Are There Special Mortgages For First-Time Homebuyers?

 

Thinking about buying a home for the first time in the Fort Myers or Cape Coral areas?

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 Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction 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 Fort Myers or Cape Coral 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 Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

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

What Is A Rate Lock?

 

Getting a mortgage for a home you are purchasing in the Fort Myers or Cape Coral areas?

Mortgage rates change constantly through an unpredictable combination of government policies and economic conditions. This video explains the common term ‘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 Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

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

What Is An Appraisal?

 

Getting a home appraised in the Cape Coral or Fort Myers area?

Every house is unique; appraisers are trained and licensed for expertise in putting a value on properties.

Appraisers don’t work for the buyer or the seller;  their primary mission is actually to protect the lender who’s risking money against the home’s value.

Appraisers have to weigh factors about the property and location – including size, condition and comparable properties – to appraise its current value.

They know how to focus on conditions that affect value; dishes in the sink don’t; damage and neglect do.

Appraisals lower than the proposed purchase price can affect transaction details. The seller might have to lower the price or the buyer might have to increase down payment or fund additional escrow.

Appraisal seems a lot like inspection, but they’re not the same.

You can think of it this way:

Appraisers report on value to the lender.

Inspectors report on condition of the house and major components to the buyer.

So – expect both appraisal & inspection in your transaction.

At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: How Can The FHA Assist Me In Buying A Home?

How Can The FHA Assist Me In Buying A Home?

 

Buying a home soon in the Cape Coral or Fort Myers area? An FHA loan maybe worth exploring.

Remember these points from the video:

The FHA works to make homeownership a possibility for more Americans.

With the FHA, you don’t need perfect credit or a high-paying job to qualify for a loan. The FHA also makes loans more accessible by requiring smaller down payments than conventional loans.

In fact, an FHA down payment could be as little as a few months rent. And your monthly payments may not be much more than rent.

At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: How Can I Keep Track Of All The Homes I See.

How Can I Keep Track Of All The Homes I See?

 

Buying and trying to organize all the homes you are looking at in Fort Myers or Cape Coral?

There are some great tips in this video, like:

If possible, take photographs of each house: the outside, the major rooms, the yard and extra features that you like or ones you see as potential problems.

Write things down as you go. And don’t hesitate to return for a second look.

Use the HUD Home Scorecard (www.hud.gov/buying/checklist.pdf) to organize your photos and notes for each house.

At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: How Do I Begin The Process Of Buying A Home.

How Do I Begin The Process Of Buying A Home?

 

Looking to buy a house in the Fort Myers or Cape Coral area?

Remember these pointers from the video: start by thinking about your situation.

  • Are you ready to buy a home?
  • How much can you afford in a monthly mortgage payment?
  • How much space do you need?
  • What areas of town do you like?

After you answer these questions, make a “To Do” list and start doing casual research. Talk to friends and family, drive through neighborhoods, and look in the “Homes” section of the newspaper, or online.

At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: What Details Can I Ask Brokers In Advance.

What Details Can I Ask Brokers In Advance?

 

Selling a home in the Fort Myers, Cape Coral or surrounding areas? This video tells you what any real estate professional would tell you.

Ask them:

  • How long do homes in my neighborhood currently stay on the market?
  • How would you price my home?
  • What data did you use to arrive at that price?
  • How would you market my home?
  • What activities would you expect of me to market my home?
  • How will you handle representation if one of your buyers is interested in my home?
  • May I speak with sellers you’ve recently represented?
  • How long a period would you want on a listing agreement for my house?

It’s best to ask these questions, and be comfortable with your choices before signing a listing agreement.

At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: How Do I Set The Price On My House.

Title Junction’s Top 5 Tips to Help You Close More Sales in Fort Myers

Are you a Realtor that services Fort Myers and the surrounding areas?

On a recent webinar we shared our top 5 tips to help you close more sales in and around Fort Myers.

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

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 Title Junction, we are committed to helping you succeed in Real Estate. Have questions? Give us a call at 239.415.6574.

How Do I Set The Price On My House?

 

While this video simplifies things to help you remember when selling your Fort Myers or Cape Coral house, your aim is to get the best price AND terms in your market during the period you’re selling.

Market conditions, interest rates and competition all matter.

The price you want, and the price a buyer will pay are framed by those complex conditions so pricing isn’t completely predictable.

Other factors include:

  • How your home compares to other homes for the same buyers
  • The inventory of homes and the level of buyer demand

Your needs also affect negotiations – for example, if you must sell quickly – but the final price will be determined by the market not by your needs.

Buyers look at the same comparables and market conditions and they want to pay as little as possible while meeting their needs.

Remember that the price isn’t the entire deal – repairs, closing, points, appliances and other factors can all change the value you finally receive. Listen to your broker, stay informed, be patient if you can and make your best reasonable, unemotional decisions.

At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post to learn more about Why Using a Realtor may be a great consideration when selling your home.