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Hidden costs of purchasing a home

Low mortgage rates and more affordable home prices in some housing markets are creating renewed interest in homeownership, especially among young renters who are tired of seeing their rent costs rise every year. Homeownership can be a path to a solid financial future because each monthly mortgage payment will lead to increased home equity and rising home values will eventually add to your asset. However, potential buyers who are unprepared for the true cost of owning property may be shocked by the bite homeownership can take out of their wallet in addition to their mortgage payments.

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How to Apply for Mortgage | Orlando Realtor Vince Paige

Mortgage preparation:

Credit Health: You’ve pulled your credit and are either working on increasing your scores or have stellar credit and are ready to move forward.

Down Payment: You have reviewed all of your assets and you know how much you can viably put down.

How much you can afford: You have run your preliminary numbers and have a basic idea as to what you can afford. Remember, you can adjust the property taxes and insurance (if you are condo don’t forget to add monthly assessments to your monthly mortgage payment).

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Foreign Buyers Issues when Purchasing US properties | Vince Paige Orlando Realtor

Foreign Nationals are allowed to own real estate in the US. In fact, there are very few differences between a foreign and US buyer when purchasing real estate.

It is important that the Foreign Buyer understands the Buying Process and knows some basic information about general US real estate practices that may vary greatly from a buyer’s home country.

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VA Home Loan Information | Vince Paige | Orlando Realtor

Why get a VA loan over other types?

Simply put, a VA Home Loan allows qualified buyers the opportunity to purchase a home with no down payment. There are also no monthly mortgage insurance premiums to pay, limitations on buyer’s closing costs, and an appraisal that informs the buyer of the property value. For most loans on new houses, construction is inspected at appropriate stages and a 1-year warranty is required from the builder. VA also performs personal loan servicing and offers financial counseling to help veterans having temporary financial difficulties.

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FHA 203(k) | Rehab a Home w/HUD’s FHA 203 (k)

The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), administers various single family mortgage insurance programs. These programs operate through FHA-approved lending institutions which submit applications to have the property appraised and have the buyer’s credit approved. These lenders fund the mortgage loans which the Department insures. HUD does not make direct loans to help people buy homes.

The Section 203(k) program is the Department’s primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities.

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VA home loan myths | Vince Paige | Orlando Realtor


Dismiss VA home loan myths about the federally-backed, zero down loan program.

Myth #1 – VA purchase loans are not for short-sale or foreclosed real estate
Myth #2 – Surviving spouses don’t qualify for VA mortgages
Myth #3 – Military members deployed overseas can’t get a VA-guaranteed loan.
Myth #4 – All realtors are good VA home loan advisors
Myth #5 – VA loans take forever to close

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What happens at Closing? | What to expect at Closing?

You’ve negotiated a successful offer, resolved all the inspections items, and have received your Clear To Close. You are so close to ownership that you can feel the new keys in your hand. The only thing standing between you and moving into your new home is the closing table.

The following is Frequently Asked Questions about What Happens at a Closing in Florida…

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Orlando Real Estate Market Statistics – May 2013

Rapidly rising interest rates are spurring Orlando homebuyers into action and in May contributed to yet another double-digit increase in sales (15.63 percent to be exact), while unbearably tight inventory again sent prices climbing.

“The relative good news about inventory is that there was a 10 percent increase in the number of new listings that came on the market in May, the majority – 65 percent – of which were “normal” sales,” says Orlando Regional REALTOR® Association Chairman Steve Merchant, broker-owner of Global Realty International. “We’re seeing more and more homeowners who realize that now is an extremely opportunistic to sell, and sell fast.”

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Ultra-low mortgage rates….the end is near…

This week, the average rate on a 30-year fixed-rate mortgage jumped another 10 percentage points to 3.91% and are up from 3.3% in early May, according to mortgage giant Freddie Mac. Meanwhile, those seeking a 15-year loan received an average rate of 3.03%, up from 2.56% — a record low.

“It’s unlikely that rates will ever be that low again,” said Doug Duncan, Fannie Mae’s chief economist.

Those who didn’t take advantage of record-low rates have missed the boat — at least for now. Here are three reasons why.

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Why do i need a Pre-Approval ?| Orlando Realtor Vince Paige RE/MAX Showcase

There are two ways of estimating your borrowing power: Bottom-line-qualification and On-line-approval. A “Bottom-line-qualified” and “pre-approved” are not the same thing. There is a difference. Looking at a mortgage calculator on line and determining how much a mortgage payment will be, depending on the down payment and price of the home, does not count as a pre-approval.

If you are in the early stages of the home-buying process, getting pre-qualified by a lender gives you a good idea of what you can borrow. You simply provide income, debt, and down payment figures. The lender will then provide you with an estimate of how much house you can afford. This is often done quickly, over the phone, and you have no obligation to use that lender to get a mortgage. Being pre-qualified simply means you have looked over the numbers and have determined you can afford a certain mortgage payment. A bank may have even done this for you but to be pre-approved means the bank will actually loan you that amount of money to buy a home.

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