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PMI? What’s That?
If you type PMI into Google, the first result that pops up will likely be for a non-profit organization. But if you scroll down a few results, you’ll see the meaning that makes a lot more sense within the context of buying a house: Private Mortgage Insurance. Or in some cases, Private Mortgage Insurer.
In either case, these are privately-owned companies that provide mortgage insurance. They offer both standard and special affordable programs for borrowers. These companies provide guidelines to lenders that detail the types of loans they will insure, and Lenders use these guidelines to determine borrower eligibility.
Most mortgage lenders will require that you have mortgage insurance in order to obtain a loan. PMI’s usually have stricter qualifying ratios—like having a good credit score—and larger down payment requirements than the Federal Housing Administration (FHA), which is another option for mortgage insurance. But PMI premiums are often lower and they insure loans that exceed the FHA limit. In other words, PMI’s give you more options if you qualify.
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: Beginners Mini-Guide to Real Estate Investments
Beginners Mini-Guide to Real Estate Investments
Feeling ready to dip your toes into real estate investment? Here are a few options to consider prior to making a final decision on how you want to invest:
Rentals This is a classic way to enter into the real estate investment process. Apartments, condos or homes near colleges prove to be popular as they are high in demand and have a decent turnover rate as new students arrive and graduating students end their leases. If a high renter turnover rate doesn’t jive with you, you can always rent to families, who tend to stay in place longer than students.
Vacation Homes These locations often prove to be different from your basic rental because you are also selling the experience and the location, rather than just the features. You will also be responsible for maintaining the property for a variety of guests for shorter periods of time. These homes may be easier to advertise, enticing vacationers no matter where they live.
Your Own Home Your own home may be your greatest investment! In this scenario you can enjoy the convenience and luxury of making your own personalized upgrades while knowing that the value of your home will increase with every strategic improvement you make.
These are just a few of the many ways to begin investing in real estate. Remember that if you are buying property, title companies like Title Junction can help protect your finances while taking you from contract to closing table for each property you wish to purchase for investment.
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: Selling Your Home: The Closing Process
Selling Your Home: The Closing Process
Picture this:
It’s finally happened; after listing your home and surviving the countless open houses and lowball offers, a buyer finally comes forward with an acceptable offer. They’ve signed the sales contract and you can see the light at the end of the tunnel—until a landslide of financial, contractual, and legal steps on both sides snuffs out that light faster than you can say “closing.”
Yes, sadly, a signed sales contract does not mean that your house is sold. Before you can make it to the closing table where your house will well and truly be sold, the buyer has to get financing to meet the contract terms—which includes credit checks.
Additionally, the property is inspected and appraised; title insurance and escrow accounts are set up while you locate new housing, pack and move. You’ll also need to take care of any obligations like painting or repairs. After the contract is signed, it can take a month or more of closing steps to reach the closing meeting.
When you plan to sell your house, make sure to factor the appropriate closing steps into your plans.
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 Is Title Insurance Different?
How Is Title Insurance Different?
Most of us are familiar with the concept of insurance. Because we can’t see into the future, we can never be too careful when it comes to protecting the things that we value most. But how many people understand the difference between owner’s title insurance and pretty much any other kind of insurance?
Take automobile insurance, for example. Fees and rates are calculated based on statistics from studies that have demonstrated the idea of assumed accidental rates. These insurance companies are banking on the idea that accidents will happen, whereas title insurance companies work for you to make sure that nothing does happen and, if it does, you’re fully covered.
Title companies—like Title Junction—pride themselves on eliminating the risk of threatened ownership and property investment. Title companies are able to do this by diligently gathering, storing and examining previous and current records that pertain to the property being purchased.
Additionally, an owner’s policy only requires a one-time payment that will protect you until the day you sell your home, whether that happens the following day or 20 years down the line.
Most importantly, by choosing a title company that you can trust (hint: Title Junction), you’re investing in peace of mind. You won’t have to worry about property disputes that may arise in the future because you’ll have a reliable and resourceful company backing you for as long as you own your home!
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 the Homes I View?
How Can I Keep Track of the Homes I View?
If you’re viewing multiple house listings in pursuit of “the one,” it can be a challenge to keep track of all the details. Was it the first property that needed bath renovations or the second? Did your realtor say that one of the property owners would negotiate on hiring painters? Was it the fourth home you saw that had granite countertops or the seventh?
We’ve all been there; you’re confident that you’ll remember all the details about the house you’re viewing, but when you finally get around to considering your options at the end of multiple walk-throughs, the individual details seem to fuse together. So what can you do to keep track of your thoughts on each property?
Pictures
Don’t be afraid to take snapshots of a home for later viewing. If you can’t recall something, a visual could be just the thing to jog your memory. Make sure to get a variety of photos that include the exterior of the house, the major rooms, the yard, and any extra features you either like or see as potential problems.
Notes
Even though a photo will probably help you remember your thoughts after a walk-through, it’s possible that you’ll wonder why you took that particular photo in the first place. Jot down how you felt about the size of the rooms once you were in them. Did you have any concerns about sounds? How about smells? These are crucial details that should be kept in mind when making your final decision.
Organize
The last thing you want to do is mix up photos and notes from different houses. Create separate folders (digital or physical) for each house you viewed, and include any contact information you may need regarding questions about each given property.
We know there’s a lot to keep track of when shopping for a new home, but a little bit of extra effort during walk-throughs can help avert many future headaches.
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: Could My Loan Costs Exceed The Loan Estimate?
Could My Loan Costs Exceed The Loan Estimate?
Yes, within defined limits.
Service charges for which YOU shop and select a provider may change; the creditor is NOT responsible for providers who are NOT on their written list.
In addition, prepaid interest, property insurance premiums and escrow or reserve deposits may change without legal tolerance limits.
Charges for recording services, and 3rd-party services ON the creditor list, grouped together may not exceed the Loan Estimate total for the same charges by more than 10%.
Transfer taxes, fees paid to the creditor, mortgage broker or an affiliate of either and fees paid to a 3rd party for services the creditor does NOT permit you to shop are ZERO tolerance and must match the Loan Estimate.
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: 4 Tips on How to Maintain a Healthy Business
4 Tips on How to Maintain a Healthy Business
Starting a new business or maintaining one that is already established can be a daunting task. But there’s no need to fret, we’ve got you covered with some tips to keep your business effective and relevant in today’s growing industry!
1. Staff Checkup
Healthy employees make for a healthy business. Making sure your staff is well taken care of will encourage productivity throughout the workplace. Productive employees will bring success to your business and help you achieve your business goals.
2. Engaging Communication
Proper communication is a necessity in order for a professional team to work together efficiently. Everyone has their own unique perspective to bring to the table, and people are more inclined to share their ideas if they feel that they’re being heard and that their views and opinions matter. Opening the floor to insight on new ideas and topics is a great way to connect your team, all while building up the foundation of your business.
3. Customer Service
Customers/clients are the key to keeping a business up and running. Without them, there isn’t any revenue, and without revenue, well…it’s kind of hard to run a business without any funds. It’s vital to make sure that the needs of your customer are met and that they are truly satisfied with the services provided.
4. Plan Ahead, then Jump
Time-management author Alan Lakein once said, “failing to plan is planning to fail.” Now those are some words to live by. Take time to plan ahead; it’ll save your business a whole lot of hassle down the road. Once your business is financially stable and all of your team players are onboard, it’s time to jump. Take up that new partnership, hire that grad student, invest in a new stock. Be bold, be smart.
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: Can I Pay Off My Loan Early?
Can I Pay Off My Loan Early?
If you happen to have some extra money on hand and you want to speed up the process of claiming full ownership of your home, then we have good news! By sending in extra money each month or making an extra payment at the end of the year you can speed up the process of paying off your loan.
When you send extra money, be sure to indicate that the excess payment is to be applied to the principal, not the interest, and keep records. For quick reference, principal is the amount you actually owe, while interest is the cost of borrowing the money.
Remember that payment applied to loan principal is not tax-deductible. Most lenders allow loan prepayment, but some loans may have prepayment penalties. Make sure to check with your lender for details before deciding what you want to do.
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 If I Have a Vacation Planned Before My Closing?
What If I Have a Vacation Planned Before My Closing?
Just because you’re purchasing a home doesn’t mean that your life conveniently pauses until you reach the closing table, right? Of course not! Many buyers and sellers still have to proceed with not only everyday life but other engagements as well. For example, some people have preplanned family vacations or weddings to attend. On the other hand, you may not have had anything planned up to the point of closing, but then something unexpected pops up. All of these instances are more than okay IF you keep your realtor/lender involved and informed.
Your realtor, lender, title company, and others are all arranging their processes around you and your availability. Each one runs into points that require contacting you to confirm information, whether that’s by phone, email, or in person. If something comes up where you will be unavailable or difficult to reach for an extended period of time, let your realtor know so they can ensure that your real estate parties are aware and can work around your schedule to obtain all the information they need to pursue the transaction.
After being away from your daily activities for an extended period, the last thing you need is to return to find that closing had to be postponed because you couldn’t be reached, and information was therefore unable to be processed on time. Though your closing companywill do everything they can to keep this from happening, Title Junction still aims to fill you in on how you can avoid a postponed closing altogether!
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 the Difference Between Pre-Qualification and Pre-Approval?
Title Junction’s Christmas Angel Tree
We interrupt our regular blogging schedule to announce that Title Junction is partnering with the Salvation Army to host an Angel Tree this Christmas Season!
Angel Tree? What’s That?
The Angel Tree Program was created by the Salvation Army in 1979 to provide toys and clothing to children in need. In Lee County alone, there are over 28,000 children who live in poverty. Many of their parents don’t have the financial means to buy them any gifts for Christmas, so that’s where we step in!
Participating organizations and businesses (like Title Junction) hang Angel Tags from a Christmas tree, with each child represented by a numerical code along with information about their age, gender, clothing size, and what they want for Christmas. People can choose the Angel they want to adopt from the tree and then purchase gifts for their Angel. This year, Title Junction has been entrusted with 50 Angels who need to be adopted by caring souls…like you!
How Do I Adopt an Angel?
1. Pick your Angel from the Angel Tree.
2. Buy new toy(s) and/or clothing for your Angel.
3. Drop off the new, unwrapped gift(s) in a bag with the Angel Tag attached at Title Junction by December 10th. If you have more than one bag, make sure to label them with your Angel’s code as well.
Then What?
Once Title Junction receives all of the new, unwrapped gifts for the Angels, the Salvation Army will take the gifts and distribute them to the families. You won’t know the identity of your Angel, but you will have the satisfaction of knowing that you’ve brought joy and hope to a child this Christmas season.
For more information give us a call at 239.415.6574 or email us at [email protected].
Title Junction Office Address:
6214 Presidential Court, Suite F
Fort Myers, Florida 33919
Business Hours:
Monday-Friday
9am-5pm