If you’re like many people, you’re not quite sure how banks determine a home’s value – and there’s a good reason for that: it’s a very involved process. How Do Banks Determine a Home’s Value? There are several steps a lender goes through in order to determine how much a home is worth. Appraisals: The […]
Do You Need a Down Payment to Buy a Home?
Coming up with a down payment for a conventional loan can be incredibly difficult – especially when you consider the fact that it’s usually about 20 percent of the home’s total sale price. You’ll still need to come up with closing costs, too. However, the good news is that you may not have to come […]
What You Need to Know About VA Loans
If you’ve been honorably discharged from the military, or if you’re still serving, you may be entitled to use a VA loan to purchase a home in North Florida. The VA doesn’t issue loans, but they do guarantee them – and as an honorably discharged or currently serving service member, the VA is willing to […]
What Are Closing Costs?
When you are buying a home, you’ll have to pay closing costs. However, the amount may vary; typically, buyers are responsible for paying closing costs that total between 2 and 5 percent of the home’s total value. But what goes into closing costs, and do you always have to pay them when you’re buying a […]
New Fannie Mae Rules – Do They Affect You?
It may have just gotten easier to buy a home. New Fannie Mae rules allow for “nontraditional” credit histories – and that means borrowers without a FICO credit score may now be eligible for Fannie Mae-backed loans. To understand how this all works, you first need to know what Fannie Mae is. What is Fannie […]
Seller Financing vs. Rent-to-Own
If you’re like many people, you’ve heard of both seller financing and “rent-to-own” financing, but do you know the difference between the two? What is Seller Financing? Seller financing, which is also commonly referred to as owner financing, is a loan that the seller provides to the purchaser. Generally, the buyer and seller reach their […]
Pros and Cons of Seller Financing
Seller financing can be extremely beneficial to both parties. However, just like any other type of financing, it can have drawbacks. So what are the pros and cons of seller financing? Pros of Seller Financing Typically, with seller financing, in the two parties negotiate everything on their own – and that means both parties can […]
What is Owner Financing?
Owner financing, commonly called seller financing, is a loan provided by the seller to the purchaser. In many cases, the purchaser will make a down payment and then make installment payments – usually on a monthly basis, just as he or she would with a traditional mortgage – until the loan is paid off. Generally, […]
What Are Owner-Financed Homes?
Many people are on the lookout for owner-financed homes in North Florida, but in order to determine whether seller financing is the right route for you, you’ll need to know exactly what it entails. What Are Owner-Financed Homes? A seller can choose to provide financing for the buyer, which can create a bigger […]
Types of Mortgage Loans in North Florida
As a homebuyer, it’s in your best interest to understand the way mortgage loans work. There are three basic types of mortgage loans – and the type you choose will depend on your credit, the amount you’re willing to pay and the purpose of your loan. The two typical types of mortgage loans for homebuyers […]
