and home buy accordingly.

As easy as 1-2-3!

1. Apply in minutes and see your new rate and terms quickly
2. We'll take it from there and let you know if you need to do anything else
3. Close virtually 

How it works.

With a patent pending loan origination system, Bee does most of the work for you. After applying in just a few minutes, we'll take it from there and let you know if the lender needs anything else from you. Most data is verified digitally so you don't have to spend a lot of time sending in documents like with other lenders. 

Apply in minutes and see your new rate and terms quickly.

Bee offers many ways to apply, whichever is most convenient for you. Processing your loan application usually takes just a few minutes, and once we’re done, you’ll get your new rate quote with terms in writing. If you like what you see, we’ll go ahead and get the ball rolling. 

We'll take it from there and let you know if you need to do anything else

From here we’ll work with your lender to make sure they have everything they need to close your new loan. This usually entails verifying the current market value of the home in addition to making sure the taxes are correct and the title is clear. Sometimes they need more stuff such as a letter of explanation or document to verify something. Once we’ve completed these steps, we’ll close. 

Close virtually 

Close on your schedule, not the banks. Plus, you can close from your couch, or anywhere else, if you want.

Refinancing a home

Refinancing a home means you trade in one mortgage for a new one with different terms. 

Refinancing a home can provide many benefits letting you:

• Lower the rate
• Pay off the home faster
• Get cash at closing
• Remove someone from the mortgage
• Get a home equity line of credit or HELOC
• Get a better type of loan
• Remove PMI or MIP

Lower the rate

Called a rate and term refinance, lot’s of homeowners refinance their home if rates drop after they buy it. This saves them money each month with a lower monthly payment. While not always the best way to look at a refinance, the most popular refinance rule-of-thumb when considering a refinance is if rates have dropped at least 1%. 

Pay off the home faster

Refinancing into a shorter term with a lower payment is a great way to pay off the home faster. Remember as well, unlike some other lenders, there’s no pre-payment penalty with any of our home loans. This allows you the freedom to pay extra whenever you want, paying off your home quickly. 

Cash at closing

Getting cash at closing means you’re increasing the loan amount to access some equity in the home. This cash can be used for many things such as 

• Consolidating debts such as credit cards and personal loans
  There’s no comparison, a mortgage rate is almost always much lower than the interest rate you pay on credit cards. Most homeowners can save up to $2,500 or more per month paying off high-interest credit cards.
  
  
• Home improvements that increase the value of your home
  Investments in your home are never a bad idea. If you want to go solar, build a deck, put in a pool, go with high-efficiency windows and doors, or even a new roof, A/C or plumbing, this is a great way to do it.
  
  
• Renovations
  If you want to do some upgrading to your home, a cash out refinance is a great way to do it without paying out of pocket to get it done. A mortgage allows you to finance the construction with a much lower rates than a credit card or personal loan most of the time.
  
  
• Additions
  Have you been thinking about adding a deck or putting in pool to your home?
  
  
• A rainy day fund
  In today’s uncertain economy, no one knows when it’ll rain or how hard. If you’re just wanting some security knowing you have some emergency cash on hand, cashing out some equity can provide it for you. If you have a big expense coming up, you might want to consider tapping into your home’s equity to pay for it. 

Remove someone from the mortgage

When couples get divorced a lot of times the person keeping the home has to refinance the mortgage into their name only, and have the other person removed from the mortgage. This is very common, and is considered a rate and term refinance with cause. 

Get a home equity line of credit or HELOC

A HELOC is like a credit card attached to the equity in your home. You don’t make any payments unless you buy something with the line of credit. Most of the time you make interest only payments for the first 10 years, then regular principle and interest payment for the rest of the repayment schedule. A HELOC is great for those who don’t want to access all their equity all at once, and only want to use the equity when needed.

Get a better type of loan

Lot’s of homeowners start out in one type of mortgage because that’s all they could qualify for when they bought their home. But with time, better credit, and improved equity in the home, many refinance into a lower rate or fee home loan as soon as they can. Other owners might switch from an adjustable rate mortgage to a fixed rate mortgage when rates are low enough. 

Remove PMI or MIP

While you don’t have to refinance to remove PMI, many owners refinance to eliminate their private mortgage insurance while they’re taking advantage of some of the other benefits mentioned above. Others refinance out of FHA loans that have mortgage insurance premiums into conventional loans that do not therefore saving lots of money of the life of the loan.

Bee Mortgage App, or Bee for short, is redefining the real estate industry by making mortgages simple and convenient. 

Founded by Floridians who are experts in mortgage lending, real estate, and technology, Bee uses new technology and processes to make getting a mortgage fast and easy. 

As a Florida mortgage broker that works with multiple lenders to get you the lowest rate possible, Bee is achieving its mission of making homeownership more accessible and affordable for everyone.

While we specialize in helping first-time and returning home buyers, Bee serves all customers buying a home or refinancing a current one in Florida.

For people who love supporting local businesses who are seeking a simple and easy way to get a mortgage, Bee offers:

1. Instant preapprovals online, in person, over the phone, or in the app 
2. Low rates & payments
3. Fast closings
4. Start-to-finish support guiding you through the entire process
5. Supporting your local community with locally sourced home loans

But don’t just take our word for it, check out the customer testimonials and press coverage Bee has been featured in. 

Anyone looking for a residential mortgage in Florida can apply with Bee. We work with first-time buyers, experienced buyers and investment property buyers. 

Bee offers:

Jumbo Loans
$726,200 - $3,000,000

Conventional Loans
Up to $726,200 or up to $1,089,300 in high-cost counties

VA Loans
Up to $3,000,000

FHA Loans

20- or 30-year Standalone HELOCs
Giving you a simply and easy way to tap into your home’s equity without touching the rate on your current mortgage. It’s a popular option for accessing cash that can be used to pay down debt, make home improvements, cover tuition and more.

• Available on primary and second home loans
• Loan amounts up to $500,000
• 640+ FICO, up to 89.99% CLTV
• $25,000 minimum line amount, initial draw must be 75% of line amount
• For line amounts up to $250,000, only an approved AVM is required
• For line amounts over $250,000, a full appraisal is required
• Available in Florida only

**Condos require full appraisal

80/20 Loans
Via a 20- or 30-year piggyback HELOC letting you secure a mortgage on a home while simultaneously opening a home equity line of credit. 80/20 loans are ideal for borrowers who want to avoid paying PMI but don’t have 20% to put down.

• Available on primary and second home purchases, rate/term and cash-out refinances on conventional loans
• Loan amounts up to $500,000
• 680+ FICO, up to 89.99% CLTV
• $20,000 minimum line amount, initial draw must be 75% of line amount
• For line amounts up to $250,000, an appraisal waiver is accepted with an approved AVM
• Available in Florida only

**Condos require full appraisal

Bank Statement Loans
To better serve self-employed borrowers, Bee offers bank statement loans allowing qualified borrowers to use personal or business bank statements, instead of income docs or tax transcripts.

• 640+ FICO, with LTVs up to 85% and no MI required
• Loan amounts up to $3M
• Up to 50% DTI
• Self-employed borrowers only
• For primary home loans:
• Loan amounts up to $1M — 6 months of reserves required
• Loan amounts between $1M up to $1.5M — 9 months of reserves required
• Loan amounts over $1.5M — 12 months of reserves required
• For second and investment property loans:
• Minimum 12 months of reserves required
• Minimum 12 months consecutive bank statements required
• Two appraisals from two different appraisers required for loans over $1.5M
• Available in Florida only 

New Construction Loans 
For buyers financing the construction of a new home via a fast and easy process giving you a buyers advantage.

The best part is that you only close once, which means one interest rate (with the option to modify down if the market improves), one down payment, one full credit report to order and one approval.

• Eligible on 15-and 30-year fixed conventional and high balance loans and 7- and 10-year ARMs
• Available on primary, second and investment property purchases and rate/term refinances
• 700+ FICO, up to 95% LTV
• DU Eligible
• 11-month maximum build period with 1-month modification period
• Loan amounts up to the conforming loan limits
• Available in Florida only

Temporary Rate Buydowns 
Give you a lower interest rate and monthly payment for the first 1–3 years of your mortgage. 

• Seller- and lender paid 1- and 2- and 3-year buydown options
• Eligible on primary and second home purchases for conventional 15- and 30-Year Fixed loans and ARMs
• Eligible on primary home purchases for FHA and VA 15- and 30-Year Fixed loans
• Eligible on primary and second home purchases for Prime Jumbo 30-Year Fixed loans
• Available in Florida only 

DSCR Loans 
DSCR loans allow borrowers to use the market rent of the property to qualify, rather than their current income.

• 640+ FICO
• Up to 80% LTV
• Loan amounts up to $2M
• Finance up to 20 properties
• Eligible for investment property purchases, rate/term and cash-out refinances
• Minimum debt-service coverage area ratio (DSCR) of .80
• Appraisals from two different appraisers required for loans over $1.5M
• Minimum 2 months consecutive bank statements required
• Available in Florida only
• Minimum of 6 months reserves required
• Additional terms and conditions apply

**All loans subject to final lender approval. Additional terms and conditions may apply. 

Bee is available in Florida with offices located in: 

Jacksonville

Orange Park

Palatka

Ocala

Gainesville

St. Augustine

Ponte Vedra

Nocatee

Flagler Beach

Daytona Beach

Palm Coast

Melbourne 

Palm Bay

Port St. Lucie

Jupiter

Fort Pierce

Single family homes (detached or attached)

Multi-unit properties up to 4-units

Condominiums 

Townhomes

Manufactured homes (double wide only)

Yes, Bee works with both of those types of residencies.

(855) 866-1999 call/text 

Curtis@beemortgageapp.com 

Using bank level encryption and data privacy practices, Bee is one of the most secure mortgage companies in America. By partnering with Drata, a data security advisor, Bee’s technology is designed and engineered in accordance with SOC2 industry standards, which are the organizational controls related to security, availability, processing integrity, confidentiality or privacy.

TD Ameritrade’s TV Network

The Washington Post

The Washington Post

CBS News

NBC News

Business Insider 

National Mortgage Professional 

Mortgage Professional Association 

TIME Magazine 

Bankrate

News4Jax

Crowdfund Insider

KFI Radio LA

National Mortgage Professional 

Apartment Therapy

Bankrate

Housingwire

National Mortgage News

Forbes

National Mortgage News

Bee uses new technology, such as Web3, and new processes to originate mortgages. Seen as a new innovative leader, Bee and its Co-founder & CEO, Curtis Wood, have been featured in local and national news for market commentary, exclusive product features, and insight for what the future of mortgages look like. 

While there are many smaller steps, these are the basics you can expect to go through: 

1. Identify how much you can afford to buy. 
2. Start looking at houses online or on Zillow. 
3. Get preapproved. 
4. Hire a real estate agent. 
5. House hunt with your agent. 
6. Make an offer on a home. 
7. Sign a purchase agreement to buy the home. 
8. Lock in your rate and order appraisal with the lender. 
9. Loan Processing: Provide requested documents to lender. 
10. Close! 

Now we’ll review them in a little more detail. 

Identify what your prospective buying budget is. 

Starting out, you might want to know what price range to be looking in. This is where Bee’s app can help. With no personal information required and free, buyers can download Bee in the App Store or Google Play to get a rough estimate of what their buying power is. 

While this estimate is no substitute for an actual preapproval, it will give you a good starting point of what to expect for a total monthly mortgage payment that includes principal and interest, taxes and insurance. 

Easy to personalize by adjusting the data to match your desired monthly payment, the app tells you what the minimum and maximum amount you can afford to buy might be.  

Start looking at houses online or on Zillow. 

Start dreaming! Be sure to check out multiple homes to get a good idea of what’s out there for you. This is a big purchase, your nest egg, so be sure to find the home that’s best for you.

Get preapproved. 

When you find a home you like and are ready to make an offer, you’ll need to get preapproved with a lender, hopefully Bee! 

Getting preapproved with Bee takes a few minutes and can be done in three ways:

• In our app (for iOS users)

• On our website 

• Directly with a loan officer 

We verify your credit, income and assets electronically for most buyers. In the event we can’t, we’ll need to gather your two most recent pay stubs and bank statements. 

If your down payment is coming from a gift or grant, be sure to let us know. 

Once you’re preapproved you’ll receive a preapproval letter that looks like this 

Lastly, be sure to talk to your loan officer about rate lock options. They’ll review everything with you ensuring you’re making the right decision on when to lock in the rate.  

Hire a real estate agent. 

Before you make an offer on a home it’s best to hire a real estate agent to represent you in the transaction if you haven’t done so already. Buyers who have an agent statistically get better deals than those without. 

Your agent is your advocate in the purchase to make sure you’re getting a good deal, and you don’t have to pay them anything. 

Their commission is paid by the seller, even if the seller has an agent selling the home for them. 

They’ll ask you for a copy of your preapproval letter to provide to the seller so that they know you’re qualified to buy the home. 

If you don’t know a friend or family member who is a real estate agent, Bee is happy to refer you to a local agent who can help. 

Working with a good real estate agent ensures the process goes as smooth as possible. 

House hunt with your agent. 

Your agent will gather a list of houses for you to look at that are in your price range. If you see one you like, they’ll make an appointment to see the home in-person. You’ll do this until you find the one you want to make an offer on to buy.  

Make an offer on a home. 

When you find the home of your dreams, it’s time to make an offer. Your agent will work with you to help you structure your offer best. There’s multiple ways to structure a deal depending on your needs. 

You might want to request the seller give you some credits that help you cover the cost of closing. This is common.

The agent will also help you price your offer best, either below the asking price or above; each situation is unique with multiple market factors they're most likely familiar with. 

Regardless of the situation, rely on your agent’s expertise to help you during this part. 

Buyers who use agents tend to get better deals than those without.  

Sign a purchase agreement to buy the home. 

Once your offer is accepted by the seller, you’ll both sign a contract to buy the home. 

Closing normally takes place about 30 days after the date you sign the agreement, but could go up to 60 days depending on the circumstances of the deal. 

After you get a copy of the signed contract, you’ll need to send it to your lender.  

Lock in your rate and order appraisal with the lender. 

After the lender reviews and accepts the signed contract, the next step is to order the appraisal and lock in your rate, if you haven’t done so already.

Some mortgage companies offer long-term rate lock options. However, these lock terms tend to have more fees than shorter terms, and while they might be a good option if rates are trending up, it’s really a gamble as to what the market will do in the future. 

If rates are higher than they used to be when you go to lock in a rate, you can always refinance the home in the future when rates drop. 

Based in part on Fed monetary policy and the 10 year Treasury, the mortgage rates have cycled between periods upward and downward trends, and always will. 

Don’t worry, if you lock in your rate and rates drop afterwards, you can always try and refinance the loan into a lower rate. Plus, you can usually roll in all the closing cost into the new loan when you refinance so you don’t have to pay any money out of pocket at closing. 

Loan Processing: Provide requested documents to lender. 

After you lock your rate in and order the appraisal, your file goes to loan processing where the lender will make sure the property is eligible for financing. This is the property approval step, and is called loan processing by the lender. 

The lender completes three main steps in processing:

1. Establish the current value of the home with an appraisal. 
2. Make sure the title is clear of any liens or encumbrances. 
3. Verify all costs associated with the home such as property taxes or any dues homeowners are required to pay. 

While this is going on, you will be asked to provide certain documents to the lender such as: 

• Homeownership insurance policy information verifying adequate coverage on the home 
• W2’s verifying job history
• Survey of the property
• Letters of explanation for various things such as credit inquiries

Borrowing tips: 

• Good communication between all parties involved 
• Follow all lender instructions or requests quickly 
• Sending in requested documents quickly
• Letting the lender know of any updates you receive on your end

Any delays on your end could cause you to miss your closing date or have to pay to extend your rate lock. 

If you’re buying a condo, you’ll most likely have to pay to have a condo questionnaire completed by the company that manages the condo units and common areas for the homeowners association. 

Please note: Do not use your credit to buy anything new until after you close. Financing anything new could jeopardize your ability to qualify for the home loan. After you close, you can buy whatever you want with your credit. It won’t matter at that time.  

Close! 

Get ready to sign your name a gazillion times at the title company’s office! 

Most closings are done in-person in Florida. However, there are scenarios where the title company will send a remote notary to meet you somewhere to sign the closing documents. 

You’ll most likely get the key to your new home from the seller or the agent when you’re done signing. 

While there are many requirements for loan approval, the main ones are: 

• 620 or above credit score
• Two years employment
• Income high enough to qualify for the monthly payment
• Enough assets to cover the down payment and closing costs 

Only if you want to. While we normally text customers, we’re here to help any way you need it. If you ghost us though, we might call you in order to move things along. 

If we can’t verify your income and assets electronically, you’ll need your: 

• Two most recent pay stubs
• Two most recent bank statements

620

You should see if you qualify for a conventional loan first as they tend to have lower costs than FHA loans. However, an FHA loan might be the only loan you can get, which isn’t bad at all. After all, the goal is to buy the home with a mortgage that fits your budget. 

You can always refinance out of the FHA loan in the future assuming you qualify at that time. 

You typically need a minimum score of 620 to qualify.

Yes. When you complete a pre-approval application the lender is required to do a hard credit pull which can deduct about 1 - 3 points from your score. However, if you’re shopping around with multiple lenders and submit loans applications with each, they usually don’t deduct points from your score for subsequent credit pulls.  

Download Bee from the App Store or Google Play store. It’s free to use and requires no personal information, and does not affect your credit. 

After answering some quick questions, Bee’s mortgage calculator will estimate how much you can afford to buy, simple and easy. 

You typically need two years of consistent employment to qualify, however certain exceptions can be made for one year. 

3% for conventional loans

3.5% for FHA loans 

Most of the time we're about .5% - 1% less than competitors.

Although Bee works with some of the lowest rate lenders in America, rates change daily and sometimes multiple times per day. 

Bee doesn’t set rates and does not get paid anything from the lender based on the rate you get. Bee is paid on the loan amount only, nothing else. 

We get paid up to 2% of the loan amount, not the rate, so we’re incentivized to find you the lowest rate possible so that you refer your friends and family members to us.

And don’t worry about our broker fee. Most of the time it’s paid by the lender directly, not you, for finding them another customer. 

Sometimes home buyers want to pay our broker fee directly to us because they get a much, much lower rate and the cost easily justifies the savings. We work with each customer to figure out a rate and mortgage payment that’s best for them, then let them decide for themselves which way they want to go. 

Buy with Bee and refi for free

You might hear of lot’s of offers from other lenders right now offering temporary rate buydowns and specials where the mortgage payment is lower for the first year or so. Don’t be fooled. Lenders don’t give away anything for free. But at Bee we do! 

When you buy with Bee in 2023 we will refinance you for free when rates drop. 

And by free we mean you won’t pay us any commission for brokering your loan. We understand rates are the top concern of home buyers right now and want to ensure their peace of mind when they buy with us. We’ll track mortgage rates for you and when they drop enough to get a good savings by refinancing, we’ll let you know. 

Keep in mind, that doesn’t mean you won’t pay normal closing costs. We can’t do anything about those pesky third-party fees. However, you can easily roll them into your new loan so that you’re not paying any money out of pocket from start to finish–the cost of the appraisal and all other closing costs can be rolled into the new loan. Plus, you’ll be able to close remotely, from the comfort of your home or somewhere else if you like.

The lender does most of the time.

However, there are some scenarios where the borrower gets a better rate by paying Bee’s commission themselves thereby saving more money over the life of the loan with a lower rate and payment. 

We'll work with you to figure out a rate and mortgage payment that’s best for your budget, then let you decide how you want the fee to be paid after you see the options. 

Buy with Bee and refi for free

You might hear of lot’s of offers from other lenders right now offering temporary rate buydowns and specials where the mortgage payment is lower for the first year or so. Don’t be fooled. Lenders don’t give away anything for free. But at Bee we do! 

When you buy with Bee in 2023 we will refinance you for free when rates drop. 

And by free we mean you won’t pay us any commission for brokering your loan. We understand rates are the top concern of home buyers right now and want to ensure their peace of mind when they buy with us. We’ll track mortgage rates for you and when they drop enough to get a good savings by refinancing, we’ll let you know. 

Keep in mind, that doesn’t mean you won’t pay normal closing costs. We can’t do anything about those pesky third-party fees. However, you can easily roll them into your new loan so that you’re not paying any money out of pocket from start to finish–the cost of the appraisal and all other closing costs can be rolled into the new loan. Plus, you’ll be able to close remotely, from the comfort of your home or somewhere else if you like.

They are very competitive. We have never been beat on a rate. 

Bee works with some of the lowest rate wholesale lenders and hasn’t been beat yet. Buying with Bee is like shopping at Costco instead of the grocery store. You simply get better deals. 

Keep in mind that once you lock your rate in, you normally can’t change it. So, if rate go up, you’re protected, but if rates drop after you lock you might have regret. 

Very accurate. Although there are many impacts to your ability to qualify for a mortgage, the initial review and verification of your credit, income and assets produces a highly accurate preapproval. 

However, any negative changes to your credit, income, or assets could possibly impact your ability to buy a home. 

There’s three main steps buying a home: 

1. Credit approval
2. Property approval
3. Closing  

Credit approval is where you get approved to buy the home based on your credit, income and assets. 

This includes verifying your credit, income and assets with:

• A credit pull to check your credit and credit score
• Two most recent pay stubs
• Two most recent bank statements 

Property approval is where the lender verifies the home you want to buy is eligible for financing. 

This includes verifying the market value, property title and taxes with:  

• An appraisal completed by the lender’s licensed appraiser
• A title search completed by a title company 
• Tax verification with the county

Closing is where you sign all the papers to buy your home! 

While the title company chooses how you sign the closing documents, there’s generally three ways to close:

• In person
• Remote notary
• eClosing

Please note: most closings are done in-person in Florida when buying a home, and the buyer has little to no say over how closing is done. 

Nothing. They’re the same thing and are interchangeable terms in lending lingo. 

No. We don’t control who services your loan after you close. You’ll receive loan servicing information after you close from the loan servicer. 

You might be asked to pay for the credit report and appraisal up front. Credit reports are about $25 per person, and appraisals are about $500 - $750 depending on how much the local appraiser in your area charges. 

Conventional loans (loan amounts up to $647,200) tend to be the preferred options because they have the lowest fees and lowest down payment requirements (3%). These are the loans that are insured by Fannie Mae and Freddie Mac and run the entire mortgage industry. 

An FHA loan allows those with less than perfect credit to qualify. However, they tend to have higher fees than conventional loans. 

A fixed rate loan means the interest rate is set and wont change for the entire life of the loan.

Any loan above $647,200. 

VA loans are excellent options for active duty or military veterans.

An adjustable rate mortgage means the interest rate will change at certain points during the life of the loan. If rates are lower at the adjustment period the rate will go down; if rates are higher at the adjustment period the rate will go up. 

Adjustable rate mortgages are good for those who know they won’t be in their home long-term, or for those who believe the market will cycle giving them an opportunity to get a lower rate or refinance into a lower rate. 

No, we don’t. 

All of these terms mean the same thing. 

When you sign a contract to buy a home you’re required to put down a deposit with the seller most of the time. This earnest money is held by the seller’s chosen escrow agent (normally the title company) until closing, and goes towards the down payment and/or closing costs at closing. 

The purpose of the binder is to give the seller a little peace of mind that you have some skin in the game and are serious about buying the home. 

Your agent will negotiate how much the escrow deposit will be, which is usually around 1 - 3% of the home sales price. The exact amount depends on what’s typical for the market you’re buying in. On average, it’s common to be $2,500 - $5,000 for every $250,000 home sale price. The higher the sales price is, the higher the deposit usually is. 

Yes, there are! Down Payment Resource can help you find programs that offer down payment assistance. If you qualify for assistance, please let your loan officer know. 

A rate lock keeps your rate fixed and prevents it from moving up or down for a certain period of time. Normally, when you’re buying a home, a 30 day rate lock is used, meaning you lock your rate in for 30 days after you sign your contract and close before the 30 days is over.

You work with your loan officer to lock it in. After you select the best rate for you, the loan officer will lock it in for you. 

Simply put, points are a way to get a lower rate. By paying a little more up front you get a lower rates and payment therefore paying less money over the life of the loan. 

Yes, if the lender requires an appraisal to establish current market value.

If the lender requires an appraisal, which they often do, Bee uses an approved appraisal vendor who will contract an independent appraisal in your area to appraise the home. You normally pay for the appraisal when it’s ordered, and Bee has no control of the appraised value of the home. 

This is a good thing. This means you’re walking into equity when you buy the home by basically purchasing the home for less than fair market value. 

It could be a problem if the appraisal comes in lower than the agreed upon sales price of the home. If this happens, you’ll have to bring more money to closing the make up the difference, or negotiate a new, lower sales price with the seller. 

Please note: the seller is not obligated to agree to a lower sales price. If they don’t agree to lower the contract sales price to match the appraised value and you do not have the money to make up the difference, you might not be able to buy the home. 

If you have car insurance with a company, it’s relatively easy to get homeowners insurance from them too, if they offer it. If not, it’s easy to google “homeowners insurance” to find some companies that can give you a quote. 

All of these terms mean the same thing. PMI stands for private mortgage insurance and MI stands for mortgage insurance. 

By the county assessor. You, Bee, and the seller have no impact on the assessed value of the home by the county for taxes. 

In Florida, property taxes are on average 0.80% of the home’s assessed value paid yearly.

So, for example, if the county assessed the home’s value at $250,000 you would pay about $167/mo on property taxes. 

It usually takes about 30 days to close after signing a purchase agreement to buy the home. However, Bee is known for early closings and we’ll share a closing secret with you after you become a customer to hopefully close early. 

Not all loans can be closed early as there’s some things outside of our control, but we do our best to close early with every customer. 

Closing takes about 30 minutes to an hour. Get ready to sign your name a gazillion times! 

Closing costs can be between 1.5 - 2.5% of the home sales price.

Just ask! After we make sure you’re ready to apply, we’ll send you a link to download the app and apply.