How to Finance a Home Creatively

by Elsa Soto | Dec 16, 2019 | Blog, Mortgages, Real Estate News

How to Finance a Home Creatively

Financing a home is one of the most critical factors for buyers looking to purchase real estate. Here are some suggestions on How to Finance a Home Creatively that you may not have been aware of.

Investigate local, state, and national down payment assistance programs.

These programs give qualified applicants loans or grants to cover all or part of your required down payment. National programs include the Nehemiah program, Getdownpayment.com, and the American Dream Down Payment Fund from the Department of Housing and Urban Development.

Explore seller financing.

In some cases, sellers may be willing to finance all or part of the purchase price of the home and let you repay them gradually, just as you would do with a mortgage. A similar option is the assumable mortgage, where a home buyer takes over the seller’s existing loan (with bank approval). This can be especially helpful when interest rates are on the rise.

Ask your family for help.

Perhaps a family member will loan you money for the down payment or act as a cosigner for the mortgage. Lenders often like to have a cosigner if you have minimal credit history.

Consider a shared-appreciation or shared-equity arrangement.

Under this agreement, your family, friends, or even a third party may buy a portion of the home and share in any appreciation when the home is sold. The owner-occupant usually pays the mortgage, property taxes, and maintenance costs, but all the investors’ names are usually on the mortgage.

Lease with the option to buy.

Renting the home for a year or more will give you the chance to save more toward your down payment. And in many cases, owners will apply some of the rental amount toward the purchase price.

Consider a short-term second mortgage.

If you can qualify for a short-term second mortgage, this would give you money to make a larger down payment. This may be possible if you’re in good financial standing, with a strong income and little debt. Such arrangements may also help you avoid jumbo loan restrictions and/or minimize the amount of private mortgage insurance you have to pay.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

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Common Loan and Lending Terminology

by Elsa Soto | Dec 9, 2019 | Blog, Buyers, Mortgages, News, Real Estate Components, Real Estate News

Common Loan and Lending Terminology

Term.

Mortgages are generally available at 15-, 20-, or 30-year terms. In general, the longer the term, the lower the monthly payment. However, shorter terms mean you pay less interest over the life of the loan.

Fixed vs. adjustable interest rates.

A fixed rate allows you to lock in a low interest rate as long as you hold the mortgage and, in general, is a good choice if interest rates are low. An adjustable-rate mortgage (ARM) usually offers a lower rate that will rise as market rates increase. ARMs usually have a limit as to how much and how frequently the interest rate can be increased. These types of mortgages are a good choice when fixed interest rates are high or if you expect your income to grow significantly in the coming years.

Non-traditional mortgages.

Also sometimes called “exotic,” these mortgage types were common in the run-up to the housing crisis, and often featured loans with low initial payments that increase over time.

Balloon mortgage.

This is a form of non-traditional financing where your interest rate will be very low for a short period of time—often three to seven years. Payments usually only cover interest so the principal owed is not reduced. This type of loan may be a good choice if you think you will sell your home at a large profit in a few years.

Government-backed loans.

These loans are sponsored by agencies such as the Federal Housing Administration or the Department of Veterans Affairs. They offer special terms, including reduced interest rates to qualified buyers. VA Loans are open to veterans, reservists, active-duty personnel, and surviving spouses and are one of the only options available for zero down payment loans. FHA loans are open to anyone, and while they do require a down payment, it can be as low as 3.5 percent. Drawbacks include a slower loan process and—for FHA loans—the need to pay mortgage insurance.

However…

As the housing market shifts, so do lending practices. A mortgage broker—an independent professional who acts as an intermediary between you and lending institutions—may be able to help you find a better rate than you can on your own. Also, be sure to shop around; slight variations in interest rates, loan amounts, and terms can significantly affect your monthly payment.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

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Just Sold – 902 New Providence Promenade #20102, Davenport

by Elsa Soto | Dec 4, 2019 | Blog, Buyers, Homes, Villas and Condos, Investment Property in Florida, New Listing, News, Property for Sale, Property for Sale in Orlando

Just Sold – 902 New Providence Promenade #20102, Davenport

902 New Providence Promenade #20102, Davenport, FL

Just Sold

Presented By:

Bardell Real Estate

863-424-2309

Schedule a Showing/Request Info

$ Click for current price
3 BEDROOMS | 1227 SqFt

Perfect investment property located in the desirable condo resort of Bahama Bay nestled along the shoreline of Lake Davenport. This Platinum rated condo rents well on the in-house management program and has been lovingly maintained by the current owner.

Vocabulary: Agency & Agency Relationships

by Elsa Soto | Dec 3, 2019 | Blog, Buyers, News, Real Estate Components, Real Estate News, Sellers

Vocabulary: Agency & Agency Relationships

The term “agency” is used in real estate to help determine what legal responsibilities your real estate professional owes to you and other parties in the transaction.

The buyer’s representative (also known as a buyer’s agent) is hired by prospective buyers and works in the buyer’s best interest throughout the transaction. The buyer can pay the agent directly through a negotiated fee, or the buyer’s rep may be paid by the seller or through a commission split with the seller’s agent.

The seller’s representative (also known as a listing agent or seller’s agent) is hired by and represents the seller. All fiduciary duties are owed to the seller, meaning this person’s job is to get the best price and terms for the seller. The agency relationship usually is created by a signed listing contract.

A subagent owes the same fiduciary duties to the agent’s customer as the agent does. Subagency usually arises when a cooperating sales associate from another brokerage, who is not the buyer’s agent, shows property to a buyer. The subagent works with the buyer to show the property but owes fiduciary duties to the listing broker and the seller. Although a subagent cannot assist the buyer in any way that would be detrimental to the seller, a buyer customer can expect to be treated honestly by the subagent.

A disclosed dual agent represents both the buyer and the seller in the same real estate transaction. In such relationships, dual agents owe limited fiduciary duties to both buyer and seller clients. Because of the potential for conflicts of interest in a dual-agency relationship, all parties must give their informed consent. Disclosed dual agency is legal in most states, but often requires written consent from all parties.

Designated agents (also called appointed agents) are chosen by a managing broker to act as an exclusive agent of the seller or buyer. This allows the brokerage to avoid problems arising from dual-agency relationships for licensees at the brokerage. The designated agents give their clients full representation, with all of the attendant fiduciary duties.

A transaction broker (sometimes referred to as a facilitator) is permitted in states where nonagency relationships are allowed. These relationships vary considerably from state to state. Generally, the duties owed to the consumer in a nonagency relationship are less than the complete, traditional fiduciary duties of an agency relationship.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

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Santa’s Christmas Tree Farm Is Officially Open!

by Elsa Soto | Nov 21, 2019 | Blog, Local Events, Theme Parks and Attractions

Santa’s Christmas Tree Farm Is Officially Open!

Santa’s Christmas Tree Forest

In 1980, Jack and Judy Ewing moved with their two daughters, Jodi and Jana, to rural Eustis, Florida. Jack had just retired as a Lieutenant Colonel and decorated pilot from the Air Force, and Judy was a registered nurse. They built a house on their 33 acre property, sent their children off to college, and decided that they wanted to do something productive with their land.

Cut down your own Christmas tree, or choose from our fresh cut Christmas trees!

PRICES AND ACTIVITIES!!

Located at 35317 Huff Road Eustis, FL 32736. $4 General Admission includes entry to the farm, the Christmas tree field and tree lot, photo ops, hayrides, and the farm animal petting zoo. Attractions will open at 10:00. Additional attractions such as horse rides, zip line rides, the bounce pillow, mazes, rubber duck race, and barrel tram, are available for additional charge.

Join us for family-friendly farm fun! Hungry? There will be a concession area That has a variety of lunch foods and snacks, even some that you can cook yourself over the campfire.

Tickets are on sale now. To avoid longer lines, guarantee entry on your preferred date, and secure a horse/pony ride ticket, please purchase tickets in advance online. Days may fill to capacity, and the farm will stop admission for the safety and comfort of our guests. Check the home page for updates on SOLD OUT dates immediately before your visit if you have not pre-purchased.

Admission for activities ends one hour prior to closing time of activities. Horse ticket quantities are limited daily for the health and safety of the horses.

General Admission: November 27 & December 6, 13, 20 – $3

November 23, 24 & December 14, 15, 21, 22 – $4

November 29, 30 & December 1, 7, 8 – $5

Includes entry, hayride, and petting zoo. Parking FREE.

Visits with Santa – 12:00-4:00 – November 29, 30, December 1, 7, 8, 14, & 15 PLUS during Breakfast with Santa on December 21 & 22 (tickets on sale November 18.)

View Hours for more information and discount days. Weekdays when activities are closed have a $2 admission. Santa’s After Hours are free admission for pre-cut trees, food and beverage sales only.

Scroll down to view pricing for add-on activities.

Add these activities to any General Admission. Adults 18 and older may enter the Jolly Acres FOR FREE when accompanying a child with a paid Jolly Acres or PLUS wristband.

Jolly Acres – $10 – Includes entrance to the Jolly Acres with Buddy’s Bounce Pillow, Elf Maze, Crazy Maze, Tree Maze, barrel tram rides, Shark Tooth Dig, Comet’s Chase double barrel slide, a rubber ducky for the duck race and more, all for one low price. PLUS, adults 18 and up may enter the Jolly Acres Fun Park for the General Admission price when accompanying a paying child. Add-on horse tickets are available.

Jolly Acres Plus – $20 – Includes all Jolly Acres activities above AND unlimited zip line rides for as many times as you can get through the line! What a bargain! This add-on is for anyone who would like to ride the zip line, as young as 3 for our Lower Zip Line and as old as 93 for our Upper. Upper Zip Line starts at age 7. Weight limits apply. Helmets are required for Upper Zip.

Horse or Pony Single Ride Ticket – $6 – Ride a real live horse or pony led by one of our horse attendants along a short trail. For the health of the horses, the amount of tickets released daily is limited, so ride availability cannot be guaranteed on busier days. Ticket sales end two hours before closing or when sold out, whichever comes first. Participants must be at least one year old and able to sit up in a saddle. Under 3 years will require a parent to side walk. Helmets are required.

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