by Steve Silcock | Jan 30, 2013 | Investment Property in Florida, Mortgages
“Cash is King” has been a common phrase over the last two years as buyers leverage the volatile lending markets to secure great deals on investment properties, second homes and vacation homes in the Orlando area. Looking forward we hope to see things improving as more and more lenders return to the market and the range of loan programs increase.
Whatever the type of purchase be careful what you do between the time you receive loan approval and the time you close – buyers can sometimes do things that jeopardize the loan, and lenders sometimes rescind a loan offer shortly before a scheduled closing. The top four things to avoid are
- Making a big purchase. Big purchases, such as a new car or furniture, can change the buyer’s debt-to-income ratio that the lender used to initially approve the buyer’s home loan. •
- Missing payments. Pay all upur bills on time between loan approval and closing – even disputed bills.
- Cashing in / out. Avoid transferring large sums of money or making undocumented deposits – both could send up “red flags” to a lender.
- Opening new credit. Buyers should avoid new credit card applications between approval and closing.
We have access to all types of loan programs from a wide range of lenders and are well positioned to help you find the right loan for your individual circumstance. If you are looking for financing for a manufactured home, second homes or you are a foreign national looking for financing contact us today and we will do our best to help.
by admin | Sep 26, 2012 | Homes, Villas and Condos, Mortgages, Real Estate News
Many economists believe the Housing Market recovery is sustainable at this time.
Economists remain confident the housing market recovery looks to be more sustainable for the future, even though new single-family home sales fell 0.3% in August.
According to Forbes, CoreLogic chief economist Mark Fleming feels the numbers from August were good and that the housing market recovery is slowly improving, growing out of a once difficult low point. In comparison with just one year ago, new home sales are up nearly 30%. Profits amongst two of the largest U.S. homebuilders, Lennar and KB Homes, suggest the housing market recovery is getting stronger, marking progress in an industry that has undoubtedly struggled in the past.
Both Lennar and KB Home executives say historically low mortgage rates and low home prices are driving demand for the first time in years. Though the housing market is growing healthier, the progression is projected to be a continuous effort for several years to come. Lennar’s CEO Stuart Miller confidently stated, “The housing market has stabilized, and the recovery is well underway.”
Interested in Florida Property? Contact Bardell Real Estate today to speak to one of our professionals.
by admin | Sep 2, 2012 | Homes, Villas and Condos, Mortgages
Buying a home requires great long-term responsibility and knowing proper mortgage management.
One of the worst things to do after buying a home is to fall behind on your mortgage. Signing your name to a mortgage note, means you’ve given a lender the right to foreclose on your home, should you stop making payments. By following these simple tips, you can improve your mortgage management and stay in good standing.
- The first thing to be mindful of is to avoid making large unnecessary purchases. In that new homeowner excitement, it is easy to buy more appliances, upgrades, and other things not needed. Be careful on these purchases early on so they do not come back and cause a debt situation later and make mortgage management difficult.
- Regarding improvements, it is best to pace larger expenses over time and schedule those improvements accordingly so they can be budgeted adequately. New expenses come with a new home, so it is a good idea to manage your spending as needed within reason.
- Remember to budget and plan ahead. Alongside your mortgage, understand that initial bills such as electric and water may be higher in those first few bills, since things like connect fees and such are included.
- Realize that money fluctuates. This may be a common sense statement, but realizing this in its entirety when buying a home can go far. By being prepared for worst case scenarios and saving up in advance, a crisis can be prevented later on. Create a reservoir consisting of at least 3-6 months of saved funds, in case of an emergency.
- Know the importance of paying your mortgage on time. Late mortgage payments can result in mounting fines and damaging credit score penalties. Another thing to be aware of is the fact that late mortgage payments can prompt foreclosure. If you fall too far behind in management of mortgage payments, lenders can start foreclosure proceedings against you.
Interested in Florida Properties? Call Bardell Real Estate today and find out more.
