How To Save Money When Buying Your Central Florida Home
We’re happy to share with you some of our insights and advise when trying to save money when purchasing a home within Central Florida. Below is some of the tips we give homebuyers that seek our assistance when purchasing a home in the Orlando area.
Distinguish Your Needs Vs. Wants
To many homebuyers this may seem like an easy task, but for many its difficult to distinguish your needs vs. wants. The ideal scenario is to be able to find a home that can meet both criteria. Once we can identify exactly what your “must haves” are we can begin our search there, then factor in your “wants”. Prioritizing is everything during this stage.
What Are Your “Must Haves”?
When looking at homes consider your “must haves”. We suggest looking at things such as size (how many square feet), how many bedrooms, and how many bathrooms. You may also want to look at home details such as living room size, storage space, or room for a home office. It is also important to determine which type of home will fit your lifestyle best (condo, townhouse, one story home, two-story home, etc). Also yard size, outdoor space, pool, or a gated entrance are additional amenities to consider prior to beginning to view properties.
Make A List Of Things That You Need In Terms Of…
- Lifestyle amenities
Create A “Would Like” List
Now it comes time to look for things that you would like to have when purchasing a home, but are not necessarily deal breakers. These may include having a pool, living on a golf course, living in a gated community, having a three-car garage instead of a two-car garage, etc. It is always important to check off the list of your needs first, then check off the list of your wants – but prior to showing properties we always find it helpful to thoroughly know both your needs and wants.
Helping You See Potential!
Albin has a creative eye, he can easily invision what potential a home, or room may have. Albin and his wife are constantly making improvements to their own home, and with this experience he can provide insight into the possibilities of a space. Albin also provides his client’s with a list of his preferred Orlando area vendors for repairs, electrical, plumbing, etc. Albin states, “to me this is the best part of my job – being able to share my thoughts and ideas for your future home and help connect you with professionals who can help you customize and personalize your home to exactly meet your needs.”
Choosing The Mortgage That Works Best For You
30 Year Fixed Mortgage
- One of the most common loans today
- 30 year fixed rate- so buyer has 30 years to pay mortgage back
- Payments are the same over the course of the year
- Buyers choose this type of loan because they can predict payments
- You can the home with as little as 5% down if it is primary home
- Loan amounts vary from $25,000 to $3,000,000
- Payment will not change during the course of the loan
- No pre-payment penalties
15 Year Fixed Mortgage
- Works in the same way as 30 year fixed except shorter term
- Payments are higher than 30 year term as its half the time
- Much more difficult to qualify for this type of loan
- This is a great choice if you can afford higher monthly payments
- You will pay less interest over the course of the loan
- You can buy a home with as little as 5% down on primary home
- No pre-payment penalties
- Intended to help veterans refinance or buy their homes
- Allows you to buy a home with no money down
- No Monthly private mortgage insurance- PMI
- Variety of loans available including 5 year ARM loan along with 15, 20, and 30 years fixed rate
- You can also refinance up to 120% of your main residence home value
- This is a product from Fannie Mae
- Designed to help sell mortgage ready homes owned by Fannie Mae
- Take a look at homepath.com for your homepath home
- Intended for homeowner over the age of 62
- Take equity and transform it into income
- The owner would not have to repay the loan until they die
- learn more at www.onereversemortgage.com
- Take advantage of low rates for large loans
- You can choose between fixed or adjustable rates
- You qualify on loans between $417,000 up to $3,000,000
- Credit scores as low as 680 can qualify for this type of loan
Adjustable Rate Mortgage
- Is fixed for a period of 5, 7 or 10 years
- After fixed rate period the interest rate may change
- Rate changes are capped at 5% over initial fixed rate
- Buyers choose this loan to have lower initial payments
- Usually chosen by buyers ho are intending to sell or finance home before rates climb
- no prepayment penalties
Speak With Albin Hubscher – Orlando Realtor
Orlando based Realtor Albin Hubscher would be more than happy to help you search for your new home in the Central Florida area. If there is any home that you see on the website, or through home finder, please don’t hesitate to contact Albin directly. Albin is easy accessible and always available to talk to his clients. If you would like to meet with Albin in person, he would be more than happy to meet with you individually to help you find your dream home.
Learn More About Buying An Orlando Home
Learn More About Selling Your Home With An Orlando Realtor®