Deferment and Forbearance

Posted by R_yn5_@_ul on

Good Day All, 

With all of the challenges that we’re facing due to the Coronavirus, I have had heard a lot of people wanting to know what their options are with their mortgage payments. We have all heard of the terms deferment and forbearance, but do you really know what they mean? 

Deferment – Allows borrowers to repay missed mortgage payments over time or add them to the end of their loan period. 

Forbearance – allows borrowers to temporarily stop making their mortgage payments without risk of foreclosure, but missed payments are typically due in one lump sum. 

I hope this helps! Before making any decisions I would recommend talking to a loan officer or your financial advisor. For all of your real estate needs please feel free to contact me! (352) 577-9171 

 

Co-Signing a Mortgage Loan

Posted by R_yn5_@_ul on

Good Day Everyone, 

I hope you all are having a great week! Spring is right around the corner which often can be the busiest time of year for home sales. Lately, I’ve received several calls from first time home buyers in regards to purchasing a home. Often people think that if their credit and financial situation isn’t ideal, that they will just get a co-signer to sign on the mortgage. Are you aware of the risk of co-signing on a mortgage or any type of loan for that matter? Below, in my opinion, are the top 5 risk. 

  1. You’re 100% Responsible for the Loan – If the person you’re co-signing for loses their job or decides to quit making the payments, YOU’RE RESPONISIBLE TO PAY BACK THE LOAN. Just because you’re the “2nd person” or “backup” does not mean that you’re not responsible for the loan. 
  2. Credit Score – Co-signing on a loan will affect your credit score. Any delinquencies will appear on your credit score.
  3. Future Loans and Debts – Even if the primary borrower makes all payments on time and is in good standing, retailers and vendors will be notified that you have a mortgage loan in your name, even as a co-signer. 
  4. Your Financial Situation – Your finances will be reviewed to determine if the bank will approve the loan. You will need to provide bank statements, paystubs, tax returns, etc. ; just as if you were the primary borrower.
  5. Do Your Homework – Just remember without you, the primary borrower would not have been approved for this loan. Research and look into their income, debts, etc. before you financially obligate yourself to them and a loan. 

I hope you find the blog post helpful! If there is anything I can do to help please let me know. (352) 577-9171 or Info@Seach352Homes.com 

Importance of a Final Walk Through!

Posted by R_yn5_@_ul on

 

Good Day All, 

I hope everyone is having a great week! I’m sure if you have kids this week has been long, challenging and exhausting when getting the kids back to school. Today, I wanted to talk to you about an important step when you’re purchasing a home. It should be the step right before you go to closing! The Final Walk Through! I cannot stress enough how important it is to do a walk through of the home right before closing. Below are some of the reasons why…

  • Property Condition- Walk the Exterior and the Interior of home.  Make sure that the interior is broom swept and make sure all debris is removed from the exterior of the home. 
  • Appliances- Make sure refrigerator, range, dishwasher, microwave, washer & dryer (if included with the sale) are all in working order. You can always reference your home inspection report too. 
  • Light Fixtures- Make sure all light fixtures are present at the time of the walk through. Test each fixture to make sure they’re working. 
  • HVAC- Test the air conditioning and heating system to make sure it’s in working order. The last thing you want to do is purchase a home in Florida without air conditioning. 
  • Plumbing- Run all sinks and check for leaks under neath the cabinets. 

These are just a few of the things to check for at the final walk through. For a complete list or if you have any questions please feel free to contact us for more details. Info@Search352Homes.com or Call/Text (352) 577-9171