Monthly Archives: January 2016

Things to Consider During Closing of Home Buying Process

Home Closing refers to the day when all the transactions related to the purchase of the home is finally completed. All the documents have been signed and all the payments have been made. To ensure a smooth closing of the home following things must be considered.

Collect necessary documents

It is important for you to gather all the relevant documents received during home buying process. It includes documents related to loan estimate, contract, proof title search, home insurance, mortgage insurance and many such documents. These documents need to be refereed at the time of closing as it serves as an evident proof and inculcates a good sense of faith.

A final check

Before the closing period, you should always do a final check to determine whether the property is in good condition or not. It might occur that any sort of damaged occur between the contract and closing time. You can even talk to the sellers for any required repairs.

Ensure the adequate availability of the funds

Prior to the closing, make sure that you have enough funds available for making down payments and closing costs. The funds should be readily available to be presented to the cashier.

Fix a time

If the seller has been obligated to make any repairs, make sure to fix a time period within which repairs will be made. The time should be minimum of 7 days before the closing period. After that engage yourself in the final inspection to ensure everything is carried out flawlessly.

Consider to pay attention to even minuscule details

Ensure that the paperwork has been carried out in proper order with attention to each and every detail. Many minute mistakes can delay the closing such as spelling mistake of your name, incorrect address, wrong loan amount, or any other wrong crucial details. It should be properly reviewed before the final submission.

Following these tips, your home closing process will be carried out in a smooth manner. Congratulations all the formalities will be completed and finally your home is now yours.

If in search of buying a property, get in touch with All Florida Title. We are one of the best mortgage broker companies in Lake Mary, Florida. Contact our customer representative for detailed information. We will be pleased to offer you the best.

Important Things to Consider When Getting a Home Equity Loan

Home equity loan also known as second mortgage allows you to borrow loans against the equity of your home. People consider taking equity loan when they require funds for large expenses. But before considering applying for the loan makes sure it is right choice to fulfill your needs. Educate yourself thoroughly with the type of loan.

Home equity loans come in two types-

  • Fixed rate loans– In this, the loan is repaid with the interest rate that remains same over the lifetime of the loan.
  • Line of credit-It is a variable rate loan. Borrowers are given a certain spending limit and withdraw the money whenever they need it via credit card. In this, interest rate fluctuates over the time.

Here are some of the important things you need to consider when getting a Home equity loan.

  • You need to have equity– Equity refers to difference between assets and liabilities. For instance you own a home worth $50,000 but owe $15000 on that home, then your home represents $35000 equity.   It is obvious that for getting a home equity loan, you need to own a certain percentage of your home.
  • You can receive fixed or variable rate- Interest plays an important role in the type of equity loan you choose. It is important to know well in advance whether you are receiving a fixed rate or variable rate on your loan amount. When the market rates are low, it’s better to go for a fixed rate loan. Otherwise go for a variable interest rate loan.
  • A good credit score– For obtaining any type of home equity loan, you need to have a good credit score. Lenders provide loans to the applicants with good credit score. With good credit position, you can get loans at low interest rates.
  • Chances of loss of home– Always keep in mind that apply for the home if you have a capability to repay the loan amount back. Most of the borrowers buy the loan with home as collateral and are unable to pay back. This could result in loss of your home.
  • Cancellation rule– There’s exist a cancellation rule which states that according to the Federal Trade Commission after signing the home equity loan agreement, you have right to cancel the loan within 3 days of your sign without any charge of penalty. This may occur due to change in your mindset or due to change in your circumstances.

If thinking to apply for home equity loan, get in touch with All Florida Title. We are one of the best companies in Lake Mary, Florida for providing you loans at the most affordable rates. We assure you of quality services. Contact our customer representative for more information.

What matters the most while selecting a mortgage broker?

A mortgage broker is a professional agent who serves as a link between lenders and borrowers. They have link ups with number of lenders and are paid fess in the form of commission for securing a good borrower. They search the buyer interested in buying home and contact with the appropriate lender.

But choosing a right mortgage broker requires a well thought decision and lot of considerations to bear in mind. It is important to choose such broker who is knowledgeable, accredited, and have contacts with wide range of lenders. Following are some of the tips that matter the most during selecting a good mortgage broker.

  • Take advice from your acquaintances– Have a word of mouth with your friends and relatives who have made recent purchases with the help of a mortgage broker. Since their experience while help you a lot in finding the most appropriate broker for your deal.
  • Indulge yourself in a thorough research– Besides asking your dear ones; indulge yourself in a thorough research. This will help you get more reliable and first hand information. Get to know about the experience, offerings, and terms of conditions of the brokers. Gather as much information you can.
  • Have everything in written– A written document serves as concrete evidence. So, before finalizing anything get the agreement in written with the signature of the broker. This will avoid any sort of dispute that may arise in future between brokers and buyers. Moreover, written agreements serve as references.
  • Assure the professional standards of the broker– Before choosing any broker, always assure yourself that broker has an office and thereby conforms to professional standards of work. This gives you a sense of reliability and increases your level of trust in the broker.
  • Observe their behavior- While selecting a broker; observe the behavior and etiquettes of the broker. Are they courteous and friendly while dealing with the clients? Do they negotiate in a proper manner? Are they able to answer all your questions in an adequate manner? Make sure all these things fall into the place.
  • Double-check everything– Before finalizing the deal, double check everything for the last time. Assure your confidence about the person you have chosen. If something doesn’t make sense, change it.

All these considerations will help you get a responsive, experienced, and skillful mortgage broker. Get in touch with All Florida Title for the best mortgage brokers. We assure you quality services at affordable rates.


Tips to Consider for a Stress-Free Home Closing

Buying a home is the biggest investment you make in your lifetime. Financing might have been carried out with the help of an agent who pays heed to even minuscule needs and make sure that everything is carried out flawlessly. But there are still many errors that are made till the closing process.

Here are some of the tips that need to be considered to ensure a stress-free closing and prevent good closing from going bad.

  • Gather adequate funds– Gather sufficient funds to avoid last minute problems. Ask the Title Company what form of payment it accepts and arrange money till the closing. If they are not easily available, arrange them in order to avoid any type of hassle.
  • Purchase title insurance– Title insurance policy provides you the protection for the title of your home. It is also known as owner’s title policy that provides protection against any fraudulent claims that might occur in future. In some cases, seller’s pay for the buyer’s title policy.
  • Hire a good agent– In order to carry out the stress-free closing, hire an experienced agent who understands your needs and preferences and carry out the whole process on a good note. He must possess good communication skills and carry out negotiation process in a refined way. He must be trustworthy and must gain confidence of his clients at once.
  • Ensure you have your name on everything– Make sure that documents you send to the lender must depict that you owe them. In case of down payment confirmation, this is of utmost importance. For funds, ensure that your name is somehow connected to the account statement. Make sure that your income documents have your name.
  • Double check everything one last time– During closing, walk through the home one last time and ensure that everything is executed properly. View the property carefully and check all the belongings. Check home appliances, doorbell, and ensure proper functioning of the related items. Ensure that there are no repairs to be made.

Following these tips will prove to be a great aid in carrying out a stress free home closing process. The best way is to hire a mortgage professional who will guide you at every step and answers all your questions in most understandable manner.

If in search of buying a property, get in touch with All Florida Title. We are the best mortgage broker company in Lake Mary, Florida. Contact our customer representative for detailed information.