During the purchase of a home, there are an abundance of options to choose from when deciding on the Mortgage Loan that best fits your budget. Here is a basic breakdown of the different kinds of loans you can choose from when buying the home of your dreams!
FHA Loan (Federal Housing Administration)
– Low monthly mortgage payments
– Flexible with credit score
– Easier to qualify than other types of loans
– 15 & 30 year fixed rate
– This loan works best if you are looking to purchase, refinance, or renovate your home
Conventional Loan (Fannie Mae & Freddie Mac)
– More financing options
– Must have good credit to qualify (typically above 700)
– 10 to 30 year fixed rates
– This loan works best if you are looking to purchase, refinance, or renovate your home
VA Loan (U.S Department of Veteran Affairs)
– Zero down payment required
– Low monthly mortgage payments
– Mortgage insurance not required
– Limited to eligible veterans
– 15 & 30 year fixed rate
– This loan works best if you are looking to purchase, refinance or have an assumable mortgage on your home
USDA Rural Housing Loan (U.S Department of Agriculture)
– Zero down payment required
– Low monthly mortgage payments
– Must have good credit to qualify (typically above 700)
– Limited to properties in rural areas
– 30 year fixed rate
– This loan works best if you are looking to purchase or refinance
This is just a scratch on the surface of the four main types of loans and their assets. Our Real Estate Professionals are overwhelmingly knowledgeable on all of these different types of loans and will provide you with any information you may need. They will also be able to give you advice on which loan would work best for you based on your financial situation. Click here to get in touch with one of our agents today, they are standing by ready and willing to help you!
Florida Retirement Home FOR SALEin Outdoor Resorts
9000 US Highway 192 Lot #909
9000 US Highway 192 Lot #277
Clermont, FL 33897
Outdoor Resorts
$64,900
1 Bedroom | 1 Bathroom
2016 Taxes: $743.00 | 642 Sq. Ft.
Florida Retirement Home FOR SALE – MOVE IN CONDITION home. Patio overlooks the common area and bathhouse. The rear room could be used as a 2nd bedroom. This home has everything you’ve been looking for. This Florida Retirement Home has vinyl and ceramic flooring throughout, painted driveway, kitchen cabinet has a lazy Susan, bath has a skylight, mattress & box springs new in Nov 2014 (snowbirds), ceramic top stove like new, newer appliances, rear room has a closet, BBQ grill, two tv’s, including a Smart TV Nov ’14, and new roof in 2013. There’s an outside storage unit and a side concrete picnic table and benches. This is a well cared for home and one you’ll be proud to call yours.
Florida Retirement Home FOR SALE in the Beautiful Community of Outdoor Resorts
Click Here to See More Property in Davenport Lakes
Another year has almost come and gone. Make it your New Years resolution to make the most out of 2017! Maybe you are a first time home buyer, looking for an investment property, or looking to upgrade into a home with more space, make 2017 the year you meet your home owning goal!
The past few years, the market has become more steady and this trend is expected to continue into 2017.
2017 is your year if you are looking to make a long-term investment in purchasing a home. Home values are expected to increase by up to 30% in the next three years!
Planning on retiring in 2017? We have something for you, too! Many adorable 55+ neighborhoods have plenty of homes for sale, and our agents here at Bardell are thrilled to show you, and help you make the most out of your retirement!
Rent prices are expected to rise in the next year. Now would be the time to go for your goal and become a homeowner!
Pride of ownership is a wonderful and respected accomplishment. All of us here at Bardell are eager to exceed your expectations and help you find the home of your dreams!
During the process of the purchase of real estate, you must keep in mind that this is the place you call home. The place your family will feel safe and comfortable in. Here are some crucial steps to take when finding the perfect home for you and your family:
Determine a budget that you are comfortable with. It will be a lot easier to enjoy your new home knowing you will not have to face a financial burden.
Determine your credit score. Credit is crucial when it comes to getting approved for a loan. The better your credit, the lower your interest rate will be on your mortgage.
Once approved for a loan, get your bank to give you written proof that you are pre-qualified. Our Real Estate Professionals here at Bardell will help you by referring you to the bank that will give you a loan that best fits your budget.
Once our agents help you find the perfect home for you, try not to make any large purchases. Doing this can negatively affect your loan approval status.
Our Agents here at Bardell Real Estate practice honesty and integrity day in and day out. they will keep you completely informed throughout the entire buying process and will always keep your best interest at heart. Contact our office today, you will be glad you did!
Most people in their twenties are starting to get out into the world and pursue jobs, careers, and the excitement of buying their first home. Because of the fact that millennials are just starting out, they may have the job to pay their mortgage loan back, but they may not have the hefty down payment required to purchase the home. Buying a home for the first can be stressful and confusing but in the end, it is an extremely rewarding accomplishment. Especially around the holidays, parents may be thinking this is the perfect gift to give their child who is ready to make a huge financial investment. Before you do this, there are some things you should be aware of.
Make sure the bank knows that the loan amount is, in fact, a gift. If you expect the recipient to pay the down payment back to you, it will be included in the loan amount and they could end up being approved for less than the amount they need.
It is in your best interest to write a gift letter so the bank knows that you agree that it is a gift and does not need to be paid back.
Per current guidelines set by the IRS, any amount of money given over $14,000 must face a tax bill.
This is one of many tricky situations that our real estate professionals here at Bardell Real Estate can help you through. We are eager to help you and give your our honest opinion about any situation when it comes to real estate in Florida. Please contact our office today for any questions you have!
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