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Popular Home Styles Defined

November 19th, 2019 by tisner


When you’re new to house-hunting and begin reading house descriptions, you may not understand the difference in a ranch, Tudor or a Craftsman style.  These eight most common architectural types will help you not feel so overwhelmed while going through your
 to-see list: 

  • Popular in the 1930s was the Arts and Crafts, or Craftsman, house.  Known by their low-pitched roof, front porch with tapered columns, the interiors of this type of home features lots of woodwork and built ins. 
  • Cape Cod-style homes are rectangular in shape, usually with the front door in the center of the front of the home, shuttered windows on either side of the front door and gable ends.  Traditional structures are one and a half stories, with living, sleeping and dining rooms all divided with walls.   
  • Colonial houses are the predecessor of the Cape Cod, and they are similar in shape, style, and interior.  The biggest difference between the two is the Colonial’s second story was a full story, versus the Cape Cod’s half-story.   
  • A home that is described as Contemporary should be just that–a house of “now.”  Think of a contemporary home as having Colonial, Ranch or other architectural characteristics, just with an updated look. 
  • As times changed during the 1930s-60s, Mid-Century Modern-style houses began to make an impression using sleek straight lines, asymmetrical form and basic materials like glass, concrete, and metal.   
  • Ranch-style homes were a popular architectural style in the US during the post-World War II years through the 1970s.  The one-story form was usually low on the ground, with mixed exterior siding and attached garage.   
  • Looking like something from a fairy tale, Tudor homes featured curved rooflines and doorways, timbered or half-timbered gables filled with mason work or shingles, decorated windows, and cross-gables on the front exterior.  
  • The Victorian era brought romance and frills, and the homes of that period are no different.  A Victorian-style home will normally have a steeped-pitch roof, gabled windows, decorative woodwork, bay windows, and wide front porch.  

REALTOR® Magazine offers a guide to many other house styles, complete with images of the basic look of each type and brief description.  Once you’re familiar with these terms and the houses they describe, you’ll feel more confident as you search listings, looking for your new home. 

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Photo credits: homestratosphere.com

Making an Offer is a Process

October 29th, 2019 by tisner


While you’re on the house hunt, every property you see just might be “the one.”  It’s a good idea to learn the different aspects of buying a house before you get into them.  Many discover that after they’ve made an offer of purchase, the process isn’t exac
tly as they’d envisioned! You’ll feel confident when you get to this step by following this guide: 

  • The offer itself isn’t just a price you’re willing to pay for the property; closing date, closing cost contribution, contingencies, or the earnest money deposit are all things that are normally included when the offer is submitted to the seller. 
  • Talk with your agent before you come to your initial price, because you don’t want to insult the seller with a very low offer, nor do you want to pay too much for the house. 
  • Although you won’t always get a complete answer, knowing why the house is on the market can give you some leverage, so ask anyway. Some sellers are in a time crunch and are eager to sell and may take your first offer. 
  • Keep in mind that there are legal aspects to writing a proposal.  Your Realtor will know all the aspects of this part of the process and will take you through each step. 
  • It is very likely that the seller won’t accept your price if it’s less than what they’re asking.  If they want to sell and have no higher offers, they may choose to send a counteroffer.  The counteroffer step is nothing to worry about, if the negotiations are getting you somewhere.   
  • Some sellers will counteroffer with their original asking price.  If this happens, you may have to walk away, as they have shown they’re not interested in moving away from what they want for the property, 
  • Don’t forget that you may not be the only buyers interested in the home!  Realtor.com® offers some advice on how sellers might handle multiple offers and some ideas on how to make your offer stand out. 

When your offer is accepted, it’s exciting, but there is still work to do!  Hopefully, you have pre-approval for a mortgage, making the buying process a much smoother one.  There are added costs associated with buying a home, so be sure you have your finances in order.  

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Photo credit: homes.com

Before You Buy a Foreclosure

September 24th, 2019 by tisner


While looking through real estate listings, you might be curious when you see a property up for auction or one that is “real estate owned,” and wonder if the price is too good to be true.  There is a process of buying a foreclosure house, and you need to p
repare yourself, so read on for some pointers on what’s involved before you make your decision: 

  • A “Bank-Owned Home” is just that:  the owner stopped making payments, and the lender is in the process of auctioning the home to try and recover the money they loaned.  Houses that are “Real Estate Owned” mean that the bank’s auction didn’t result in a sale and is being sold through a real estate agent. 
  • Vacant homes can have all sorts of issues: mold, vandalism, pest issues, stolen copper piping, and neglected landscaping are just a few.  Before you make a bid, go and see the home for yourself, and decide if you can afford the sale price plus the cost of repairs. 
  • Hire an inspector to go to the house with you so you’ll have an idea of exactly what needs to be done.  You don’t want to underestimate renovation costs. 
  • When considering the asking price, and you have taken steps to get a contractor bid on all the rehab, use this formula to calculate your offer:  80% of the appraised value minus the cost of repairs. 
  • Investing in a foreclosure as a rental will require less trendy but rugged materials and flipping to resell might be more expensive (and more headache!).  Moving into the home yourself can keep initial costs in check if you’re willing to do what’s necessary before moving in and holding off on upgrades. 
  • Some foreclosure purchases must be made in cash, and that can put investors at an advantage.  In case cash isn’t a requirement for the purchase, have proof of pre-approval from your lender when you make your offer. 

Whatever your reason for your interest in buying a foreclosed home, make sure you do your research, and talk to your bank as well as an experienced REALTOR®.  Search for foreclosures by locality and beware of anyone offering to sell “their property” that is in foreclosure.  Con artists are smart enough to find vacant properties to pass off as their own, sell them, and take the money and run. Educating yourself on the foreclosure purchase process will make for a smoother process, less stress, and hopefully an investment that will pay off for you! 

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Photo credit: socalhomebuyers.com

What Is a Non-Occupying Co-Borrower?

September 20th, 2019 by tisner


If you’re worried about whether you can get a loan on your own, having a co-borrower can take a lot of the stress off. Because there are two people applying for the loan, the lender has a lot more potential assets to consider and two different credit scores. In most cases, the co-borrower on a mortgage loan will live at the same address as the primary borrower (such as the residence being purchased.) Depending on circumstances, though, it is possible to have a co-borrower who doesn’t live at the same address.

Non-Occupying Co-Borrower

As the name implies, a non-occupying co-borrower (also called a non-occupant co-borrower, or NOCB) is another person who is willing to take responsibility for a mortgage loan but who won’t be living in the purchased house. In most cases this is a family member such as a parent, sibling or spouse, though the exact restrictions will depend on the loan program you use. The co-borrower’s income is added in with the primary borrower’s for the purpose of qualifying for the loan, allowing the primary borrower to get the loan even if they couldn’t qualify on their own.

Both the income and the liabilities of the co-borrower are considered along with the income and liabilities of the primary borrower. The total income and total liabilities of both are calculated and then used to determine the overall debt-to-income ratio of the two borrowers; provided that it’s favorable enough, they’ll then qualify for the loan. Because they are co-borrowers on the loan, both the primary borrower and the NOCB are equally responsible for the loan payments.

Advantages and Disadvantages

There are a few distinct advantages of using a non-occupying co-borrower for a mortgage:

  • Can qualify you for a loan that you might not get otherwise
  • May earn you a better interest rate or more favorable loan terms
  • Provides you with someone else to help ensure that payments are made on time
  • May be able to refinance without the NOCB later as your credit score improves

Unfortunately, there are a few disadvantages as well:

  • Can strain relationships between you and the NOCB
  • Both borrowers are held liable in case of loan default
  • Not all co-borrowers will help you qualify for a loan
  • Not all co-borrowers will be eligible under the terms of your lender
  • Some lenders don’t allow NOCBs on loans, especially with first-time borrowers

Because non-occupant co-borrower loans are not cut and dried, it can take a bit of research to figure out whether you can even make use of one of these loans.

Should You Use a NOCB?

Assuming that you and your non-occupant co-borrower qualify for an NOCB loan through your preferred lender, the question remains of whether you should even try to add a co-borrower to your loan. There isn’t necessarily an easy answer to this question. The answer relies so much on your specific situation that it’s difficult to give a definitive answer, though there are a few things you can consider to try to find the right answer for you.

Take a moment and ask yourself the following questions: What are the rules concerning non-occupying co-borrowers from your lender? If they’re allowed, how likely is it that the co-borrower you have in mind will actually help your application? Is the co-borrower someone you can trust with this, or will the experience likely be stressful? Consider how reliable your co-borrower is, how it will affect your loan terms and how much this will actually help your case. The more thought you put into it, the closer you’ll be to finding the right answer for you.

Get Some Professional Advice

If you’re still not sure, try discussing your situation with a loan specialist. Here at HomeKeepr, we can help you find the professional to answer all of your questions. Sign up for a free account today and start looking for the specialist that’s right for you and your needs.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Get Orlando Daily News delivered to your inbox! Subscribe here!

By: Homekeepr

Checklist for New Home Buyers

June 25th, 2019 by tisner


Closing day has finally come and gone – you’re almost finished packing for your move, and let’s face it you are BUSY! But, it is important to slow down to take note of a few things that should be done before and soon after you move in.  Go down this list of must-do’s so you’ll be safe, secure and happy in your new home:
 

  • Change all of the entryway locks, keypad codes, and make plans to get a security system set up. 
  • Have utilities turned on in your name, as well as television provider and internet.   
  • Deep clean the new house, even if it looks clean.  This job can be hired out, or you can DIY if time permits.  Keep in mind costs involved with renting any necessary equipment, as well as cleaning product expenses. 
  • Plug in/turn on all appliances, to make sure they’re in working order. 
  • Walk through the house to check for minor things that didn’t warrant repair by the seller. Having your copy of the home inspection in hand will help you find the problem areas that may need to be addressed before they get too big and too costly. 
  • If you want update the home’s color palette with a fresh coat of paint, or do any other small improvement jobs consider getting them done before move in day. This will allow for the painting and repairs to be finished easier and faster before settling in with added obstacles. 
  • Typically sellers leave the window treatments, but in case they didn’t be sure to measure the windows. Allow for time and budgeting to purchase and install shades or blinds until curtains or shutters can be hung. 
  • Let everyone know your new address:  relatives and friends, of course, but also medical offices, your employer, schools, and other important people that communicate by mail. 
  • Create a homeowner folder to keep all of your important papers. Be sure to store it in a safe and easily accessible place. 
  • Meet your neighbors!  Once you’ve moved in, introduce yourself and your family by hosting a front porch social, with light refreshments.  Slip invites in mailboxes and simply ask them to stop by to say hello.  

Once you get settled in, you’ll need to get into a homeowner frame of mind.  You will have things to keep an eye on and maintain on a regular basis. Bob Vila’s home checklist gives you an idea of what you’ll need to check regularly. 

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Photo credit: certifiedmoldassessments.com

Understanding a Home Appraisal

June 18th, 2019 by tisner


During the selling/buying process, after the purchase agreement contract is signed, lenders order a home appraisal.  They want to be sure that the property 
is worth the mortgage they are getting ready to issue to the buyer, or in case of refinancing, the owner.  An appraisal is different from the home inspection, which should have already taken place.   

  • The lender typically schedules the appraisal with a licensed professional, who contacts the homeowner to schedule a time.  Some appraisers don’t mind the owner being present, but usually work alone. 
  • Sellers should have a few things readily available:  recent tax information, property survey, a list of what is being sold with the house, any addition construction information, including cost and construction date. 
  • The assessment can begin before the appraiser even steps onto the property, as they do market information about the house, as well as research comparable sales in the neighborhood, much like the listing agent did for setting the price for the house. 
  • Like someone viewing the house for purchase, the appraiser takes in the exterior appearance, curb appeal, looks for upgrades or additions, as well as the appearance of surrounding homes. 
  • The appraiser takes note of how many rooms are in the house, as well as size, building materials and finishes. 
  • Condition of everything is taken into consideration, including the foundation, exterior finishes, wear on flooring, what shape the windows are in, and all home systems. 
  • The appraiser will also access the basement, attic and crawlspace to check for water or insect damage. 
  • Most of the time, the appraisal fee is set in the loan agreement, but in case it is not, the buyer pays the fee in the closing costs. 

Although the actual property inspection may take a few hours, the appraisal itself is normally given to the lender in an average of seven business days. Appraisers commonly use the Uniform Residential Appraisal Report. If everyone has done their homework, literally and figuratively, the value of the home will meet the selling price, and the new buyers will soon be on their way to home ownership! 

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Photo credit: blog.militarybyowner.com

For Sale By Owner for Sellers and Buyers

April 16th, 2019 by tisner

for sale by owner
Some homeowners think they’ll be saving a ton of money by choosing to sell their home themselves, and unless they’re a real estate agent, that may be so.  If you are interested in a house that is offered for sale by the owner (FSBO) what’s the risk for you
?  Read on to find out why it’s not a good idea for seller or buyer: 

Sellers 

  • According to realtor.comⓇ, the listing agent and buyer’s agent split about 6% of the home’s sale price.  You’ll need to calculate how much it costs you to stage and photograph your home, get an MLS number, market the house, take time from work to schedule showings as well as host the showings, do all of the paperwork involved, and contact and pay attorneys and others who are involved in a home sale, and compare it to the commission you believe you’ll give up to an agent.   
  • To be fair, the seller should offer a 3% commission to the buyer’s agent.  Otherwise, most agents won’t bring anyone who’s interested to your home for a showing. 
  • Sellers are responsible for any mistakes that have occurred once the transaction is in motion.  If you don’t purchase errors and omissions insurance, you may end up paying out of pocket in court or settle out of court for those mistakes. 
  • Pricing your home takes more than just an online search for sold homes in your area, and not only can you overprice your house, but you can lose thousands by underpricing. 
  • Scammers abound and can cost you in many ways.  These criminals target FSBO homeowners, because the scammers are savvy enough to make their offer look legitimate.   

Buyers 

  • Beware the owner’s asking price.  Since the majority of FSBO sellers don’t have the experience to set a good market value on their home, their quote will likely be too high. 
  • Be prepared to wait some time to see the home.  Most homeowners have full-time jobs, and you’ll have to view the home on their time, with them as your host. 
  • If a seller tells you their house is in perfect condition, and you can save money by not hiring an inspector, walk away.  Every house even brand-new houses should be inspected before changing hands. 
  • Ask the seller what fees they plan on paying, and in the case that they ask to share the costs with you, it’s time to find another house. 
  • Do your own research on the house, make sure the person you’ve talked with is the actual owner, and proceed with caution.  There are scams that involve an empty house, FSBO signs, and scammers who will take your money and run, because they aren’t the rightful owner. 

The best advice: hire a RealtorⓇ.  Not only are they the ones taking the risk in selling your home (or not), licensed real estate agents know everything you don’t know about selling and purchasing, devote all their working hours to home-buying, and can protect your investment as well as a buyer’s interests. 

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Photo credit: KCM

Workshops for First-Time Homebuyers!

March 12th, 2019 by tisner

Workshops for First-Time Homebuyers
That’s right–classes for home buyers!  If you’re just starting out on your home-purchase process, you may get overwhelmed when you find out all that’s involved.  Sadly, it’s not as easy as finding a house, paying for it, then moving in.  It’s a great idea
 to learn all you can about the process as well as being a homeowner. 

  • Don’t wait until you’ve found a house you want to purchase before signing up!  Find a course that will help you learn the ropes from house-hunting to closing so you’ll feel confident when you contact a Realtor to begin your search. 
  • Credit counseling is best done about six months before you start looking at homes, so you can learn about improving your credit score, as well as creating a budget and sticking to it.  You want the highest credit score possible so you can receive pre-approval for a mortgage. 
  • Don’t have enough saved for a 20% down payment?  A workshop will help you find a program that will assist you with finding low down payment programs, as well as if there are any grants available in your community. 
  • HUD-approved counseling agencies usually offer one-on-one sessions so you can get a better understanding of your own personal financial situation, as well as answer any specific questions you may have. 
  • Many workshops have more than one “instructor;” you will hear from lenders, appraisers, inspectors, and insurance agents that will discuss their roles in the home-buying process. 

When dreaming of buying your own home, don’t let all of the information overwhelm you and keep you from even trying! If you are pressed for time with work and family, online course may be for you!  All it takes is this first step, and you’ll find that a home-buyer course will show you won’t be alone on the road to home ownership.   

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Photo credit: rethinkingdebt.org

Buying an Older Home

February 19th, 2019 by tisner

Buying an Older Home

Many people dream of living in an older home, whether it be a 100-year old farmhouse, or a vintage ranch from the 50’s.  There are certain things that should be taken into consideration, good and bad, when that dream starts to become a reality, and you’re on the hunt for an old new home.  

  • If the house was built before 1978, make sure the home inspector looks for lead paint and asbestos, as both can be health hazards. 
  • Have the foundation thoroughly checked if it is original to the house.  Even the most solidly-built houses can have settling, water damage or corrosion. 
  • Not only are older mechanical systems likely to fail since they’re at the end of their lifespan, they are less energy-efficient.   
  • Plumbing and electrical systems can be old enough that they need to be replaced; old pipes can affect water quality and worn out wiring can be a fire hazard. 
  • Unsafe features that may be charming may not be up to current code.  Check for steep stairs, non-working fireplaces, and laundry chutes, especially if you have younger children. 

While all those things are expensive solutions, there are some things that you can’t get with a newer home: 

  • Older homes are usually in established locations, and are in good school districts, as well as being close to shopping and restaurants. 
  • Houses built before the 1970’s are generally sturdier, simply because the lumber used to build them was made from old growth hardwoods, something that isn’t available today. 
  • The lots in areas where you find older homes are usually larger, and that may mean more maintenance, but it also means more room for playing, pet exercise, and outdoor entertaining. 
  • You just don’t get the charm and character in new construction like you do in an older home, even if the styles are similar. 
  • Prices of older homes are usually lower, unless there is historical significance to the house itself or to the area. 

Do your research, list the pros and cons as they pertain to your life.  No matter what age house you finally decide to buy, the choice should be made because it’s what is best for you and your family.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Photo credit: southernfriedmagazine.com

Terms First-Time Homebuyers Should Know

February 5th, 2019 by tisner

Terms First-Time Homebuyers Should Know
The time has come to begin the steps of buying your first home and looking around the internet and other real estate-related media, you’re finding there’s a lot more to know than finding a house, getting a loan, and signing papers.  There are some key words that can be unfamiliar to a first-time home buyer, so familiarize yourself with these lesser-known terms so you’ll have fewer questions and stumbles along the way: 

  • In order to be certain that the home is worth the amount of the loan, there will be a home appraisal performed by an unbiased inspector of the lender’s choosing. 
  • At the final paper-signing, the buyer is required to pay closing costs, which normally include attorney fees, surveyors, inspections, and title insurance, among other things.  Be prepared to have 2-5 percent of the purchase price for closing costs. 
  • If you’d like to pay less interest over the time of your loan, you can purchase discount or mortgage points.  To learn more about this option, check out these tips from the Nerd Wallet website. 
  • Earnest money is money that will be paid to the seller to show good faith of the buyer towards the home purchase.  It will be applied to your down payment. 
  • When you have funds in escrow, you will have given funds to a third party to hold until they have verified that inspections, disclosures or any disputes have been resolved.  Keeping it in escrow protects your deposit before you sign the final contract to buy your new home. 
  • Pre-approval is very important and differs from being pre-qualified.  If you’re pre-approved for a loan amount, you have a realistic expectation of what you can buy. 
  • If your down payment is less than twenty percent of the purchase price, you will pay private mortgage insurance typically until that amount reaches twenty percent of the loan or home value. 
  • Your lender will require the purchase of title insurance, which protects real estate owners and lenders against any property loss or damage for whatever reason.  Learn more about what title insurance is and what it covers from the CFPB. 

There are other terms and abbreviations you may find in your search for a house in their descriptions and about real estate in general that you won’t be familiar with.  Here’s a longer, more comprehensive list from realtor.comⓇ.  The more you know before you get started, the smoother the home-buying process will be!

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Photo credit: stevendiadoo.com

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