Tag Archives: Mortgage

What’s Your Game Plan For Buying A Home?

29 Aug

What’s Your Game Plan for Buying a Home?  Most home buyers don’t have a stash of cash waiting nearby to buy a home without a mortgage.  So to figure out what price you can pay for a home, you need to find out what size loan you will qualify for.  The mortgage prequalification is an introduction to the loan qualification process that involves a brief, informal meeting with a loan agent or broker to establish what size loan a lender is likely to give you.  This loan amount, plus the cash you have for a down payment and closing costs, will determine what price home you can afford.  You should get yourself pre-qualified before you start looking at property.  This saves time and avoids the frustration of looking at homes that are way out of your price range.

Make an appointment for a pre-qualification interview and be prepared to discuss the intimate details of your financial situation.  Take information with you about your income, length of time at your job, assets and debts.  Be completely candid with the loan agent.

Lenders can be sticklers for good credit, so the mortgage broker will want to run a credit check on you.  Many people are more inclined to wait until they are about to lock into a contract to have their credit checked, but it is better to know in advance if there is anything on your credit record that could prevent you from being approved.  Additionally, the loan agent will be able to advise you what to clean up on your credit record if needed.  Or, he/she may be able to direct you to a lender who may be willing to give you a loan even though your credit report has some blemishes.

Ask the loan agent or broker to write a pre-qualification letter indicating that you have been pre-qualified for a loan.  Sellers are very receptive to offers from buyers who have a pre-qualification letter from a lender or mortgage broker.  This can work in your favor if there are other buyers bidding against you for the property.

What’s your ideal price range?

Most buyers have a notion of how much they would like to spend per month for a home.  This amount is often based on what they are currently paying for rent.  Although it is not wise to stretch yourself too think where finances are concerned, you should take the tax advantages of home ownership into account when determining your ideal price range. Considering the tax savings, you can probably afford to pay about 25 percent more for a home than you might think you can.

Suppose you want to pay no more than $1,100. per month for a home.  This must cover the cost of your principal and interest, property taxes and hazard insurance.  Property taxes and insurance vary from one location to the next.

Here’s an Example to figure out your payment: If your property taxes and insurance make up about 15 percent of your PITI (principal, interest, taxes and insurance).  If you subtract 15 percent ($165.) from $1,100, this leaves you with $935. per month to use for a mortgage payment.  If you get an adjustable rate mortgage with a starting rate of 7.5 percent, $935 per month will buy you a loan in the amount of approximately $133,750.  If you have enough cash for a 10 percent cash down payment, your budget will allow you to buy a home for approximately $149,000.

The limit to your ideal price will be determined by the maximum home price you can qualify for as determined by lender underwriting guidelines. Even when approved, many buyers will choose to pay less than the maximum they can afford.  Establishing your ideal price is a personal decision that will depend on various factors.  Your present and anticipated income stream is one important consideration.  If your income is rising rapidly, you may want to stretch and buy a more expensive home now rather than have to move again soon.

Other considerations are: Do you have any long-term debts you have to pay off?  Do you have enough cash reserves to take care of an unanticipated crisis, as well as predictable home maintenance expenses?  How much disposable income do you have?

Some prospective home buyers find it useful to prepare a financial statement and monthly operating expense budget.  This will help you determine just how much cash it takes for you to survive each month.

Figuring out where home ownership fits into your long-range financial plan can be complicated.  If the decision making process seems baffling, consult your realtor to discuss your options.  It will be well worth the headache to become prepared before diving head first into the home buying process.

About the Author: Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

View thousands of listings  www.Northeast-Florida-Relocation.comwww.BoldRealEstateGroup.com,  www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com, www.TheCascadesAtStLucieWest.com, www.HealthcareRelocationServices.com

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Home in Cascades reduced for quick sale!

20 Apr

CASCADES PORT ST. LUCIE HOME REDUCED FOR QUICK SALE!

2 Bedrooms & 2 Baths, Den/Office, 2 Car Garage, Lakeview

Call For Community Tour of Cascades at St. Lucie West (772) 224-1634 or (772) 224-9011

Rent or Buy and experience the lifestyle you deserve.  The Cascades at St Lucie West is a premier resort lifestyle active 55+ community featuring Mediterranean-style architecture and beautifully manicured grounds.

The Cascades offers it’s own 9-hole golf course, 10 lighted Har-Tru Tennis Courts, a  26,000 sq.ft. Clubhouse, outdoor pool & spa, fitness center, sauna, multi-purpose ballroom, media room, library, and card and billiards rooms available to enjoy year round, yoga classes, tai-chi classes, water aerobics, bridge class, bocce, scrabble, games, computer class, music & performing arts club, art and crafts, ballroom dancing, theater, travel clubs, mah jongg, Canasta,  book club, poker club, weekly events and much more! Gated entry with 24-hour controlled access for privacy. St Lucie West is the location of the New York Mets spring training program. The community is conveniently located, minutes away from theaters, houses of worship, great restaurants, movie theaters, post offices and hospitals.  Contact Bold Real Estate Group for a complimentary tour and let us welcome you to your dream home.  Your best investment opportunity is at The Cascades! Short Sales, Foreclosures and Rentals available. Single family homes priced as low as $134,900

Having the right real estate agent means having an agent who is committed to helping you buy, sell or rent  your home with the highest level of expertise in your local market. This commitment level has helped me build a remarkable track record of delivering results.

Nothing is more exciting to me than the gratifying feeling I get from helping people meet their real estate needs. You can count on me to always do what’s in your best interest. I pride myself on being honest, trustworthy, and knowledgeable in the real estate market. I know how important it is to find your dream home. Therefore I will make it my responsibility to help you achieve those goals.

Whether you are an experienced investor or a first time buyer, I can help you in finding the property of your dreams. Please feel free to browse my website or let me guide you every step of the way by calling or e-mailing me to set up an appointment today.

Concierge: Bold Real Estate Group will provide concierge services including set up of excursions and area information.
Dining and Shopping: Residents will find an enticing selection of restaurants in the area, ranging from light meals and fast food to gourmet dining. Nearby shopping venues include mainstream consumer retail outlets, shopping mall and specialty boutiques.
Health Care: Three nearby hospitals, Lawnwood Regional Medical Center, St. Lucie Medical Center and Martin Memorial Health Systems provide complete modern medical care including 24-hour emergency services. Martin Memorial’s St. Lucie West Walk-In Clinic is located in the St. Lucie West area.

About the Author: Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

Servicing Florida Cities:  Port St. Lucie, Palm City, Jensen Beach, Stuart, Vero Beach,  Hutchinson Island, Fort Pierce,  Palm Beach, Jacksonville, Jacksonville Beach, Ponte Vedra Beach, Palm Coast, Neptune Beach, Amelia Island, Atlantic Beach, Fernandina Beach, Saint Johns, Saint Augustine, Daytona Beach, Fleming Island.  View thousands of listings  www.TheCascadesAtStLucieWest.com or www.BoldRealEstateGroup.com

What is a “short sale”

13 Apr

What is a “short sale?”

A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers’ mortgage obligations and closing costs, such as property taxes, transfer taxes, and the brokers’ commission. The seller is unwilling or unable to cover the difference.

Who do you contact first?

Seller must contact a qualify Real Estate office specializing in short sale negotiations.  Please feel free to contact Bold Real Estate Group for more information or concerns about the short sale process.

How do I get the lender to reduce the amount of the mortgage owed?

Many lenders will not negotiate the mortgage balance until a written Contract for Sale and Purchase has been received. The seller is often asked to submit income tax returns, income stubs and other information so that the lender can determine if it is truly a hardship case. The bank will also need comps or a broker’s price opinion showing your estimate of value.  Bold Real Estate Group short sale division will assist with all negotiations towards a successful resolution.

What if the lender won’t reduce the amount of the mortgage?

Unfortunately, not all lenders will reduce the amount of the mortgage if they feel that the seller can pay the deficiency. In this case, the seller will have to either sign a Promissory Note to the lender, borrow funds from relatives or other sources, or the sale won’t go.

Are there any tax implications for the forgiveness of debt?

The forgiveness of any debt is imputed income to the seller for tax purposes. A 1099 is usually given to the seller at closing and the imputed income is listed on the HUD-1.

What is Necessary from a Successful Short Sale Negotiator?

  • Sophisticated financial knowledge
  • Understand the lender’s language
  • Reliable – a company with name to protect
  • Time, time and more time
  • Accurate paperwork
  • Experience
  • Legal knowledge
  • Negotiation skills
  • Strong supportive administration
  • Capability to handle high volume
  • Legal reasonability

Bold Real Estate Group Short Sale division is dedicated to working with home sellers towards a successful resolution of the Short Sale process.  Our legal assistant will collect and review all the necessary documents, research tax, title and liens on the property and purchase contract for lender review.  Our legal assistant will not collect a retainer fee for services.  Legal fees and Real Estate commission will be paid by the lender as part of their NET loss for the short sale approval.  Your lender is contacted weekly for updates and make sure positive progress is being made on the file.  Please feel to contact our office with any questions or concerns regarding our short sale process.   For a confidential appointment, please contact us at communityinfo@comcast.net

Are you considering upgrading to a bigger home?

12 Apr

Today’s low home prices and low interest rates have made home ownership so much more attractive. And, while first time home buyers are taking advantage of this market, they aren’t the only would-be buyers interested in making a home purchase. There are plenty of current home owners considering upgrading to a larger home.

In many markets, home owners are looking at homes in the next price range as good buys, especially since foreclosures, short sales and a slow market are resulting in good deals. It sure is tempting to upgrade, isn’t it? But with an unstable market, is it really a good idea for you? Many are upgrading while others are downsizing.

Why are you considering Moving Up?

More house, more bills; upgrading will surely mean more bills; a larger utility bill, more property taxes, probably an increase in your mortgage; and consider the market in your area. Is this upgrade a good investment, especially for your area? Are you getting a bargain with home pricing and the low interest rates? Many home buyers have been following the market ups and downs and still want more than they can afford; of course, if this is a great deal that works to your benefit financially then it could be in the cards to move up to a bigger home. But nowadays, homeowners should consult a Realtor, a mortgage broker and a financial planner. As we all have seen, what sounds good today, may not appreciate tomorrow.

There are many Pros to upgrading to a larger home including a ridiculously low interest rate which you’ll probably not see again. More home for a lower price. Homes are priced so low today you could get an executive estate home for half the price. 4 years ago, that executive estate was very close to a cool Million and today, you can probably get it for $600,000 in many areas.

But while many homebuyers are considering such a sweet upgrade consider any sacrifices you make. You know those multiple vacations you can afford now? Will you be able to afford them when your home responsibility doubles in cost? What about the new car you hope to get soon? That’s another car note to add to your monthly debt.

It’s a simple comparison to look at your home now and how much home you could bargain for but during that process, be sure to envision how your living standards could change. Many prospective home up-graders are not willing to sacrifice their current lifestyle. What about you?

About the Author: Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

Servicing Florida Cities:  Port St. Lucie, Palm City, Jensen Beach, Stuart, Vero Beach,  Hutchinson Island, Fort Pierce,  Palm Beach, Jacksonville, Jacksonville Beach, Ponte Vedra Beach, Palm Coast, Neptune Beach, Amelia Island, Atlantic Beach, Fernandina Beach, Saint Johns, Saint Augustine, Daytona Beach, Fleming Island.  View thousands of listings www.Northeast-Florida-Relocation.com, www.BoldRealEstateGroup.com, www.NewYork-Florida-RealEstate.com, www.TheCascadesAtStLucieWest.com

Sellers Focus On The Listing Price

12 Apr

When it comes to buying a home, most potential buyers will use the listing price when determining which homes to look at.  Even though the price may be too high and most buyers probably won’t give it a second thought, keep in mind, there are always negotiations. No price is set in stone so if you find your dream home you should certainly try to bargain for a better price.

Sellers

If you set the correct price, you’ll notice a much faster sale.  Many homeowners will argue this point with their realtor; you placed so much time and effort in your home and you have a set number in mind. However, setting the right listing price will attract more potential buyers to your property and you’ll also notice an increase in response from realtors, and receive more calls from prospects.  The listing price is very important – and it can ultimately determine whether or not you sell your property or it remains on the market.

When you put your home up for sale, most activity will happen within the first few weeks.  If you price your home right, you’ll notice immediate interest.  There are always buyers looking for homes in a specific price range and waiting for new homes to be listed or homes to be reduced in price.  Potential buyers could miss seeing your home completely if the price is too high.

Buyers

The list price greatly determines the search criteria for finding your home. Anticipating that many homes in today’s market are overpriced with respect to their Fair Market Value, some real estate agents may extend the upper limit of the search by $10,000 or so to provide a better selection of homes for the buyer.

To determine the listing price of your home, you may consider having it appraised before you put it on the market.  This way, you’ll know the full value of your home.  You can sell it for market value or go a little under, although you should never attempt to go way over the value.  In doing so, you’ll miss out on a lot of potential buyers.

The home market is very competitive these days, which is why you want your home to draw as much interest as possible. Keep in mind that realtors really have no control at all over the real estate market, only the plan behind marketing.

Realtors don’t determine the asking price – the market does.

If you follow your realtors’ advice you’ll set the listing price in the right area and have no problems selling your property.

About the Author: Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

Servicing: Port St. Lucie, Palm City, Jensen Beach, Stuart, Vero Beach,  Hutchinson Island, Fort Pierce,  Palm Beach, Jacksonville, Jacksonville Beach, Ponte Vedra Beach, Palm Coast, Neptune Beach, Amelia Island, Atlantic Beach, Fernandina Beach, Saint Johns, Saint Augustine, Daytona Beach, Fleming Island and New York real estate.

View thousands of listings  www.Northeast-Florida-Relocation.com or www.BoldRealEstateGroup.com or www.NewYork-Florida-RealEstate.com www.TheCascadesAtStLucieWest.com

A Home Modification Grant For The Disabled

12 Apr

People with disabilities often have difficulties living in their homes. Home modifications, such as widened doorways, handicapped bath fixtures, wheel chair ramps and vertical lifts, can improve their mobility and quality of life. But most handicapped people find it difficult to locate funds for these much needed home modifications – but there are funds in the form of grants from several government sponsored programs. While the government does not directly disperse funds, they do give grant money to several sources that turn around and hand out funds to those that apply for them.

Centers for Independent Living

The government provides grant money to various independent living centers in each state and relies on these centers to disperse money to handicapped people in need.

Christian Fund for the Disabled

A matching grant program designed to meet the spiritual and practical needs of people affected by disability. For details, call 818-707-5664

Push America

In addition to the numerous projects and programs Push America provides that benefit people with disabilities, they also provide grants for scholarships, additional funding and rewards for service. For details, call 704-504-2400

Rebuilding Together (formerly Christmas in April)

The nation’s largest volunteer housing rehabilitation organization and the only national-level organization that focuses exclusively on the home repair and improvement needs of lower-income homeowners, Rebuilding Together is uniquely qualified and poised to deliver home modification services across the country. For details, call 1-800-4REHAB9

VA Specially Adapted Housing Grants

This VA grant is available to veterans who meet a specific list of conditions which include (but aren’t limited to) permanent, total service-connected disability.  The grant provides financial assistance up to $12,756 to construct and install modifications that enable safe mobility around the home. Borrowers shopping for a home with a VA mortgage should know about the VA 2101(a) Specially Adapted Housing grant–a flexible option qualifying disabled vets can use to purchase a home suitable for their needs.

These are just a few home modification grants but there are plenty of other grants available that cater to specific needs such as head injury, diabetes, help to families with disabled children and state sponsored grants for the disabled. All it takes is a little research and a few applications to get you started.

About the Author:  Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

Servicing Florida Cities:  Port St. Lucie, Palm City, Jensen Beach, Stuart, Vero Beach,  Hutchinson Island, Fort Pierce,  Palm Beach, Jacksonville, Jacksonville Beach, Ponte Vedra Beach, Palm Coast, Neptune Beach, Amelia Island, Atlantic Beach, Fernandina Beach, Saint Johns, Saint Augustine, Daytona Beach, Fleming Island.  View thousands of listings  www.Northeast-Florida-Relocation.com, www.BoldRealEstateGroup.com, www.NewYork-Florida-RealEstate.com www.TheCascadesAtStLucieWest.com

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