When you’re buying or selling a home, you’re going to have to deal with closing costs. But what are they, and just how much are closing costs going to run you? What Are Closing Costs? Closing costs are fees that are wrapped together and paid at the time you sign the final paperwork on your […]
What is an Earnest Money Deposit?
If you’re buying a house, your Lake City Realtor® will probably ask you about your earnest money deposit. But what is earnest money, and is it necessary to purchase a home? What is Earnest Money? An earnest money deposit helps fund your down payment—and at the same time, it shows sellers that you’re a serious […]
The Home Possible Advantage Mortgage Program: Is It Right for You?
If you’re like most people, you know how difficult it can be to save up 20 percent of a home’s purchase price to make a down payment. If you chose to continue renting because you couldn’t afford a down payment, you wouldn’t be alone. In fact, the prospect of saving up a down payment keeps […]
Seller Financing on Vacant Land: What You Need to Know
While many people view land as the ultimate “hands-off,” long-term investment, some landowners are able to turn their investments into an immediate income stream using an instrument called “owner financing.” Owner financing—sometimes called seller financing—is pretty self-explanatory. Instead of a buyer getting a loan from a bank or mortgage company, the person selling the property […]
How to Improve Your Credit Score Before You Buy a Home
If you’re buying a home, you probably already know that lenders want to see that you’re capable of repaying a loan before they’ll give you money to do so – and that means they want to evaluate your payment habits, find out whether you have revolving credit lines, and check on your overall credit health. […]
Do I Need Mortgage Insurance?
Unlike other forms of insurance you might buy, mortgage insurance doesn’t protect you; it protects your lender. However, that doesn’t mean it may not be to your benefit. Mortgage insurance reduces the risk to the lender, meaning you may be able to qualify for a loan with less than 20 percent of the home’s purchase price […]
Getting Financing: Tips for First-Time Home Buyers
If you’re like many first-time buyers, you’re not quite sure about the whole process – but don’t worry: nobody is. So what should you do to make the whole home-buying process easier? Tips for First-Time Home Buyers Before you begin looking at Lake City homes for sale, check your credit. That’s because your credit is […]
How to Save Money for a Down Payment on North Florida Property
If you’re like most people, you don’t have a pile of money sitting in your bank account for a down payment on a home in Lake City, an equestrian property or any other type of residence – but saving up for a down payment is tough. What are you supposed to do? Tips for Saving […]
How Do Banks Determine a Home’s Value?
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 […]