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When Do Adjustable Rate Mortgages Make Sense?

When considering the type of loan that you want to obtain, you might want to consider an adjustable rate mortgage loan (also referred to as an ARM). An ARM may make sense if: you are confident that your income will increase steadily over the years you anticipate a move in the near future and aren’t

What Is The Debt-To-Income Ratio (DTI)?

Measuring your existing debts against your existing income is one part of a lender’s required assessment of your ability to repay a loan. Like the video says:  debts are existing financial commitments; a car payment is a debt a grocery bill is not. To calculate your debt-to-income ratio add up your monthly debt payments and

Closing Costs Explained Visually

Purchasing a home is exciting. Once escrow begins, the excitement can change to frustration, particularly if you are not familiar with the closing process or the closing costs associated with the transaction. Closing costs simply refer to the fees associated with various expenses incurred in a real estate transaction. In the excitement of having an offer accepted

Are Any Lenders Exempt From Ability-To-Repay Rules?

This video explains that some specific kinds of lending organizations are exempt from the ability-to-repay laws enacted in 2014. These include: Community Development Financial Institutions Community Housing Development Organizations, or Downpayment Assistance Providers, and State Housing Finance Agencies In addition, small nonprofit organizations that make just a few home loans, and loans made under Federal

Can I Remove PMI From My Loan?

Private Mortgage Insurance can add a significant added expense per year to mortgage rates. Therefore, it’s worth learning when you are eligible to cancel! For loans closed after July 29, 1999 Private Mortgage Insurance – PMI – can be removed automatically, or by request. Provided your monthly payments are up-to-date your lender must terminate PMI

What Is Equity?

Equity is the amount of value you own in property.  In other words, equity is the difference between what you owe and what the property is worth in the current market. In this video example, you have a house worth $300,000 today and you owe your lender $200,000.  Your equity would be $100,000. If the house is valued at $500,000

Title Insurance Explained Visually

What is title insurance and why should a buyer get it when purchasing real estate? Doesn’t the attorney or title company handling the closing see to it that you have clear title? Like other forms of insurance, it is prudent to pay a relatively small premium for protection against a substantial loss. Title insurance prevents the property owner from suffering a loss if, at

What Steps Can I Take To Lower My Homeowner’s Insurance Costs?

Number one – be sure to get quotes from several insurance companies and to consider the cost of insurance when you start shopping for a home. Newer homes tend to have lower premiums.  In South Florida, the type of windstorm protection a home has (if any) will certainly factor into the premium charged. Try to choose a

Do I Need A Lawyer To Buy A Home?

Laws vary by state.  Some states require a lawyer to assist in several aspects of the home buying process while other states do not as long as a qualified real estate professional is involved. In Florida, although a lawyer is not required, you may want to hire a lawyer to help prepare your contract, oversee your