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Basic Mortgage Information

"PEBBLE POINTE REALTY"


WANTS YOU TO KNOW


Before Purchasing or Selling ...


Here Is Some Important "Information" and "Tips" From Our

"Florida State-Wide Real Estate Information Center"

Help Me Relocate ...

Pebble Pointe Realty Associates:

Their goal is to be a most outstanding Realtor/Representative/Customer Service Source
to you , that is possible.

Work with One REALTOR® ... One Real Estate Office ... Anywhere in Florida ... We will Save YOU a lot of Time and Frustration ... Whatever Kind of Real Estate You Are Looking For ... ASK US QUESTIONS ... 24/7

Will You Be Paying Cash? Getting A Mortgage? Facilitating A "1031 Exchange"?
(Information On 1031 Exchange Property)

The IRS allows you the opportunity to defer capital gains taxes owed upon the sale of investment or income property by exchanging the property for other like-kind property. There are specific guidelines that must be strictly followed and "time-is-of-the-essence". You have to pre-plan well ahead of closing ! You should contact your tax advisor before persuing this type of transaction. Next, you should contact a Qualified Intermediary to help you understand the benefits and procedures ... The "Qualified" Intermediary will help you through this process once you have made your decision to proceed.

The other important person in this process is , "One Dedicated REALTOR® ! Keep your REALTOR® informed of your Intermediary's paperwork as it progresses ... and make sure the "property closing" process is proceeding in a timely fashion.


WHY WORK WITH A REALTOR®? ...

REALTORS® ARE STATE LICENSED AND MUST ABIDE BY STATE AND FEDERAL GUIDELINES, AS WELL AS, "NATIONAL ASSOCIATION of REALTORS®" ETHICS.

REALTOR® ETHICS are not just important, they are essential. Working with a REALTOR® you can be assured that you are working with a "Trained Real Estate Expert" who will help you understand a clear picture of the market and a proposed transaction and who will treat everyone fairly and professionally ... every step of the way from finding property for you through to the final closing process.

DUTIES TO CLIENTS AND CUSTOMERS
  1. Realtors protect and promote their client's interests while treating all parties honestly.

  2. Realtors refrain from exaggeration, misrepresentation, or concealment of pertinent
    facts related to property or transactions, and do not reveal facts that are confidential.

  3. Realtors cooperate with other real estate professionals to advance their clients best
    interest.

  4. When buying or selling on their own account or for their firms, Realtors make their true
    position or interest known.

  5. Realtors do not provide professional services where they have any present or
    contemplated interest in property without disclosing that interest to all parties.

  6. Realtors disclose any fee or financial benefit they may recieve from recommending
    related real estate products or services and accept compensation only with their clients informed consent

  7. Realtors receive compensation from only one party, except where they make full
    disclosure and receive informed consent from their client.

  8. Realtors keep intrusted funds of clients and customers in a separate escrow account.

  9. Realtors make sure that contract details are documented in writing whenever possible
    and that parties receive copies
DUTIES TO THE PUBLIC
  1. Realtors give equal professional services to all clients and customers irrespective of race,
    religon, sex, handicap, familial status or national origin and they do not discriminate in their employment practices on any of these bases.

  2. Realtors are knowledgeable and competent in the fields of practice in which they engage,
    or they get assistance from a knowledgeable professional, or disclose any lack of expertise to the client.

  3. Realtors present a true picture in their advertising and in other public representations.

  4. Realtors do not engage in the unauthorized practice of law.

  5. Realtors willingly participate in ethics and arbitration enforcement actions.

DUTIES TO REALTORS®
  1. Realtors make only truthful, not misleading, comments about other real estate
    professionals.

  2. Realtors respect the exclusive representation or exclusive brokerage relationship
    agreements that other Realtors have with their own clients.

  3. Realtors arbitrate contractual disputes and specific non-contractual disputes with other
    Realtors and with their clients.

PRE-APPROVED or PRE-QUALIFIED ? ...

PRE-QUALIFIED MEANS:

You spend a few minutes with a lender(mortgage company representative or bank loan officer). They

ask you a few questions about your financial status. Based on your answers, the lender pronounces
you "Pre-Qualified" , issues you a certificate that you can show to your Realtor or Seller.

Here is the catch! None of the information that you gave the lender has been verified! Often times,

unknown problems exist that you may not even have knowledge of or remember as important.
(tax liens, glitches in your credit report, which could be accurate or inaccurate, etc..)So being
pre-qualified is not a tool to base your financial status on.

PRE-APPROVED MEANS:

This happens "after" all information has been "checked and verified" by the lender. You will actually

be given "approval for a loan" ... for up to a specific amount of money. The only loose end is the appraisal on the property that you intend to purchase. The Pre-Approval "process" can take
anywhere from a few days to a few weeks depending on your personal financial situation.
BUT, It is a very powerful tool to have !

PRE-APPROVAL FOR A LOAN WILL SAVE YOU LOTS OF TIME !
TIME ...
(look only at properties that you know you can in reality "purchase")
FRUSTRATION ...
(not being able to purchase what you find and get your heart set on)
NEGOTIATING ...
(a seller will know that you are very serious and may be of mind to meet
your offering price more readily)

YOUR REALTOR WOULD NEED TO SEE THIS "PRE-APPROVAL CERTIFICATE" RIGHT AWAY TO SHOW YOU INFORMATION IN YOUR APPROVED PRICE RANGE


SHOULD YOU PAY POINTS ON YOUR MORTGAGE ? ...


When it comes to comparing interest rates for a mortgage loan, home buyers often have the option

of choosing a loan with a lower interest rate by paying "points". Simply put, a point is equal to
1% of the loan amount. "Points" are usually paid out of pocket by the buyer "at closing".

Paying "points" may seem attractive, because it means a lower monthly payment. Whether paying

"points" is a good idea or not, depends on how long you intend on staying in your home
before selling. For a new mortgage (not refinanced), the "points" are deductible on
your taxes in the first year.

UNDERSTAND MORTGAGES BEFOREHAND ...


TYPES OF MORTGAGES

Fortunately for buyers, there are a variety of types of mortgages to choose from. It is best that you

investigate each of them to determine which might be best for your situation. It is a fact
that you can save yourself money and worry in the long run ...
if you "investigate and learn your options" ...

FIXED RATE MORTGAGES

Consider a Fixed Rate Mortgage
  1. If you plan on living in your home for many years, and/or

  2. You are not a risk-taker and prefer the stability of knowing how much your
    payment will be each month.

This might be a right choice for you if the interest rate is in a "low range". If the rate is "high" at the

time you take out your loan, you would have to try to "refinance" at a later time to possibly get a
lower rate of interest.

ADVANTAGES and DISADVANTAGES of a "Fixed Rate Mortgage"
15 Year Fixed Rate :
  • Pay off the loan in half the time of a 30 year.
  • Equity builds up more quickly than in a 30 year.
  • Payments are higher(which may be a problem if you lose your job or become disabled).
20 Year Fixed Rate :
  • Pay off the the loan in 2/3 the time of a 30 year.
  • The overall interest paid is considerably less than a 30 year.
30 Year Fixed Rate :
  • The most common choice, especially for FIRST TIME HOMEBUYERS, as it is the easiest
    of the fixed-rate loans to qualify for.
  • Monthly payments are lower than 15 and 20 year loans. This can prove especially helpful
    if you do not have alot of "padding" between the amount you can afford to spend and the monthly payments for your desired property.
  • More desirable if you plan on staying in the same house for years
  • For income tax purposes, this term provides the maximum interest deduction.

LEARN ABOUT BALLOON PAYMENT LOANS :

(A balloon payment refers to a loan that has a large, final payment due at the end of the loan.)


ADJUSTABLE-RATE MORTGAGES : (ARMS)

If interest rates are "high" when you take out your loan, an adjustable rate-mortgage may be the solution for you. You might also choose this type of loan if you intend to stay in your
property for only a short time.

Generally, the interest rate starts out low, but not for long term. Since an ARM rate
rises and falls depending on "prevailing" interest rates, your mortgage
payment will also rise and fall accordingly.

Fortunately, "the amount an ARM can increase is limited". There are "caps" on
how much your lender can increase your rate, both for a period of one year and for the life
of the loan. PLAN AHEAD ... Have your lender calculate what the MAXIMUM payment
would be if your interest rate went to the HIGHEST amount allowed by the cap for
your particular mortgage. If you have any doubts, perhaps you should
reconsider not using this type loan.

CONVERTIBLE ARMS :

If neither "the fixed-rate or the adjustable-rate mortgage" seems like the best, perhaps the
Convertible ARM will be right for you. This alternative combines initial advantage of an ARM
with a fixed-rate "after" a predetermined number of years. Obviously, this type of mortgage
has more advantages when the initial interest is low and the future rate is not gauranteed.

CONVENTIONAL LOANS :

A Conventional Loan is simply a loan offered by a traditional private lender. They may
be fixed-rate, adjustable, or other types of loans. 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.

GOVERNMENT LOANS :

Another mortgage option available to some people is a government loan, providing
you meet the qualifications for these loans.

VA LOANS :
Veterans may qualify for a loan from the Veterans Administration. There is a limit on the amount
you can borrow, so this option works best for those buying a lower priced home.
FHA LOANS :
The Federal Housing Association offers loans to lower-income Americans. Look for the phrase
"FHA Approved" when looking at ads for these homes.
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