How Does Purchasing A Home Compare With Renting?

 

Struggling with the decision of whether to purchase or rent your next South Florida home?

Like the guy in the video says, the two don’t really compare at all.

The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity take advantage of tax benefits and protect yourself against rent increases. Also, you may be at the mercy of the landlord for housing.

Owning a home has many benefits. When you make a mortgage payment, you are building equity increasing YOUR net worth. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities like insurance, real estate taxes, and upkeep which can be substantial.

But given the freedom, stability, and security of owning your own home they maybe worth it.

At All Florida Title we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at at 954-566-2200.

In case you missed it, check out our last All Florida Title Company post: What Is A Rate Lock?

What Is A Rate Lock?

 

If you are buying a home with a loan in the South Florida area you may have heard of something called a rate lock from your lender.

Mortgage rates change constantly through an unpredictable combination of government policies and economic conditions. This video explains this common term called ‘rate lock.’

A “Rate Lock” is a guarantee that a lender will honor a specific combination of interest rates and points for a given period of time. A lock protects a buyer from rate increases but commits them to a higher rate if mortgage rates fall below the locked rate.

As of 2014, rate locks aren’t usually an option until a purchase offer for a specific property – new-home or resale – has been accepted by the seller. The borrower’s credit score, the loan-to-value ratio property type, location and other factors plus, of course, market rates and market conditions will also affect rate-lock decisions.

Decide whether to lock or “float” based on your capacity for risk and your best rational knowledge about construction and closing schedules. If your rate lock expires an extension might be available but both you and the lender will be looking at current mortgage rates to decide the best option.

At All Florida Title we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at at 954-566-2200.

In case you missed it, check out our last All Florida Title Company post: Are There Special Mortgages For First Time Homebuyers?

Are There Special Mortgages For First-Time Homebuyers?

 

Thinking about buying a home for the first time in South Florida?

Yes. Like the video shows, lenders now offer several affordable mortgage options which can help first-time homebuyers overcome obstacles that made purchasing a home difficult in the past.

Lenders may now be able to help borrowers who don’t have a lot of money saved for the down payment and closing costs, have no or a poor credit history, have quite a bit of long-term debt, or who have experienced income irregularities.

At All Florida Title we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at at 954-566-2200.

In case you missed it, check out our last All Florida Title Company post: What Steps Need To Be Taken To Secure A Loan?

What Steps Need To Be Taken To Secure A Loan?

 

Looking to secure a loan for the purchase of your South Florida property?

You’ll see some pictures in this video to help you remember later, but the first step in securing a loan is to complete a loan application.

To do so, you’ll need the following information.

  • Pay stubs for the past 2-3 months.
  • W-2 forms for the past 2 years.
  • Information on long-term debts.
  • Recent bank statements tax returns for the past 2 years.
  • Proof of any other income.
  • Address and description of the property you wish to buy.
  • A sales contract on the home you want to buy.

During the application process, the lender will order a report on your credit history and a professional appraisal of the property you want to purchase. Each lender has their own criteria so be sure you understand fully what is expected from you to make the process as smooth as possible.

At All Florida Title we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at at 954-566-2200.

In case you missed it, check out our last All Florida Title Company post: All Florida Title Company’s Top 5 Tips to Help You Close More Sales in South Florida.

All Florida Title Company’s Top 5 Tips to Help You Close More Sales in South Florida

Are you a Realtor that services South Florida?

On a recent webinar we shared our top 5 tips to help you close more sales in South Florida.

If you missed it we got you covered, just click on the title to hear the replay: All Florida Title Company’s Top 5 Tips to Help You Close More Sales in South Florida.

What you will learn:
* The Best Darn Facebook Post For Driving Qualified Leads. Period.
* Where You Can Easily Make Flyers & Graphics for Social Posts For Free
* How To Save Time by Automating Appointment Scheduling
* How Getting Instant Quotes Can Save A Deal
* And Much More…

We hope you enjoy it!

At All Florida Title we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at at 954-566-2200.

In case you missed it, check out our last All Florida Title Company post: What Is An Appraisal?