Florida Mortgage Lender Blog & Real Estate News

How Much Mortgage Can You Afford For a Florida Condo?
July 2nd, 2009 12:34 PM

If you’re thinking of buying a Florida condo, then you’re probably looking forward to the convenience of condo life. Freedom from landscaping chores and home maintenance tasks is just ahead. But, first you must determine how much condo you can afford to buy.

Before you do anything else, make a detailed list of your finances. You’ll need to factor in all your income, and list all your normal monthly debts. Make a separate section for things you don’t want to do without, but can if it's required. These are the first things that are eliminated when looking to save money in your budget.

Next make a budget for your household. Remember to include extras like going out to eat. A good budget will have all of these elements:

· Fixed expenses. These include food, clothing, housing costs, car payment, even taxes that are regularly billed are included in this category.

· Retirement. At least 10% of your income should go into a retirement account.

· Savings. This is any money that has been put aside for big purchases, to pay off debts, or for home repairs. Your savings budget should be 20% of your income.

· Miscellaneous. You should put 10% away to cover entertainment expenses. Going out to dinner and a movie would come out of this section.

Most finance experts will recommend that you don’t spend more than twenty-eight percent of your income on housing costs. Still, some lenders may offer loan packages that are more than what you have budgeted to spend. No matter how great that Florida condo deal sounds, you need to stick to your budget.

Once you know how much you can afford to pay for your Florida condo, you can shop around for the best mortgage rates and loan terms for your personal situation. With careful planning, you can avoid making a mortgage mistake, and getting more house than you can afford.

Need more help determining how much mortgage you can afford? Give us a call today at 407-876-5771 and we will give you my professional advice.

Posted by Real Estate - Associates on July 2nd, 2009 12:34 PMPost a Comment (0)

5 Things to Think About Before Renting Out Your Florida Real Estate
July 2nd, 2009 12:48 PM
If you have a piece of Florida real estate and you’re trying to figure out whether to sell it or rent it, here are a few things to think about before doing either:

1. How much rent can you charge? Your rent will need to cover the costs, including mortgage, taxes and insurance. In addition, you’ll need liability insurance, as well as an additional 5 to 10 percent for unexpected maintenance. If your area’s typical rent amounts won’t cover your costs, you probably don’t want to rent.

2. Do you have other ways to cover a down payment? If you’re moving to another piece of property, but relying on the equity in your current Florida real estate for the down payment, you don’t want to rent.

3. Do you have the time? Being a landlord means extra responsibility. Although it may not take a lot of time, that time can be inconvenient, especially if you have a full time job. If you can’t picture yourself getting up at odd hours of the night to meet a plumber, you probably don’t want to rent.

4. Can you afford to give up a tax break? The capital-gains tax exemption is one of the benefits of owning a home. If you keep the property for five years and live in it for two, you won’t have to pay taxes on the first $250,000. However, if you rent for more than three years before selling, you’ll owe capital-gains taxes on all of the profit. If you can’t afford to give up the tax break, you probably don’t want to rent.

5. Can you handle wear and tear? Not every renter will be careful with your beautiful French windows and teardrop chandeliers. In addition, if your property has a lot of rooms it will probably attract families with kids. If you can’t handle the wear and tear from different renters, you probably don’t want to rent.

Renting out Florida real estate isn’t for everyone. However, if you’re trying to sell your property and having problems finding a buyer, it is something to consider.

If you're trying to decide if you want to sell your home or rent it, we can help. Call me today at 407-876-5771 for more information.
Posted by Real Estate - Associates on July 2nd, 2009 12:48 PMPost a Comment (0)

5 Things to Think About Before Refinancing Your Florida Home
July 2nd, 2009 12:42 PM
If you’re thinking about refinancing your Florida home, you might want to think about a few other things first.

1. Are the mortgage rates higher or lower than when you first financed your house? If current mortgage rates are lower, refinancing might be a good idea. If they’re higher, however, you should reconsider.

2. Why are you refinancing? If you’re trying to get a better mortgage rate, it might be a good idea. However, if you’re refinancing to pay off credit cards or go on vacation, not only should your probably not refinance, you probably shouldn’t be going on vacation, either.

3. Do you currently have a fixed rate or an adjustable rate mortgage? Since mortgage interest rates are still rising, it might be a good idea to refinance to a fixed rate if your mortgage interest is adjustable. However, if you have a low fixed rate mortgage on your Florida home, it probably would be better to stay with it.

4. How much longer do you plan to stay? If you plan to stay in your Florida home for five years or longer, refinancing might be a good idea. However, if you plan on a shorter amount of time, due to the cost of refinancing, you may end up losing money.

5. Do you have the money for refinancing? Refinancing a house costs time and money. The fees for refinancing can be a hefty $3,000 or more, which means you may not save any money for two or three years after refinancing your Florida home.

If you need help refinancing your home or financing a new home, we can help. Call us today at 407-876-5771 for more information.
Posted by Real Estate - Associates on July 2nd, 2009 12:42 PMPost a Comment (0)
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