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North Hutchinson Island Condominium For Sale
Magnificent oceanfront condominium in North Hutchinson Island featuring a furnished 2 bedrooms & 2 bathrooms on the 7th floor with formal living room, dining area, breakfast nook with kitchen pass-thru, inside utility, sliding doors & windows with wide ocean view open balcony. Master bedroom tastefully furnished with window treatments, additional 2 twin beds including mattresses, living room & dining room set, 42" Plasma TV & stand, all artwork & area rugs, 2 barstools, additional side tables & lamps, patio furniture, kitchenware, hurricane shutters & much more! Oceanfront building offers heated pool, spa, exercise room, tennis, sauna, beautifully decorated lobby, including private garage! A must see, contact us for your personal tour. View virtual tour http://www.tourfactory.com/377405
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Types of Mortgage Loans
Understanding Different Types of Loans
Today's homebuyer has more financing options than have ever been available before. From traditional mortgages to adjustable-rate and hybrid loans, there are financing packages designed to meet the needs of virtually anyone.
While the different choices may seem overwhelming at first, the overall goal is really quite simple: you want to find a loan that fits both your current financial situation and your future plans. Though this article discusses some of the more common loan types, you should spend time talking with different lenders before deciding on the right loan for your situation.
General categories of loans
Most loans fall into three major categories: fixed-rate, adjustable-rate, and hybrid loans that combine features of both.
* Fixed-rate mortgages
As the name implies, a fixed-rate mortgage carries the same interest rate for the life of the loan. Traditionally, fixed-rate mortgages have been the most popular choice among homeowners, because the fixed monthly payment is easy to plan and budget for, and can help protect against inflation. Fixed-rate mortgages are most common in 30-year and 15-year terms, but recently more lenders have begun offering 20-year and 40-year loans.
* Adjustable-rate mortgages (ARM)
Adjustable-rate mortgages differ from fixed-rate mortgages in that the interest rate and monthly payment can change over the life of the loan. This is because the interest rate for an ARM is tied to an index (such as Treasury Securities) that may rise or fall over time. In order to protect against dramatic increases in the rate, ARM loans usually have caps that limit the rate from rising above a certain amount between adjustments (i.e. no more than 2 percent a year), as well as a ceiling on how much the rate can go up during the life of the loan (i.e. no more than 6 percent). With these protections and low introductory rates, ARM loans have become the most widely accepted alternative to fixed-rate mortgages.
* Hybrid loans
Hybrid loans combine features of both fixed-rate and adjustable-rate mortgages. Typically, a hybrid loan may start with a fixed-rate for a certain length of time, and then later convert to an adjustable-rate mortgage. However, be sure to check with your lender and find out how much the rate may increase after the conversion, as some hybrid loans do not have interest rate caps for the first adjustment period.
Other hybrid loans may start with a fixed interest rate for several years, and then later change to another (usually higher) fixed interest rate for the remainder of the loan term. Lenders frequently charge a lower introductory interest rate for hybrid loans vs. a traditional fixed-rate mortgage, which makes hybrid loans attractive to homeowners who desire the stability of a fixed-rate, but only plan to stay in their properties for a short time.
Balloon payments
A balloon payment refers to a loan that has a large, final payment due at the end of the loan. For example, there are currently fixed-rate loans which allow homeowners to make payments based on a 30-year loan, even though the entire balance of the loan may be due (the balloon payment) after 7 years. As with some hybrid loans, balloon loans may be attractive to homeowners who do not plan to stay in their house more than a short period of time.
Time as a factor in your loan choice
As has been discussed, the length of time you plan to own a property may have a strong influence on the type of loan you choose. For example, if you plan to stay in a home for 10 years or longer, a traditional fixed-rate mortgage may be your best bet. But if you plan on owning a home for a very short period (5 years or less), then the low introductory rate of an adjustable-rate mortgage may make the most financial sense. In general, ARMs have the lowest introductory interest rates, followed by hybrid loans, and then traditional fixed-rate mortgages.
FHA and VA loans
U.S. government loan programs such as those of the Federal Housing Authority (FHA) and Department of Veterans Affairs (VA) are designed to promote home ownership for people who might not otherwise be able to qualify for a conventional loan. Both FHA and VA loans have lower qualifying ratios than conventional loans, and often require smaller or no down payments.
Bear in mind, however, that FHA and VA loans are not issued by the government; rather, the loans are made by private lenders. FHA loans are insured to the actual lender and VA loans are guaranteed in case the borrower defaults. Remember too, that while any U.S. citizen may apply for a FHA loan, VA loans are only available to veterans or their spouses and certain government employees.
Conventional loans
A conventional loan is simply a loan offered by a traditional private lender. They may be fixed-rate, adjustable, hybrid or other types. While conventional loans may be harder to qualify for than government-backed loans, they often require less paperwork and typically do not have a maximum allowable amount.
Today's homebuyer has more financing options than have ever been available before. From traditional mortgages to adjustable-rate and hybrid loans, there are financing packages designed to meet the needs of virtually anyone.
While the different choices may seem overwhelming at first, the overall goal is really quite simple: you want to find a loan that fits both your current financial situation and your future plans. Though this article discusses some of the more common loan types, you should spend time talking with different lenders before deciding on the right loan for your situation.
General categories of loans
Most loans fall into three major categories: fixed-rate, adjustable-rate, and hybrid loans that combine features of both.
* Fixed-rate mortgages
As the name implies, a fixed-rate mortgage carries the same interest rate for the life of the loan. Traditionally, fixed-rate mortgages have been the most popular choice among homeowners, because the fixed monthly payment is easy to plan and budget for, and can help protect against inflation. Fixed-rate mortgages are most common in 30-year and 15-year terms, but recently more lenders have begun offering 20-year and 40-year loans.
* Adjustable-rate mortgages (ARM)
Adjustable-rate mortgages differ from fixed-rate mortgages in that the interest rate and monthly payment can change over the life of the loan. This is because the interest rate for an ARM is tied to an index (such as Treasury Securities) that may rise or fall over time. In order to protect against dramatic increases in the rate, ARM loans usually have caps that limit the rate from rising above a certain amount between adjustments (i.e. no more than 2 percent a year), as well as a ceiling on how much the rate can go up during the life of the loan (i.e. no more than 6 percent). With these protections and low introductory rates, ARM loans have become the most widely accepted alternative to fixed-rate mortgages.
* Hybrid loans
Hybrid loans combine features of both fixed-rate and adjustable-rate mortgages. Typically, a hybrid loan may start with a fixed-rate for a certain length of time, and then later convert to an adjustable-rate mortgage. However, be sure to check with your lender and find out how much the rate may increase after the conversion, as some hybrid loans do not have interest rate caps for the first adjustment period.
Other hybrid loans may start with a fixed interest rate for several years, and then later change to another (usually higher) fixed interest rate for the remainder of the loan term. Lenders frequently charge a lower introductory interest rate for hybrid loans vs. a traditional fixed-rate mortgage, which makes hybrid loans attractive to homeowners who desire the stability of a fixed-rate, but only plan to stay in their properties for a short time.
Balloon payments
A balloon payment refers to a loan that has a large, final payment due at the end of the loan. For example, there are currently fixed-rate loans which allow homeowners to make payments based on a 30-year loan, even though the entire balance of the loan may be due (the balloon payment) after 7 years. As with some hybrid loans, balloon loans may be attractive to homeowners who do not plan to stay in their house more than a short period of time.
Time as a factor in your loan choice
As has been discussed, the length of time you plan to own a property may have a strong influence on the type of loan you choose. For example, if you plan to stay in a home for 10 years or longer, a traditional fixed-rate mortgage may be your best bet. But if you plan on owning a home for a very short period (5 years or less), then the low introductory rate of an adjustable-rate mortgage may make the most financial sense. In general, ARMs have the lowest introductory interest rates, followed by hybrid loans, and then traditional fixed-rate mortgages.
FHA and VA loans
U.S. government loan programs such as those of the Federal Housing Authority (FHA) and Department of Veterans Affairs (VA) are designed to promote home ownership for people who might not otherwise be able to qualify for a conventional loan. Both FHA and VA loans have lower qualifying ratios than conventional loans, and often require smaller or no down payments.
Bear in mind, however, that FHA and VA loans are not issued by the government; rather, the loans are made by private lenders. FHA loans are insured to the actual lender and VA loans are guaranteed in case the borrower defaults. Remember too, that while any U.S. citizen may apply for a FHA loan, VA loans are only available to veterans or their spouses and certain government employees.
Conventional loans
A conventional loan is simply a loan offered by a traditional private lender. They may be fixed-rate, adjustable, hybrid or other types. While conventional loans may be harder to qualify for than government-backed loans, they often require less paperwork and typically do not have a maximum allowable amount.
Benefits of Home Ownership
The decision to purchase a home is exciting and a major investment for your future. Because there is only so much of it to go around, real estate is the top choice for many investors and the desire for most families. This article is designed to highlight some of the many benefits of home ownership and how buying a home can often turn the American Dream into a reality.
One of the most profitable markets in real estate is rentals, which means that many families are paying to live in a home that isn't their own. In some cases, renting a home is necessary. For all others, the money that would be spent on rent could instead be used to pay a mortgage. In fact, monthly rent payments often exceed that of a typical mortgage payment. One of the greatest benefits of home ownership is putting money into something that you can call your own and knowing that the monthly payments are going toward your home's equity.
Speaking of equity, many properties experience a growth in value as more development moves into the area or the economy strengthens through an increase in job opportunities. If this happens, home values soar and owners can bask in the glory of their new found profit. When you purchase a new car, it depreciates the moment that you drive off of the lot. When you buy a home, however, it has the potential to appreciate year after year. There are few things in life that can offer you a return above and beyond your original purchase price, but a home can.
When you own a home, you will enjoy the freedom of decorating and making any changes that you choose without needing the permission of a landlord or property owner. In addition, you may even be able to use your home's equity to finance some needed improvements and/or repairs. In some cases, these changes may even increase the value of your home. An upgraded kitchen or bathroom, hardwood flooring or an additional room are examples of changes that could result in added value.
Another advantage of home ownership is the tax benefits that are available. The interest paid on a home mortgage as well as most property taxes paid are tax deductible. For additional information on deducting mortgage interest and property tax, consult the IRS or a tax professional.
In addition to providing yourself and your family with a feeling of stability and permanence, home ownership can also help strengthen your credit profile through timely mortgage payments and a steady financial history.
For more information contact www.BoldRealEstateGroup.com
One of the most profitable markets in real estate is rentals, which means that many families are paying to live in a home that isn't their own. In some cases, renting a home is necessary. For all others, the money that would be spent on rent could instead be used to pay a mortgage. In fact, monthly rent payments often exceed that of a typical mortgage payment. One of the greatest benefits of home ownership is putting money into something that you can call your own and knowing that the monthly payments are going toward your home's equity.
Speaking of equity, many properties experience a growth in value as more development moves into the area or the economy strengthens through an increase in job opportunities. If this happens, home values soar and owners can bask in the glory of their new found profit. When you purchase a new car, it depreciates the moment that you drive off of the lot. When you buy a home, however, it has the potential to appreciate year after year. There are few things in life that can offer you a return above and beyond your original purchase price, but a home can.
When you own a home, you will enjoy the freedom of decorating and making any changes that you choose without needing the permission of a landlord or property owner. In addition, you may even be able to use your home's equity to finance some needed improvements and/or repairs. In some cases, these changes may even increase the value of your home. An upgraded kitchen or bathroom, hardwood flooring or an additional room are examples of changes that could result in added value.
Another advantage of home ownership is the tax benefits that are available. The interest paid on a home mortgage as well as most property taxes paid are tax deductible. For additional information on deducting mortgage interest and property tax, consult the IRS or a tax professional.
In addition to providing yourself and your family with a feeling of stability and permanence, home ownership can also help strengthen your credit profile through timely mortgage payments and a steady financial history.
For more information contact www.BoldRealEstateGroup.com
$8,000 Tax Credit Extended & Expanded
$8,000 tax credit for first-time home buyers. This popular and valuable tax credit of up to 10% of the purchase price or up to $8,000 was extended into 2010 (purchase agreements must be signed by April 30, 2010, and closings must be final by June 30, 2010). The new program was also expanded to include a tax credit of up to $6,500 (or up to 10% of the purchase price) for qualified buyers of a second or "replacement" home under the same deadlines. To qualify, home purchasers must have owned and occupied a primary residence for five consecutive years during the last eight years. Most importantly, the new program significantly increases previous income requirements.
There are other important guidelines to meet in order to qualify, so be sure to discuss your situation with a tax professional. Don't forget, you can still buy a home before April 30th and qualify – even you've already filed your 2009 taxes – For more information please contact us 772-905-8173 or visit www.BoldRealEstateGroup.com or send us an email at communityinfo@comcast.net
There are other important guidelines to meet in order to qualify, so be sure to discuss your situation with a tax professional. Don't forget, you can still buy a home before April 30th and qualify – even you've already filed your 2009 taxes – For more information please contact us 772-905-8173 or visit www.BoldRealEstateGroup.com or send us an email at communityinfo@comcast.net
What Is Lease Option?
A lease option basically means you are leasing or renting a property with an option to buy it at a future date. The future price of the property should be fixed at the time the lease-option is signed.
Usually there is an up-front payment of some amount to purchase the option. That amount can vary. Sometimes the monthly payment is larger than normal and the excess is used to purchase the option. In some cases, the option money can be applied toward the down payment for the later purchase of the home.
Lease-options are usually done during a slow real estate market. During a hot market, the seller can simply sell the home in the regular manner.
Benefits for sellers?
* They often get to sell the house at a higher price than they could sell it in a normal transaction.
* They can sell the house during a slow market.
* By being able to collect a larger monthly payment than they could obtain in a normal lease, the property "cash-flows" and they don't have to come up with money out of their own pocket each month to make the mortgage payment.
* They get some up-front option money and when the buyer cannot exercise the option, they get to keep it.
Risks for buyers?
Individuals who attempt to buy homes on a lease-option rarely end up buying the home. This often has to do with the reason they try to buy on a lease-option. They usually cannot qualify for a home loan and expect that they will be able to qualify after a period of time. Later, they find they still cannot qualify - whether it is because of poor credit, lack of income (documentable income), or lack of savings to have a large enough down payment. If this happens, you lose any option money you might have paid up front or as part of your monthly payment.
Bold Real Estate Group has an extensive rental department. We offer properties of different price ranges, lifestyle golf communities, 55+ active communities, including the white sandy beaches of Hutchinson Island, Jensen Beach, Vero Beach and beautiful Palm Beach areas.
Our rental team acts as a liaison between the landlord and the tenant providing extensive services including but not limited to finding tenants, properly screening tenants, negotiating leases, etc.
Whether you are relocating and in need of a short, seasonal, daily or annual rental property or looking to rent out your investment property please complete form below to contact www.BoldRealEstateGroup.com for your free consultation.
Usually there is an up-front payment of some amount to purchase the option. That amount can vary. Sometimes the monthly payment is larger than normal and the excess is used to purchase the option. In some cases, the option money can be applied toward the down payment for the later purchase of the home.
Lease-options are usually done during a slow real estate market. During a hot market, the seller can simply sell the home in the regular manner.
Benefits for sellers?
* They often get to sell the house at a higher price than they could sell it in a normal transaction.
* They can sell the house during a slow market.
* By being able to collect a larger monthly payment than they could obtain in a normal lease, the property "cash-flows" and they don't have to come up with money out of their own pocket each month to make the mortgage payment.
* They get some up-front option money and when the buyer cannot exercise the option, they get to keep it.
Risks for buyers?
Individuals who attempt to buy homes on a lease-option rarely end up buying the home. This often has to do with the reason they try to buy on a lease-option. They usually cannot qualify for a home loan and expect that they will be able to qualify after a period of time. Later, they find they still cannot qualify - whether it is because of poor credit, lack of income (documentable income), or lack of savings to have a large enough down payment. If this happens, you lose any option money you might have paid up front or as part of your monthly payment.
Bold Real Estate Group has an extensive rental department. We offer properties of different price ranges, lifestyle golf communities, 55+ active communities, including the white sandy beaches of Hutchinson Island, Jensen Beach, Vero Beach and beautiful Palm Beach areas.
Our rental team acts as a liaison between the landlord and the tenant providing extensive services including but not limited to finding tenants, properly screening tenants, negotiating leases, etc.
Whether you are relocating and in need of a short, seasonal, daily or annual rental property or looking to rent out your investment property please complete form below to contact www.BoldRealEstateGroup.com for your free consultation.
What Is Fractional Ownership?
Fractional Ownership provides you with unparalleled benefits of owning a vacation home in your favorite location, but without the burden and cost of repairs and upkeep. Wouldn't you love to have the services and amenities of a luxury villa without living out of your suit case? You're not alone. This new breed of vacation home ownership, called "fractional ownership," is becoming increasingly popular as individuals and families look to maximize their family vacation time. Finally, you have the ability to have the vacation home ownership you have always dreamed of for a fraction of the cost.
Fractional Ownership is a Management System around which one's entire leisure lifestyle revolves. Unlike timeshare, which is truly a vacation product, the pre-purchasing of a week or two of vacation, Fractional Ownership is the centerpiece of a leisure lifestyle portfolio. It is an asset and part of one's estate, when purchased as deeded real estate, and while timeshare is also mostly sold as such, the two products are used very differently.
The second home Fractional buyer has a close relationship with their home's location. They return to that location periodically throughout the year for anywhere from three or four weeks to as many as twelve or thirteen, or maybe a month at a time. It serves not only as a vacation destination, but also as an escape weekend, a mid week hideaway, a gift to a friend or relative, a location for a business retreat, a family reunion, or any of a number of uses that one would make of a second home that is available periodically throughout the year.
Another important benefit of Fractional Ownership is that it is worry and hassle free. All properties are managed and maintained by respected third party companies when residents aren't there. Even if one could afford two, three or more vacation homes, the upkeep and preventive maintenance would be daunting. Even managing a single vacation residence steals time from more enjoyable pursuits. Upon arrival at a Fractional vacation home, everything is setup pre-arrival and the vacation can begin.
Many Fractional Ownership enterprises operate a voluntary rental management program, returning some amount of revenue to the second homeowner, which is a much less important consideration, but, never-the-less worth mentioning.
For more information about Fractional Ownership and your desired location, contact Bold Real Estate Group today.
Home Buying Negotiating Tips
Home Buying Negotiating Tips
When it comes to buying a home, the ability and willingness to negotiate is a must for both the buyer and seller. In general, sellers ask for more than they are actually willing to accept and buyers offer less than they are willing to pay. The trick is to find the perfect balance so that you, as a buyer, feel good about the purchase price without leaving the seller feeling insulted.
Know Your Market
Real estate is a business that either favors the buyer or seller, hence the terms buyer's market and seller's market. When negotiating a purchase price, it's important to know which of the two you are in. As the buyer, you will have the best chance at a successful negotiation if you research the price of other comparable homes in the area before making an offer.
Make It Personal
When you make an offer, the seller will see nothing more than a piece of paper with some numbers on it that represent the price you are willing to pay. If you really want the seller to take your offer to heart, let them know why you want to buy the home. You can do this by preparing a handwritten letter expressing your interest and the reasons you fell in love with their house. If you have a family, tell them about everyone who will be living in the home. Let them get to know you and allow them to picture the happiness that you can bring to their house. Believe it or not, some sellers actually look at the process like finding a good home for a lost puppy. They want quality people to buy their home, so do your best to show them that you are sincere.
Nobody Likes Rejection
Not every offer is accepted, so don't be disheartened if your first offer isn't a winner. In some cases, the seller will make a counteroffer for your consideration. Have you ever heard the old saying, “never take the first offer?” The same is true in real estate, and almost every seller knows it. Your first offer is likely to be less than you are actually willing to pay, which leaves you some bargaining room.
Why Your Offer May Not Be Accepted
There are a number of reasons why a seller may choose to reject an offer, including a feeling that the offer was just too low, the house is newly listed on the market or another offer may be higher than the one you created. In some cases, sellers may also reject an offer that includes owner financing or other requests that are impossible to meet. One example may be an offer that requires the house be available within a certain amount of time. Most contracts require that the seller move out within 30 days, but anything less would require negotiation.
Read The Fine Print
Before you sign anything relating to a real estate transaction, make sure that you read over every detail of the agreement. If you have any questions, ask a REALTOR®. After all, real estate is their business and they are there to help you through every step.
Bold Real Estate Group is well prepared to assist you in reaching your real estate objectives. If you are ready to buy or rent, you can contact us at 772-224-1634 or by email at floridagreathomes@comcast.net You may also visit our company Web site at www.BoldRealEstateGroup.com for additional information on all the real estate services we offer.
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