Urban League

Knowing how much you’ll have to pay each month is the greatest advantage of having a fixed mortgage. This is great for anyone trying to adhere to a budget, or anyone else where a rise in your monthly mortgage payments would cause problems. There are folks who’ve foolishly been talked into taking an adjustable rate mortgage, even though they know their budget can’t accommodate a rise in interest rate. At least with a fixed mortgage you know exactly how much you need to pay every single month.

Another thing that you may not have considered is that with a fixed mortgage if your income increases you don’t have to pay anything extra. Thus, the fixed rate mortgage remains yours, along with the additional monies, which you can use however you wish to. However, if you plan to repay the mortgage early then you will usually find that there can sometimes be high fees included.

Overall a fixed mortgage is a popular choice with more than 70% of homeowners. One of the greatest advantages to having a fixed rate mortgage is a high degree of financial stability, and that’s no small thing in today’s uncertain world. Prior to signing for this kind of mortgage, be sure you’ve looked into other types of loans. If you do that, you’ll be able to tell if a fixed rate mortgage is the best one for you.

For more information about fixed mortgages, be sure to visit the link.

Now that you’ve found a Sarasota home you’re interested in purchasing, the next step is to make sure that everything is in order both inside and outside the house. In this article, we’ll go over a series of questions you should ask your home inspector during the inspection. These questions will help you get a good idea of what condition your property is in.

Remember that you’re paying for a service when you have a home inspector come by. Don’t be shy about asking questions. Most home inspectors expect their customers to ask a lot of questions.

Question #1 - Have the Foundations Checked

Most buyers know to ask the inspector about the foundations. While this is an important question to ask, do keep in mind that the inspector can only tell you about what he sees.

He cannot tell you if there are termites in the wood without a proper termite inspection. Rotting wood or water damage that’s hidden is difficult to spot as well. The inspector can tell you what he thinks based on what’s visible, but usually not much more.

Question #2 - Electrical

What condition is the electrical system in? Are there any panels or wiring that’s done unprofessionally? Is there any knob and tube wiring or any aluminum wiring in the house?

Question #3 - The Heating System

The heating system should always be inspected. It’s important to ask about what kind of equipment you have, how old it is, how much longer you can expect it to last, etc.

Question #4 - The Plumbing System

Make sure your inspector checks the plumbing system and tells you how old the system is. Check for signs of recent issues, such as a new sewer cap.

Question #5 - Are there any potential fire hazards?

Safety is a prime concern when buying a home. With older electrical or heating systems, there may be potential fire hazards that you should be aware of. Make sure with older homes to ask your home inspector about these.

These are some of the more important questions to ask a home inspector during a home inspection. Again, remember that you’re hiring this person for a paid service, so don’t hesitate to make full use of their expertise.

There is a lot of free information available to you about buying, selling or investing in Sarasota real estate. For complete information about the Sarasota real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Sarasota real estate at steph@stephanieburwood.com. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 941.705.0987.

I went out to Valencia’s central market this morning taking the family. Today I felt naked! I didn’t have a camera. I have never seen so many 35mm SLR devices in one area in my life. There were at least eight different classes on photography going on and getting out of the way of the long lenses was rather difficult.

What did they have in common? They were all being given in Spanish. Now this post is especially for one of my subscribers and regular commentators on my blog Houses For Sale In Spainand others. He knows who he is of course. So there is your idea made reality. Can you do this in Valencia with the raw material you have to hand? Isn’t Valencia just one of the most picturesque cities in Europe? Then get down here and get to it. Advertising for photography courses whilst doing a guided tour around Valencia with your wit and repartee might well be a lucrative way forward.

Meanwhile, when you visit make sure to bring your best camera even if that is just the app for your iPhone. Valencia is stunning and even my poorly shot pics can look good. For proof see the blog and search for “A present for you from Houses For Sale In Spain”

You are about to make what will most likely be the largest transaction of your life:
your home mortgage.
Unfortunately, many home-buyers when shopping in Sarasota Florida do not take
the time to research some of the little but weighty intricacies of mortgages.
Researching the mortgage process takes little time compared to the tens of
thousands of dollars it could save you.
Doesn’t it make sense to become as completely informed as possible before you
buy your next home? This special report is designed to help you avoid the nine
most common mistakes to avoid when obtaining a home mortgage in
Sarasota Florida!
Remember that the right lender can help you make good, sound business
decisions based on your personal financial situation.
Find a Reputable Lender -This is the most important choice you can make
when starting the mortgage process. If you don’t trust your lender, you are in for
a long and stressful home-buying experience.
Pricing-Don’t be lured into a mortgage company strictly by promises of low
rates. Find out how long the advertised rate is guaranteed for. Make sure there is
enough time to close on your loan.
Some companies may make these “promises” but will try changing the rate prior
to closing. They may claim that your “lock-in” rate has expired so make sure you
have the expiration date in writing. In some cases, the lender may even try to
delay your closing to break the “lock-in” rate.
In other cases, the delay may be beyond the lender’s control. Make sure to allow
yourself plenty of time for closing. Delays in the process are common, and
everyone (builders, title companies, even yourself) are responsible.
Programs-You will see several programs that offer special low-interest rates.
Keep in mind that they may not be the best program for your situation. Make
your lender explain what programs they feel best serve your needs and more
importantly, why.
Fixed or Adjustable Rate Mortgage (ARM)-Conventional thinking is that fixed
is always better. While this is sometimes true, it is not always the case. The key
here is to ask, “How long am I going to live at this property?” An ARM can
actually be a better choice if you are going to be in the home for a short time.
The average for how long a first time home-buyer in Sarasota Florida keeps their
mortgage is less than four years. In general, the longer you plan on staying in
your home, the better a fixed rate mortgage will suit your needs.
Don’t try to bottom out the market-Deciding when to lock in to a mortgage
rate can be difficult. Many people will float, trying to guess when rates have hit
bottom. Unfortunately, a lot of times they will wait too long and end up with a
much higher interest rate.
There is nothing wrong with floating, but keep a close eye on economic indicators.
Your daily newspaper or even the nightly news can be an excellent source of
information on the latest interest rate activity. As closing nears, it might be worth
locking in.
Negotiate problems prior to closing–It’s common for a problem to arise
before closing. Waiting until closing will rarely be in your best interest.
For instance, if you accept $400 at closing in lieu of the seller making a repair and
after closing you find that the repair will actually cost $600, you’ve obviously
made a poor decision.
Whether the builder agreed to add an item and has not or the seller has made a
repair that is not acceptable to you, discussing a solution prior to closing will give
both parties time to analyze and determine options.
Be prepared for closing costs–In addition to the down payment, you will be
required to pay fees and other closing costs at the time of the final transaction.
Closing costs typically range from 2 percent to 6 percent but will be dependent
upon your situation.
Lenders must provide you with a “Good Faith Estimate.” The “Good Faith
Estimate” will breakdown all costs so that you may know what to expect at
closing.
Close at the end of the month–When making a mortgage payment in
Sarasota Florida, you will be paying interest that has accrued from the previous
month. Upon closing however, your lender will charge you prepaid interest for the
date the loan is recorded through the end of that month.
Therefore, one way to lower your closing costs is to close in the latter part of the
month. This will lower the amount of prepaid interest that you must pay.
There is a lot of free information available to you about buying, selling or
investing in Sarasota Florida real estate. For complete information about the
[Profile.market] real estate market including current Sarasota homes for sale, property
values and more please visit the most complete website online dedicated to
everything Sarasota real estate. Please feel free to contact me with any of
your real estate or mortgage questions and I will me more than glad to answer
them.