Tag Archives: Marco Island

What’s a Credit Bureau Score-How Do Lenders Use Them?

Posted on by

 

What’s a Credit Bureau Score-How Do Lenders Use Them?

As we show you in this video, a credit bureau score, or “credit score” is a number based upon your credit history that represents the possibility that you will be able or unable to repay a loan.

Lenders use it to determine your ability to qualify for a mortgage loan.

The better the score, the better your chances are of getting a favorable loan.

Credit scoring has changed over the years, and continues to involve new modeling with different credit agencies each using different factors to score your credit behavior.

image043

What’s a Credit Bureau Score-How Do Lenders Use Them?

 

 

 

 

 

 

 

 

Your credit score is based on a number of factors such as:

  • Payment History
  • Proportion of Balances to Available Credit
  • Length of Credit
  • New Credit
  • Types of Credit Used
  • Negative Reports from Public Agencies for Foreclosure, Bankruptcy, Collections

Knowing your credit score is an important first step to evaluating what you may be able to qualify for in the way of property financing.

For more information about your Credit Score and how Lenders will use the information, please call us at First Title & Abstract, Inc.

We can put you in touch with some of the best lenders in the area who can guide you through the process of evaluating, and improving your credit score.

 

 

Rent or Own?

Posted on by

 

Rent or own?

What makes the most sense in the current market?

Well, much depends upon your tax bracket, whether you intend to move in the near future, the local real estate market, and what your future goals may be.

Other considerations must be included.

One advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity and take advantage of tax benefits and also cannot protect yourself against rent increases.

Also, you may be at the mercy of the landlord for the condition of your housing.

Owning a home has many benefits. When you make a mortgage payment, you are building equity increasing YOUR net worth. Also, owning a home qualifies you for certain tax breaks which gives you more available spending money to handle the costs of homeownership.

Each individual is different, depending upon preferences and goals, but generally, Americans prefer the stability and security of owning their own home.

At First Title & Abstract, Inc. our staff on Marco Island and in Naples can assist you in reviewing the decision whether to rent or own.

sandcastle-beach_gal

It’s not child’s play deciding whether to rent or own your castle … let us help!

Just call us anytime and set up an appointment with one of our friendly staff members.

We’re here to help!

How Do I Begin The Process Of Buying A Home?

Posted on by

 

Home-Buying 101 – First Steps

Buying a home is part of the American Dream!

This video outlines some of the basic first steps to consider when embarking on the journey of becoming a homeowner.

Remember these pointers from the video:

  • Are you ready to buy a home?
  • How much can you afford in a monthly mortgage payment?
  • How much space do you need?
  • What areas of town do you like?

After you answer these questions, make a “To Do” list and start doing some research.

Talk to friends and family, drive through neighborhoods, and look in the “Homes” section of the newspaper, or online.

And of course, you should meet with your mortgage lender to be pre-qualified for a mortgage so you will know what you can afford.

Then, you will wish to pick a Realtor to help you find your dream home in the right neighborhood which meets all your requirements.

House-in-handWe can help by recommending reputable mortgage lenders and Realtors in the area to help you along the way.

Then, we’ll be there at the end to help you take title and insure your ownership rights and protect your investment.

For more information, please call our Marco Island or Naples office of First Title & Abstract, Inc.

We’re eager to answer any questions, make recommendations, and serve your real estate needs!

Closing Costs Explained Visually

Posted on by

 

This video explains some of the basics about closing costs.

At First Title & Abstract, Inc. our Marco Island and Naples offices are dedicated to making sure you understand upfront the estimated costs you will incur for closing.

Purchasing a home is exciting!

However, once escrow begins, the excitement can change to frustration, particularly if you are not ready for the closing costs that quickly accumulate.  Many people make the mistake of only assuming they need the down payment money, and have to rush around town trying to come up with money for the closing fees.

However, you need not be surprised!

Just have your Realtor request from us a preliminary settlement statement reflecting an estimate of your closing costs.

As you may know, closing costs simply refer to the fees associated with the escrow and closing process in a real estate transaction.

Typically, you will incur charges for tax pro-rations, homeowner’s association or condominium fee pro-rations, lender’s fees, including credit check and appraisal fees, points and loan origination charges, and pre-paid escrow fees for your escrow account with the mortgage company. As well, there will be title charges, including the settlement fee, abstract fee, courier and delivery fees, title insurance premiums, and recording costs paid to the clerk of court.

Should you desire a preliminary settlement statement for your closing, just click on the link below and complete some basic information about your sale or purchase. We will provide an estimate for you with no obligation or cost for this service!

At First title & Abstract, Inc. we believe an informed consumer is a happy customer.  All of us stand ready to serve you in your real estate transaction, and look forward to working with you!

Title Insurance Explained Visually

Posted on by

 

This video explains why title insurance is one of the most important investments a buyer can make when purchasing real estate.

Often, real estate buyers ask—

“Doesn’t the attorney or settlement company handling the closing see to it that I have clear title? Why do I need to buy title insurance?”

Indeed, a careful title search is performed at the time property changes hands, and title issues are cleared prior to closing. However, on occasion, title defects can arise after the closing which a title search would not reveal. For example, what if a judgment was recorded in the wrong county, but still is valid as against the property? What if there was fraud in signing a deed, two sales ago, which only now is revealed? What if an unknown heir steps forward and claims title to the property?

Title insurance is designed to protect against such unanticipated title issues, and to prevent economic loss.

Whether it is after-discovered title defects, or mistakes made by the title abstractor or clerk of court— without title insurance, a property owner could suffer complete financial loss, and loss of ownership and occupancy rights to the property.

On our Resources Page, we have an article on “The Many Ways to Lose Title to Your Property” unless one has purchased a policy of title insurance.

We highly recommend watching this video, and studying the article on our Resources Page.

Title insurance is only purchased once, and the rates are strictly regulated by state law, with the same amount charged by all title companies and title agents and attorneys within the state.

If you have questions about the amount of coverage you should purchase, and the cost of title insurance, please contact us at our Marco Island or Naples Office at First Title & Abstract, Inc.

We look forward to assisting you in protecting title to your property.