Vero Beach Home Buying Tips

Purchase Volume Has Another Strong Week

Purchase Volume Has Another Strong Week By: Jann Swanson Wed, May 11 2022, 9:28 AM Mortgage application volume continued its recovery last week driven by a second strong increase in purchasing activity. The Mortgage Bankers Association said its Market Composite Index, a measure of that volume, gained a seasonally adjusted 2.0 percent and increased 3.0 percent on an unadjusted basis from …

IS IT A GOOD IDEA TO TAKE AN ADJUSTABLE RATE MORTGAGE NOW THAT RATES ARE GOING UP?

As interest rates are climbing I’ve been getting questions from prospective borrowers if now is a good time to look at Adjustable Rate Mortgages. Even though there is uncertainty as to how high interest rates will go, most Adjustable Rate Mortgages are locked for a period of time.  Typical lock periods are 5, 7, or 10 years.  That means that …

Current Interest Rates and Information

Interest Rates Whether you are in the market to purchase a new home or refinance your existing home, interest rates are higher now then where they were at the beginning of the year. 30 year fixed rates are generally running over 4%.  If you are refinancing and pulling cash out, you’ll be in the range closer to the mid to …

Time Is Running Out To File Your Homestead Exemption

March 1st , 2022 is the last day for people who purchased their primary Florida residence in 2021 or earlier to file for homestead exemption. What exactly is a homestead exemption? The Florida homestead exemption is an exemption that can reduce the taxable value of your home by as much as $50,000. It’s offered based on your home’s assessed value and offers …

COVID Financing Restrictions Placed On Self Employed Borrowers Begin To Loosen Up

Starting February 1, 2022, two of the largest COVID-19 loan restrictions have finally been loosened by Fannie Mae and Freddie Mac. The mortgage giants rescinded the rules put in place back in June 2020 that required self-employed borrowers to provide a year-to-date profit and loss statement that reported revenue, expenses, net income, as well as a few months of their …

Changes to Second or Vacation Home Conventional Loans

ATTENTION TO THOSE LOOKING TO PURCHASE A SECOND HOME IN THE NEAR FUTURE… If you were considering buying a second home/vacation home, you may want to do it NOW. Conventional loans on second homes closing in April 2022 and later will have a SIGNIFICANT pricing hit of as high as 4.125 points! In a lot of cases, Second Home rates have …

Loan Limit Changes

The Federal Housing Finance Agency (FHFA) has announced the 2022 conforming and high balance loan limit increases. These limits take effect January 1st, 2022, however, many lenders are honoring these loan limit changes for loans that are currently in process. These new limits apply to Conventional, VA and USDA loans.  VA does not impose a maximum loan amount that a …

Are You Ready to Become a Homeowner in 2022?

Planning for 2022   If you haven’t already purchased a new home, now is the time to start planning for the upcoming year.  Interest rates are expected to rise slightly but home prices are also expected to stabilize.  Here are some things you can do to get ready:   Check your credit report – The scores that you obtain through …

September is REALTOR® Safety Month

The current real estate market is very competitive and moves quickly. While it is imperative that you are also moving quickly to help your clients achieve their goals, it’s as important as ever to not let your guard down when it comes to your safety. September is REALTOR® safety month and here are some reminders of what you can do …

Fannie Mae Will Begin Averaging the Middle Credit Score for Joint Borrowers

There’s some good news for buyers using Conventional Loans. As of September 18, 2021, Fannie Mae will be averaging the middle credit score of joint borrowers for determining eligibility. Right now, all borrowers must individually have a minimum of 620 to qualify for their program. As of this change, they will take the middle credit score of each borrower and average them. For instance, …

Making a Vacation Home Work for You

Summer is in full swing and that would usually mean that Florida would be in prime vacation time. However, the last 18 months has changed the way a lot of us think about vacations. Because so many can work and do school virtually, people are traveling more and for longer periods of time. Rather than looking into hotels for these …

Home Buying Tips: Lead Poisoning

Lead poisoning is a serious problem that can lead to adverse health problems. In children, high levels of lead can cause damage to the brain and nervous system, behavioral and learning problems, slow growth, and hearing problems. In adults, lead poisoning can cause reproductive problems, high blood pressure, digestive problems, nerve disorder, memory and concentration problems, and muscle and joint …

Home Buying Tips: Environmental Issues

When purchasing a piece of property, it is important to be aware of any environmental liabilities associated with it. For example, you should find out if there are any registered underground tanks within several miles of the property, known contaminated properties in the neighborhood, or property owners who have been fined by the government for failing to meet environmental safety …

How Should I Take Ownership of the Property I am Buying?

Real property can be incredibly valuable and the question of how parties can take ownership of their property is important. The form of ownership taken — the vesting of title — will determine who may sign various documents involving the property and future rights of the parties to the transaction. These rights involve such matters as: real property taxes, income …