Financing

There are currently 14 blog entries related to this category.


Seller’s Estimated Closing Costs (N.E. Florida):


Documentary Stamps on the Deed:

This is a State tax equal to .007 of the sales price. For example, if the sales price is $200,000, then the doc stamps on the deed is $1400.

Owner’s Title Insurance:

This is a policy of protection against a loss in a claim against your ownership. The cost of this insurance is .005375 of the sales price on homes over $100,000.

Settlement Fee/Attorney Closing Fee:

This is the fee the title company or the attorney will charge to close the transaction and account for all funds. Estimate $250 to $500.

Satisfaction of Mortgage Recording Fee:

Paid to the county. Estimate $10 per page.

Real Estate

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Buyer's Estimated Closing Costs (N.E. Florida)

Appraisal Fee:

To substantiate the value of the property, the bank will require an appraisal by a licensed appraiser. The fee for this service will vary according to the type of property and the appraiser’s fee structure. Estimate $250 to $500.

Home Inspection:

Typically, the bank requires a copy of the inspection report. The fee can range from $300 to $500 depending on the inspection company and the size of the house. This is usually paid at time of inspection.

Wood Destroying Organism (WDO) Inspection:

The bank will also require a copy of this inspection. The inspector is looking for any damage to the wood in the house caused by insects or water

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Happy 4th of July

I would to wish everyone a safe and Happy Independence Day.

If you are traveling, please drive responsible. 

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Buying a new home is very exciting, but can be overwhelming even to those who have bought a home previously. Below is a brief overview of what buyers can expect and hopefully help them understand the process.

1.       Lender pre-approval .  Before starting the search for your new home, it’s smart to contact a lender to find out what you actually pre-qualify for. This way you can look at homes that you are qualified to purchase. You may already have an idea of the price range you would like to be in but your lender can provide a solid idea of what you can afford and what they will lend. Keep in mind that when you make an offer, you will need a pre-qualification/pre-approval letter to submit with your offer.

2.       Realtor.  Your Realtor will help

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Ready to Make an Offer? 4 Tips for Success | Simplifying The Market

So you’ve been searching for that perfect house to call a ‘home’ and you finally found one! The price is right, and in such a competitive market you want to make sure you make a good offer so that you can guarantee your dream of making this house yours comes true!

Freddie Mac covered “4 Tips for Making an Offer” in their latest Executive Perspective. Here are the 4 Tips they covered along with some additional information for your consideration:

1. Understand How Much You Can Afford

“While it's not nearly as fun as house hunting, fully understanding your finances is critical in making an offer.”

This ‘tip’ or ‘step’ really should take place before you start your home search process.

As we’ve mentioned before, getting pre-approved is

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50% of Houses sold in 36 Days or Less in July [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • The National Association of REALTORS® surveyed their members for their Confidence Index
  • The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions.
  • Homes sold in less than 60 days in 38 out of 50 states and Washington D.C.
  • Homes sold in less than 30 days in 17 states
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The Cost of NOT Owning Your Home | Simplifying The Market

Owning a home has great financial benefits. Because of this, more and more experts are growing concerned about the ramifications of a falling homeownership rate. Today, let’s look at the financial reasons why owning a home of your own has been a part of the American Dream for as long as America has existed.

The outcomes of a falling homeownership rate can be devastating. As explained by ApartmentList.com:

“Our research indicates that not owning a home has a sizable financial cost, as renters miss out on low mortgage rates and are hit by higher rents.

This phenomenon may exacerbate inequality in our society, as those wealthy enough to invest in real estate benefit from lower interest rates, whereas minorities and younger Americans, hit by

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Why Getting Pre-Approved Should Be Your First Step | Simplifying The Market

In many markets across the country, the amount of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach.

Freddie Mac lays out the advantages of pre-approval in the My Home section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how

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Interest Rates Remain at Historic Lows… But for How Long? | Simplifying The Market

The interest rate you pay on your home mortgage has a direct impact on your monthly payment; The higher the rate, the greater your payment will be. That is why it is important to look at where the experts believe rates are headed when deciding to buy now or wait until next year.

The 30-year fixed mortgage rate has fallen half a percentage point since the beginning of the year and has remained at or below 3.5% for the last 11 weeks according to Freddie Mac’s Primary Mortgage Market Survey.

The chart below shows how far rates have fallen this year (on the left), and uses an average of the projections from Freddie Mac, Fannie Mae, the Mortgage Bankers Association and National Association of Realtors (on the right). As you can see, interest rates are

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