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July 6, 2016

What Is a Loan Modification and Can It Help Homeowners in Trouble

As reported by http://www.realtor.com 

What is a loan modification? Consider it a lifeline for homeowners in trouble. If you’ve been hit with financial hardships that hamper your ability to pay the mortgage, there are options other than foreclosure or selling your home. One is to get a loan modification, which is basically an agreement with your lender to change the terms of your loan. Loans can be modified in various ways. For instance, the lender may lower the interest rate; extend the length of the loan; or allow a homeowner to skip payments until he’s found a new job, adding those missed payments to the principal to pay later. The terms all depend on the homeowner’s specific circumstances, but the goal is ultimately the same: to provide financial relief for homeowners who are struggling to pay their mortgage.

So why would lenders agree to take less money? According to mortgage expert Tom Pasqualini of Hudson United, it’s a way to keep your business rather than losing you if you refinance with another lender at a lower interest rate. Keep in mind, not everyone will qualify for a loan modification. Pasqualini puts the odds conservatively at 50-50—but you’ll never know until you ask. How to get a loan modification If you think you might need a loan modification, “you need to start the process quickly—as soon as you realize there might be a problem,” says Adela Z. Ulloa, whose law office specializes in mortgage loan modifications. To get a loan modification, you’ll need to apply through your current mortgage lender, and you can start by filling out a Request for Mortgage Assistance form. Your lender will probably require the following documents: Your monthly mortgage statement Information about any other mortgages on your home For salaried employees or hourly wage earners, two recent pay stubs that reflect year-to-date income

For self-employed homeowners, your most recent signed and dated quarterly or year-to-date profit and loss statement Documentation of additional income received from other sources (tips, commissions, bonuses, housing allowances, overtime, etc.) Documentation of any benefits received (Social Security, disability, death benefits, pension, public assistance, or adoption assistance, etc.)

Two most recent bank statements A utility bill showing your name and property address Your two most recent federal tax returns A letter describing the circumstances causing your hardship Where to go for guidance If this sounds complicated, don’t panic—there are plenty of professionals out there who are willing to help walk you through the process; you may have heard or seen ads for such services. But use caution when selecting one; according to Ulloa, it’s a red flag if the firm guarantees a modification and asks for payment before it assesses your eligibility. One trustworthy place to get more guidance? The counseling experts at the HUD-approved housing counseling agency, who you can reach by calling 888-995-HOPE (4673) or visiting HUD.gov.

Another good place to go? The government’s Home Affordable Modification Program, part of the government’s Making Home Affordable Program, which encourages lenders to offer more loan modifications by giving them grants, subsidies, and other financial incentives. So far, HAMP has helped more than 2.2 million homeowners modify their loans. (The HAMP program is slated to expire by Dec. 31, 2016. So act fast if you want to learn more.)

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If you or anyone you know is looking to Sell or Buy a home anywhere in Apopka, Orlando or the Central Florida area, please follow the links below for either an INSTANT Home Value & Market report or a FREE MLS Search of All Homes For Sale on the local MLS System. For more information or a no-obligation consultation, contact Joe Bornstein, Broker, Rock Springs Realty, Cell# 407-252-8092 or Toll Free# 877-333-2811 or joe@rockspringsrealty.com 

Follow this link to do a FREE Search of All Homes For Sale On the MLS:
https://www.rockspringsrealty.com/search/advanced_search 

Curious to what your home is worth? Click this link for an INSTANT Home Value & Local Market Report:
https://www.rockspringsrealty.com/cma/property-valuation

http://www.rockspringsrealty.com
http://www.bestcentralfloridaproperties.com
http://www.sellyourhomeinapopka.com
http://www.sellyourhomeinorlando.com

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July 6, 2016

Here Is What Can Go Wrong When You Don't Have Homeowners Insurance

As reported by http://www.realtor.com  

When disaster strikes in the form of lightning, tornadoes, or other freak occurrences, there’s really only one thing you can do to help save (or rebuild) your livelihood, instead of just watching it helplessly burn away or get flung to an adjacent county. And that’s having homeowners insurance. But if you don’t have coverage? Well, it can get ugly out there. If you don’t believe us, just check out these unfortunate situations—and the hard-won lessons learned as a result. Your dryer could go haywire and burn down your home: Before leaving for work in February, Celyna Rosiles of San Antonio, TX, popped some clothes in the dryer so they’d be ready to fold once she was home. But that’s not what happened. Here’s what did: She got a call later in the day from authorities informing her that she had a major house fire on her hands. According to San Antonio News 4, the heat from a dryer ignited lint, which became tinder for a conflagration. Rosiles did not have homeowners insurance, so she had to shell out for repairs herself.

Lesson learned: Over 15,000 house fires are sparked in laundry rooms every year, and these tragedies could be mitigated with insurance. And here’s a safety tip: Never leave your home unattended with the dryer on. Got it? This minor time-saving measure is simply not worth the risk. A tornado could breeze through the area: In May, a tornado struck Boswell, OK, destroying at least 21 homes. One of those belonged to Jose Rubio, who fled to his neighbor’s storm cellar before the twister tore his place apart. He’d lived there for 35 years. “I lost everything—no insurance, no nothing,” Rubio told KXII News. “So I feel sick, but I’m still alive.”

Lesson learned: “Many people, even those who live in high-risk areas of the country—so-called tornado alleys, earthquake-prone areas, hurricane regions—don’t think it will happen to them,” explains Loretta Worters, vice president of communications at the Insurance Information Institute. Well guess what? It can. Tornadoes and other freak weather occurrences can hit anyone, anytime, so it’s best to arm yourself with insurance in case you’re next.

 Lightning could strike—and once is enough: After lightning stuck a Miami family’s condo last year, they were left with nothing because they only thought they had insurance. According to CBS Miami, Maria Zapata’s son was home when lightning struck the home, setting the kitchen on fire.

“I was laying down on the phone talking to my girlfriend. It literally knocked me off the bed,” Julio Zapata told the news outlet. No one was harmed, but everything inside the home was ruined. Lesson learned: Granted, the odds of lightning striking your home are rather slim, but if it does, the damage is considerable. Lightning protection systems exist but they’re expensive, which is why many experts say that in low-frequency storm areas, comprehensive homeowners insurance is the more budget-friendly option.

“Review your policy to make sure you have the right type and amount of insurance,” Worters says. You could develop a whole new love for your neighbors: In October 2015, Saunda Williams and her two children were visiting their grandmother’s house when they heard a news report about a fire on her block in Muncie, IN. It turned out to be her house—and the fire ate everything. Williams told the Muncie Star Press that she had no insurance and less than a thousand dollars in the bank. In short, the fire left her family homeless. But not for long. The community banded together, donating furnishings for a new house. A counselor at a local school started a GoFundMe page. In two months, it raised enough money for a down payment, according to a follow-up article. Lesson learned: It’s good to hear that tight-knit communities and caring neighbors have helped families get back on their feet, and crowdfunding sites like GoFundMe are making that easier than ever. Still, there’s no guarantee your neighbors will step up and help, which is why homeowners insurance is a better safety net.

                                                                    #############

If you or anyone you know is looking to Sell or Buy a home anywhere in Apopka, Orlando or the Central Florida area, please follow the links below for either an INSTANT Home Value & Market report or a FREE MLS Search of All Homes For Sale on the local MLS System. For more information or a no-obligation consultation, contact Joe Bornstein, Broker, Rock Springs Realty, Cell# 407-252-8092 or Toll Free# 877-333-2811 or joe@rockspringsrealty.com 

Follow this link to do a FREE Search of All Homes For Sale On the MLS:
https://www.rockspringsrealty.com/search/advanced_search 

Curious to what your home is worth? Click this link for an INSTANT Home Value & Local Market Report: 
https://www.rockspringsrealty.com/cma/property-valuation

http://www.rockspringsrealty.com
http://www.bestcentralfloridaproperties.com
http://www.sellyourhomeinapopka.com
http://www.sellyourhomeinorlando.com

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July 6, 2016

How to Buy a Second Home, and no, it wont be like your first

As reported by http://www.realtor.com  

You’ve braved the home-buying circus before, and have a great place to show for it. You’ve trudged through the open houses, experienced exactly how stressful closing can be, and dealt with legions of moving trucks. And still, a part of you wants something more: an escape in the mountains, a beach cottage, or a pied-à-terre in the city. With current mortgage rates at a historic low, you might be wondering how to buy a second home. But beware; it won’t be like your first. Here are some differences and advice to keep in mind. First things first: Can you afford a second home? If you scored a sweet deal on a mortgage for your primary residence, don’t expect the same offer twice.

“Second-home loans generally require more money down and a better credit score than owner-occupied home loans,” says John Lazenby, president of the Orlando Regional Realtor Association. Expect more scrutiny into your finances than before: “Lenders look carefully to ensure that second-home buyers are financially capable of paying two mortgages.” Make sure to review your budget with a second mortgage in mind—a healthy emergency fund and cash reserves are essential if an accident or job loss forces you to float two mortgages at once.

Evaluate your goals: Understand exactly how you plan to use the property before you sign on the dotted line. “Buyers should consider their stage of life and that of their children to ensure they are going to actually use the home for the amount of time that they’re envisioning,” Lazenby says. “A family with young children may find that their use of a second home declines as the kids grow older and become immersed in sports.” If you’re certain you’ll get enough use and enjoyment out of your new purchase, go for it—but make sure to carefully consider the market. For most buyers, a second home shouldn’t be a fixer-upper. Look for homes in high-value areas that will appreciate over time without having to sacrifice every “relaxing” weekend to laborious renovations.

Buying in an unfamiliar area? Take a few weekend trips to make sure it’s the right spot for you. Pay close attention to travel times and restaurant and recreation availability, otherwise you might spend more time grousing than skiing and sipping wine. And make sure to choose a knowledgeable local Realtor®, who will know the local comps and any area idiosyncrasies. Understand your taxes: You may be familiar with a bevy of home credits and tax breaks for your first home, but not all of them apply to your second. For instance: You might be planning on using your new home as a vacation rental when you’re out of the area. If that’s the case, you need to calculate the return on investment you can expect over the course of a year. How much can you charge per night or per week? How many weeks will you rent out the property? And what expenses will you incur?

“Property tax rules and possible deductions for second homes are complicated and vary widely, depending on both the number of days per year that the owner occupies the home and the owner’s personal income level,” says Lazenby. A vacation home offers more flexibility to buy based on your potential tax burden—for instance, if you’re looking to buy in a high-tax area, consider widening your search to another county, which can save you thousands of dollars. Lazenby recommends consulting with a tax professional, especially if you’re planning on renting out the house. A vacation home may be considered an investment property, introducing a whole headache of new deductions—which hopefully can decrease your tax burden.

                                                                      ############

If you or anyone you know is looking to Sell or Buy a home anywhere in Apopka, Orlando or the Central Florida area, please follow the links below for either an INSTANT Home Value & Market report or a FREE MLS Search of All Homes For Sale on the local MLS System. For more information or a no-obligation consultation, contact Joe Bornstein, Broker, Rock Springs Realty, Cell# 407-252-8092 or Toll Free# 877-333-2811 or joe@rockspringsrealty.com

Follow this link to do a FREE Search of All Homes For Sale On the MLS:
https://www.rockspringsrealty.com/search/advanced_search 

Curious to what your home is worth? Click this link for an INSTANT Home Value & Local Market Report: 
https://www.rockspringsrealty.com/cma/property-valuation

http://www.rockspringsrealty.com
http://www.bestcentralfloridaproperties.com
http://www.sellyourhomeinapopka.com
http://www.sellyourhomeinorlando.com

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June 29, 2016

3 Key Closing Cost Facts for VA Buyers and Sellers

As reported by http://www.realtor.com on 6/24/16 by Veterans United (http://www.veteransunited.com)

Getting a loan comes with closing costs. But VA buyers are tapping into a benefit program, and that includes advantages when it comes to closing costs. Here’s a look at three essential facts about closing costs for active-duty and veteran service members looking to buy a home. The VA limits what buyers can pay If the option to buy with 0% down wasn’t incentive enough for eligible buyers to use the VA loan program, this one certainly sweetens the pot. The Department of Veterans Affairs has a list of “non-allowable” fees—loan fees that the veteran or active-duty member isn’t allowed to pay. That means these loan costs will need to be covered by the seller, the lender, or the real estate agent.

Those non-allowable costs and fees include:

Pest inspections on purchase transactions (in 41 states)

Broker fees or real estate agent commissions

Penalties for loan prepayment

Non-title-related attorney fees

Excessive recording fees

In addition, the VA limits what lenders can charge to cover their origination and administrative costs. Sellers can contribute a lot Sellers in a VA purchase transaction can cover all of a buyer’s mortgage-related closing costs and contribute up to 4% as “concessions.” Mortgage-related closing costs include things like origination fees, appraisal, title work, and more. Concessions can go toward a host of other expenses that often come with buying a home, from prepaid taxes and homeowners insurance to even paying off collections or judgments for the buyer. Many VA buyers will come to the home-buying journey needing help with closing costs. But it’s important to note that sellers aren’t required to pay a dime toward a buyer’s closing costs. Every transaction is different, and it’s ultimately more about what it takes to get a mutually beneficial deal to the closing table.

Buyers can finance the VA Funding Fee The VA home loan program is funded in part by the VA Funding Fee, which varies based on a buyer’s service history, disability status, and any previous use of their VA loan benefit. About a third of VA buyers are exempt because they receive compensation for a service-connected disability. Buyers who aren’t exempt don’t have to pay the VA Funding Fee upfront. Most choose to finance the cost on top of their loan, and it’s even possible to have a seller pay the fee as part of his or her concessions. When it comes to closing costs, the VA loan program aims to make it easier for veterans and military families to land their dream home. It also gives home sellers a lot of leeway to help would-be buyers lock down the last financial piece of the home-buying journey.

                                                                  ###################

If you or anyone you know is looking to Sell or Buy a home anywhere in Apopka, Orlando or the Central Florida area, please follow the links below for either an INSTANT Home Value & Market report or a FREE MLS Search of All Homes For Sale on the local MLS System. For more information or a no-obligation consultation, contact Joe Bornstein, Broker, Rock Springs Realty, Cell# 407-252-8092 or Toll Free# 877-333-2811 or joe@rockspringsrealty.com 

Follow this link to do a FREE Search of All Homes For Sale On the MLS:
https://www.rockspringsrealty.com/search/advanced_search 

Curious to what your home is worth? Click this link for an INSTANT Home Value & Local Market Report: 
https://www.rockspringsrealty.com/cma/property-valuation

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June 29, 2016

4 Reasons to Not Pay Off Your Mortgage Early

As reported by http://www.realtor.com  

You’ve imagined it: that party you’ll throw (and the happy dance you’ll undoubtedly do) the day you pay off your mortgage. Ah, the joy of being debt-free and the full owner of your home! But hold on: While paying off that principal is certainly an achievement, it’s not one you want to rush. We know, holding on to a mortgage payment can seem counterproductive—especially when you have a large amount of debt looming over your head—but getting rid of it isn’t always the smartest financial move. You’re probably thinking, “Um, what about all that interest?!” Stick with us here. We checked with some expert financial advisers to see under what circumstances you might want to hold on to that monthly payment, and why.

1. You get a hefty tax break on your interest

Homeowners get a federal and state tax deduction on mortgage and home equity loan interest for up to a $1 million loan. Bonus: If you find yourself both in a higher tax bracket and with a significant mortgage that will put you above the standard deduction, you’re looking at even more savings. Holding on to your mortgage longer allows you claim that deduction for the life of your loan.

2. You have other debt with a high interest rate

“Mortgages are relatively cheap money to borrow, so it could make sense to use the cash to pay for other needs such as higher-interest credit card debt,” explains Robbie Schoonmaker, a principal at Matterhorn Financial Planning. Because mortgages tend to have lower interest rates than, say, a credit card, using extra cash to pay off those debts will save you money on interest in the long run.

3. You want to make sure your emergency and retirement funds are safe

If you’re planning on paying off your principal by dipping into your savings account or retirement fund, think again. Using one of these options to pay off your mortgage can give you a false sense of financial security. Unexpected expenses—such as medical costs, needed home repairs, or emergency travel—can destroy your financial standing if you don’t have a cash reserve at the ready. “Once you pay the mortgage off, it could be hard to get the money back, particularly since a time of financial need may be the very time that it is hardest to get a new loan,” Schoonmaker explains. And as far as dipping into your retirement goes—just don’t do it unless you absolutely have to. And if you do, prepare for it to cost you: Since the money has never been taxed before, you’ll see deep cuts when you take it out. Finally, don’t skimp on your retirement fund, either. Sure, it might be tempting to scale back on your 401(k) contributions in order to put that cash toward your mortgage. But we’re pretty sure you’ll be sorry when you’re 65.

4. You could be making a higher return elsewhere

Take a step back and think: “Could my money be doing more for me?” If you spend all your hard-earned cash paying off your mortgage, you won’t have it to invest in other places—which, of course, limits your potential for cash return. Jim Ludwick, founder of Main Street Financial Planning, suggests that homeowners who are considering paying off their mortgage instead consider buying a rental property. “Sometimes having a mortgage on one property allows you to go out and purchase a rental property and get a good cash-on-cash return,” he says. (Just make sure you know what you’re getting into—being a landlord ain’t easy, either.) Whether it’s investing in real estate or buying bonds, just think of what will give you the biggest financial gains. And if your payday really is paying off your mortgage, then we’ll just say congrats! Now let us show you the best ways to celebrate.

                                                           ###################

 If you or anyone you know is looking to Sell or Buy a home anywhere in Apopka, Orlando or the Central Florida area, please follow the links below for either an INSTANT Home Value & Market report or a FREE MLS Search of All Homes For Sale on the local MLS System. For more information or a no-obligation consultation, contact Joe Bornstein, Broker, Rock Springs Realty, Cell# 407-252-8092 or Toll Free# 877-333-2811 or joe@rockspringsrealty.com 

Follow this link to do a FREE Search of All Homes For Sale On the MLS:
https://www.rockspringsrealty.com/search/advanced_search 

Curious to what your home is worth? Click this link for an INSTANT Home Value & Local Market Report: 
https://www.rockspringsrealty.com/cma/property-valuation

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June 29, 2016

5 Common Closing Day Surprises and How to Deal with them

As reported by http://www.realtor.com  

I was thrilled when the sellers accepted my offer on a tear-down lot in McLean, VA, the perfect place to build my own “Downton Abbey”–style manor. And the deal went forward without a hitch—that is, until closing day. Soon after I arrived at the title company’s office on the big day, my real estate agent sheepishly handed me a set of 40-year-old covenants that restricted what I could build on the site. Looking back, I know that I should have smiled politely at the six people gathered and suggested we reconvene later after I’d studied this giant wrench in my plans. But I didn’t want to inconvenience everyone, so I closed the deal. It was an agita-inducing mistake. Even though those covenants didn’t derail my dream home’s construction, they caused me constant anxiety. This is not just a concern for those building a home from scratch: For many home buyers, closing day is daunting, and coping with last-minute surprises can be tricky. Some problems are minor and easy to solve; others can wreck a deal. So which are which? Let’s take a look.

Ugly walk-through revelations: The dreaded walk-through is the top reason for surprises on closing day, and for good reason: This final inspection of the home happens the day before your settlement—or even the morning of—so there’s little time to prepare for whatever problems might pop up.

Who knows? A sudden storm could have poured water into the basement, or now that the furniture is all gone, cracks in walls or other flaws may be exposed.

How bad is it? If the problem is serious, like flooding, you should definitely proceed with caution. To avoid this snafu, make sure to inspect a home as thoroughly as possible before your final walk-through to avoid last-minute surprises. Don’t be shy about asking for another look-see after a big storm to vet for dampness or flooding. But a last-minute discovery of a problem is not necessarily a deal breaker. Just ask the seller to cover the cost of those repairs, and put the funds in escrow. Be sure to come with estimates from professionals on how much those fix-its will cost.

What stays, what goes: Another common issue that crops up during the walk-through is misunderstandings about which items get transferred with the sale. For instance, maybe you loved the seller’s antique stove, ceiling fan, or other household item and assumed it would stay—but you find out the sellers took it with them.

How bad is it? Unless you’re really attached to the item, you may want to let this one slide if you want this deal to go through. The easiest way to avoid these misunderstandings is to delineate in a contract what remains in the house or must be moved out, says Ben Niernberg, executive vice president of business development at Northbrook, IL–based Proper Title, LLC. “Be very detailed on what’s staying and going,” he says. “Washer, dryer, ceiling fans, fixtures, appliances—be diligent during your initial inspection.” Also, make sure the contract reflects your expectations.

Credit challenges: Even though you were probably approved for a mortgage a month or so earlier, even small changes in your financial picture since then can affect your credit score and create problems up to the moment you close on the property. Changing jobs, applying for a credit card, falling behind in paying bills, even sudden infusions of cash can red-flag your deal.

How bad is it? Pretty bad. If a lender withdraws the offer, you won’t be able to close until you secure another mortgage, which could take weeks. Or, if the lender wants to increase your interest rate, as it usually does in these situations, then you’ll have to decide if you can still afford the purchase. To head this issue off at the pass, contact your lender the day before closing to discuss and solve any issues that may have turned up. Also, try to avoid making any sudden financial moves in the weeks leading up to the close, like quitting your job or receiving a $10,000 “gift” from a family member to help out with home buying—that could, ironically, throw a wrench into the process.

Money transfer misunderstandings: On closing day, the chief order of business is to transfer funds. Some financial institutions and title companies prefer cashier’s or certified checks; others want funds to be transferred electronically. Show up with the wrong paperwork or account numbers, and you’ll be left scrambling. How bad is it? This misunderstanding should be nothing more than a speed bump. To avoid it, ask your agent and lender before closing what form of payment is required. Also bring your checkbook to pay for small items that might crop up, like an unpaid electric bill.

Title trouble: A title company—which confirms details about your property such as past ownership, liens, and the aforementioned covenants—could bring up issues on closing day. If that happens to you, don’t be afraid to step back and insist on taking time to digest any details, problems, or stipulations attached to the property. How bad is it? It depends on what the search turns up. Some problems, like tax liens or a claim on the property from a relative or co-owner, can postpone a closing. Other things, like the covenants I mentioned above, or unpaid HOA dues, may be surprises but not deal breakers. But any and all title defects must be fixed before you can close on the property. It may be frustrating, but when you leap into homeownership, it’s always better to be safe than sorry.

                                                                        ############

If you or anyone you know is looking to Sell or Buy a home anywhere in Apopka, Orlando or the Central Florida area, please follow the links below for either an INSTANT Home Value & Market report or a FREE MLS Search of All Homes For Sale on the local MLS System. For more information or a no-obligation consultation, contact Joe Bornstein, Broker, Rock Springs Realty, Cell# 407-252-8092 or Toll Free# 877-333-2811 or joe@rockspringsrealty.com 

Follow this link to do a FREE Search of All Homes For Sale On the MLS:
https://www.rockspringsrealty.com/search/advanced_search 

Curious to what your home is worth? Click this link for an INSTANT Home Value & Local Market Report: 
https://www.rockspringsrealty.com/cma/property-valuation


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June 29, 2016

5 Most Common Questions About Mortgages Answered

As reported by http://www.realtor.com  

Not exactly sure how a mortgage works? Don’t feel bad—the average home buyer doesn’t either. The whole process is filled with head-scratching questions, from how big a down payment has to be to why your interest rate isn’t as great as you’d hoped. To help clear up some of your confusion, here are some of the most common questions home buyers ask about mortgages, as well as some expert answers.

Q: Do I really need a 20% down payment?

A: The gold standard for a down payment is 20%, but if you don’t have the cash, there are plenty of ways to put down less and still get a house. Topping the list: A Federal Housing Administration loan lets borrowers put down as little as 3.5%, but you’ll need to meet certain qualifications, including a minimum credit score of 500 and steady employment for at least two years. And if you’re active or retired military (or a surviving spouse of a veteran), a Veteran Affairs loan allows you to put 0% down, says Todd Sheinin, mortgage lender and chief operating officer at New America Financial in Gaithersburg, MD. And those aren’t the only workarounds; some counties and states offer loan programs that enable borrowers with low income to receive a down payment subsidy.

Q: Why is my mortgage’s interest rate offer higher than the one I saw advertised?

A: If you see an ad for a remarkably low rate, take a closer look and you’ll notice a disclaimer (typically an asterisk) saying this is the best possible rate. To nab it, you’ll need a high credit score (750 or above) and a low loan-to-value ratio, which essentially means you’re making a sizable down payment of at least 40% of the home’s price, says Richard Redmond, a mortgage broker at All California Mortgage in Larkspur and author of “Mortgages: The Insider’s Guide.” But if your borrowing scenario is not that spectacular, you’re considered more of a risk—and your interest rate will rise to reflect that. In addition to your credit score and loan-to-value ratio, it will depend on your loan size, the type of property you’re buying (e.g., condo versus single-family house). Bottom line: Read the fine print when evaluating your loan options.

Q: Is a 30-year fixed-rate loan the best option?

A: While the 30-year loan with a fixed interest rate may be the first mortgage most home buyers think of getting, “there’s no one-size-fits-all loan option,” says Redmond. For instance, although adjustable-rate mortgages have a bad rap, ARMs do make sense in certain circumstances—like if you plan to move soon, before the rates adjust. They may also make sense if you can’t afford a home with a fixed-rate mortgage, since those interest rates are slightly higher. Meanwhile, a 15-year loan might make more sense than one for 30 years if you have enough cash to cover the bigger monthly bills. Why? Because you’ll end up paying far less in interest. For instance, if you get a 30-year mortgage on a $250,000 loan at 3.58% (the current interest rate), you’ll pay $1,134 per month and $168,628 in interest by the time those 30 years are up. Buy that same home with a 15-year loan at today’s 2.86% (the shorter time you borrow the money, the lower the rate), and your monthly payments balloon to $1,710—but you’ll pay only $43,306 in interest by the time you’re done. (Use realtor.com®’s mortgage calculator to get a rough idea of the numbers before meeting with a lender.)

Q: What is private mortgage insurance, and why do I need it?

A: If you’re using conventional nongovernment financing and can’t afford to make a 20% down payment, you’ll have to pay private mortgage insurance. PMI kicks in if you end up unable to pay your mortgage. Since your lender loses money in this scenario, PMI pays it benefits to offset that loss. You can expect to pay about 0.3% to 1.15% of your home loan in PMI. This can be a sizable sum, but it may make sense if you want to buy a home now rather than wait until you can amass a bigger down payment. “PMI has a negative connotation, but it’s not the worst thing in the world,” says Sheinin. Another option? Have your lender cover the mortgage insurance. You’ll pay a higher interest rate, but “it’s often cheaper than paying PMI yourself each month,” says Sheinin.

Q: What happens if I can’t pay my mortgage?

A: Depending on the lender, you may have a grace period of a week or more to make the payment, says Craig Jaffe, a financial planner at United Capital in Boca Raton, FL. Miss the deadline and your account becomes “delinquent,” which can immediately hurt your credit score. Know you’re going to miss a payment? Notify the lender in advance to find out your options. “You might be able to qualify for a forbearance, which provides a period of relief from making the full payment,” says Jaffe.

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If you or anyone you know is looking to Sell or Buy a home anywhere in Apopka, Orlando or the Central Florida area, please follow the links below for either an INSTANT Home Value & Market report or a FREE MLS Search of All Homes For Sale on the local MLS System. For more information or a no-obligation consultation, contact Joe Bornstein, Broker, Rock Springs Realty, Cell# 407-252-8092 or Toll Free# 877-333-2811 or joe@rockspringsrealty.com 

Follow this link to do a FREE Search of All Homes For Sale On the MLS:
https://www.rockspringsrealty.com/search/advanced_search 

Curious to what your home is worth? Click this link for an INSTANT Home Value & Local Market Report: 
https://www.rockspringsrealty.com/cma/property-valuation

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June 29, 2016

6 Signs a Home Seller Is Not Serious About Moving Out

As reported by http://www.realtor.com 

When homeowners round up a Realtor®, list the house, and stick a sign on the front lawn, it’s pretty clear they’re serious about selling their property. Right? Well, not always. Just as there are home buyers who better belong in the window-shopper category, there are sellers secretly ambivalent about moving out. But until MLS listing sheets include fields for the seller’s state of mind (“It’s complicated”), all a buyer can do is look for some of the signs that, just maybe, the would-be seller isn’t exactly dying to make a deal. Heed the indicators that something is amiss—and you might just save yourself a whole bunch of delays and dashed hopes.

Sign No. 1: The asking price is off the charts

“If a property is listed for well above the price of all the other comparable homes, the seller is most likely trying to test the market and see if someone bites, but isn’t very serious about selling,” says Daniel Bortz, a Realtor in Maryland, Virginia, and Washington, DC. In the current market, most homes that are priced correctly are flying off the shelves, adds Abigail Harris, a sales associate with Coldwell Banker residential brokerage in the Boston area. Harris says that listing a home at $50,000 over the price that similar homes in the community fetched is a clue that “maybe the seller isn’t going on the market for the right reasons.” Still, there is an exception to consider. A person selling his property without an agent may just not know what listing price makes sense for the market in his area. Of course this may also be another indication that he’s not committed to selling.

Sign No. 2: The house is a mess

“People know that cluttered and dirty houses don’t attract buyers,” says Bortz. “So if the seller still lives in the home but the property shows horribly, he may not be fully committed to selling it.”

Sign No. 3: The seller won’t budge on price

Just like the adage says, time is money. And if a property has been on the market for more than 30 days without any reduction in price, that’s usually an indication that the homeowners aren’t gung-ho about selling it, reveals Bortz. And the bar is set even higher in certain white-hot markets. “The rule of thumb around Boston is that if there’s been no activity for two weeks, no offers, or even an inkling of one, the Realtor will have a conversation with the homeowner about lowering the price,” Harris says. “If the owner isn’t willing to budge, that shows he isn’t really motivated to move.” Such rigidity is also a red flag for other behavior that could burn buyers. Bortz says, “Someone who won’t reduce the price in this situation is probably the type of seller who will also refuse to make any requests for home inspection–related repairs.”

Sign No. 4: The listing has many stops and starts

What’s not to love about a do-over? Well, lots when it comes to buying a home, Bortz reveals: “If you see someone lists a property, takes it off the market, puts it back on, then takes it off again, they’re simply not very serious about selling.” The reason: This fickle approach proves they can’t commit to a plan of action; so odds are they won’t commit to you, either.

Sign No. 5: Negotiating is off the table

A good way to tell if a seller is not serious is if he rejects a very reasonable offer, says Harris. What’s reasonable? “One that’s a couple of percentage points below full asking,” she says. Some might even reject an offer at asking price, hoping for a bidding war. Still, though: Isn’t the whole goal of an asking price to get what you asked for? (You don’t have to answer this.)

Sign No. 6: The seller drags things out

Any time that a homeowner insists on an extension on your offer, be warned. “When a seller is dragging his feet like that, he’s not thrilled with the offer and is likely thinking, ‘What will tomorrow bring?’” says Harris. “So he says that he’s ‘in the process of reviewing the offer,’ but really he’s buying time to get a better offer. It’s so cruel to the buyer, but frankly the seller has the control. He has what the buyer wants and can hold the process up pretty much at every turn if he wants to.” That’s why lawyering up is an essential fact of life in the home-buying process. “An attorney can draw up language saying that, ‘We’re not going to let you drag this out,’ and that the seller has until a certain date to respond or you’ll walk away,” says Harris. “Legal reps who put the heat on tend to speed things along.”

                                                                    ################

If you or anyone you know is looking to Sell or Buy a home anywhere in Apopka, Orlando or the Central Florida area, please follow the links below for either an INSTANT Home Value & Market report or a FREE MLS Search of All Homes For Sale on the local MLS System. For more information or a no-obligation consultation, contact Joe Bornstein, Broker, Rock Springs Realty, Cell# 407-252-8092 or Toll Free# 877-333-2811 or joe@rockspringsrealty.com 

Follow this link to do a FREE Search of All Homes For Sale On the MLS:
https://www.rockspringsrealty.com/search/advanced_search 

Curious to what your home is worth? Click this link for an INSTANT Home Value & Local Market Report: 
https://www.rockspringsrealty.com/cma/property-valuation

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June 29, 2016

Got Cold Feet About Home Buying? Here's How to Cope With It

As reported by Realtor.com on 6/22/16 by Daniel Bortz

Buying a home is a lot like getting married: Your stomach’s all butterflies as you make the offer; then you’re over the moon once it’s accepted. Only then, as you take those slow, winding steps toward the big day (aka closing), completely different butterflies may settle in the pit of your gut: Holy crap, this is a huge commitment. Did I make the right choice?


Chillax: Suffering a case of cold feet over an impending home purchase is remarkably commonplace. And it doesn’t necessarily mean there’s anything wrong, or that you shouldn’t follow through. Odds are, your mind is just reeling with a lot of “what-ifs” that can feel downright paralyzing. Here’s how to silence those ceaseless questions so you can make this commitment with confidence.


"What if I can’t afford my monthly payments?"
This is a concern for just about everyone—but especially among people who are buying at the top of their budget, says Sarah Jones, CEO and co-owner of Texas-based Bamboo Realty. If you’re worried about the costs of homeownership, sit down with your loan officer or a financial adviser (find one at NAPFA.org) and review the numbers. You’ll want to calculate the total cost of owning the home—not just your mortgage payments but also taxes, utilities, homeowners insurance, and any HOA or condominium dues. Then compare that amount to your combined household income. As a general rule of thumb, your housing costs should be no more than 28% of your gross income. But don’t panic if your ratio is a tad higher; your financial planner may be able to help you create a monthly budget that works for you.


"What if I overpaid?"
First, consider how much competition you had from other buyers. If you were in a multiple-offer situation, you likely had to bid at, or above, listing price to nab the property.

When Jones’ buyer clients fear that they’ve overpaid, she shows them the comparable properties (which they also reviewed before making the offer). “Very rarely do I tell a client to make an offer substantially higher than what the [comparative market analysis] showed,” she says. Moreover, if you need a home mortgage to purchase the property, your offer automatically includes an appraisal contingency. This contingency is required by your lender and involves a third-party appraiser assessing the value of the property. If the appraisal comes in lower than the purchase price, your lender will approve a loan only up to the lower amount—leaving you to decide whether you want to cover the remaining costs out of pocket or walk away from the deal.

"What if a better property comes on the market?"
Many people experience this second-guessing when shopping during the spring home-buying season, a period when there’s more inventory on the market, says Judy Weiniger, broker associate and CEO at Weiniger Group in Warren, NJ.

It’s a valid concern, especially if you viewed only a few properties before you submitted an offer on the home. However, when Jones encounters this, she helps her clients put things into perspective.


“If they’re like most buyers, I remind them that they already looked at hundreds of homes online before they fell in love with the one that they found,” Jones says. “Buyers don’t credit themselves for the legwork they did upfront.”

Still afraid you’re going to miss out on your dream home? “Ask yourself how happy you are with the home that you’re buying on a scale of 1 to 10,” says Jones. “If it’s an 8 or higher, you’re making a good purchase. You can look for a year and never find a 10.”


"What if home prices tank after I buy?"
This is a valid concern, given how fresh the housing crisis of 2008 still feels. And, granted, “we never know what tomorrow will bring,” Weiniger concedes. However, this is typically only an issue if you plan to own the home for one to two years, since the housing market may not have bounced back by the time you sell. But if you plan to own the property for at least five years, you’ll likely live there long enough to regain any equity that you may have lost after purchasing the home.


"What if I underestimated how much work this house needs?"
You may have uncovered more issues during the home inspection than you predicted, particularly if you’re buying a fixer-upper. Still, that doesn’t mean you have to tackle all repairs at once. Instead, use your home inspection report to assess what areas of the house require immediate attention (and money) and what areas qualify as remodeling projects. Then, consider whether you’re up to the challenge. And bear in mind: You don’t need to tackle everything at once.


"I tell buyers take it one room at a time,” says Jones, who recommends starting with a small project (e.g., painting the master bathroom) to gain confidence and then work your way up to bigger renovations (e.g., remodeling the kitchen).

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If you or anyone you know if looking to Sell or Buy a home anywhere in the Central Florida area, visit https://www.rockspringsrealty.com/ for a FREE Home Value Report or to Search the Entire Central Florida MLS System. Contact Joe Bornstein, Broker, Rock Springs Realty at 407-252-8092 or email joe@rockspringsrealty.com 

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June 29, 2016

What's the Cost of a Home Appraisal?

As reported by Realtor.com 

If you need a mortgage to buy a home, your lender will require a home appraisal—where a professional estimates the value of your place to make sure it’s at least enough to cover the mortgage. While the lender hires the appraiser, the buyer pays for it, which begs the question: What’s the cost of a home appraisal?

While the cost of a home appraisal varies by the size and location of your home among other factors, generally you can expect to pay around $300 or $400, according to recent estimates. Here’s what you’re getting for your money.


What home appraisers do:
Appraisals are educated guesses by licensed or certified professionals on a home’s value in the current market. Unlike a home inspector, who looks for defects that could cost the buyer money down the road, an appraiser looks at home components that contribute to its value—mostly location, square footage, number of bedrooms and bathrooms, and overall condition, says George Alexa of Alexa Residential Appraisal in Fairfax Station, VA, who has appraised more than 16,000 properties in the past 30 years.

To assess a home’s value, the appraiser will likely visit your home and compare it to nearby comparable homes, or “comps,” that have recently sold. This is similar to how your Realtor® estimates a home’s value, but make no mistake, home appraisers don’t work for home sellers or buyers. They work for lenders and help them decide if the home is a sound investment and worthy of the loan you’re asking for. In short, appraisers protect the bank and buyers from a bad deal, so they’re worth every penny.


What the appraised price means for you:
Once the home appraisal is finished, you will receive a copy of the report from your bank. If the home’s appraised value ends up higher than what you’re paying, generally the deal will move forward.

If the appraised value is lower than what you offered, this can cause trouble, since your lender will offer you a mortgage only at the appraised price. Let’s say you need a loan for $250,000 but the appraisal comes in at $240,000. The bank will cover only $240,000, which means you’re $10,000 short of the money you need to buy the home.

But all is not lost! If your offer included an appraisal contingency, you can renegotiate the price with the seller and, if she doesn’t budge, walk away from the deal (and keep your deposit). Or you could decide to pay the additional $10,000 out of pocket so your home loan goes through. In either case, you have options, so discuss them with your Realtor.

                                                                    ################

If you or anyone you know is looking to Sell or Buy a home anywhere in Apopka, Orlando or the Central Florida area, please follow the links below for either an INSTANT Home Value & Market report or a FREE MLS Search of All Homes For Sale on the local MLS System. For more information or a no-obligation consultation, contact Joe Bornstein, Broker, Rock Springs Realty, Cell# 407-252-8092 or Toll Free# 877-333-2811 or joe@rockspringsrealty.com 

Follow this link to do a FREE Search of All Homes For Sale On the MLS:
https://www.rockspringsrealty.com

Curious to what your home is worth? Click this link for an INSTANT Home Value & Local Market Report: 
https://www.rockspringsrealty.com/cma/property-valuation

Posted in General Posts
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