Real Estate

Blog on real estate in Daytona Beach and surrounding areas

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Mortgage Rates: Good News (For Buyers With Good Credit)

Monday, August 22nd, 2016 at 4:53pm. 52 Views, 0 Comments.

Written by Lorraine Woellert on August 18, 2016

Mortgage rates dipped this week, averaging 3.43 percent for a 30-year, fixed-rate loan, down from 3.45 percent. At this time last year, rates averaged 3.93 percent, according to Freddie Mac.

  

Source: Freddie Mac

Rates have held below 4 percent for 33 weeks, the second-longest run of cheap borrowing the U.S. has ever had. The record was set from March 2012 to June 2013, when the cost of a 30-year loan held below 4 percent for 65 weeks.

That’s great news — for people who can get a loan. The reality is that many borrowers can’t qualify for a home loan at all, much less get approved at rock-bottom rates, which are reserved for buyers with pristine credit and big downpayments.

Even

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Mortgage Rates: Going Up, But Summer Home Sales Stay Hot

Saturday, July 23rd, 2016 at 12:47pm. 98 Views, 0 Comments.

Written by Lorraine Woellert on July 21, 2016

Mortgage rates rose for the second week, averaging 3.45 percent for a 30-year, fixed-rate loan, up from 3.42 percent the week before. A year ago, rates averaged 4.04 percent, according to Freddie Mac’s weekly survey.

Despite the uptick, rates have held below 4 percent since December, tying a 29-week run of cheap borrowing we had from November 2014 to June 2015.

During that sprint, the cost of a 30-year loan averaged 3.77 percent. This time, it’s held to 3.64 percent.

  

Source: Freddie Mac

What’s going on?

Mortgages got dramatically cheaper after Britain voted to exit the European Union last month. The Brexit brouhaha has since calmed down and Treasury bonds, which signal the

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Different types of debt can boost your credit score — but overborrowing can hurt you.

Saturday, July 16th, 2016 at 8:46am. 161 Views, 0 Comments.

Article By Virginia C. McGuire

When you’re shopping for a mortgage, your credit score is a really big deal; it can make or break your mortgage approval and ultimately determine whether you get that home for sale in Boca Raton, FL. But before you analyze your credit score, it’s important to look at how your existing debt affects that score.

Debt comes in two types: secured and unsecured. When you borrow money to buy a house, the bank can take back the house to recoup its money if you don’t pay the debt. That means the debt is secured — it’s balanced against something you want to keep and gives the bank some measure of security that it can recover the money it lent you. Unsecured debt, on the other hand, means the bank can’t reclaim what

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So You Wanna Sell Your Home? Step 8: Head to Closing

Saturday, June 18th, 2016 at 3:23am. 232 Views, 0 Comments.

Article by Angela Colley

The good news: You’re almost home free (or free of your home in this case). You’ve accepted the buyer’s offer, the negotiations are finally winding down, and there is only one more little box to check: closing.

OK, so maybe it isn’t a little thing. And maybe you’re a little worried something is still going to go wrong, but that’s why we’re here! In this eighth installment of our weekly Home-Selling Guide we will show you how to get through closing without a hitch—or barely a hitch (hey, stuff happens).

Get the repairs done

First things first: You’ve got to get those repairs done. We get it—the last thing you want to do now is work on a house you are about to sell. But if you agreed to make

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Final Step to selling a home: Move on out.

Thursday, June 9th, 2016 at 3:55pm. 190 Views, 0 Comments.


Article by Angela Colley

Well, dear home sellers, we’ve come a long way—together! From the first coat of paint you used to freshen up your house’s trim to the stress of wrangling your way to a deal, we’ve been with you every step of the way. Now you’ve made it to the final hurdle of selling a home: moving on out!

Don’t worry, this is the easy part. But, as with the previous eight steps, you want to do it right—and that’s why we’re here to help. With this final installment of our Home-Selling Guide, we’ll get you through the last leg of your journey without a hitch.

Get your timeline in order

Once the paperwork is signed at closing, the buyers will officially own the house … and you won’t. That means that,

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So You Wanna Buy a House? Step 9: Land a Loan

Sunday, May 15th, 2016 at 12:44pm. 200 Views, 0 Comments.


Article by Jamie Wiebe

Unless you’re one of the few lucky home buyers larded with old money, inheritance or recent wealth acquisition, you’re going to need a mortgage. It’s the entire tortuous home buying process, it’s perhaps the most intimidating and seemingly daunting step:  convincing a bank to hand you hundreds of thousands of dollars. How do you pull it off? And what strings are attached?

Should you work with a bank or a broker?

The majority of home buyers get their mortgage directly from a bank—often the institution where they’re stashing their primary savings. But that’s hardly your only, or best, option. Shopping around with different lenders may land you a better deal (typically in the form of a lower interest

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Final step of buying a house: The Final Walk-through

Sunday, May 8th, 2016 at 12:44pm. 113 Views, 0 Comments.


Article by Jamie Wiebe

You’re thisclose to owning a new home, you can almost taste it. The closing paperwork is prepared, your new digs passed the inspection, and—wonder of wonders—you’re even happy with your loan. Homeownership is just on the other side of the hill.

As long as the final walk-through goes all right.

OK, take a breath—there’s no need to panic. The vast majority of walk-throughs reveal no problems at all, and even if they do, most issues are easily fixed. Still, it can be an awkward, stressful process that can make you want to reach for the Xanax, especially for first-time buyers.

In this installment of our Home-Buying Guide, learn what to look for on your last trip through the house before the sellers hand

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So You Wanna Buy a House? Step 8: Ace the Inspection

Sunday, May 1st, 2016 at 1:00pm. 177 Views, 0 Comments.

Article by Jamie Wiebe

A home inspection can be a terrifying process to newbie buyers: What if the house you adore has major problems hiding beneath that shiny new coat of paint? If you lie awake haunted by visions of mold or “foundation issues,” it’s time to take a deep breath. This installment of our weekly 2016 Home-Buying Guide illuminates everything you need to know about home inspections, and how (as scary as they might seem) they exist to protect you from a very bad deal.

Here are some insights into how to make the most of this all-important step. OK, exhale.

Hire a top-notch inspector

While it may be tempting to hire any run-of-the-mill home inspector to get the job done—particularly if the price is right—the

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So You Wanna Sell Your Home? Step 7: Get Ready to Close

Saturday, April 23rd, 2016 at 4:56am. 276 Views, 0 Comments.

Article by Angela Colley

Hooray! You’ve found a buyer for your home. You’re done, right? Right?

Not quite. All you have to do now is get yourself—and your house—ready to close, and we’re here to help, with this week’s installment of our weekly step-by-step Home-Selling Guide. Let’s dive in!

Earnest money

When the buyer makes an offer on your house and you accept, the buyer will write you a check for a deposit known as earnest money. Everyone at some point gets a bit puzzled by earnest money. It comes down to a simple idea: This is money you put forward that proves that you are earnest about your intentions to move forward on the deal. These funds are held by a third party until you close the deal; on average, buyers

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So You Wanna Sell Your Home? Step 6: Strike the Right Deal

Sunday, April 10th, 2016 at 7:08am. 179 Views, 0 Comments.

Article by Angela Colley

Once your home is finally on the market and listed, it’s showtime. Will you be deluged with offers, or will your home be pervaded by the lulling but ever-so-unnerving sound of crickets?

And if you do get just one or two offers, and they’re not as high as you’d hoped, what do you do? What do you do?

Never fear, dear sellers—that’s why we’re here! In this sixth installment of our weekly 2016 Home-Selling Guide, we’ll show you how to navigate the negotiation process and come to a deal that will make you happy. More than happy, even.

Getting those offers in

If you’re not in a rush to sell your house, it may make sense to see what offers roll in over a few months. But if you need to sell

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