by Elsa Soto | Jan 29, 2019 | Blog, Homes, Villas and Condos, Local Events, Mortgages, Real Estate Components, Real Estate News
Central Florida’s Daily Mortgage Rates
Welcome to this weeks snapshot of Central Florida Daily Mortgage Rates! Does your New Year’s Resolution include spending time to invest your hard earned money into something that will continue to reward you, especially with ownership? Well, it should!!
BREAKING DOWN ‘Mortgage Rates’
The mortgage rate is a primary consideration for homebuyers looking to finance a new home purchase with a mortgage loan. Other factors also involved include collateral, principal, interest, taxes and insurance. The collateral on a mortgage is the house itself, and the principal is the initial amount for the loan. Taxes and insurance vary according to the location of the home and are usually an estimated figure until the time of purchase.
Source: Investopedia.com
Each mortgage rate is determined by the lender and can be either fixed, staying the same for the term of the mortgage, or variable, fluctuating with a benchmark interest rate. A mortgage rate may vary for borrowers based on their credit profile. Here is a snap shot of the daily mortgage rates as of today, Tuesday, January 29, 2019. While the rates shown are not guaranteed for everyone, this gives the average buyer a good idea of what their rate should look like. We always recommend you speak with your local realtor to find the best loan program for your Orlando Home purchase. Take advantage of these mortgage rates now before it changes, contact us today by clicking on the ‘contact us’ link or by filling out the form above!
Source: Bank Rate
by Elsa Soto | Dec 31, 2018 | Blog, Buyers, Homeowners, Mortgages, News, Real Estate Components
Central Florida’s Daily Mortgage Rates
Welcome to this weeks snapshot of Central Florida Daily Mortgage Rates! Does your New Year’s Resolution include spending time to invest your hard earned money into something that will continue to reward you, especially with ownership? Well, it should!!
consideration for homebuyers looking to finance a new home purchase with a mortgage loan. Other factors also involved include collateral, principal, interest, taxes and insurance. The collateral on a mortgage is the house itself, and the principal is the initial amount for the loan. Taxes and insurance vary according to the location of the home and are usually an estimated figure until the time of purchase.
Source: Investopedia.com
Each mortgage rate is determined by the lender and can be either fixed, staying the same for the term of the mortgage, or variable, fluctuating with a benchmark interest rate. A mortgage rate may vary for borrowers based on their credit profile. Here is a snap shot of the daily mortgage rates as of today, Monday, November 12, 2018. While the rates shown are not guaranteed for everyone, this gives the average buyer a good idea of what their rate should look like. We always recommend you speak with your local realtor to find the best loan program for your Orlando Home purchase. Take advantage of these mortgage rates now before it changes, contact us today by clicking on this link or by filling out the form above!
Source: Bank Rate
by Elsa Soto | Dec 19, 2018 | Blog, Buyers, Mortgages, News, Real Estate Components, Real Estate News
WASHINGTON – Dec. 17, 2018 – The Federal Housing Administration (FHA) announced the agency’s new schedule of loan limits for 2019, with most areas in the country to experience an increase in loan limits in the coming year. These loan limits are effective for FHA case numbers assigned on or after Jan. 1, 2019 and mirror earlier limits announced by the Federal Housing Finance Administration (FHFA).
In high-cost areas of the country, FHA’s loan limit ceiling will increase to $726,525 from $679,650. FHA will also increase its floor to $314,827 from $294,515.
FHA says that increases in median housing prices required changes to FHA’s floor and ceiling limits, which are tied to the Federal Housing Finance Agency (FHFA)’s increase in the conventional mortgage loan limit for 2019.
Overall, the maximum loan limits for FHA forward mortgages will rise in 3,053 U.S. counties. In 181 counties, FHA’s loan limits will remain unchanged.
By statute, the median home price for a Metropolitan Statistical Area (MSA) is based on the county within the MSA having the highest median price. HUD has used the highest median price point for any year since the enactment of the Housing and Economic Recovery Act (HERA).
The cap for reverse mortgages – FHA-insured Home Equity Conversion Mortgages (HECMs) – will increase to $726,525 from $679,650. FHA’s current regulations implementing the National Housing Act’s HECM limits do not allow loan limits for reverse mortgages to vary by MSA or county.
The National Housing Act, as amended by HERA, requires FHA to establish floor and ceiling loan limits based on the loan limit set by FHFA for conventional mortgages owned or guaranteed by Fannie Mae and Freddie Mac. FHA’s 2019 minimum national loan limit, or floor, of $314,827 is set at 65 percent of the national conforming loan limit of $484,350. This floor applies to those areas where 115 percent of the median home price is less than the floor limit.
Any areas where the loan limit exceeds this ‘floor’ is considered a high-cost area, and HERA requires FHA to set its maximum loan limit ‘ceiling’ for high-cost areas at 150 percent ($726,525) of the national conforming limit.
© 2018 Florida Realtors®
Source: Florida Realtors
by Elsa Soto | Nov 12, 2018 | Blog, Homes, Villas and Condos, Mortgages, News, Property for Sale in Orlando, Real Estate Components, Real Estate News
Central Florida’s Daily Mortgage Rates
Welcome to this weeks snapshot of Central Florida Daily Mortgage Rates! Now has never been a better time to invest your hard earned money into something that will continue to reward you, especially with ownership!
BREAKING DOWN ‘Mortgage Rate’
The mortgage rate is a primary consideration for homebuyers looking to finance a new home purchase with a mortgage loan. Other factors also involved include collateral, principal, interest, taxes and insurance. The collateral on a mortgage is the house itself, and the principal is the initial amount for the loan. Taxes and insurance vary according to the location of the home and are usually an estimated figure until the time of purchase.
Source: Investopedia.com
Each mortgage rate is determined by the lender and can be either fixed, staying the same for the term of the mortgage, or variable, fluctuating with a benchmark interest rate. A mortgage rate may vary for borrowers based on their credit profile. Here is a snap shot of the daily mortgage rates as of today, Monday, November 12, 2018. While the rates shown are not guaranteed for everyone, this gives the average buyer a good idea of what their rate should look like. We always recommend you speak with your local realtor to find the best loan program for your Orlando Home purchase. Take advantage of these mortgage rates now before it changes, contact us today by clicking on this link or filling out the form above!
Source: Bank Rate
by Elsa Soto | Oct 31, 2018 | Blog, Buyers, Homeowners, Investment Property in Florida, Mortgages, News, Property for Sale, Real Estate Components
Taking FEAR Out of the Mortgage Process
A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainties about the buying process. A specific cause for concern tends to be mortgage qualification.
For many, the mortgage process can be scary, but it doesn’t have to be!
In order to qualify in today’s market, you’ll need a down payment (the average down payment on all loans last year was 5%, with many buyers putting down 3% or less), a stable income, and good credit history.
Throughout the entire home buying process, you will interact with many different professionals who will all perform necessary roles. These professionals are also valuable resources for you.
Once you’re ready to apply, here are 5 easy steps that Freddie Mac suggests to follow:
- Find out your current credit history & score – even if you don’t have perfect credit, you may already qualify for a loan. The average FICO Score® of all closed loans in September was 731, according to Ellie Mae.
- Start gathering all of your documentation – income verification (such as W-2 forms or tax returns), credit history, and assets (such as bank statements to verify your savings).
- Contact a professional – your real estate agent will be able to recommend a loan officer who can help you develop a spending plan, as well as help you determine how much home you can afford.
- Consult with your lender – he or she will review your income, expenses, and financial goals in order to determine the type and amount of mortgage you qualify for.
- Talk to your lender about pre-approval – a pre-approval letter provides an estimate of what you might be able to borrow (provided your financial status doesn’t change) and demonstrates to home sellers that you are serious about buying!
Bottom Line
Do your research, reach out to professionals, stick to your budget, and be sure that you are ready to take on the financial responsibilities of becoming a homeowner.
Source: Keeping Matters Current
by Elsa Soto | Aug 30, 2018 | Blog, Homeowners, News, Real Estate Components, Real Estate News
So now you’re stuck with a special assessment from your Home Owners Association. Are you wondering how this is possible and if you actually are liable to pay it?
By Gary M. Singer
Sept. 3, 2018 – Question: Our association is specially assessing all of the owners several extra payments to fund a refinance of a loan we took out for the clubhouse renovation from a few years ago. Can they do this? – Joel
Answer: As long as your association follows the correct procedure, it can pass a special assessment. When your association has a unique expense that the regular maintenance dues cannot cover, it can pass a “special” assessment. These assessments can be a one-time payment, or they can be spread out over a period of time. However, unlike your regular dues, they do not continue indefinitely. Once their purpose is funded, the assessment is complete, and the money cannot be used for any purpose other than what it was created for.
Generally, your board can pass a special assessment without a full vote of all the owners. The board must specifically notify the owners in advance that the issue will be voted on at an upcoming meeting and must publicly decide. Of course, like with many association-related matters, your community may have more stringent requirements, so be sure to check your community’s documents.
Special assessments are often levied for needed repairs that the association cannot currently afford or to renovate the community. Common examples are for roofing projects, to replace fences or repave the roads and lots. Since your association may not have saved the necessary reserves, and it is not realistic to expect the homeowners to pay for the entire repair up front, your board may choose to borrow the money from a bank and have the special assessments repay the loan.
Boards can also refinance such loans to get better terms or to pay off the loan early, as seems to be the case for you. While it is unpleasant to have to pay extra, it is often the only way to maintain your community while keeping your monthly dues as low as possible – something every homeowner wants.
About the writer: Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He practices real estate, business litigation and contract law from his office in Sunrise, Fla. He is the chairman of the Real Estate Section of the Broward County Bar Association and is a co-host of the weekly radio show Legal News and Review. He frequently consults on general real estate matters and trends in Florida with various companies across the nation.
© 2018 Sun Sentinel (Fort Lauderdale, Fla.), Gary M. Singer. Distributed by Tribune Content Agency, LLC.
Source: Florida Realtors
