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When Not to Spend the Money

November 27th, 2018 by tisner

home-buying tips

Bigger is better almost all of the time, except when it comes to the amount you’re spending on a new home.  There are certain things that we should look for in a new house, but also things we shouldn’t.  If this is your first time buying a home, and you know the budget will be tight, plan well enough, and you’ll better manage the expense of being a homeowner.   

  • Decide before you start house hunting how much you can spend.  We can’t say it enough:  plan a budget and stick to it. 
  • Just because you are approved for a certain loan amount, it doesn’t have to be spent. If you can find a house that you love for less than the approval limit, then go with it.   
  • If you do find a house at a “great price,” find out why it’s priced to sell.  Talk to neighbors, do some internet sleuthing, and make sure you’re making the right decision to buy it when everyone says it’s a “steal.”   
  • Getting a house in a great school district is wonderful, but if you don’t have children, or will likely move once you do, don’t spend the extra to move into an area that is probably higher priced because of the quality of local education. 
  • When it comes to the kids, do they really need a play or media room?  If your children are involved in after-school activities and spending a lot of time at practices, rehearsals and lessons, then the extra space won’t be used often.  The extra cost in the purchase price–not to mention the utilities to heat and cool the rooms–will be money wasted. 
  • That same thinking goes hand-in-hand with living in a bigger house, period.  Larger houses will cost more in insurance, taxes, and utilities.  Even if your mortgage payments will likely be cheaper than your current rent, the extra costs can hurt your wallet once you move. 
  • If you’re not the type that likes to do yard work, or if you don’t want to spend your time off work mowing, raking, weeding and trimming, then a large beautiful yard isn’t worth the money.   
  • A house that needs simple cosmetic updates is great for those who have the time and money to perform these jobs themselves, but if you buy a house that’s within your budget with the intent to do extensive work, it may cost you much more in the end. 

The wisest thing to do during the home-buying process is take your time and think practically.  Have your needs at the top of your house-hunting list, and your wants further down. Falling in love with an amazing house can cloud our home-buying decision.  You don’t want to spend your days in an amazing house worrying about how you’ll pay for it.  Buy what you can afford, and what you’ll truly live in and enjoy.

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: daveramsey.com

Buyer Mistakes to Avoid

September 26th, 2018 by tisner

Buyer Mistakes to Avoid in Orlando FL

In today’s instant gratification society, finding out just how much time the home-buying process can take surprises some first-time home buyers.  Patience is a virtue when it comes to buying a home, and mistakes can be made, slowing the process down.  These tips should help you avoid common errors a home buyer can make: 

  • It may sound like it should be worn out by now, but make sure your credit is in good standing. 
  • Don’t overestimate how much you can afford.  If you’re just able to scrape the rent payment together every month, don’t look at homes where your loan payment will be equal to or more than the rent. 
  • Be certain you have enough for your down payment saved, as well as other up-front costs.   
  • Get pre-approved, not pre-qualified, for a home loan.  Talk to different lenders to line up the best deal for you. 
  • Speaking of loans, there are plenty of programs to assist first-time home buyers in paying a lower than 20% down payment, as well as those with credit issues, and lower income.  Go to realtor.comⓇ for a list of the different programs. 
  • Once you’ve applied for a mortgage, don’t apply for any other credit:  applying for a loan for a new car, credit cards, or even new furniture to go in your new home can hurt your credit score in the mortgage process. 
  • Don’t underestimate open houses in the area you’re wanting to relocate to.  It can give you a good idea of what’s available, get a look at different neighborhoods, as well as the home prices.  You may even find your new home! 
  • Look at more than one house, unless it’s a family home, or other special situation.  Upon visiting each house, keep a record of the ones you like, and a list of the pros and cons of each one.   
  • Think ahead; if you have children leaving home soon, or if your parents will need to move in with you, look for a home with what room you’ll need then, not just for now. 

One of the most important things you can do is get your own buyer’s agent.  They have knowledge you don’t have about the market, and what’s available.  Ask your RealtorⓇ for a copy of the current market information, so you’ll be able to familiarize yourself with the home-buying process, and so there won’t be any surprises.

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: ActiveRain

Getting the Best Home Inspection in Orlando, FL

August 22nd, 2018 by tisner

Getting the Best Home Inspection in Orlando, FL

Whether your offer on an older home has been accepted, or you’re buying brand-new construction, it’s highly recommended that you have the house inspected.  Yes, it’s an added expense to the home-buying process, but it could save you money and heartache in the end.  Get the most out of the inspection by following these tips: 

  • Ask your RealtorⓇ for a list of qualified inspectors in the area.  Be sure to check reviews, and ask other recent home buyers for recommendations. 
  • Call at least three different inspectors for price, experience, and whether your state requires a license and bonding or not, ask about these anyway.  A top certification they could have is one by ASHI (American Society of Home Inspectors). 
  • Once you choose an inspector, choose a date for the inspection when you can accompany them.  If they have a problem with you being there, find another inspector. 
  • Ask the seller if you can go in the house on your own before the official inspection to get an idea of the condition of the property for your own satisfaction.  Popular Mechanics offers a thorough list of things to look for in your new prospective home. 
  • While you’re in the house, look for cosmetic things like paint and patching that could be covering bigger issues. 
  • The inspector will have a process of their own, complete with checklist, but make one for yourself so you can have a record of your own for issues they show you as you walk through the house. 
  • Don’t be afraid to ask questions during the inspection–a reputable inspector welcomes questions, plus, you’re paying them for their knowledge.  Getting answers before you get their final report will help you understand it better. 
  • If you’re not quite sure of how to change the hot water heater temperature, how to work the circuit breaker box, or where the water shut-off is, the inspector can help you become more familiar and knowledgeable about the house.  Use your smartphone to take photos and video as they give you a how-to lesson, so you’ll have it in case you need it. 

Once you get your report, go over it carefully.  If there are major repairs that need to be made, ask the seller to make the repairs or offer you a credit or reduction in selling price.  Being as knowledgeable as you can be during this process can mean more money saved.  Just be sure to hire a good inspector, and stay involved in the process. 

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: insideoutinspectionsplus.net

Owning Makes More Sense

July 20th, 2018 by tisner

When comparing the cost of owning a home to renting, there is more than the difference in house payment against the rent currently being paid. It very well could be lower than the rent but when you consider the other benefits, owning could be much lower than renting.31066694-250.jpg

Each mortgage payment has an amount that is used to pay down the principal which is building equity for the owner. Similarly, the home appreciates over time which also benefits the owner by increasing their equity.

There are additional expenses for owning a home that renters don’t have like repairs and possibly, a homeowner’s association. To get a clear picture, look at the following example of a $300,000 home with a 3.5% down payment on a 4.5%, 30-year mortgage.

net cost of housing.jpg

The total payment is $2,264 including principal, interest, property taxes, property and mortgage insurance. However, when you consider the monthly principal reduction, appreciation, maintenance and HOA, the net cost of housing is $1,218. It costs $1,282 more to rent at $2,500 a month than to own. In a year’s time, it would cost $15,000 more to rent than to own which is more than the down payment and closing costs to buy the home.

With normal amortization and 3% annual appreciation, the $10,500 down payment in this example turns into $112,00 in equity in seven years. Check out your own numbers using the Rent vs. Own or call me at (407) 467-5155. Owning a home makes sense and can be one of the best investments a person will ever make.

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!

Assumptions May be an Alternative

May 11th, 2018 by tisner

For the last 25 years, most buyers have gotten a new mortgage or paid cash when purchasing a home. For a practical reason, owner-occupant buyers have another alternative: assuming a lower interest rate existing FHA or VA mortgage.29377293-250.jpg

In the late 80’s, both FHA and VA began requiring buyers to qualify to assume their mortgages. Prior to that, good credit or even a job wasn’t required. The real reason there haven’t been significant numbers of assumptions in the past 25 years is that interest rates have been steadily going down. If a person had to qualify, they might as well do it on a new loan and get a lower interest rate.

Even though mortgage money is currently attractive and available, it is at a four-year high. When interest rates on new mortgages are higher than the rates of assumable FHA and VA mortgages originated in the recent past, it may be more advantageous to assume the existing mortgages.  Conventional loans have due on sale clauses that prevent them from being assumed at the existing rate.

FHA loans that originated with lower than current interest rates have great advantages for buyers and sellers.

  1. Interest rate won’t change for qualified buyer
  2. Lower interest rate means lower payments
  3. Lower closing costs than originating a new mortgage
  4. Easier to qualify for an assumption than a new loan
  5. Lower interest rate loans amortize faster than higher ones
  6. Equity grows faster because loan is further along the amortization schedule
  7. Assumable mortgage could make the home more marketable

This financing alternative can save money for the buyer in closing costs and monthly payments. While the equity may be more than the down payment on a new mortgage, second mortgages are available to make up the difference. Call us at (407) 467-5155 to find out if this may be an option for you.

By: PatZaby.com

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!

http://go.homeasap.com/homesearch/221183171246872

FHA Advantages for Orlando, FL

March 29th, 2018 by tisner

The Federal Housing Administration, operating under HUD, offers affordable mortgages for tens of thousands of buyers who may not qualify for other types of programs. They are popular with both first-time and repeat buyers.

The 3.5% down payment is an attractive feature but there are other advantages:fha3.png

  • More tolerant for credit challenges than conventional mortgages.
  • Lower down payments than most conventional loans.
  • Broader qualifying ratios – total house payment with MIP can be up to 31% of borrower’s monthly gross income and total house payment with all recurring debt can be up to 43%. There is a stretch provision taking it to 33/45 for qualifying energy efficient homes.
  • Seller can contribute up to 6% of purchase price; this money must be specified in the contract and can be used to pay all or part of the buyer’s closing costs, pre-paid items and/or buy down of the interest rate.
  • Self-employed may qualify with adequate documentation – two year’s tax returns and a current profit and loss statement would be required in addition to the normal qualifying and underwriting requirements.
  • Liberal use of gift monies – borrowers can receive a gift from family members, buyer’s employer, close friend, labor union or charity. A gift letter will be required specifying that the gift does not have to be repaid.
  • Special 203(k) program for buying a home that needs capital improvements – requires a firm contractor’s bid attached to the contract calling for the work to be done. The home is appraised subject to the work being done. If approved, the home can close, the money for the improvements escrowed and paid when completed.
  • Loans are assumable at the existing interest rate with buyer qualification. Assumptions are easier than qualifying for a new mortgage and closing costs are lower.
  • An assumable mortgage with a lower than current rates for new mortgages could add value to the property.

Finding the best mortgage for an individual is not always an easy process. Buyers need good information from trusted professionals. Call (407) 467-5155 for a recommendation of a trusted lender who can help 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 and photo credit: PatZaby.com

Buying New Construction in Orlando, FL

March 14th, 2018 by tisner

Buying New Construction Homes

The thought of a brand-new, up-to-date home appeals to many, and if you’re considering buying a new construction, there are few things you should know. Following these guidelines can make your venture a little easier.

  • Before you make that first visit to the model home, find a real estate agent to accompany you, and keep them involved in every aspect. If you wait until after you’ve talked to the builder’s agent, you lose the benefit of having buyer’s representation.
  • Hiring your own real estate professional is wise, because you’ll have someone with your interests at heart.
  • Shop around for the best loan in advance. If the builder’s lender has incentives and discounts, consider this if it will benefit you in the end.

Some questions to ask the builder’s agent on that first meeting:

  • Ask for info about how many lots and homes have been sold.
  • You need to know about each home site’s size, and how close each house is to each other.
  • What is the investors ratio allowed in the community? This will tell you the rental the number of homes that are possibly rentals.
  • What is the projected completion date for the new construction site?
  • If the completion date isn’t met after we have signed a contract, is there a deposit refund or a cancellation clause?
  • How long is the home’s warranty, and what does it cover?
  • Is a garage or deck standard or an extra cost?
  • Is smart technology wiring included in the basic home package, and is wiring to all bedrooms an extra expense?
  • How much input do I have on paint colors, flooring, kitchen cabinets and bathroom finishes?
  • What appliances are included?
  • Is there a builder’s upgrade credit?
  • Find out the what the builder’s policy is if they run short of materials. Most builders have the right to substitute, and you don’t want to be surprised to see mosaic tile where you thought subway tile would be in your finished home.
  • Keep in mind that the model home you are shown has all the upgrades. Don’t assume you’re getting everything in your home that the model has. For instance, shelves and the latest organizational features are in the walk-in at the model home, but all of those could be upgrades. Ask about these features and write everything down as you get answers.
  • Talk to residents who are already living in the community, and ask them about any concerns they have, and what they love about their new home.
  • Don’t skip getting a home inspection just because it’s new construction. Humans make mistakes, and it’s better to pay extra for a home inspection to find out everything is fine than deal with something that will cost a lot in the long run. Be sure your purchase contract allows you to hire an inspector outside the building company.
  • If the model home is one of the last homes left in the neighborhood, ask about buying it! You may not get every finish just as you’d like, but you can paint a room or change the flooring if the cost of the house with all the bells and whistles is comparable to one that’s just been finished.

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: Decker Home Services

Historical Perspective for Orlando, FL

February 23rd, 2018 by tisner

In 1968, mortgage rates were 8.5%. The next year, rates went down to 7%. Homeowners could buy a 15-20% larger home for the same payments if they could find someone to assume their mortgage.Mortgage rate history2a.png

FHA and VA mortgages were very popular in certain price ranges and they allowed anyone to assume the mortgage regardless of the credit. If you could find a person to take over your note, you were free to qualify for another mortgage.

In October 1981, mortgage rates reached 18.63%. A $250,000 mortgage had a monthly principal and interest payment of $3,896.46. As astronomical as that rate sounds, people were still buying homes and were good investments.

Four years later, they were still over 12%. The monthly payment was $2,571.53. Believe it or not, people were excited to be paying only 2/3 what they had to pay a few years earlier.

Fast forward to late 1991 when the rates went below 9% and that same payment was to $2,015.16. At the turn of the 21st century, rates were 8.15% and that made the payment $1,860.62. Not much change in rates during that decade.

If we look around the housing bubble, late 2008, the rates were 6.04% and the payment was $1,505.31. By 2009, mortgage rates had fallen below 5%. The lowest mortgage rate was 3.31% on November 2012 with a payment of $1,096.27.

Rates fluctuated for the next few years until now, and most of the experts are expecting them to be above 5% by the end of 2018.  Rates have increased each week for the last six weeks to 4.38% with payments of $1,240.12.

The average mortgage rate for the past 47 years is a little over 8%. The real estate and mortgage markets are cyclical. Rates have been historically low for a long period but will probably continue to rise. Most buyers don’t pay cash and mortgages enable them to purchase now. Based on history, even 8% would be an excellent rate. Until it reaches that point again, everything lower is a bargain.

By: PatZaby.com

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!

House Hunting Homework

February 6th, 2018 by tisner

There is plenty to do to prepare for buying your new home, and once you’re actively touring homes or stopping into an open house, you can draw a blank when it comes time to ask specifics.  Have some questions ready to prepare yourself so you won’t forget! 

Open House and Walkthrough 

  • How long has the house been on the market, and are there any current offers? The length of time it’s been for sale can mean savings for you, or you may not want to bother if there are already multiple offers. 
  • Why is the current owner selling?  This may seem like prying, and you may not get the exact answer, but it can add flexibility to price negotiations if the owner is ready for a fast sale. 
  • Ask for a seller’s disclosure before you think about making an offer. Check this list for your state’s info about what the seller must tell you before buying the house. 
  • How old is the roof? An older roof that has issues can either cost in the long run, or give you a discount on the sale price if it need replacing. 
  • If it isn’t obvious, ask when the house was last updated.  With people living longer, some could have lived in the same home for fifty years and done nothing else besides redecorating. 
  • Condition of the home’s systems are important, so inquire about the age of the water heater, electric, plumbing, security and climate control systems. 
  • How is the home heated and insulated, including the attic?  You need to have a good idea of what your utilities will cost, and heating can be expensive, whether it’s propane, electric, or geothermal if the insulation needs improving. 
  • Has the house been treated for pests on a regular basis?  This can keep a lot of headaches at bay in the long run. 
  • What is included in the sale price, and are any warranties still active?  You don’t want to be surprised when you start moving in and find out you have to buy all new appliances. 
  • You may be moving in the same general area, but a different city or county.  Property taxes vary per location, so make sure you know how much you will be paying if you eventually purchase the home. 
  • If your prospective new home is in a historic district or homeowner’s association, there will be restrictions on how you renovate or build an addition, and fees for HOA.  Ask your realtor for these details. 

Pay Attention 

  • While you’re on your walkthrough, pay attention to traffic and nearby surroundings.  Spend several minutes outside in the front and back yards and listen for any traffic noise, or a noisy possible neighbor. 
  • Is your prospective new home on a busy shortcut street in the mornings and evenings?  Make time to discover for yourself and drive through on your way to or from work. 
  • Look closely at fresh paint jobs for cracks or possible mold.  Sometimes, that new paint is covering up a problem. 
  • Check your mobile phone for signal strength.  Different areas can be dead zones. 
  • Drive through the area one evening after most people are home from work.  Is there plenty of parking available? 

Using these opportunities to find all the information you can about a potential new home is imperative when you know you’ll be looking at many different homes on the market.  Do your homework–keep a list of questions on your mobile phone’s notepad app so you won’t forget anything, or use a clipboard if you’re looking at multiple houses, keeping this information better organized. Since buying a home will most likely be your biggest investment, you want to be certain your money will be spent wisely. 

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: ashwinarchitects.com

Saving Money for a New Home Down Payment

December 20th, 2017 by tisner

With the new year approaching, many people start thinking about resolutions.  If you’re seriously considering buying a new home, you’ll definitely need to be thinking about having your down payment ready when you find the perfect house.  Follow these ideas for saving as much as you possibly can.

  • First and foremost, know your house-purchasing budget, and estimate needing 20% of that budget.
  • Set up a hands-off down payment high-yield savings or money market account.
  • Start cutting out expenses, or find ways to make extra money. Every little bit counts.
  • If you plan on getting an end-of-year bonus or income tax refund, set aside that money to begin your new nest’s egg.
  • Sign up with your employer to deposit a portion of your pay into a down payment savings account if you’re not great at putting money into savings. Most of the time, if you don’t see it, you don’t miss it.
  • Receiving gifts from family members towards your down payment require documentation so your lender, as well as the IRS, knows where the money is coming from, and that the money doesn’t require re-payment.  More information about down payment gifts are here from The Mortgage Reports website.
  • Start paying off your credit card debt by paying more than the minimum payment. Lowering and/or eliminating your card balance also lowers your interest rates, so you can start taking what you’d normally pay on credit cards and depositing it towards your down payment fund.
  • If you have investments in stocks or bonds, plan on liquidating those assets when it’s time to purchase your house. Make sure you document these sales.
  • A pay raise at work is great, but if you happen to get one, stay on your old budget, and have the extra pay direct deposited into your down payment account.
  • You can always borrow from your 401k or IRA, but make sure you’re not having to pay penalties. Talk with your account holder before you make any withdrawals.

A down payment, especially at twenty percent, can look daunting.  If it just looks impossible, do your research.  There are many first-time buyer programs available, as well as lower down payment options through the USDA, the VA and state-specific programs.  Zillow has a terrific guide on low down payment guidelines and opportunities. Planning ahead and keeping your eye on your goal will get you well on the 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: northeastfunding.com

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