Fueled by a unique blend of financial consciousness and a tech-forward mindset, this generation is navigating the path to homeownership in ways that challenge traditional norms and redefine the concept of the ideal home.
Saving for a house is a significant financial goal that requires careful planning and disciplined execution. Whether you’re a first-time homebuyer or looking to upgrade to your dream home, a strategic approach to saving is essential. In this guide, we’ll explore a comprehensive plan that encompasses budgeting, goal-setting, strategic savings techniques, and informed financial decision-making.
Buying or selling a home is a significant decision in one’s life. It’s a process that involves numerous steps, including one critical element that should never be overlooked—home inspections. In this comprehensive guide, we’ll explore the benefits and pitfalls of home inspections, why they are essential, how to choose the right home inspector, and what to do if you find yourself in disagreement with the inspection report.
Owning a home comes with a lot of external variables. Some are good, while some can be seen as a burden by others. Taxes for example are a necessary external burden, I am sure we can all agree on that. Ownership rights, however, can be seen as a plus. Estates and tenancies are just that, your ownership rights or the extent of interest an individual owns. Additionally, it also includes the degree, quantity and nature of those rights.
There are current property laws that relate specifically to real estate, while others relate to personal property. Additionally, there are laws that help make the distinction on real property vs personal property. Whether a property is considered real or personal can be simplified with a straightforward question: “Can you physically move it?”
Owning your own piece of real estate is most American’s dream. At least that’s a starter dream, in the end, the sky is the limit. However, once you reach your home ownership goals, you’ll need to know what those assets mean to you. While most people tend to use real estate and real property interchangeably, land, real estate and real property all have their different levels of ownership rights towards the plot of land you claim.
Purchasing a home is not the easiest process to go through and in many cases, most homeowners need some level of assistance to help them get through the financial hump. Fortunately, for first-time home buyers in the State of Florida, there are recent programs implemented to help them do just that. Even amid the corona virus pandemic, Florida State has listed multiple down payment assistance programs that fit for both FHA and conventional borrowers.
The HFA Preferred: Offers to eligible borrowers, in the place of a 0% down second mortgage, up to $7,500 down payment assistance, a fixed rate mortgage for 30 years and decreased premium mortgage insurance. The $7,500 2nd mortgage becomes payable in full if: the mortgage borrowers decides to no longer occupy the property. Otherwise, the $7,500 assist is deferred so long as the property is not sold, satisfied, refinanced or transferred.
A verified income loan considers your current state of employment. It requires your employer’s involvement when executing a verification of employment. If your VOE cannot be fulfilled by your employer, it can be a very valid reason to get your loan denied. This is not usually the case, most employers will return the VOE in a timely manner. It is not at the top of the list of reasons to get your loan denied but it is one.
Loan to Value is the difference between the value of your home compared to the total loan amount being borrowed for that home. To a lending institution, an LTV ratio is a lending risk assessment and it is used to assess the risk of a loan for a property. The bigger the LTV, the larger the risk the investor or lending institutions in taking on.