Florida Real Estate Blog - Jen Dollar

What Does Pre-Approved Mean?

When it comes to buying a home, your first step is likely to gain pre-qualification. This step is important, mainly for your benefit. Once you talk to a mortgage specialist, he or she will gather information from you, such as income, expenses, and credit information. The goal is to find out how much of a loan you can obtain as well as what you are likely to pay monthly for that loan. Pre-qualification is just the start, though. Before you start shopping for a home, or during the process, you'll need to go one step further to pre-approved.

What Does Pre-Approved Mean Really?

A home buyer that is pre-approved is one that has the financial information provided by them verified. For example, instead of just asking for your income information, the…

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Lost Your Home to a Foreclosure? When Can You Buy Again?

The circumstances were not good for you a few months or years ago. You lost your home to a foreclosure. The lender forced the foreclosure because you didn't make payments on your loan or the taxing authority auctioned your home off. You feel overwhelmed and frustrated by the entire process. Perhaps you've moved in with someone else or you've been renting since then. Nevertheless, you still want to buy a home. When can you do so? Will a lender even let you consider buying a home again?

Don't give up just yet. The fact that you had a foreclosure is important, but it doesn't mean you will never own a home again. It does mean you'll have to work harder at obtaining a loan and getting a low interest rate. Nevertheless, for many people who have gone…

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Buying to Rent: How to Make the Best Investment

You are interested in purchasing a home. You don't plan to live in it, but you plan to rent it out as an income property. There are plenty of television shows that indicate that this is a good time to make such a move. Is that really the case though? And, if you want to make this move financially, how can you make the best decisions through the process?

Realize There Is Risk

Before getting involved in the investment business, realize there is a significant amount of risk present. You'll have to take on the risk of not having a renter and, in that case, paying two mortgages yourself. You'll also have to handle all investment into the property, from new roofing to a new foundation, if it is needed. Yet, there are plenty of benefits to this process,…

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Secrets To Winning The Bidding War And Your Dream Home

There are secrets to winning house bidding wars that don't make it into most basic guidebooks.  These secrets are to be used in addition to the normal actions and tactics of bidding to give you an advantage in this arena.  Learn them and use them in your own house bidding negotiations knowing that they will help you get your dream home.

Appeal To Their Humanity

When you submit an offer, you can include a cover letter that details the connections that you feel you may have with the seller.  You can talk about how you want to raise your kids in the house or how your dog will love romping around the spacious backyard.  If you can make this type of connection during the house bidding process without trying too hard, then you might get your new house…

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What Is an Earnest Money Deposit?

One of the terms you may come across in the home buying process is an earnest money deposit. In the home buying process, every dollar you spend is important. You need to know what it all means to ensure that you are making the best investments possible. So, what is earnest money?

Earnest money is usually a small deposit that you put on a home that you want to buy. In short, you are providing a down payment at the time of placing the offer to show the buyer that you are serious about the process. It helps to show the home sellers that you are earnest, which means serious. From the seller's point of view, it is unlikely that any buyer would put earnest money down on multiple homes, though some less-than-ideal borrowers may place numerous offers on…

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How to Buy a Home While Selling Your Current Property

You are ready to move and have listed your current home for sale. You may have started looking or even found a home to purchase. But, you feel stuck. What can you do? You may not be able to qualify to have two mortgage loans at one time. Most people are not able to do that. So, how can you get into your new property while you handle your current mortgage? Depending on the situation, there are a few key things you can do.

Should You Get a Second Mortgage?

Many people assume they need to get a second mortgage in order to make this process happen. The problem is, most people do not qualify to hold two mortgages at one time; and that means lenders simply will not go for it. You also have to consider that it may take six months or longer to sell your…

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How Much of a Down Payment Should I Make?

The down payment on a mortgage loan is an important part of the process of buying a home. The more money you put down, or pay in cash for the loan, the less you will need to borrow. A down payment does more than just reduce your overall loan principal, though. It helps both the seller and the mortgage lender to know that you are a serious buyer. It can also help you to get a lower interest rate and to avoid costly fees. In short, the more money you put down, the less likely you are to walk away from your home through foreclosure or short sales. Lenders know this and encourage you to pay down as much as you can.

What Factors Affect How Much to Invest?

In some cases, you will need to pay a certain amount down on the loan. Some types of loan require a…

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What Is the Closing Process? What to Expect

The closing process is one of the most worrisome for home buyers. The problem is not so much about what you'll have to do, but what you don't know. If you are a first-time home buyer, the closing process can seem like a daunting one, with many papers to sign and many concerns to consider. When you have a trusted closing specialist by your side, the process can be less stressful for you. Nevertheless, it is critical for individuals who are about to step into this stage of the home buying process to fully understand what it means and what to expect.

What Are the Closing Costs?

A key component of the process is the closing costs. This is a term you'll hear from the day you apply for your mortgage until you get it underway. This is a term that applies to…

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How to Buy a Home as a Self Employed Individual

Being self employed can pose some level of risk to a lender. If you are planning to buy a home as a self employed borrower, you'll need to do some extra work to alleviate those concerns of the lender. The good news is that you can still get a loan. You'll just have to prove to the lender, like everyone else has to, that you can afford to make your mortgage payments. When you do this, you'll be able to find a loan that's right for your needs.

Prove Your Income

As a self employed individual, proving your income is the most important part of this process. You may not have accurate records or any records at all. Your income may change drastically from one time to the next. Or, you may not be sure you want to state just how much you earn. In short,…

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Buying in a Homeowners Association

You've found the perfect home, and you are excited about the opportunities that it provides. You talk to your real estate agent and find yourself in a homeowners association. What does that mean, you wonder, to your ability to buy the home of your dreams? Homeowners associations are legally recognized entities that have some level of ruling over the associated area. In short, to buy a home here, you need to agree to the terms of that association.

The reasoning behind a homeowners association is to provide some level of control over the surrounding area. That is, you don't have to worry about purchasing a home and then having a neighbor next to you that doesn't take care of his or her property. These associations can take legal steps to force people into…

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