Andy Jansky, Realtor
Andy Waterman, How to Get a Mortgage
-------------------------------------------------------------------------------------------------------------------------------------------------------------------- Shopping for a mortgage is the first step toward owning a home and perhaps the most daunting, especially if you are not prepared.
Once a simple task that meant comparing fixed rates from among perhaps a dozen or fewer savings and loan companies, the mortgage hunt today is like finding your way through a maze.
There are dozens of loan types and hundreds of loan programs available through thousands of mortgage brokers, bankers, lenders, finance companies, credit unions, even stock brokerage firms. Contrary to popular belief, finding a mortgage doesn't begin with an application.
Education is a better first choice. Mortgage information sources are as vast as the number of mortgages available. Web sites, topical newspaper articles, mortgage books, consumer seminars and workshops, financial planners, real estate agents, mortgage brokers and lenders are all available to assist you along the way.
First and foremost, you must determine how your mortgage payment will fit your current budget and, to some extent, your future obligations 15 to 30 years down the road.
If you discover too late that you can't afford your mortgage, you'll not only face the possibility of losing the roof over your head, but you could also damage your ability to purchase a home later.
Examine your finances It's up to you to take stock of your income and expenses, both current and projected, to determine what you can comfortably manage each month. Along with your mortgage payment, don't forget related insurance, taxes, homeowner association dues and any other costs rolled into the mortgage payment.
Shopping for a loan Direct lenders have money to lend. They make the final decision on your application. Brokers are intermediaries who, like you, have many lenders from which to choose. Lenders have a limited number of in-house loans available. Brokers can shop many lenders for each lender's store of loans. If you have special financing needs and can't find a lender to suit them, an experienced broker may be able to ferret out the loan you need. Mortgage brokers, however, are paid with a slice of the amount you borrow, some more than others, some less. Internet brokers today perhaps receive the smallest cut, sometimes none at all, and can prove to be a real bargain. Along with shopping the source, you'll also have to shop loan costs, including the interest rate, broker fees, points (each point is one percent of the amount you borrow), prepayment penalties, the loan term, application fees, credit report fee, appraisal and a host of others.
Apply for a loan The application process is the easy part -- provided you've gathered documents necessary to prove claims you make on the application. he application will ask for information about your job tenure, employment stability, income, your assets (property, cars, bank accounts and investments) and your liabilities (auto loans, installment loans, mortgages, credit-card debt, household expenses and others).
The lender will run a credit check on you to take a look at your credit status, but you'll have to supply additional documentation including paycheck stubs, bank account statements, tax returns, investment earnings reports, rental agreements, divorce decrees, proof of insurance, and other documentation. If the lender deems you creditworthy, it will likely hire a professional appraisal to make sure the value of the home you are about to buy is truly worth your loan amount. am dedicated to my clients' needs and won't stop working until you are completely satisfied. I believe in straightforward, honest communication. I would be honored to represent you and make your transaction a pleasant and stress-free one. "Exceeding Expectations is MY Everyday Goal!" Facebook The Waterman Team | Real Estate | Andy Waterman & Vera L. Koon | Realtors
AMAZING HOME JUST LISTED! | www.BrevardHomesToGo.com | Vera L. Koon | Realtor| Andy Waterman TEAM | National Realty | 321.302.9588--- See photo gallery at bottom on entry.....
Hidden Treasure...SpaceCoast Living | Today's Question: What is A Pre-Approval? A pre-approval is a process in which a lender commits to lending money to someone on the basis of information provided by the borrower and verified by the lender. Pre-approval is commonly used during the home buying process by buyers who want to show sellers that their offers are serious and they can afford a house. By getting pre-approved, borrowers can also shop more effectively, because they know exactly how much they can afford and they can prove this to sellers. The concepts of pre-approval and pre-qualification are often confused. Pre-qualification is a very quick process in which a borrower provides estimates of income and the amount of money available for a down payment, and a lender uses this information to provide a rough idea of how much it might be willing to offer. In pre-approval, a specific lender reviews and verifies information, performs a credit check and extends an offer of credit to a borrower. Pre-approval is subject to some caveats. If a borrower's financial situation changes between the time of pre-approval and the time of a purchase, the amount a lender is willing to offer can change. Typically lenders issue pre-approvals with expirations to avoid situations in which people use an old pre-approval offer with inaccurate or dated information to make an offer on a home they cannot afford. Likewise, while the loan is for a set amount of money, a lender may decline to extend a loan on a particular home for reasons ranging from problems with the title to questions about the condition of the home. People who are shopping for homes are often advised to get a pre-qualification letter and to use this when approaching real estate agents to discuss their options. This letter can be used to narrow down the selection to houses which the buyer can reasonably and comfortably afford. Once the buyer is getting ready to make an offer, the buyer can work with a specific lender or with a mortgage broker to get a pre-approval letter which will be packaged with the offer the buyer makes for a home. Pre-approval is not required for the home buying process, but it can be very helpful. There may also be certain situations in which sellers demand a pre-approval letter as part of the offer process. Sellers may do this to avoid fishing, in which people make offers on homes they don't have a firm intent of buying, and to avoid wasting time; sellers do not want to negotiate with a buyer who doesn't have a realistic expectation of paying the asking price. for example. Buying or Selling, We Can Help......Vera & Andy Vera L. Koon, Realtor 321.302.9588 vera_koon@yahoo.com 2736 Elm Dr NE, Palm Bay FL 32905 2 br 2 ba 1,874 sqft Single-Family Home
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Deed Restrictions | HOA's ....WHAT ARE THEY?www.321HomeValue.com <---Click to find your Home Value
 Andy Waterman Team | Servicing all of Brevard www.BrevardHomesToGo.com "How To Guide" click--> Buyers | click-->Sellers
Real estate deed restrictions are restrictions on the deed that place limitations on the use of the property. Restrictive covenants are an example of deed restrictions. Deed restrictions are usually initiated by the developers - those who determined what the land would be used for, divided the land into plots, and built homes, office buildings, or retail buildings on it. Deed restrictions come with the property and usually can’t be changed or removed by subsequent owners. Deed restrictions such as restrictive covenants are often put in place to maintain a desired look in a neighborhood. To that end, deed restrictions may prevent owners from building more than a pre-established number of homes on one lot. Deed restrictions can also specify what materials or style a building may or may not be constructed of, and how close to the street it can be. Deed restrictions can even specify the minimum size that a house on the lot may be! Deed restrictions govern more than just the construction of buildings on a property. Restrictive covenants in a residential neighborhood dictate what types of materials fences may be made out of, or establish limits regarding pets, such as how many pets can be kept in a home or the conditions they must be kept in. Covenants often protect the aesthetic appearance of the neighborhood by providing a list of acceptable paint colors for the exterior of the house, regulating tree-cutting and other landscaping issues, or prohibiting the use of the lot for storage of campers, trailers, or cars that don’t run. Covenants might also establish road maintenance or amenities fees – that brand-new “maintenance free” home costs more than the sale amount! It’s important to be aware of the deed restrictions on a property before making an offer. Some covenants might seem too restrictive or prohibit you from making a change to the property that is important to you. If your real estate agent or the seller does not offer you a copy of the deed restrictions, you can find the information at the county courthouse. Make sure you read the deed restrictions closely, as you don’t want to end up getting trapped into a covenant you strongly disagree with. -------------------------------------------------------------------------------------------------------------------------------------------------------------- Lots of times when housing developments are built, they include some shared property that any person owning a home can use. Things like swimming pools, gyms or small parks are going to require maintenance. Here the HOA can step in to define use and restrictions on these, and they can collect dues from property owners to pay for maintenance. People may also wish to live in communities where they can be assured of routine maintenance of common areas or even of building exteriors. Again, dues collected may pay for these things. Homeowners may desire communities where the look of properties in the area remains similar. They can empower the HOA to restrict types of construction that can occur, or even regulate the degree to which each resident must maintain their own property. A person who owns property in the HOA cannot avoid being part of it and must agree to pay dues and abide by any rules set by the association. Attending meetings isn’t necessarily obligatory, but many residents are vitally interested in this if they hope to change any bylaws or to protest any proposed changes to rules. The boards of the HOA are usually made up of homeowners in the specific community, and each association may make rules about term limitations. This means for most HOAs, people will periodically need to vote for new board members and could participate in the board too. One of the methods HOAs use to enforce rules is by levying fines against those who do not follow them. Failure to correct behavior or activities considered illegal and to pay fines may result in legal action that forces residents to move out and sell their homes. Refusing to pay dues also can result in legal action. A homeowner’s association can be really non-intrusive and collect small amounts of dues. Others can demand over several hundred US Dollars (USD) per month and have rules that owners feel are unduly restrictive. It helps to investigate an HOA prior to purchasing property within one. Perspective buyers should look at all rules they’ll need to follow and may want to research if there are any current legal complaints against the association. Buyers also need to budget for the extra money they’ll pay in dues, and determine whether these fees have a habit of rising regularly. People renting property may wonder what their obligations are if the property is part of an HOA. This really depends. Technically the property’s owner is the member of the association, but he may or may not ask the renter to pay the dues. At minimum, renters need to be sure they are following any rules for property use and appearance so that they don’t incur fees for their landlords. ---------------------------------------------------------------------------------------------------------------------------------------------- Get your "MARKET SNAPSHOT"| Click Now The process of buying and selling homes can be overwhelming and just plain confusing. No matter which side of the purchase you're on, you need an experienced advocate to help you get the best results. The Waterman Team is committed to guiding you every step of the way. Got B? | ~ Butler ~ Baker ~ & Banker ~ | The B’s to Success….
By: Vera L. Koon | Realtor | Curri Properties | 321.302.9588 www.BrevardHomesToGo.com | www.321HomeValue.com ~In the world of Real Estate, as a Realtor, I am always looking for opportunities to build a successful career. It usually starts out with a vision or idea, followed by a plan of actions, and then just plain hard work and commitment to the tasks required to reach the goal.~ In my efforts to stay “fresh”, I was listening to a speaker one morning share some illustrations about types of people in our lives. This is when I had, what Oprah Winfrey calls, an A’HA moment. Let me introduce you to the “B” Team, as I like to call it. You decide the people that are the “B’s in your life and what type of “B” you are going to seek out to be to others. Butler: This is the person that opens doors for others. They smile at you, guide you to the door and encourage you to walk through the door. I am thankful for the Butlers in my life. The people who opened doors of opportunities for me, people that took the time to smile and point me in a direction that introduced me to people that became mentors. As I learn and grow in my experiences, I find being a butler to others is worth every minute the effort it takes to just open a door, after all you can’t walk through a door until it is opened. Baker: A baker is a special person because they provide the recipes for success. The Baker is skilled to select the ingredients needed and mix them all together. They watch over you and are committed to see you through to reach your goal. They invest their time in you, deliver clear expectations, inspect what they expect, and hold you accountable. Everyone needs a baker, and it is equally important we take the time to be a baker to someone else. Banker: also referred to as the “Pharaoh”. This is the person everyone likes. They fund your dreams by providing the financial support needed to help you achieve your goals. This is a person that believes in you and is willing to take a risk. It is not always easy to find a banker, nor should it be. There needs to be a diligent effort to invest in ourselves before others can be willing to help. I have been fortunate to have “Bankers” in my life. Many have been Butlers and Bakers first. Simply stated, we should acknowledge the people in our lives that have helped us achieve our dreams of success, in both business and in our personal lives. We should have an attitude of gratitude and seek out opportunities to be Butlers, Bakers, & Bankers to others. When we choose to give of our time and resources to others with a sincere heart, the benefits you reap will come back ten fold. ~ you just have to recognize those moments and seize the opportunity. Building relationships is so important, as it is one way our character is shared with the world. www.321HomeValue.com <---Click to find your Brevard Home Value Now! Curri Properties | Servicing all of Brevard 2893 N. Harbor City Blvd | Melbourne, FL 32935 Phone: 321-259-1003 | Fax: 321-259-1764 www.BrevardHomesToGo.com "How To Guide" click--> Buyers | click-->Sellers
Part V Tips~| Vera L. Koon | Realtor ~ 321.302.9588 ~www.BrevardHomesToGo.com Expanded Version of Tax Credit Will Allow More Homebuyers to Qualify
RISMEDIA, November 9, 2009—President Obama recently signed an expanded version of the $8,000 first-time homebuyer tax credit that was set to expire on November 30. “The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more people will qualify under the new rules,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. “Although the tax credit remains at $8,000 for homebuyers that have not owned a primary residence in the last three years, it has been expanded to include a $6,500 tax credit for homebuyers that have lived in their current primary residence for at least five consecutive years out of the past eight years. Under the old rules, move-up homebuyers did not qualify.” Consider these three examples: Example 1: Example 2: Example 3: The tax credit applies to homes purchased for less than $800,000 before May 1, 2010. “If you sign a binding contract to purchase a home before May 1st, you would need to close on the transaction before July 1, 2010,” Nicholas said. “It works kind of like a gift certificate that can be redeemed for cash. You simply file a form with the IRS right after you buy your home, and the IRS will send you a check for the full amount of your credit.” The income limitation for single tax payers went up from $75,000 under the old rules to $125,000 under the new rules. For married tax payers, the income limitation went up from $150,000 to $225,000. “This means that more people will qualify for the credit – especially in parts of the country with higher costs of living,” Nicholas said. “This should help stimulate parts of the housing market that may not have been impacted by the old version of the credit.” There are many creative ways of structuring your home purchase transaction in ways that maximize the benefits of the credit. Here are a few examples: -The credit applies to 1-4 unit homes as long as you live in one of the units as your primary residence – you could live in one unit and rent out the others -If two unmarried individuals buy a home, and only one of the individuals qualifies for the credit based on their income or past home ownership status, the individual who qualifies for the credit can claim the full credit. (Note: In the case of married couples, both spouses must qualify for the credit). -The credit applies even if you have co-signers on your mortgage loan
Curri Properties | Servicing all of Brevard 2893 N. Harbor City Blvd | Melbourne, FL 32935 Phone: 321-259-1003 | Fax: 321-259-1764 www.BrevardHomesToGo.com "How To Guide" click--> Buyers | click-->Sellers
Part IV Tips~| Vera L. Koon | Realtor ~ 321.302.9588 ~www.BrevardHomesToGo.com
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1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2. Develop your home wish list. Then, prioritize the features on your list.
3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.
5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements. THIS IS A MUST! Knowledge is power, why wonder, hope & wish.....KNOW IT!
8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
10. Contact a REALTOR®. I would be honored to put my experience as a REALTOR® to work for you. I can help guide you through the process. I would be honored to earn your business. Vera | 321.302.9588
Get your "MARKET SNAPSHOT"| Click Now
Curri Properties | Servicing all of Brevard
2893 N. Harbor City Blvd | Melbourne, FL 32935
Phone: 321-259-1003 | Fax: 321-259-1764
www.BrevardHomesToGo.com
TROPICAL PARADISE- Lockmar Pool Home
"How To Guide" click--> Buyers | click-->Sellers
What is the Value of my home? Go to: www.321HomeValue.com
Vera L. Koon ~ Realtor
The Waterman Team
Address: 2390 Minton Rd., Melbourne, FL, 32904
Office Phone: (321) 215-2100
Cell Phone: (321) 302-9588
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