Navigating The Financing Waters

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Navigating The Financing Waters Understanding Reverse Mortgages, Part 1 What’s a Reverse Mortgage, Anyway? Picture this: you’re 62 or older, sitting on a goldmine of home equity, but your wallet’s feeling a bit light. A reverse mortgage is like a financial magic trick that lets you tap into that home equity without selling your house or making monthly payments. Instead of you paying the […]
Navigating The Financing Waters A Breakdown Of “Closing Costs” Part 2 7. Attorney Fees (if applicable) What it is: In some states (like New York or Massachusetts), a real estate attorney is required to oversee closing. Cost: $500–$1,500, though it can climb higher for complicated deals. Details: The attorney might review contracts, handle title issues, or attend closing. Even in states where it’s optional, some buyers […]
Navigating The Financing Waters A Breakdown Of “Closing Costs” Part 1 This is the first of two posts diving into closing costs, which are a critical piece of the home-buying puzzle. These are the fees and expenses you pay at the closing table to finalize the purchase, separate from your down payment and mortgage principal. They typically range from 2% to 5% of the home’s purchase […]
Navigating The Financing Waters The Importance Of Getting Pre Approved In the previous post, we discussed the differences between being pre approved and being pre qualified. I want to use this follow up post the emphasize the importance of being pre approved.  Think of it this way; pre approval is definite in nature. A definite amount, a definite time frame. It lets you go forward […]
Navigating The Financing Waters Pre Approval Vs Pre Qualification All home buyers need to set a budget; you need to know what you can spend, what price range to look in and so on. Two tools that most buyers use are the pre approval letter, or the pre qualified letter. A very important concept to understand are the differences these. Although they sound similar; […]
Navigating The Financing Waters Credit Score Impact Pt.3 This is the last installment in my quick reference guide to credit scores and their importance in home financing. ______________________________________________________________________________________________________________ Long-Term Credit Score Effects Applying for a Mortgage: Multiple hard inquiries within 14–45 days (rate shopping) count as one, dropping your score by 5–10 points temporarily. After Approval: Timely mortgage payments boost your score over […]
Navigating The Financing Waters Credit Score Impact Pt.2 Here’s part 2 of my three part reference guide to credit scores in home financing. ________________________________________________________________________________________________ Impact on Interest Rates: General Rule: Higher scores = lower rates; lower scores = higher rates. Example (Conventional 30-Year Fixed, March 2025 Rates): 760+: 6.0% APR 700–759: 6.2% APR 620–699: 6.8% APR Below 620: Often ineligible or 7%+ with […]
Navigating The Financing Waters Credit Score Impact Pt. 1 This is the first in a three part series diving deeper into the credit score importance in home financing. ________________________________________________________________________________________________________ How Credit Scores Are Evaluated:   Range: Credit scores typically range from 300 to 850 (FICO or VantageScore models). Key Factors: Payment history (35%), credit utilization (30%), length of credit history (15%), new credit (10%), […]
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Navigating The Financing Waters Understanding Credit Score Basics One of the key elements in financing a new home purchase is your credit store. Below are some of the basic elements that make up this very vital component of the financing process. Understanding Credit Score Impact A credit score is a three-digit number, typically ranging from 300 to 850, that reflects your creditworthiness—essentially, how […]
Navigating The Financing Waters Everything You Need To Know About Mortgage Loans Part 3 Here’s a brief explanation of four variations of mortgage loans; they are worth exploring. The Ballon Mortgage is often used in seller financing options. Any of the four may suit your needs. Jumbo Loans Definition: Mortgages that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA) (e.g., $766,550 in most U.S. […]
Navigating The Financing Waters Everything You Need To Know About Mortgage Loans Part 2   The following are the 3 mortgage loan programs  tied to the Federal Government, as opposed to conventional loans that originate from the private sector.   1. FHA Loans (Federal Housing Administration) Definition: Government-backed loans insured by the FHA, designed to help low- to moderate-income borrowers. Key Features: Low down payment requirement (as little as […]
Navigating The Financing Waters Everything You Need To Know About Mortgage Loans Part 1 Welcome back to my Blog. I’m Richard Schwartz, an agent at Coldwell Banker Ben Bates in beautiful Palatka, Florida; in the heart of Putnam County. As a prospective home buyer, one of the hardest obstacles to overcome is the navigating and understanding of the various methods of financing your dream purchase. In this series of […]

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