What Do I Get At Closing?

 

For most real estate loans, you will receive a Closing Disclosure 3 business days before loan consummation –
which frequently happens at the closing meeting.
At the meeting itself you should receive a copy of your Mortgage Note –
your obligation to repay-
your Mortgage or Deed of Trust
the binding Sales Contract
and – in some states – you may get the keys to your new home.

Suncoast One Title has locations in Punta Gorda, Port Charlotte and North Port Florida

How Do I Make A Home Ready To Sell?

 

As we show you in this video, start several months before the property is made available. Look through the eyes of a buyer

  • What needs to be cleaned?
  • Repainted?
  • Repaired?
  • Or tossed?

Ask yourself – or a friend If you were buying this house what would you want to see?

The goal is to show a home that looks good makes the most of its assets like space and location and attracts as many buyers and as much demand as possible.

Allow yourself enough lead time – not just a day or two – to make the most of the sale. And get help from a real estate agent – early.

Suncoast One Title has locations in Punta Gorda, Port Charlotte and North Port Florida

What Is Mortgage Insurance?

 

Like the video shows, mortgage insurance is a policy that protects lenders against some or most of the losses that result from defaults on home mortgages. Like home or auto insurance, mortgage insurance requires payment of a premium, is for protection against loss, and is used in the event of an emergency.

If a borrower can’t repay an insured mortgage loan as agreed, the lender may foreclose on the property and file a claim with the mortgage insurer for some or most of the total losses.

You generally need mortgage insurance only if you plan to make a down payment of less than 20% of the purchase price of the home. The FHA offers several loan programs that may meet your needs.

Suncoast One Title has locations in Punta Gorda, Port Charlotte and North Port Florida

What Are Discount Points?

 

Discount points allow you to lower your interest rate. While this video simplifies things to help you remember, “points” are essentially prepaid interest with each point equaling 1% of the total loan amount.

Generally, for each point paid on a 30-year mortgage the interest rate is reduced by 1/8 (or.125) of a percentage point.

When shopping for loans, ask lenders for an interest rate with 0 points and then see how much the rate decreases with each point paid.

Discount points are smart if you plan to stay in a home for some time since they can lower the monthly loan payment.

Points are tax deductible when you purchase a home and you may be able to negotiate for the seller to pay for some of them.

Suncoast One Title has locations in Punta Gorda, Port Charlotte and North Port Florida

Title Insurance Explained Visually

 

What is title insurance and why should any buyer get it when purchasing a home (single family, townhouse, condo, apartment, or whatever format your home purchase takes)? Doesn’t the attorney or settlement company handling the closing see to it that you have a clear title? Isn’t this just another way for someone to siphon a few coins off a real estate transaction?

Title insurance prevents the property owner from suffering financial loss if, at any time during his ownership of the property, someone comes along who can show that they have full, or partial, ownership of the property instead.

A careful title search is done at the time property changes hands. On rare occasions mistakes are made anyway. Property can change hands in a number of ways including by deed, by will and by court action. Typically, these proceedings are recorded in different places. Searching the history of ownership to be sure nothing has fallen through the cracks is a tedious job that requires alertness, intelligence, and skill.

It is very likely that the value of your property will go up over the years. As time passes, these elements are likely to result in your home equity’s being your largest asset. Just how devastating would it be if you eventually discovered that someone else owned what you’d always thought was your home?

Do yourself a favor. When you buy a home, buy title insurance.  And watch the video to understand the essentials.

Suncoast One Title has locations in Punta Gorda, Port Charlotte and North Port Florida

What Does The Closing Process Involve When I Sell?

 

As this video explains, a signed sales contract doesn’t mean your house is sold. There are still financial, contractual and legal steps for both sides.

The buyer has to get financing to meet the contract terms – which includes credit checks.

The property is inspected and appraised; title insurance and escrow accounts are set up while you locate new housing, pack and move. And take care of any obligations like painting or repairs. After the contract is signed, it can take a month or more of closing steps to reach the closing meeting.

So plan on that when you plan to sell.

Suncoast One Title has locations in Punta Gorda, Port Charlotte and North Port Florida

What Factors Affect Mortgage Payments?

 

Well, as this story shows, the amount of the down payment the size of the mortgage loan, the interest rate the length of the repayment term and payment schedule will all affect the size of your mortgage payment.
In bullets:

  • down payment
  • loan size
  • interest rate – fixed or adjustable
  • repayment term – how long
  • payment schedule – how often

all affect the size of your payment.

Suncoast One Title has offices in Punta Gorda, Port Charlotte and North Port, Florida

How Does The Interest Rate Factor In Securing A Mortgage Loan?

 

As you’ll see in the video, a lower interest rate allows you to borrow more money than a high rate with the some monthly payment.
Interest rates can fluctuate as you shop for a loan so ask lenders if they offer a rate “lock-in” which guarantees a specific interest rate for a certain period of time.

Remember that a lender must disclose the Annual Percentage Rate (APR) of a loan to you. The APR shows the cost of a mortgage loan by expressing it in terms of a yearly interest rate. It is generally higher than the mortgage interest rate because it also includes the cost of points, mortgage insurance and other fees included in the loan.

Suncoast One Title has offices in Punta Gorda, Port Charlotte and North Port, Florida

Are There Special Mortgages For First-Time Homebuyers?

 

Yes. Like the video shows, lenders now offer several affordable mortgage options which can help first-time homebuyers overcome obstacles that made purchasing a home difficult in the past.

Lenders may now be able to help borrowers who don’t have a lot of money saved for the down payment and closing costs, have no or a poor credit history, have quite a bit of long-term debt, or who have experienced income irregularities.

Suncoast One Title has offices in Punta Gorda, Port Charlotte and North Port

Is An Older Home A Better Value Than A New One?

 

Well, as this story shows, there isn’t a definitive answer to this question. You should look at each home for its individual characteristics.

Generally, older homes may be in more established neighborhoods offer more ambiance and have lower property tax rates. People who buy older homes, however shouldn’t mind maintaining their home and making some repairs.

Newer homes tend to use more modern architecture and systems are usually easier to maintain and may be more energy-efficient. People who buy new homes often don’t want to worry initially about upkeep and repairs.

Suncoast One Title has offices in Punta Gorda, Port Charlotte and North Port