Like what you have been reading here? Subscribe now and receive email updates of our articles.

Menu

Syndicate this blog

Most Popular

Ten Important Financial Terms for Home Buyers

May 17th, 2022 by tisner


While meeting with a lender to discuss the purchase of a new home, you may hear and read words you are not familiar with. Knowing these financial terms and acronyms will make that meeting go more smoothly. Here are some common financial terms that will come up during your mortgage transaction:
 

  • Adjustable-Rate Mortgage (ARM): a type of mortgage in which the interest rate applied to the outstanding balance varies throughout the life of the loan. A fixed rate may be applied for the initial loan period, but after that, the rate will fluctuate. Sometimes called a Variable Rate Mortgage. 
  • Annual Percentage Rate (APR): the yearly rate of interest that an individual must pay on a loan 
  • Closing Costs: fees and expenses paid at closing, beyond the down payment; costs can run 3 to 5 percent of the loan amount and may include title insurance, attorney fees, appraisals, taxes, and more 
  • Debt-to-Income Ratio: the borrower’s monthly debt payments divided by their gross monthly income; the number is one way lenders measure the borrower’s ability to manage monthly payments of the loan they receive 
  • Earnest money deposit (EMD): deposit made after buyers make an offer on a property; sometimes referred to as a good faith deposit; held in escrow until closing 
  • Escrow: an arrangement in which a third party distributes the money paid during the property-buying transaction 
  • Fixed-Rate Mortgage (FRM): a type of loan in which the interest rate on the mortgage is fixed; the rate will not change during the term of the mortgage 
  • Loan Estimate: tells important details about the mortgage loan requested; compare and choose the loan that’s right for your budget by getting a loan estimate from more than one lender 
  • Pre-Approved: when the home buyer is approved by a lender for a specific loan amount after the buyer provides documented financial information to be reviewed and verified by the lender 
  • Pre-Qualified: an estimate of how much the home buyer can borrow based on a review of financial information; not a guarantee of being approved 

Do not go into the lending process without some knowledge under your hat! Going into what is probably your largest investment without knowing anything about it may end up in disappointment and having to wait longer to buy your new home. The Consumer Financial Protection Bureau offers many other terms not listed here and is a great resource for learning more. 

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: bettermoneyhabits.bankofamerica.com

Choosing a Loan That’s Right for You

April 29th, 2022 by tisner


Finding the right loan to meet your needs can be one of the hardest parts of buying a new home. There are a number of mortgage options out there, and if you choose one that isn’t really ideal for your situation, then you might end up paying a lot more for it in the long run. With so many options, though, how do you know that you’re getting the best loan to match your situation?

It might take a little bit of homework, but there are actually a few different ways to sort through potential loans to find the best one for you. A lot of things can affect the loans that are available to you, including where you live, what your credit history looks like, and even the state of the economy. With that said, here are a few things that you should keep in mind when shopping around for loans to help ensure that you get the loan that best meets your needs.

Interest Considerations

Getting a good interest rate on a mortgage loan is obviously a big concern for most potential buyers, since even a small difference in interest rates can result in large savings when choosing between two mortgages. This is one of the big reasons that it’s recommended that you shop around for your mortgage, comparing quotes from a few different lenders to find the one that offers you the best interest rate. The rate alone isn’t the only thing that you need to consider when comparing loans, though.

Interest can take multiple forms on mortgage loans. Fixed-rate loans lock in a single rate for the entire repayment period, while variable-rate loans can change over time (usually once per year and with the amount of change capped, but the exact details can differ between loan providers). Some mortgages even act as a hybrid between these two, locking in a low rate for a specific period and then changing it after that period has ended. Understanding the type of interest that a mortgage features and how it will work over the course of the loan can help you avoid unexpected payment changes down the line.

Loan Terms and Features

The term of your mortgage is another thing that you should pay careful attention to, since it can affect both your monthly payment and the amount that you pay in interest over time. Longer-term loans may cost you more in the long run, especially if you have a loan that will increase in interest over time. Likewise, shorter-term mortgages can save you money in interest, but might be harder to pay each month due to a higher overall payment. You should also watch out for loans that only have you pay against interest during the first part of the loan’s term; this starts you off with a low monthly payment, but isn’t reducing the amount that you owe at all until the payment increases.

There are other mortgage considerations that you should keep in mind as well. Most mortgages will require you to cover a portion of the property being purchased in a down payment, and the down payment amount can vary significantly between lenders. Different loan programs such as loans secured by the FHA can reduce this and some other costs as well. Just be sure to do your due diligence in exploring your loan options first.

Finding the Perfect Loan

The key to finding the mortgage that’s right for you is finding lenders that you can trust. Fortunately, HomeKeepr can help you with this. Our app can connect you with lenders and loan professionals so that you can compare offerings and secure the best mortgage that you can find. Creating an account is free, so sign up today and get started in your hunt for the perfect mortgage loan. Your dream of becoming a homeowner is just a few steps away!

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, Rob Morelli

Weekly Market Snapshot 4/20 – 4/27

April 28th, 2022 by tisner

 

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!

Stats courtesy of StellarMLS

Weekly Market Snapshot 4/7 – 4/13

April 14th, 2022 by tisner


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!

Stats courtesy of StellarMLS

Weekly Market Snapshot 4/1 – 4/6

April 7th, 2022 by tisner

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!

Stats courtesy of StellarMLS

What to Consider When Adding On

March 29th, 2022 by tisner


Additions can be a good way to get more functionality out of your home. Your addition might be an extra bedroom for your expanding family, a home office to provide you with a space to work from home, or even a sunroom or hobby area. Your add-on might even be a way to add more space to existing rooms, removing or extending walls to let your current kitchen, bedroom, or other area flow seamlessly into your new addition. There are just so many possibilities.

Regardless of what you plan to use the room for, though, adding on to your house is a big undertaking and may be kind of a big investment as well. Even relatively small additions can be a big project, so it’s important that you know exactly what your plans will entail before you start work on expanding your home. To help with this, here are a few things to consider when making plans to add on to your home.

Planning the Expansion

Though you may have a good idea of where you want your addition to go, it’s important to spend some time actually planning it out. Consider details such as where the property line is located, whether there are any size or location restrictions based on state and local building codes, and whether there will be issues with the location of utilities or the slope of your property that could cause problems. Taking the time to rule out potential problems with your addition now will save you a lot of headaches down the road.

Another thing to keep in mind is how well your addition will combine with your existing home. While you obviously have a good reason to want more square footage, if you just have an added room tacked awkwardly onto your home, it can have a major impact on your home’s overall value. A good addition will blend seamlessly into your existing home, matching the exterior and making it difficult to tell that an add-on was made down the road.

Cost and Investment

Depending on the sort of addition you want to make, the budget for your add-on can fall within a pretty wide range. It’s very important that you spend some time researching exactly what it will take to make your expansion plans a reality. The time of year, materials costs, and factors such as the size and types of materials you choose will all affect how much you’re going to have to spend. Taking the time to do a bit of research and consult with your contractor about the options available to you can end up making a big difference in the final cost of your expansion.

This is important not just because of the immediate impact to your pocketbook, but also the overall difference that it makes on your home’s value. All the money that you put into your addition is an investment in your home, and you want to get the biggest return on that investment that you can. Making smart choices and not letting your budget balloon out of control will go a long way toward maximizing your home’s value in comparison to the cost of your add-on. It’s more work now, but you’ll be thanking yourself if you find yourself wanting to sell your home at some point down the road.

Moving Forward With Your Addition

Choosing the right contractor is one way that you can affect the overall cost of your addition and maximize the return on your investment. HomeKeepr can help you with this, matching you with contractors and other pros in your area based on real recommendations from people that you already know and trust. Best of all, creating a HomeKeepr account is free. Sign up for an account today and get started finding the right professional to make your expansion dreams come true without breaking the bank.

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, Rob Morelli

Orlando State of the Market February 2022

March 24th, 2022 by tisner

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!

Make Your Home More Pet Friendly

March 15th, 2022 by tisner


Having pets can enrich your life in a number of ways and can even improve your overall mental health and wellbeing. Unfortunately, not every home is really set up for pets. By making some improvements to your home and its layout, you can make it much more pet friendly, and help keep your furry (or scaly or feathery) friends safe and happy as you spend your time together.

Exactly how do you go about making your home more pet friendly, though? There are a few things you’ll need to consider, including the type of pet you have, its indoor/outdoor habits, and its size. While many of these things are specific to your individual pet, there are some more general changes that you can make to help make your home more pet friendly as well.

Update Your Interiors

If you’ve got an older house, you might want to do a few interior updates to help ensure that your pets are safe from harm. Redoing the walls to remove old paint that could have lead or other unwanted compounds goes a long way toward this goal, while also giving you a way to significantly change the look of the inside of your home. Your floors may need an update as well, such as replacing old frayed carpet with new carpeting or installing new vinyl. This could also be a good idea if you’ve got old wood floors and are concerned about scratching or splinters as your pets go back and forth with heavy paws and claws.

There are other changes that you can make as well. Replace frayed curtains or broken blinds with something a bit more modern to not only keep your pets safe but also keep your home looking nice as well. Depending on your home, you might have additional projects in mind that will not only improve the look but also help to keep your pets much safer from day to day.

It’s All About Access

A big part of making a home pet friendly comes down to controlling access. The parts of the house (or outdoors) that your pet is allowed into should be easy for them to access. Areas where they aren’t allowed should be difficult for them to access, but ideally easy for you to get into. Home updates to accommodate this can include things like adding pet doors, installing new doors that latch easily, or hanging interior gates that you can use to block and unblock access to specific rooms or other areas with ease.

If you have pets that are allowed outside, these sorts of considerations apply out there as well. Installing a fence, adding a watering station, or making other exterior accommodations for your pets will help keep them safe while outside, even as they’re allowed more freedom than they would have gotten as an indoor-only pet. Just make sure that any exterior changes that you make don’t run afoul of local ordinances or HOA agreements before you start work, so you can avoid problems down the road.

It’s Their House Too

In some cases, you may find yourself wanting to make some bigger changes to your home in order to better accommodate pets. Perhaps you want to change out some of your windows with larger ones so that your pets can more easily look outside. Maybe you need to update your HVAC system to better remove pet dander from the air. You might even decide to add on a small room or other area that’s designed specifically for your pets’ use. Whatever the project you have in mind is, HomeKeepr can help.

Creating a HomeKeepr account is fast and easy. Even better, signup is free! Create an account today to match up with builders, installers, and more in your area who can help you to get your home just the way you want it. Your pets (and your wallet) will thank 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!

By: Homekeepr, Rob Morelli

Home Loan Programs: 2022 Updates

February 28th, 2022 by tisner


Buying a home is a dream that’s shared by many people. Making that dream come true isn’t always as simple as just going out and applying for a mortgage loan, though. Some potential homeowners need a little bit of assistance in keeping loan requirements manageable, even though they are fully able to afford the loan itself. Fortunately, there are a number of home loan programs that can help make home ownership attainable even for first-time buyers and those who worry that they might not meet all of the requirements for a traditional mortgage loan.

It’s important to keep in mind that the rules and requirements for these loan programs are updated from time to time. Before starting out looking for the home of your dreams, you should make sure that you are up to date on the exact terms of the loan program you’re considering using. Here is some information on some of these updates to help you along your way.

FHA Loan Updates

Loans that are insured through the Federal Housing Administration are usually known as “FHA Loans,” and the programs offered by the FHA are some of the most commonly used by potential homeowners. The FHA doesn’t offer these loans directly, but instead creates an environment where loans can be more easily attained from FHA-approved lenders. Because this is a federal program, the terms of the loan programs are often tweaked to better match data from other federal agencies based on economic trends.

For 2022, there were a few updates made to FHA loan programs. There were some changes to things like the maximum amount that can be borrowed using an FHA loan, though this amount varies based on local factors, so it was not an across-the-board increase. For the most part, though, the changes mostly affected details on the lender side of things. FHA-approved lenders now have new requirements regarding things like loan reporting and how they handle verification of applicants, but this doesn’t affect the borrower’s experience very much. Requirements such as having a minimum credit score of 580 to qualify for maximum financing (and 500 to qualify for the program at all) and supplying income documentation such as bank statements, pay stubs, and tax returns remain the same from previous years.

Exploring Loan Programs

If you’re looking at loan programs that aren’t offered through the FHA but are instead offered by private companies, there may be changes from previous years that you’ll need to consider as well. Many of these programs fall largely in line with the requirements of FHA-backed loans, though there may be some differences. While there weren’t many major updates to non-FHA programs announced last year, it’s possible that there were some changes that you weren’t expecting to the specific program you’re considering. Fortunately, finding updates about the requirements and functions of these programs isn’t difficult so long as you know what you’re looking for.

Most updates for loan programs are released in the fall, so check for any announcements regarding program changes that were made around October or November of last year. If you’re downloading information about the loan program, you should also be sure to download directly from the program’s homepage and select the latest available information if there are multiple documents listed. By taking the time to find out the latest information about the program you’re considering, you can avoid surprises when it comes time to apply.

Finding the Perfect Home Loan

FHA loans and similar programs from other providers can help make the dream of home ownership into a reality. And when it comes time to actually move into your home, HomeKeepr is here to help. Our app can help you match with contractors, plumbers, and other pros who can ensure that any issues with your new home are taken care of as quickly as possible without breaking the bank.

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, Rob Morelli

Orlando State of the Market January 2022

February 24th, 2022 by tisner

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!

Teri Isner, CIPS, CRS, GRI
Keller Williams At-The-Lakes
1170 Celebration Blvd
Suite 200
Celebration, Fl 34747

This site is proudly sponsored by Orlando FL Real Estate Kissimmee and Celebration
Copyright © 2008 Orlando FL Real Estate Kissimmee and Celebration | All Rights Reserved. Sitemap