When thinking about buying a home, you should take the time to examine your finances closer than you ever have – because the mortgage underwriter will be looking at them even more closely. It’s their job to evaluate your income, credit score, and assets to make sure you’re a good candidate for a loan. For … Continue reading Things to Avoid While Applying for a Mortgage
With your house-hunting efforts finally behind you and your preferred lender found, you can start making your way down the final stretch to home-ownership – settlement day, also referred to as the ”Closing.” At least 3 business days prior to your closing, the title company (or your lender) will have sent you a copy of … Continue reading What is Included in Closing Costs?
Looking for a way to make purchasing your first home a little bit easier? The Florida Bond Program allows first time homebuyers to acquire a variety of different loans (FHA, USDA, VA, or Conventional) ranging from 95% to 100% loan-to-value ratio. This means that many homebuyers will be able to secure low interest financing through … Continue reading The Florida Bond Program
A healthy credit score is a prized possession to many, but if your score needs some help, it likely won’t happen overnight. This is largely because your credit score takes into account information from the past several years, not just your present actions. That doesn’t mean that your credit score is a lost cause though. … Continue reading 5 Ways to Improve Your Credit Score
A simple way to explain an escrow account is to think of it like a holding tank for your money. During a real estate transaction, an escrow officer who is typically a lawyer or representative from the title company, holds all important documents and deposits in an account while final details of the transaction are … Continue reading How Does an Escrow Account Work?
Put simply, home equity is the part of your home’s value that you own outright. When you have a mortgage, you don’t own the entire home until the mortgage is completely satisfied. Until then, your mortgage lender has an interest in your home as well. As you pay off your mortgage, your equity grows and … Continue reading Understanding Home Equity
Many first time homebuyers have a difficult time coming up with the large down payment necessary for a conventional mortgage, or lack the strong credit history required to secure financing. Luckily, a mortgage insured by the Federal Housing Authority (FHA) is a great alternative, as they do not have the same strict requirements. The basic … Continue reading The Advantages of FHA Mortgages
You’re in the process of saving to purchase a home, but when is the best time to buy? According to Trulia, homes in the “starter” price range see a 7% boost in inventory numbers between October and December each year. Starter homes are defined as any listing in the $230,000 range or under, with listings … Continue reading The Best Time to Buy a Home May Be Now!
If you’ve been in the market to purchase a home, you’ve undoubtedly heard terms like “fixed-rate” and “adjustable-rate,” but which is best for you? The low initial cost of an adjustable-rate mortgage, or ARM, is tempting to many homebuyers, but they do carry more uncertainty than the alternative. However, the current economic climate has home … Continue reading Taking Advantage of Adjustable Rate Mortgages
Foreclosure properties can be filled with hidden surprises and problems, putting the buyer at risk of incurring unforeseen costs. However, they are typically cheaper than a standard home listing, which makes them an attractive option for many looking to buy more house than their budget would typically allow. Is a foreclosure property right for you? … Continue reading Pros and Cons of Buying a Foreclosure