Financing, Home, Home Buying, Home Loan, Real Estate, Uncategorized

Topic Tuesday: Credit Score and Home Buying

 

What is a Credit Score? 

Your credit score is a three-digit number that relates to how likely you are to repay debt. Banks and lenders use it to decide whether they’ll approve you for a credit card or loan. There are three main credit bureaus – Equifax, Experian and TransUnion. Your score is based on factors such as:

  • Your payment history
  • How long you’ve had credit
  • The types of credit you have (credit cards, auto loans, student loans, mortgages, etc.)
  • Your credit limits and how much of those limits you’re using
  • How much debt you have
  • Hard inquiries on your credit report

Does Your Credit Score Affect Your Home Buying Ability?

Yes. According to Mortgage Banker, Ross Bennett, of Paramount Residential Mortgage Group, Inc. “Mortgage lenders more closely scrutinize loans with credit scores below 620 since it is known that these loans have a greater likelihood of default. Lenders will then look at other factors, such as accumulated assets, down payment, loan type, and percentage increase in housing expense or debt ratios when evaluating loans with lower FICO scores.”  To learn more from Ross visit his blog here.

Some Lenders may consider a score as low as 580, however, it depends on other compensating factors. Those factors may include outstanding court judgments, delinquent child support, defaulted student loans and tax liens. These things can negatively impact a borrower’s ability to borrow for a home regardless of an acceptable credit score. Additional information considered may be the amount of debt you already have, how much you have in savings, total assets and current income.

If your score is not quite where it needs to be, fear not! There are things you can do to get it there!

  • Pay all of your obligations on time
  • Keep your revolving balances to less than 20% of the maximum credit line.
  • Pay off outstanding collections, judgments and tax liens. Keep proof of payment.
  • Do not dispute credit accounts on your report. Disputing accounts can actually affect your loan approval.
  • and more…

Under federal law, you have the right to obtain a free copy of your credit report from each of the nationwide consumer reporting agencies once a year. You can do so here

 

Shout out to Ross Bennett for assisting with this blog post!

Until Next time…

 

Home, Home Buying, Real Estate, Vacant Land

Pine Ave, Mount Dora, FL 32757

This week on #FreshListingFriday…

Click Here to view more details!

 

“Land is the secure ground of Home…” – Stephen Gardiner

If building your home is your dream or you are looking to start an Investment, then consider this 0.42 acres on Pine Ave in Mount Dora, FL. This quiet street is minutes from all of Mount Dora’s charm and festivities while also being a hop, skip and a jump from the 429 for quick access to the Orlando Attractions! This land is zoned for Residential Development or C-1 (The C1 zone is intended to implement the commercial category of the Comprehensive Plan. The purpose or intent is to provide for commercial uses which are restricted to retail, downtown businesses, or shopping center types of uses, having no permanent outdoor sales or storage areas.)

This property is partially fenced and has been mostly cleared with trees at the back of the property for added privacy. Additional details include: 70 feet frontage on Pine Ave, no utilities at this time but would be Public Utilities, sale includes an adjoining lot. Added Bonus: Your future home or business is within walking distance to the famous Renninger’s ! Renninger’s offers two markets on one property, the Vintage Antique Center and the Farmer’s and Flea Market. Renninger’s is also home to a large number of special events including antique extravaganzas, car and guitar shows, garden shows and much more! Open every weekend, this is sure to become a favorite weekend activity!

Not looking to build…yet? It’s said that you should purchase land one to five years BEFORE you plan to build! Pre-buying allows you to benefit from value appreciation rather than paying more for the land in the future.

For additional details, click the link under the photo or give me a call! Until next time…

Home, Home Automation, Home Buying, Real Estate, Smart Home

1751 Water Rock Drive, Apopka, FL 32712

Welcome to the first #FreshListingFriday! Each Friday I hope to spotlight a home or land for my readers by providing information you won’t find on Zillow! First up…

 

Click Here to view your new home on my website.

Safety, Security, Savings…Peace of Mind. That’s what comes to mind when thinking of 1751 Water Rock Drive. Why, you ask? This Smart Home is Home Automation at it’s best! Home automation provides the luxury of keeping tabs on your home at all times. Remotely monitor your home anytime, anywhere, with almost any device. From lighting, security, thermostat and more the benefits of this home include savings and convenience. On average, people with home automation receive home insurance savings up to 20%!

This Energy Star Certified home was built in 2015 by Meritage Homes. If you have a large family or are looking to expand, this 6 bedroom, 4 bathroom, 3,072 square foot pool home should be first on the list! Three of the spare bedrooms have walk-in closets ensuring you have storage at your fingertips.

Smart Home features include:

  • Z Wave Switches and Plugs that allow you to schedule, control and dim any hard-wired light while cutting energy costs and keeping your home safe.
  • Ring Video Doorbell instantly notifies you when visitors press your Doorbell or trigger the built-in motion sensors. Use the free Ring app to see, hear, and speak to guests from your smart device.
  • Wi-Fi Smart Thermostat controlled through your smart device.
  • Door Locks
  • Security Cameras and more….

Other Energy saving features in the home include LED lights and fixtures, spray foam insulation, high performance windows with tint, water sense fixtures and a high-efficiency A/C. I was blown away when the home owner shared how affordable their energy bill was for this size home!

*Fun Fact: This home includes tons of fruit trees including mango, papaya, banana, orange, grapefruit and more! 

Located in the quiet and small community of Lester Ridge Apopka. A quick commute to Sorrento, Mount Dora and Orlando via the 429! Contact me for more information or to schedule your personal tour!

Until next time…