How Large A Down Payment Do I Need?

 

In the process of looking for a home in the Fort Myers or Cape Coral areas and wondering how large a down payment you may need?

There are mortgage options now available that only require a down payment of 5% or less of the purchase price. You’ll see some pictures in this video to help you remember later – the larger the down payment, the less you have to borrow and the more equity you’ll have.

Mortgages with less than a 20% down payment generally require a mortgage insurance policy to secure the loan.

When considering the size of your down payment consider that you’ll also need money for closing costs moving expenses, and – possibly – repairs and decorating.

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 Loan To Value (LTV) And How Does It Affect The Size Of My Loan?

How Does Purchasing A Home Compare With Renting?

 

Struggling whether to purchase or rent your next home in the Fort Myers or Cape Coral area?

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 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 Does The Interest Rate Factor In Securing A Mortgage Loan?

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?

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 Should I Look Out For During The Final Walk-Through?

 

About to close on a home in the Fort Myers or Cape Coral area?

Well, as this story shows, a Final Walk-Through will likely be the first opportunity to examine the house without furniture giving you a clear view of everything.

Check the walls and ceilings carefully as well as any work the seller agreed to do in response to the inspection. Any problems discovered previously that you find uncorrected should be brought up prior to closing. It is the seller’s responsibility to fix them.

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 see What Are Home Warranties And Should I Consider Them?.

What Are “Home Warranties”, And Should I Consider Them?

 

Whether you are buying a new home or an older home in the Fort Myers or Cape Coral area, a Home Warranty maybe a good idea.

You’ll see some pictures in this video to help you remember later, but essentially, home warranties offer you protection for a specific period of time, such as one year, against potentially costly problems like unexpected repairs on appliances or home systems which are not covered by homeowner’s insurance.

Warranties are becoming more popular because they offer protection during the time immediately following the purchase of a home a time when many people find themselves cash-strapped.

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 see Is An Older Home A Better Value Than A New One?.

Is An Older Home A Better Value Than A New One?

 

Trying to decide between buying an older home versus a new home in the Fort Myers or Cape Coral area? Well, as this story shows, there isn’t a definitive answer to this question. You should look at each home for its individual characteristics.

Generally, older homes may be in more established neighborhoods offer more ambiance and have lower property tax rates. People who buy older homes, however shouldn’t mind maintaining their home and making some repairs.

Newer homes tend to use more modern architecture and systems are usually easier to maintain and may be more energy-efficient. People who buy new homes often don’t want to worry initially about upkeep and repairs.

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 see What Does A Home Inspector Do, And How Does An Inspection Figure In The Purchase Of A Home?.

What Does A Home Inspector Do, And How Does An Inspection Figure In The Purchase Of A Home?

 

Buying a home in the Fort Myers, Cape Coral or surrounding areas? Learn why hiring a Home Inspector maybe a worthwhile investment. As we show you in this video, an inspector checks the safety of your potential new home.

Home Inspectors focus especially on the structure, construction and mechanical systems of the house and will make you aware of only repairs that are needed.

The Inspector does not evaluate whether or not you’re getting good value for your money.

Generally, an inspector checks (and gives estimates for repairs on):

  • the electrical system
  • plumbing and waste disposal
  • the water heater
  • insulation and ventilation
  • the heating and AC system
  • water source and quality
  • the potential presence of pests
  • the foundation, doors, windows, ceilings, walls, floors, and roof.

Be sure to hire a home inspector that is qualified and experienced and have the inspection performed within the inspection period outlined in your contract.

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 see 6 Home-Selling Mistakes.