How to Keep Your Electricity Bill Down and Allergens Out of Your Home
May 1st, 2009
Would you like to open up your windows and let fresh air into your home, but keep the pollen and allergens outside? Then you might be interested in a new Green Home Technology such as PollenTec Screens, which has only recently been made available in the US via . Its unique construction allows fresh air to flow into your home while filtering out up to 100% of pollens.
Testing was conducted by the European Center for Allergy Research Foundation (ECARF). The tests results verified that 100% of grass pollens, 99.71% of birch pollen, 93.1% of Stinging Nettle-pollen, 90.9% of Ragweed pollen were captured by the PollenTec screen.
The PollenTec screen material sells for approximately $10 per square foot, an average 24″ x 36″ size window would cost $75 to equip with the special allergy-proof screens. The screens can be installed by home owners, DIYers, builders, and contractors. Screens, Inc. can have a complete screen frame shipped directly to you or help find a screen repair company in your area to help install the screening in windows and sliding doors. There are many different screen models available, such as hinged, manual, motorized, and completely removable options.
To track pollen and allergen levels in your area, check out the National Allergy Forcast for Today, or simply sign-up and receive email alerts providing index levels for four different conditions: Allergy (Pollen), Asthma, Cold & Cough, and Ultraviolet Sensitivity.
Waterfront Townhome with Deepwater Docks for Sale - Captains Walk at Pelican Harbor, Delray Beach
March 15th, 2009
Reduced 35% - $190,000
Motivated Sellers – Make Offers!
Close to Delray’s Atlantic Avenue and Boca Raton’s Many Amenities
Download Captain’s Walk Listing information (pdf).
Community : Captains Walk at Pelican Harbor
Price : $359,000
Bedrooms : 3
Bathrooms : Full: 2 Half: 1
Living Area SF : 1,654 sf
For more information! Call 561-866-2927
or click here for showing information.
Direct Dock View / Front Elevation
Interior and Exterior Features:
• Freshly painted – all walls, doors and trim
• 3 BR / 2 ½ bath townhome situated directly on the C-15 canal
• Corner townhome with extra windows
• Spacious 1,654 square foot living area
• Living and dining rooms on main entry level overlooking the waterfront
• Eat-in kitchen with open pass-through to dining room
• Large screened balcony with fabulous canal views
• 3 Bedrooms and 2 full baths upstairs, ½ bath on main floor
• Master bedroom features small open balcony overlooking waterfront and large master bath with Roman tub and separate shower
• Hurricane shutters for all windows
Phone : 561-866-2927
Mortgage Calculator
Living Room and Balcony / Dining Room / Living Room
Balcony / Kitchen
Master Bedroom / Master Bathroom
Community Highlights:
• Gated waterfront and active boating community – large yacht club with fitness center and meeting rooms overlooks the Pelican Harbor yacht basin
• Large deepwater docks available to rent or buy for up to 60’
• Protected docks in the harbor and along the C-15 canal (southern boundary of the community which the townhome is located on)
• Community offers no fixed bridge, easy ocean access to the Boca Raton and Boynton Beach inlets
• Other amenities include 2 large pools, 2 lighted tennis courts, 24-hour guard gated community and on-site management.
• Pelican Harbor is conveniently located within minutes of Delray’s Atlantic Avenue and its wonderful shops and cafes, and beautiful beaches.
Phone : 561-866-2927
Main Clubhouse / Main Clubhouse Pool
Harbor View / Harbor View
C15 Canal View / Tennis Courts
Learn to Conserve at Broward County Water Matters Day 2009
March 9th, 2009
Water resources are an important issue in South Florida, especially during this dry season. Water Matters Day in Broward County will showcase water resource issues such as conservation, balance of creating a beautiful healthy landscape and maintaining the ecosystem (beneficial for native wildlife and protective of water quality) as well as educational information on some old and some new ways to conserve water. 40 plus exhibits will be available to help residents learn about water conservation techniques, smart irrigation, native Florida plants and trees, and their role in protecting and conserving South Florida’s water supply. There will also be a Rain Barrel
“Water Matters Day is a great outreach program that showcases the need for water conservation and the many things that we can do every day to protect and preserve our water supply,” said Broward County Mayor Stacy Ritter. “People need to change their environmental habits and you can’t do that if you don’t know how. Water Matters Day provides that education and is an outstanding community asset.”
There’s also fun and learning for the kids too! Water Matters Day will also feature face painting and craft workshops for children; a raffle; a variety of giveaways; and the music of environmental folk singer Grant Livingston.
Admission to Water Matters Day is free, but there is a fee of $1.50 per person for Tree Tops Park. Children five and under are admitted to the park free.
The event will take place this coming Saturday, March 14, 2009 from from 9 a.m. to 3 p.m. at Tree Tops Park, 3900 S.W. 100th Ave., Davie, FL.
Visit the Broward County Website for more information.
Boca Raton Real Estate Asbestos Prevention & Healthy Alternatives for Home Owners
March 9th, 2009
As the famous Maya Angelou quote goes, “I long, as does every human being, to be at home wherever I find myself.” The path to owning a home is one of the great American traditions, but one that will bring additional responsibilities. Structural repairs are often needed for those who reside in areas that are susceptible to natural disasters such as hurricanes. Potential Boca Raton home buyers or those seeking to remodel older homes should be aware that homes built before 1980 may contain older, toxic forms of construction such as asbestos.
Asbestos is a fibrous mineral used throughout the 20th century in a variety of industry applications such as: insulation, piping, flooring and brake lining. The use of asbestos was widespread due to its heat and flame resistant qualities. Aside from the mining industry, asbestos entered Florida in a variety of domestic and industrial products. By taking simple precautions, you can easily prevent asbestos exposure from occurring in your home. There are now many healthy alternatives that make the use of harmful construction applications obsolete.
Although asbestos that is in good condition and not broken down may not pose a risk, frequent exposure can potentially lead to the development of a lung ailment known as mesothelioma. Contracted only through asbestos exposure, mesothelioma treatments vary from patient to patient but physician prognosis is usually poor. The amount of asbestos incidents in the 20th century has been met with intense scrutiny and lead to mesothelioma lawyers advocating victim rights. Manufacturers of asbestos knew of its harmful qualities, but repressed this information from the public on behalf of financial gains.
If any hazardous materials or asbestos is suspected, it is best to leave it un-disturbed until a professional home inspector can examine the scene. If removal is necessary, it must be performed by a licensed abatement contractor who is trained in handling these materials. Florida Department of Environmental Protection administers an asbestos removal program and has initiated an awareness campaign to teach home owners to identify asbestos insulation.
Eco-sustainable options should be considered as long term replacements to asbestos. These include the use of recycled building materials such as cellulose, cotton fiber and lcynene foam. These green alternatives possess the same characteristics as asbestos, but are completely safe. The use of these materials such as lcynene will not only provide a safe form of insulation, but can significantly reduce annual energy costs in the home by 25 percent.
The move to a greener lifestyle in Florida is helping lead the nation in change to more energy and healthy forms of building products. These new environmentally-sustainable alternatives create healthier, quieter and more energy efficient homes in the 21st century.
Thanks to guest blogger: Allan Marrero
Mesothelioma Cancer Center
Boca Raton Real Estate - “Green” Home East Boca
February 12th, 2008
This new “Green” Home in East Boca Raton is only minutes to Spanish River Park and Beach and symbolizes a new beginning of a growing trend for Boca Raton and South Florida real estate. A Green and healthy home is built on energy efficient construction, features and finishes - a home that is better for your health, promotes clean living and at the same time protects the environment.
This Home is offered For Sale @ $535,000 or For Rent annually @ $2,250 per month:
* 3 BR / 2 Bth single family home with 1,800 air conditioned sq. ft.
* 1 car garage with long double driveway, huge fenced yard - 100′ x 90′
* Totally renovated from top to bottom, highly energy efficient “Green Home” construction
* Home was built based on principals of LEED® certification
Description and Luxury Features:
* Elegant Mediterranean style home in East Boca, with large patios and a great fenced yard for relaxing and enjoying the Florida outdoors.
* 20″ Marble flooring throughout all rooms, marble in bathrooms
* Gourmet kitchen with granite and matching GE Profile stainless steel appliances and gas stove, “LG” washer and gas dryer.
* Impact windows, French doors, sliders and skylights for lots of natural light
* Hampton Bay ceiling fans, solid wood doors, solid surface, seamless vanity counter tops in bathrooms, under counter lighting.
Energy Efficient Features:
* Energy efficient 15 SEER air conditioning system - low utilities - $125 / month electric bill in summer, solar water heater, dual flush toilets, water efficient landscaping, grass and flowers ensures lower water bills.
* Breath pure air with the HVAC system that has 3 levels of filtration - conventional membrane filter, electronic filter and UV light filter, which is great for people with allergies.
* Full house generator, Energy star 150 mile per hour rated metal roof, impact resistant garage door
* Plus many other additional products and processes to ensure a quality, efficient, healthy home.
For more information view the Villa Rica MLS Public Report, Villa Rica Photo Page, and Energy Efficient Features and Finish Specifications List.
Homebuyers are increasingly concerned about the impact their homes have on the environment. This has led to an upsurge in green home products and, naturally, to green homes. NAR’s website has a Field Guide to Green Homes & Green Mortgages - with numerous links to different articles, websites and additional resources.
Florida associations for green building where you can obtain more information are the Florida Green Building Coalition and the Florida Home Builders Association.
Visit my website at www.isabellascott.com for more information, and for additional related articles on green building see below and search the Blog:
High Tech Green Homes Enter Mainstream to Lower Utility Bills
Buyer’s Estimated Closing Costs in Florida
November 13th, 2007
It’s important for buyers to know what your closing costs and mortgage payments are going to be when you start to look for a home and get pre-qualified. I’ve prepared a Buyer’s Estimated Closing Costs Pro-Forma: 80% FRM Loan, 6.5% Int., 10-21-07 (pdf) based on a specific scenario that shows total proposed closing costs, estimated monthly payments, estimated prepaids and reserves, and the final total estimated funds needed to close:
This scenario is based on a $200,000 purchase of a low-rise condominium, with an 80%, 30 yr., 6.5% fixed rate amortized loan, as a primary resident and a credit score of 680+. I will be preparing subsequent articles on other scenarios with explanations of the impact of different loans, second home or investment properties, credit score implications, etc.
This is basically my version of a lender’s Good Faith Estimate, which is something you should get from any lender – signed by them – that you are getting quotes from. Sunbelt Lending is our affiliate mortgage correspondent lender and the loan officer in our office is Noel Livingstone – his cell number is 561-843-1983 if you want to discuss any other particular questions or situations.
Closing Costs:
Some of the line items will vary depending on the specific mortgage parameters – type of loan, amount and interest rate - this is for an 80% amortized loan, which means a loan that you pay both principal and interest. I used 6.5% - interest rates have been fluctuating (as they do on a daily basis), but this gives you some idea. Whatever loan amount you get, an easy way to calculate principal and interest on an amortized loan is to use the following factor:
- at 6.5% rate use 6.33 per $1000 of the loan amount, eg 6.33 x 160 - $1012
- at 6.375% rate = 6.24 per $1000 - payment = $998
- at 6.25% rate = 6.14 per $1000 - payment = $995
Here is a link to Sunbelt Lending’s Weekly Mortgage Newsletter of 11-4-07 (pdf) highlighting this week’s mortgage rates and commentary, and snapshots of the Leading Economic Indicators. Additional mortgage information can be found at Freddie Mac.
Loan, Title and Government/Recording Charges:
These loan, title and government charges are based on this scenario and from our Sunbelt Lending and Sunbelt Title affiliates. This scenario assumes an 80% amortized loan (principal and interest), primary residence, and minimum 680 FICO credit score. These charges are going to be the same for different loan amounts, except for a couple which are based on the loan amount – such as the Doc Stamps and Intangible tax.
Other Charges:
Surveys are required for single family and townhomes but not condos. Inspection fees will vary with the type of property, about $350 is for a single family, and maybe $250 for a condo. Coldwell Banker regulatory compliance fee is a charge required based on our state requirements. HOA or Condo Association application is also per the association’s fee, but $100 is about standard. Home Warranty is optional.
Estimated Monthly Payment:
If you go higher than the 80% loan and do 2 mortgages, some of the above loan, title, and government fees will be higher because there are 2 lenders. Or you can also go higher and only have one loan but pay mortgage insurance. The final monthly payment won’t be that much different – with 2 loans, the 2nd above the 80% is usually an equity line and the interest will fluctuate with the prime rate.
Mortgage insurance is based on the loan amount again, so under the Estimated Monthly Payment – Mortgage insurance line, for example, on a 90% loan, the extra payment would be .52% per year of the loan amount of $180,000, or $936 per year which is $78 per month. Actually, most lenders, if after a certain time period and when the loan amount drops to under 80% of the market value of the property can drop the mortgage insurance portion.
- 100% loan = .96% per year
- 95% loan = .785 per year
- 90% loan = .52% per year
- 85% loan = .32% per year
Estimated Prepaids and Reserves:
Interest proration depends on the day of closing, I estimate in the middle and use 15 days. You’re always paying for the balance of the month you close, so if you close earlier in the month of November, for example, it’s more, if later in the month it’s less, and your first monthly payment won’t be until January 1st, you always pay in arrears.
The Property insurance premium depends on the lender and type of property – they actually don’t require content insurance on condos, but will require insurance for all properties where the exterior building insurance is not included in the HOA (as for single family), but having that content insurance is highly recommended. If required, the lender wants the first year premium to be paid in advance before you move in, and then you escrow each month for the next year’s premium and the lender pays it when it is due. Flood insurance is the same thing if you are in a flood zone. Depending on the loan amount and on the higher loan ratios, they usually require escrows on the insurance and property taxes and they will pay them when they are due. So under the Prepaids and Reserves, they require 2-3 months reserves up front so there is a little extra reserve in the escrow account.
Total Estimated Funds Needed to Close reconciles the various sections:
- Down Payment is your total down payment per your contract
- Closing Costs is the total of column 1
- Prepaids and Reserves shows that section’s total (plus your subtotal to that point)
- Less POC, which means paid outside of closing – the items marked that way on various lines means you are paying them up front to 3rd parties, but they are shown here to show you your total cost for buying the home. So appraisal and credit report are paid to the lender or mortgage broker, inspection fee is paid to the inspector and the HOA fee is paid to the association when you make application there.
- Less Deposit, means less the initial deposit you made on the contract (plus your subtotal to that point)
- Total Cash Needed to Close – is the total amount you need to bring to the closing table (by cashier’s check or wire transfer, no personal checks)
Related Links:
15 Steps to Homeownership - How are Purchase Loans Made and What is the Typical Process?
What to know before you buy - Good info for first-time buyers and buyers relocating to Boca Raton
Mortgage Interest Rate Survey - November 4, 2007
Mortgage Interest Rate Survey - November 4, 2007
November 4th, 2007
In this week’s Mortgage Interest Rate Survey, Frank Nothaft, Freddie Mac vice president and chief economist said, “October’s consumer confidence fell to its lowest level since October 2005 as mortgage rates continued to decline this week to their lowest level in almost six months. Continued market concerns about weaker economic growth and further declines in the housing market have kept mortgage rates low over the last few weeks.”
Freddie Mac released its November 1, 2007 weekly results of the Primary Mortgage Market Survey® (PMMS®), with interest rates dropping again this week for the following programs:
* 30-year fixed-rate mortgage (FRM) averaged 6.26 percent with an average 0.4 point for the week ending November 1st, lower again from last week when it averaged 6.33 percent. Last year at this time, the 30-year FRM averaged 6.31 percent.
* The 15-year FRM this week averaged 5.91 percent with an average 0.4 point, down as well from last week when it averaged 5.99 percent. A year ago, the 15-year FRM averaged 6.02 percent.
* Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.98 percent this week, with an average 0.4 point, down slightly from last week when it averaged 6.03 percent. A year ago, the 5-year ARM averaged 6.05 percent.
* One-year Treasury-indexed ARMs dropped from 5.66 percent to 5.57 percent this week with an average 0.6 point. At this time last year, the 1-year ARM averaged 5.53 percent.
Frank Nothaft also noted that, “Although the third quarter gain in real gross domestic product (GDP) of 3.9 percent was stronger than market forecasts, the housing market has subtracted from GDP growth over the past twenty-one months ending in September. In its most recent policy announcement, the Federal Open Market Committee (FOMC) noted that the rate of expansion in the economy will most likely slow in the near term, due in part to a reflection of the intensity of the housing correction.”
Rates haven’t been this low for nearly 6 months, when comparable rates were 6.21 for the 30-year FRM (May 17, 2007), 5.87 for the 15-year FRM (May 10, 2007), 5.92 for the 5-year ARM (May 17, 2007), and 5.57 for the 1-year ARM (May 31, 2007).
Interest rates started the year about 6.18% for the 30-yr FRM, and stayed low until mid-May when it started inching up to a high of 6.73 in mid-June and mid-July. Rates dropped again to a low of 6.31 by mid-September, but have increased slightly to 6.4 after the Fed’s cut in the Federal Funds rate from 5.25 to 4.75 on September 18th. Freddie Mac’s Compilation of Weekly Surveys shows the trend.
According to Lou Barnes of Boulder West Mortgage Credit News in his weekly commentary on the mortgage market, he believes that “credit losses are systemic and too large to recognize.” The struggle has been the strength of the economy - October payroll surprised again by growing 160,000 - and what to do to resolve the credit situation. “The good news: lower mortgage rates will put a mattress under Bubble Zone housing, and help housing in the rest of the country to lead a recovery.”
Related Articles:
Mortgage Interest Rate Survey, Freddie Mac, October 21, 2007
13 Tips to Protect against Mortgage Fraud
My website, www.isabellascott.com Finance Section - Additional Articles
Source: Freddie Mac, Boulder West Mortgage Credit News
Mortgage Interest Rate Survey - October 21, 2007
October 21st, 2007
In this week’s Mortgage Interest Rate Survey, Frank Nothaft, Freddie Mac vice president and chief economist said, “Both economic indicators and mortgage rates came in mixed this week. While retail sales were stronger in September, consumer confidence fell below market expectations in October. Moreover, both the core consumer price index and producer prices for September remained contained.”
Freddie Mac released its October 18, 2007 weekly results of the Primary Mortgage Market Survey® (PMMS®), with interest rates substantially holding compared to last week’s rates for the following programs:
* 30-year fixed-rate mortgage (FRM) averaged 6.4 percent with an average 0.6 point for the week ending October 19th, unchanged from last week when it averaged 6.40 percent. Last year at this time, the 30-year FRM averaged 6.36 percent.
* The 15-year FRM this week averaged 6.08 percent with an average 0.6 point, up from last week when it averaged 6.06 percent. A year ago, the 15-year FRM averaged 6.06 percent.
* Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.11 percent this week, with an average 0.5 point, down slightly from last week when it averaged 6.12 percent. A year ago, the 5-year ARM averaged 6.11 percent.
* One-year Treasury-indexed ARMs rose from 5.73 percent to 5.76 percent this week with an average 0.6 point. At this time last year, the 1-year ARM averaged 5.57 percent.
Frank Nothaft also noted that, “In his October 15th speech, Fed Chairman Bernanke suggested housing would be a ’significant drag’ on the economy going into the next year. Indeed, inventories of unsold homes remained exceptionally high. And October’s homebuilder confidence fell to the lowest level since 1985, when record keeping began.”
Interest rates started the year about 6.18% for the 30-yr FRM, and stayed low until mid-May when it started inching up to a high of 6.73 in mid-June and mid-July. Rates dropped again to a low of 6.31 by mid-September, but have increased slightly to 6.4 after the Fed’s cut in the Federal Funds rate from 5.25 to 4.75 on September 18th. Freddie Mac’s Compilation of Weekly Surveys shows the trend.
According to Lou Barnes of Boulder West Mortgage Credit News in his weekly commentary on the mortgage market, we are still in the same situation, “Two months after the initial grip of the Crunch, the word is out: there is no relaxation at all. We are in a two-part systemic event: several trillion dollars’ worth of trash lies where it was, value and ultimate disposition unknown; and worse, the impaired holders have dramatically reduced extension of new credit.”
15 Steps to Homeownership - How are Purchase Loans Made and What is the Typical Process?
June 8th, 2007
How are Purchase Loans Made? Here are the 15 Steps to Homeownership involved in the typical purchase home loan process?
Before you get started looking for homes, it is good to do some preparation, so when you find the home you’re looking for, you are ready to make an offer and will have a smooth process until closing. Noel Livingstone is a Senior Loan Officer with Sunbelt Lending
and we’ve prepared this outline of 15 steps describing how purchase loans are made. You can visit him at his personal webpage - and even apply for your loan - at Sunbelt Lending, Sunbelt Lending Noel Livingstone. He can be reached directly on his cell phone at (561) 843-1983 if you have any further questions.
PRE-QUALIFICATION AND PRE-APPROVAL:
1. Pre-qualification or Pre-Approval - You are encouraged to get pre-approved for a mortgage before looking for a house. However, if you don’t want to become pre-approved, pre-qualification is the next best option. Pre-qualification gives you an idea of how much you can afford based on your debt, income and credit history. The key to getting pre-qualified, is to provide your entire credit history. Neglecting to mention an outstanding car loan or previous credit problem can nullify the pre-qualification. Most people buy a mortgage payment, not necessarily the price of a home, so that is why it is so important to go through these steps before you start looking.
Pre-approval is similar to pre-qualification, except your debt, income and credit are all verified and you are actually approved for a loan, up to a specific amount and under certain conditions and terms. Becoming pre-approved means you can search for your dream home without worrying about whether or not you can afford it.
Noel has calculators on his site listed above. Several other sites with calculators to help you initially get a ballpark figure for monthly payments are Freddie Mac, and Bankrate.com. Rates on these sites are national averages, so please check back here for current local rates. Please see links at the bottom of this article for other home-buying tips on this site - more articles can also be found through the “categories” “tags” and “search” box.
HOME SEARCH:
2. The Hunt - Now that you know how much home you can afford, you can begin shopping. As your Real Estate Agent, I search the MLS (Multiple Listing Service) daily for homes that meet your specific requirements.
3. Purchase and Sale Agreement - When you find the right home, the terms of the sale are negotiated, including sales price, repair requests, move-in date, etc. I will then present your offer to the sellers. Your pre-qualification or pre-approval letter will usually be submitted with your offer since it can tilt the sale in your favor, especially in a competitive market.
4. Property Inspection - Most purchase loans require an inspection for general construction, termite and water damage, as well as possible safety hazards. Some problems may need to be repaired before finalizing the sale.
LOAN PROCESSING:
5. Loan Application - Once the seller accepts your offer, you will need to apply for your mortgage, usually within 5 days from acceptance. It’s crucial to supply the lender with as much information as possible, as accurately as possible. All outstanding debts as well as assets and income should be included.
6. Documentation - Paperwork supporting the application must also be submitted. Information commonly sought includes pay stubs and/or two years’ tax returns, and asset account statements verifying the source of the down payment, funds to close and reserves. If you were pre-approved, this step has already been completed.
7. Appraisal - Lenders require an appraisal on all home sales. This step could jeopardize a deal if a big discrepancy were to exist between the home’s sale price and appraised value of the house.
8. Title Search - This is the time when any liens against the property are discovered. A lien may have been placed on a property to ensure payment of outstanding debts by the owner. All liens must be cleared before a transaction can be completed.
9. Processor’s Review - The lender’s loan processor packages all pertinent information to be sent to the lending underwriter, including any explanations that may be needed, such as reasons for derogatory credit.
10. Underwriter’s Review - Based on the information put together by both the loan executive and the processor, the underwriter makes the final decision on whether a loan is approved. Lenders are looking for borrowers who will make their payments on time and for a property that will cover the cost of the investment, if a buyer defaults.
11. Mortgage Insurance - Many lenders require private mortgage insurance when borrowers put down less than 20 percent on a loan. The interest rate of the entire loan is the same, plus there is an additional charge for the mortgage insurance. Even if a loan meets the standards of a lender, a mortgage insurance company could choose to deny coverage. Another option instead of mortgage insurance, is a second mortgage equity line, usually at an interest rate that’s about 2-3% higher than the first mortgage, but there is no mortgage insurance charge.
12. Final Loan Approval, denial or counter offer - In most cases, when your credit and debt-to-income ratio is good, your loan will be approved with little or no problem. However,in some cases, the lender may ask the borrowers to put more money down to improve the debt-to-income ratio. If the property appraises for less than the purchase price, you may need to increase your down payment to cover the difference. In some cases, repairs or improvements on the property may be required. There may also be other conditions to meet before the final loan approval and loan documents are issued.
CLOSING DAY:
13. Insurance - Lenders require fire and hazard insurance on the replacement value of the structure. Flood insurance will also be required if the property is located in a flood zone. In California, some lenders require earthquake insurance on condominiums. The first year’s premium is required to be paid in full at closing.
14. Signing and Funding of the Loan, and Close of Escrow - Closings in Florida are usually handled by a title company that acts as the intermediary. Final loan and escrow documents are signed by you (the buyer) and the seller. You bring the balance of your down payment and closing costs in certified funds to the closing. The lender sends a wire or check for the amount of the loan to the title company, and gives instructions to the title company to disburse the funds to the seller after all documents are confirmed to be in order. Title insurance companies use gap insurance at the closing, so that all funds can be disbursed at closing. Documents transferring title are then sent to the County Recording office for recording.
15. Move In! - Now you get to move into and enjoy your new home and make many happy memories.
Related Articles:
Mortgage Interest Rate Survey, Freddie Mac, June 1, 2007
My website, www.isabellascott.com Finance Section - Additional Articles
Florida Property Tax Reform - FAR Perspective for Special Session June 12-22, 2007
June 7th, 2007
Florida Property Tax Reform - FAR Perspective for Special Session June 12-22, 2007 - Florida legislators have been working diligently for the last several months to come up with a plan to reduce Florida’s tax burden. An agreement could not be reached during the regular session, but the stalemate between legislators is getting closer to be resolved in the upcoming Special Session June 12 - 22, 2007. Needless to say, this will be a hot topic the next few weeks, so I will keep you posted as we progress through the process.
The Florida Association of Realtors (FAR) must consider the impact and consequences to all Florida property owners. Property values around the state have varied in their rate of appreciation and the impact of increased property taxes has not been felt the same in all counties. Here is what the Florida Realtors Association’s Perspective is on what FAR and Realtors should be pressing their Legislators to do while reforming Florida’s broken property tax system:
1) Address the lock-in effect. Whether it’s by allowing limited portability (limited by amount, time,or both) to homeowners who want to move, or proposing to phase out Save Our Homes, the Legislature needs to address the pent-up demand of citizens who want to change their lifestyles and be allowed the freedom to move but know it’s not in their best interest to do so. If portability is the response, it needs to occur immediately and should be retroactive, so that the real estate market that is already on life support not be completely killed leading to up to a vote of the people.
2) Call a special election to make the necessary changes to Florida’s Constitution. Florida’s real estate market has been suffering from backbreaking insurance rates and an unfair property tax system. Many of the changes that will likely be made will necessitate constitutional amendments that require voter approval - and November 2008 is too long to wait. To get our economy going, FAR proposes a special election in late summer of 2007.
3) Be careful with doubling the homestead exemption. Realtors would support exempting a higher portion of a home’s value if coupled with comprehensive tax reform. But simply doubling the homestead exemption would redistribute the burden onto other property classes, give relief in most cases to those who need it the least, and severely jeopardize the budgets of fiscally constrained cities and counties. FAR is receptive to expanding the homestead exemption to a percentage-based system, as long as Save Our Homes is phased out as well.
4) Assess property based on its “present use”, not “highest and best use”. Property assessment is a complicated matter in Florida, but many commercial properties are being taxed out of business simply because of what their property has the potential to become. That’s not fair and needs to be addressed.
5) Apply exemption amounts or millage rollback years to offer significant savings and future revenue caps, but don’t cripple local governments’ ability to protect citizens. Realtors believe that local government property tax revenue has exploded in recent years and that cuts can be made and still offer necessary services. We also believe that raising revenue in the future should be capped so that abnormal property value increases don’t cause the problem again in the future.
6) Place a reasonable 10% cap on yearly assessments for non-homesteaded property. Commercial property owners have suffered yearly property assessment increases of 20, 30, and 50 percent over the last 5 years. These increases keep economic expansion from occurring, confound business opportunities, and are likely to cripple new hiring plans, according to recent surveys. This proposed cap would ensure business owners that taxes would not catch them unawares, while allaying many of the problems that occur because of Save Our Homes.
7) Cap yearly impact fee increases and limit them to a percentage of the overall project cost. Impact fees in many areas of Florida are reaching dangerously high levels - affecting affordable housing and limiting development opportunities. Several local governments have already made plans to raise impact fees due to proposed cuts by the Legislature, though impact fees are supposed to be levied due to the cost of providing necessary infrastructure, not based on how much revenue is lost elsewhere. In order to prevent skyrocketing impact fees, the Legislature should consider reasonable limits to impact fee increases, and limit them overall to a certain percentage of the project cost.
Two other organizations that seek to educate citizens on local taxation and budget issues, including working with government officials to find possible solutions are:
Palm Beach County:
1) CUTTER - Citizens Urging Total Tax Education & Reform, (www.tootaxed.com) Check their Research Tab for further links to Palm Beach organizations.
Florida:
2) Florida Tax Watch
Related Links:
Save Florida from Save our Homes
Group Representing Small Businesses oppose GOP plan to end Property Taxes
SOURCE: Florida Association of Realtors (FAR)
