By Brooke Chaplan with RISMedia

In a surging economy, many homeowners are thinking about updating mortgage loans to better suit their financial circumstances. There are several options to consider as you evaluate the balance of your home loan and current interest rate. Here are some ideas for refinancing your mortgage that may be worthwhile:

Lower Payments

Homeowner applicants that qualify for a loan modification may be able to extend the life of the loan for a longer period of time than currently remains. In that approach, the monthly payments could shrink and become more manageable, easing the family budget. Those who want to pay more on the principal balance of the loan can whittle the outstanding balance to pay off the loan in full before the end of the loan period. Smaller house payments that are always paid on time helps to keep your credit score healthy as well.

Shorter Term

Another refinancing opportunity is to restructure your home loan at a lower interest rate that will pay the mortgage in full over a shorter period of time. A homeowner with future plans that require funding, like college for the kids or early retirement for the breadwinners, can pay off their house loan early and use the monthly mortgage payment amount toward another future goal. Not having a mortgage payment will ease your monthly budget, so you can do other things with that money both now and in the future.

Better Interest Rate

When low interest rates are available, you can apply to have your loan refinanced. If approved, you can save thousands of dollars over the life of the loan by paying less for interest fees in your monthly mortgage payments. Since your loan will be reduced more quickly, you might also avoid compounded interest over the long term. Also, getting a low interest rate can pave the way for future credit at good interest rates if you make payments in full each time. Your credit score may also benefit as a result.

Cash Out

There are also other types of loan modifications that can help your finances. One solution is to apply for a home equity line of credit. If your home has equity, you may be able to get a credit line based on available equity at an interest rate that is lower than the commercial rate. You can use the equity line to fix up your house or pay bills, and you can take cash out for other purchases at the lower interest rate.

Take advantage of the current low interest rates to refinance your mortgage balance! You could reduce your budget concerns and save money with a more affordable home loan.

For more information, connect with us!

386-506-8008 | Oceanside@RealtyExecutives.com |  |  |   @REOceanside

Buying or selling a home is an exciting journey. But with so many different things to research and decide, it may be overwhelming. Especially when you aren’t familiar with terms commonly used during real estate procedures. Our experts are here to help! Let’s go through some of the most common real estate terms and what each one means for you.

Annual Percentage Rate (APR)

This phrase is mostly used for home buyers who are calculating their loan amount. Your APR is the amount of interest charged every year on the loan.

Contingency

This is one of the most used words in a real estate contract or by a real estate agent. A contingency refers to certain events that must take place in order for the contract, between buyer and seller, to not be nullified or voided. For example, a buyer’s contingency may state that the seller must replace the water heater before sale is final. If the seller chooses not to meet this requirement, the buyer may pull out of the sale.

Down Payment

The down payment is the amount of money the home buyer pays at the time of closing, usually 10 to 20 percent of the listing price. Although there are some financial aid programs that assist hopeful homeowners in securing funding for this payment, it’s important to save as much as you can when looking to buy. The higher the down payment, the less your overall interest and monthly payment.

Equity

Equity refers to your part of actual ownership in your home. Yes, the home is under your name, but your mortgage lender has interest in the home until it is completely paid off.

Escrow

This part of the home journey is toward the end. It means a 3rd party, apart from the buyer or seller, is holding funds during the transaction period. Once the transaction has been completed, the 3rd party releases the buyer’s funds to the seller.

Pending

Home sales are considered pending if all contingencies have been met and the buyer and seller are moving toward closing.

Pre-Approval

As a home seller, it is common to require potential buyers to provide proof of pre-approval. The pre-approval process includes checking your credit, verifying given information and stating the specific loan amount you qualify for.

Under Contract

This is another real estate term that is only used when the home buying process is coming to an end. It means a seller has accepted an offer, but the transaction hasn’t closed yet.

There are plenty more phrases or definitions you may come across while doing your research, but with this list, you will be way ahead of the game and ready to buy or sell in no time. Of course, you can always call us!  We're always here to answer any questions you may have! 

386-506-8008 | Oceanside@RealtyExecutives.com |  |  |   @REOceanside

Welcome back, Neighbors!!

We're looking forward to Mother's Day this weekend and some fun, alternative things to do in the community to spend time with her!  We want to wish all the mothers and mother figures out there a very Happy Mother's Day and for those who cannot celebrate with their mothers, our hearts go out to you. 

Let's get started!

Saturday, May 8th

2nd Annual Ormond Beach Beer Festival

On May 8th, 2021 come join the Rotary Club of Ormond Beach for the second annual Ormond Beach Beer Festival at The Pavilion at Destination Daytona. There will be a free live concert from 12pm-8pm featuring Pryor & Lee, with Draft Beer and Beverages as well as food and other venders for purchase.  Beer tasting will happen 1-4pm!  For tickets and more information, visit here! 

Mother's Day Charity Tea

The Junior League of Daytona Beach is hosting a lovely afternoon celebrating the mother, daughter, aunt, grandmother, friend or special woman in your life! Relax as you spend quality time and enjoy tea, scones, fingers sandwiches and desserts while you support local community projects. Festive attire and hats or fascinators are encouraged!  For more information, visit here! 

Sunday, May 9th

Mother's Day Brunch at the Golden Lion

Treat mom to a laid back reggae Sunday brunch by the beach. Live music will be playing 1pm - 8pm! Check out more performance details here! 

We hope you enjoy Mother's Day weekend! 

386-506-8008 | Oceanside@RealtyExecutives.com |  |  |   @REOceanside

By Realty Executives International

Getting ready to explore a new place of residence is always exciting, but also a bit overwhelming. There’s a lot to research, consider and plan before you make the long trek to a different state or province. Check out these tips to make your long distance move the most efficient and stress free it can be!

Start Early

Moving anywhere is always a lot of work and can cause you stress, but moving across state or province lines is an even bigger process. That’s why it’s important to start planning early. With long hauls you will most likely have to book a moving company or rent a truck earlier than the day of and most importantly, will need to start saving earlier for the cost as well. You’ll also want to start early so that you can focus on the bigger things, like your new home and your personal transportation, as the move date gets closer. Not having to worry about a bunch of little things last minute will limit your stress and make the move efficient.

Do your research

Because it’s hard to know the ins and outs of places without having lived there, it’s important that you do as much research as possible before you move or even before you buy a home in a new state. Laws, cost of living, traffic and more are all going to vary between states and should be heavily considered when choosing your next home. If you are working with a real estate agent, it’s a good idea to have them give you information regarding certain neighborhoods in the area you are interested in. Qualified agents should be your local experts on school districts, crime rates, etc. in their market and are great resources to have in your pocket.

Clean out the Clutter

Like most people, you probably have accumulated more items than necessary in your home. Moving is a great excuse to get rid of that clutter and start with a clean slate! Go through your clothing, kitchen items and storage spaces to make a discard, keep and donate/sell piles. This process will help you pack lighter, which will save you money and time and if you have some nice items to sell, can even make you some cash before you make the big move. Also, consider if you are wanting to take your current furniture with you or buy new while there. Both will cost you, so this decision should also be considered based on your transportation limits with sizing and of course, if the style is something you want to bring into your new residence.

Budget, budget, budget

Moving to another state will require more budgeting than your previous moves due to the distance. If you are hiring a company, ask family and friends for recommendations before calling and asking for quotes. Also make sure you call more than one place for a quote to ensure you are getting the best deal. If you are planning to make the drive yourself, look into rental companies and see which fits your budget, including gas and insurance. Like with anything, the more you plan the less worried you have to be, so making a budget from the start will allow you to save accordingly and not stretch your bank account.

Take Inventory

Your belongings are valuable and meaningful, so don’t take any chances. Take inventory of the high-value and large pieces you are packing and placing in the moving truck. This step is only necessary if you are hiring a company to haul your items for you. This inventory list will give you peace of mind that if anything important were to go missing, you have proof that it was originally in the vehicle. Take any personal documents (passports, birth certificates, tax documents, etc.) in the vehicle you plan to be in during the move as another precaution. Lastly, if you are doing the move yourself you can still make an inventory list for your own unpacking process. It could help you determine what boxes need to go where and what containers should be placed in each new room.

Moving is exciting, but take these steps to make sure that your move across state lines is as simple as possible.

THINKING OF MOVING TO FLORIDA? CONNECT WITH US!!

386-506-8008 | Oceanside@RealtyExecutives.com |  |  |   @REOceanside

Hi Neighbors! 

We're continuing to keep it local for you as the weather gets nicer and summer seems only a short time away!  Our community never disappoints with the variety of events they put on, so lets get to it! 

Saturday, May 1st

Cinco de Mayo Festival

Mark your calendars for this fun free Cinco De Mayo Fest 2021 at the European Village Palm Coast.  There will be music, vendors, and food! For sponsorship, vendor applications, and Facebook updates, check out here! 

Cruisin' One Daytona

Here's a place where you can show off your muscle car, street rod, or classic car while checking out all One Daytona has to offer!  This event is FREE and happens every first Saturday of the month!  For more information, connect here! 

Ormond Art Walk

Take a stroll in downtown Ormond Beach and enjoy local fine artists' work while indulging in refreshments and entertainment! For more details, check out here! 

April 29th - May 2nd 

Palm Coast Songwriter's Festival

Check out the local talent through this 4-day festival that brings you around the local area!  For more information on tickets, artists, schedules, and so much more, check out the event website here! 

Make those most out of this weekend!

CONNECT WITH US!!

386-506-8008 | Oceanside@RealtyExecutives.com |  |  |   @REOceanside