Your interest rate on your mortgage is used to calculate your monthly mortgage payment. The higher your rate is, the higher your monthly payment will be. That’s true whether you’re buying property, like a timber tract for sale in North Florida, or a $500,000 home for sale near Lake City. Let’s Talk About Mortgage Interest […]
Why You Need Loan Preapproval
Before you start shopping for a home, timberland tract, or other property for sale in Lake City, you’ll probably want loan preapproval – and that’s to benefit you and home-sellers. What is Loan Preapproval? Loan preapproval is proof from your lender that you’re actually qualified to purchase a home or property, as long as your […]
Mortgage Basics
When you’re buying a home for sale in Lake City, timberland in North Florida, or a cattle ranch in Columbia County, chances are pretty good that you’re going to need financing from a lender. But how does it all work, and what do you need to know if you’ve never borrowed before? Financing Basics There […]
What is a Financing Contingency in a Real Estate Purchase Contract?
When you buy a cattle ranch in Lake City, a home for sale in the area, or anything else, the transaction depends on you having the money to actually purchase it—and your Lake City Realtor® will build a financing contingency into your real estate purchase contract that helps protect you if you can’t secure financing. […]
Why You Need Mortgage Preapproval
If you’re like most people, whether you’re looking for a large farm in North Florida or you want non-deed restricted land for sale in Lake City or Live Oak, you’re going to need financing—and that means it’s a good idea to get mortgage preapproval before you even begin searching. Why You Need Mortgage Preapproval When you apply for […]
Fixed-Rate vs. Adjustable-Rate Mortgages: What’s Right for You?
If you’re buying land for sale in North Florida, you’ll have a few options for financing. You can pay cash for the land—one of the least common options—or you can take out a mortgage. When you’re looking at mortgages, you’ll have the choice between a fixed-rate and an adjustable-rate mortgage… so what’s best for you? […]
Owner-Financed Homes in Florida
Many people look for owner-financed homes in Florida for a variety of reasons—and one of the most common is that it’s tough to get traditional financing from a big bank. What Are Owner-Financed Homes in Florida? Owner-financed homes are houses that the owners sell by letting buyers “borrow” and “repay” the money it would cost […]
Done Renting? Here’s What to Know Before You Buy
Renting gets old, doesn’t it? If you’re like many renters, you’re ready to dive in and buy a home—but there are a few things you need to know before you make the biggest purchase of your life. What Does it Cost to Be a Homeowner? When you’re renting and something breaks, you call the landlord. […]
How to Save for a Down Payment on a Lake City Home
If you’re saving money for a down payment on a new home in Lake City or any of the surrounding communities (most people need to finance a home purchase, and a down payment could be as much as 20% of the home’s purchase price), you’re not alone. In fact, most people find it incredibly difficult […]
What’s a Co-Signer on a Mortgage Loan?
If you’re like many people, you’ll need to finance your new home purchase. However, for many people, buying a home on their own isn’t a feasible financial decision. In cases such as those, most people choose to buy with a co-signer. What is a Co-Signer on a Mortgage? A co-signer is someone who agrees to […]