Finance

Don’t get overwhelmed with one of the most important buying decisions in your life. We discuss new home financial topics including marketing information and the new home building, buying and selling processes.

Using a Local Lender Could Save You Money and Hassle

It’s no secret that buying a home is one of the biggest financial decisions you will make in your lifetime. It may also become one of the busiest times in your life as well. In this busy, modern world many of us shop online for goods and services, such as groceries or home owner’s insurance and possibly even mortgages. But, in this era of “browse, click, and buy,” how can you be sure you really are receiving the best mortgage services to fit your needs? If you are only shopping an online lender, you may be leaving money on the […]

Mortgage “Gift Fund” Etiquette

Etiquette experts agree that giving someone a gift of cash for a birthday, graduation, or wedding celebration is commonplace. But, did you know that it’s also common to receive a gift of cash for a down payment on a home? In fact, in 2017, the National Association of Realtors Profile of Homebuyers and Sellers estimates that 25% of first time homebuyers used gift funds for their down payments. Receiving cash for a birthday or graduation gift may only require a thank you note, but for a mortgage, there is a little more paperwork involved.
Who can give:
Anyone can give you […]

Can You Shop Around for Cheaper Private Mortgage Insurance?

According to a report by The Lenders Network, the average down payment in 2016 was 6%. If this is similar to the percentage that you plan on putting down, then your loan will require mortgage insurance. Mortgage insurance is a type of insurance that is required by the lender when putting down less than 20%. Mortgage insurance protects the lender against a loss in circumstances where a borrower defaults on the loan payments and the home is foreclosed upon and resold. If mortgage insurance is going to be factored into your loan, you may be wondering how much control […]

Why is My Credit Score Lower From My Lender?

If you have recently been on a personal finance site to check your credit score and then applied for a mortgage you may have been surprised at the difference in your credit score. That’s because more often than not, the score you received from the personal finance site is going to be higher than the credit score your lender receives when they pull your credit.
Credit algorithms
Personal finance sites that can access your credit history use a different algorithm to calculate your score. They are giving you more of a generic credit score that covers a wide range of credit […]

Are Piggybacks Making a Comeback?

Piggyback mortgages that is, not the ride children love. Piggyback mortgages, a.k.a. second mortgages, are a loan that rides on top of your primary mortgage. In combination with your down payment, these mortgages allow you to avoid paying private mortgage insurance (PMI). They were extremely popular in the early 2000s and then went almost extinct after the housing market declined in 2008. With the economy and the housing market on an upswing, it looks like Piggybacks are coming back.
Piggyback mortgages are ideal for several reasons

It’s great for borrowers who want to avoid paying private mortgage insurance but have […]

National Report Ranks Daytona Area #8 in Markets Poised for Growth

DAYTONA BEACH — For the sixth time in recent months, a national report has ranked the Volusia-Flagler area as one of the country’s top real estate markets to watch.

Read the full News Journal Article here.

Ready to Move? Avoid These First-Time Home Seller Mistakes

If you thought buying your home was tough, selling your first home can be just as daunting. Make the process easier and more profitable by avoiding some common first-time home seller mistakes.
Mistake 1: Emotional attachment
Becoming emotionally detached from your home is one of the hardest things to do when selling. After all, this is where you made memories with friends and family members. Remember that your

home is a commodity, not your identity. The more you can separate yourself emotionally from your home (including neutralizing the interior) the more buyers will be able to picture themselves in your home. The […]

Waiting to Buy a New Home Could Cost You

Home prices
Thinking about buying a new home in the next few years? Moving up your timetable could save you money. As of February 2018, Zillow states home values have risen 7.6% in the last 12 months. It also predicts homes values will continue to rise another 3.5% in the next year. Each area of the country is different but the one thing you can count on is that when home prices rise you get less home for your money.
Interest rates
Interest rates have also been steadily climbing. The Economy Forecast Agency predicts rates to climb above 5% in 2018 and […]

Turn Your Dream of a Vacation Home Into a Reality

Ever been on a relaxing vacation watching a glorious sunset and wished you could own your own vacation home? If so, you are not alone. According to the National Association of Realtors Vacation and Investment Home Sales: A breakdown for 2017, thousands of buyers felt the same way and turned their dreams into a reality.
Financing a vacation home
There is a misconception that vacation home buyers pay in cash or have a large down payment. NAR cites that 72% of homebuyers purchasing a vacation property financed their purchase. Of those financing, the majority put down 30% or less as a […]

There is Hope After Bankruptcy or Foreclosure

Millions of Americans have been affected by a short sale, foreclosure or bankruptcy and may be afraid they will never be able to own a home again. Luckily, a derogatory credit item doesn’t mean an end to homeownership.

Check out the chart below to view waiting periods, by loan type, for homebuyers who have experienced foreclosure, short sale or bankruptcy, without extenuating circumstances.

*Foreclosure rates are cited from CoreLogic data highlighted in a January 2015 Forbes article.

The information voiced in this material is for general information and is not intended to provide specific advice or recommendations for any individual.

All loans subject […]