You searched for homes over the course of months or even years. You endured a series of offers and counter offers, property disclosures, inspections, loan applications, due diligence, and packing. Finally, after so much excitement, stress and anxiety, the house hunt has come to an end. But the story isn’t over yet. Here are some next steps to consider before you actually move in.

Filed under: Blog, Down Sizing, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Maintenance, Homebuyer Advice, House Closings, Real Estate, Real Estate Closings, Relocation, western north carolina real estate by Kim Bregman
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In addition to a down payment, you will also have to have sufficient cash on hand to pay for closing costs. The person purchasing the home pays usually closing costs, but with some mortgages (VA for example) the seller can pay closing costs. A little-known fact is that a big part of costs and fees actually go to third parties who process the mortgage, as well as local governments as taxes.

The average closing costs percentage is usually about 2-5% of the purchase price. But all cash buyers may end of paying less and high risk buyers getting a loan may end of paying more.

As an informed mortgage customer, you should make your mortgage banker walk you through each cost, and explain in detail what you are paying.   Lenders are required to give you a Good Faith Estimate.

It is advisable that you fully understand the total cost of purchasing a home in advance of finalizing a contract. State laws and fees will vary depending on the practice and real estate law within the state. Here’s a breakdown of the most common closing costs and fees with a rough estimate of average cost:

Appraisal :($200-$600) – This is paid to the appraisal company to confirm the fair market value of the home.

         Buyer’s Attorney Fee: (not required in all states – $400 and up)

Lender’s Attorney Fee: (not required in all states – $150 and up)

Escrow Deposit for Property Taxes & Mortgage Insurance: (varies widely) – Often you are asked to put down two months of property tax and mortgage insurance payments at closing as a requirement by the lender.

Credit Report: (up to $50) – A Tri-merge credit report is pulled to get your credit history and score.  You cannot supply your consumer pulled report and the scores pulled form the internet from any place other than myfico.com are not real scores nor are they accurate.

Closing Fee or Escrow Fee :(generally calculated a $2.00 per thousand of purchase price plus $250 – $500) – This is paid to the title company, escrow company or attorney for conducting the closing. The Title Company or escrow oversees the closing as an independent party in your home purchase. Some states require a real estate attorney be present at every closing.

         Home Owners Association Transfer Fees – The Seller will pay for this transfer which will show that the dues are paid current, what the dues are, a copy of the association financial statements, minutes and notices.  The buyer should review these documents to determine if the Association has enough reserves in place to avert future special assessments, check to see if there are special assessments, legal action, or any other items that might be of concern.  Also included will be Association by-laws, rules and regulations and CC & Rs.  The fee for the transfer varies per association, but generally around $200-$300.

Title Company Title Search or Exam Fee (varies greatly) – This fee is paid to the title company for doing a thorough search of the property’s records. The title company researches the deed to your new home, ensuring that no one else has a claim to the property.

Survey Fee (varies greatly) – This fee goes to a survey company to verify all property lines and things like shared fences on the property.  This is not required in all states but will be required if you are getting a loan. The cost will depend on if an existing survey exists, if there have been additions or deletions to the property since it was last surveyed, the size and complexity of the property, et. al.

Courier Fee (up to $50) – This covers the cost of transporting documents to complete the loan transaction as quickly as possible.

Lender’s Policy Title Insurance: (Calculated from the purchase price off a rate table. Varies by company) – This is insurance to assure the lender that you own the home and the lender’s mortgage is a valid lien. Similar to the title search, but sometimes a separate line item.

         Loan Application Fee: (Varies by lender) A fee charged to process an application for a loan, such as a home mortgage from a lender or mortgage broker.

Owner’s Policy Title Insurance: (Calculated from the purchase        price off a rate table. Varies by company) – This is an insurance policy protecting you in the event someone challenges your ownership of the home.

Transfer Taxes :(varies widely by state & municipality) – This is the tax paid when the title passes from seller to buyer.

Recording Fees: (varies widely depending on municipality) – A fee charged by your local recording office, usually city or county, for the recording of public land records.

Processing or Loan Origination Fee :(varies by lender) – This goes to your lender. It reimburses the cost to process the information on your loan application.

Underwriting Fee: (varies by lender) – This also goes to your lender, covering the cost of researching whether or not to approve you for the loan.

Loan Discount Points: (often zero to two percent of loan amount) – “Points” are prepaid interest. One point is one percent of your loan amount. This is a lump sum payment that lowers your monthly payment for the life of your loan.

Pre-Paid Interest :(varies depending on loan amount, interest rate and time of month you close on your loan) – This is money you pay at closing in order to get the interest paid up through the first of the month.

    Private Mortgage Insurance: If your down payment is less than 20%, the lender may require that you purchase this insurance to protect them from repossessing and selling the home for less than the loan value.

Property Taxes: proration depending on what has been already paid or is owed by the Seller:

Wood Destroying Pest Inspection and Allocation of Costs: – If required by the lender or buyer, the inspection generally runs up to $125.00

Last, but not least, you probably will get your own home inspection to verify the condition of a property and to check for home repairs that may be needed before closing.  These inspections can include general inspection, RADON testing, seawall, pool and roof inspections, Chinese drywall, mold and more.

Closing costs and fees are part of a mortgage, and knowing what they are and how much they should be is a good idea. This will put you in a position to challenge a cost or fee that seems exorbitant. Even if everything is correct, you have the right to ask, and your mortgage company has the duty to explain — in detail — each and every closing cost and fee.

Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Financing, Homebuyer Advice, House Closings, Mortgage Information, Real Estate, Real Estate Closings, Relocation by Kim Bregman
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So, you’re moving to a new home. Congratulations! Whether you’re traveling across town or across the country, here are some tips for making moving day as easy and stress-free as possible for the entire family, including your beloved pets.

• Prior to moving day, make sure your pets are fitted with collars and ID tags with your name and current cell-phone number. Micro-chipping is also recommended and will serve as a backup if your pet loses its collar.
• If your pet is prone to car or airsickness, make sure you visit your veterinarian a few weeks prior to your move to get any prescribed medications and feeding recommendations.
• Ask you current veterinarian to make a recommendation for a new pet in the area you are moving to.  Ask for copies of all of their inoculation records and keep them handy.
• Make sure you fill at least one week’s worth of your pet’s prescriptions since you will not have developed a relationship with a vet the minute you move in.
• For long-distance moves, be sure to identify pet-friendly hotels along your route and reserve rooms ahead of time. For a list of pet-friendly hotels, see www.petswelcome.com or www.pet-friendly-hotels.net.
• On moving day, make sure your pets are secured in a crate or closed room of your house or apartment until you are ready to load them into your car. The activities and sounds of moving day will be frightening to your pets, so it is important that they be kept in a secure area to reduce their stress as much as possible and to prevent an accidental escape.
• Always transport cats, small dogs and other small animals in a secure, well-ventilated pet carrier. Take the time to familiarize your pet with the container in advance of the move.
• Keep larger dogs leashed and under control at all times. The stress of a move can cause even the most obedient dog to run away in unfamiliar surroundings. NEVER transport any pet in an open truck bed, trunk of a car or storage area of a moving van.
• Prepare a pet first aid kit, including your vet’s phone number, gauze to wrap wounds or muzzle for your pet, adhesive tape, non-stick bandages, towels and wipes, and hydrogen peroxide.
• When you arrive at your new home, set up the things your pet will need immediately and are familiar with such as their water and food bowls, toys, bedding and litter box.

For long-distance moves, make sure you give your pet potty breaks and fresh water whenever you stop for a break yourself. Make sure pets are leashed at all times during potty breaks.

Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Homebuyer Advice, Kim Around the Web, Real Estate, Real Estate Closings, Relocation, western north carolina real estate by Kim Bregman
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On November 13, 2013, the Consumer Financial Protection Bureau issued a rule regarding changes to current early disclosure and closing documentation used on mortgage loan transactions. Anyone in the real estate or mortgage industry should understand that new regulations called TRID (TILA/RESPA Integrated Disclosures) and how they will have an impact on the timing and notifications required throughout the closing process.

But what does TRID mean for you as a homebuyer? If you have previously bought or sold a home, you’ll see two main changes: forms and closing deadlines.

Forms. The Truth-in-Lending Statement and Good Faith Estimate will be replaced by a new Loan Estimate. The Final Truth-in-Lending Statement and HUD-1 documents will be replaced by the Closing Disclosure.

These forms have been changed to provide the buyer with a clearer picture of the costs involved with mortgage financing, and to give the buyer more time to review and accept these terms. These changes originate from the CFPB (Consumer Financial Protection Bureau) as part of the Dodd-Frank Act. The standard real estate contacts are changing as well to reflect the dates and timing of obtaining a loan.

What is most important is the impact on the time it may take to schedule a closing under these new rules. Buyers must receive and acknowledge their Closing Disclosure at least 3 business days prior to the closing. This will require more coordination and communication between agents, closing attorneys and lenders to ensure this takes place. It is very important to make sure you are working with an informed team of agents, closing attorneys and lenders in order for the process to go as smoothly as possible.

Keep these three primary areas in mind while preparing yourself for the home buying process if you are planning on getting a mortgage:

1. The old forms are out.

The homebuyer will be receiving new disclosure forms from lenders explaining the loan estimate and loan closing. The Loan Estimate form combines the Good Faith Estimate (GFE) and the Truth in Lending Disclosure into a shorter form that should be easier to understand and explains the mortgage loan’s key features, costs and risks at the beginning of the mortgage process.

Under TRID, a lender cannot impose any fee, except a reasonable fee for obtaining a consumer’s credit report, on a consumer until the consumer has received the loan estimate and has indicated intent to proceed. This should make it easier for a consumer to shop for and understand interest rates, but it might take lenders longer to preapprove someone because they are going to be extra careful when collecting and reviewing borrower information.

The Closing Disclosure form combines the final Truth-In-Lending statement and the HUD-1 settlement statement into a shorter form that should be easier for the consumer to understand and provides a detailed account of the entire real estate transaction, including terms of the loan, fees and closing costs.

This disclosure might transform the closing table from a nightmare experience with piles of documents to review for the first time into a more manageable, slightly bad dream of reviewing the information ahead of time.

With more information provided by the lender before the closing date, the various roles held by the lender and title company at the closing table might change. Stay tuned.

2. The disclosures must be provided within a specific time frame — or else.

 Lenders must provide the Loan Estimate form to consumers within three business days of applying for a loan – which means three business days after the consumer provided the lender with their name, income, Social Security number, property address, property value estimate and mortgage loan amount sought.

The Closing Disclosure form must be provided at least three business days before loan consummation (the time the consumer becomes contractually obligated to the mortgage, which is usually at closing).

Any significant changes to the loan terms (the annual percentage rate (APR) becomes inaccurate, the loan product changes or a prepayment penalty is added) will restart a new three-business-day waiting period. Both the Loan Estimate and Closing Disclosure forms can be delivered in person, by mail or electronic delivery.

3. The closing process will be impacted this in the months to come.

 The TRID rules apply only to loan applications received after Oct. 3. Lenders will be extra careful and hesitant after this date, while providing mortgages so as not to be out of compliance with the new rules. This will most likely translate to longer timelines to get a mortgage and will delay closing dates.

This, in turn, will impact the tight timelines around moving into a home while consumers are also coordinating assets, move-in dates, time off of work and so on.

Plan for extra time to close while everyone tests out the new system and becomes familiar with new regulations and how to work together and train staff. If you are a Buyer, look for agents, attorneys and lenders that are using electronic disclosures and e-signatures. This will dramatically shorten the loan process by almost two weeks as compared with those that are relying on the US Mail.

Many common real estate practices that you have experienced in the past will be more difficult or even impossible after October 3. Critical issues like dates per the sale agreement and how changes to the deal will impact timing may cause delays because of the three-day rule and the requirement that lenders now prepare the CD. The need for Title companies and real estate agents to submit information much earlier in the process will definitely add more hurdles to jump over to close a transaction.

In my opinion, CASH transactions, will carry a much higher level of negotiation leverage for the next several months until this process becomes the norm.

Filed under: Blog, boomerrang homebuyer, Down Sizing, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Financing, Homebuyer Advice, House Closings, Mortgage Information, Real Estate, Real Estate Closings, Relocation, western north carolina real estate by Kim Bregman
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This year is already shaping up to be the year of the boomerang buyer, or the repeat homebuyer.  As it is now seven years since the housing crash, there are many buyers who experienced a financial hardship in the recent past who are getting back into the market to purchase a home again in 2015.

There were several changes recently to the waiting periods when a buyer or homeowner can obtain a new mortgage and repurchase a home again after a foreclosure, short sale or bankruptcy.  Borrowers today essentially have three options when it comes to obtaining financing to purchase a home. In fact, more than 9 out of 10 mortgages are either funded by Fannie Mae/Freddie Mac, the FHA or VA. So, if you are looking to purchase and need financing, it is more than likely you will be using one of these three financing options and it is important to know the current waiting periods when you can repurchase after a hardship.

After Foreclosure:

• Conventional: Seven years. If you included the foreclosure in a bankruptcy, you can qualify after four years instead of seven years.
• FHA: Three years. FHA buyers can qualify again after just one year if they experienced an economic event.
• VA: Two years.

After Short Sale:

• Conventional: Four years.
• FHA: Three years. If the FHA buyer did not have any late payments before their short sale, they are allowed to automatically qualify again for FHA financing. There’s also a fantastic FHA program called the FHA Back to Work Program. If a buyer experienced an “economic event” whereby their household income fell by 20 percent or more for a period of at least six to 12 months, the agency has now reduced the waiting period to only one year.
• VA: Two years.

After Bankruptcy:

• Conventional: Chapter 7, four years; Chapter 13, two years.
• FHA: Chapter 7, one year; Chapter 13, one year.
• VA: Chapter 7, two years; Chapter 13, one year.

What if you don’t fit into these rules?

There are new mortgage options available for borrowers who do not fit these more traditional mortgage options above. Portfolio lenders are stepping in to provide mortgage options for buyers who cannot qualify for conventional, FHA and VA financing, and with terms much better than private financing.

There are lenders who will provide financing for buyers less than six months out of a foreclosure, short sale or bankruptcy. Of course, this does not come without a price. You need a larger down payment and rates will be higher than traditional loans.

Another part of the puzzle to helping you get in a position to repurchase again is ensuring you have also started to re-establish your credit since the financial hardship.

For example, even though the required timeline of say two or three years may have passed so you can qualify for conventional or FHA financing again, it is important you have also started to rebuild your credit and have the required credit scores to qualify again for financing. The FHA and VA only require a 580 credit score to repurchase again.

The first step is to get a copy of your credit report to verify if the financial hardship or discharge is reporting correctly and to also see what your scores are.

You can go to www.annualcreditreport.com to get a free copy of your credit report (consumers are allowed one free credit report per year).

Then the next step is to start rebuilding your credit scores.

Filed under: Blog, boomerrang homebuyer, Down Sizing, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Financing, Homebuyer Advice, House Closings, Mortgage Information, Real Estate, Relocation by Kim Bregman
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For most people, buying a home is the largest and most significant purchase they’ll ever make. Hiring a real estate attorney early in the process will protect you against the unexpected, and ensure a smooth and low-stress closing. Every state and sometimes regions within states have differing requirements. Some states leave that as an option open to the buyer and seller while others mandate it as a necessity. Your local real estate agent should be able to advise you what the protocol is in the area in which you are buying.

A real estate lawyer will protect your rights and interests in the transaction…unless you are using an Exclusive Buyer Agent; they are the only party truly “on your side”. Hiring a real estate attorney is a smart choice.  A real estate attorney takes over after the selling price contract terms have established and all parties have signed.  They will review the contract itself, negotiate repairs based on the home inspection report, and collaborate with the title company.

A real estate lawyer has the experience and training to handle the unique issues regarding real property, and the problems most people can’t anticipate. They see a lot of contracts and know the local customs, and can help cut through roadblocks. In most states a real estate agents cannot draft changes to the contract or give legal advice and very few transactions fit into a “boilerplate” contract. In addition, most Realtor form contracts are drafted to the benefit of the Seller; an attorney will add language to further protect a buyer’s interests.

Your lawyer will review the purchase agreement during the contract review period and will check the fine print of the Conditions, Covenants and Restrictions (CC&Rs) in common interest developments like condominiums, coops, country club communities, developments, and townhome projects.

Your attorney works with your mortgage loan officer, the other party’s attorney and agents to make sure that dates are set for attorney approval, home inspection, title search, mortgage commitment and other contingencies are reasonable and achievable.

Your attorney will also review important documents, including legal descriptions, mortgage loan documents, the property survey, and the title and title insurance policy, and deed.

The attorney will inspect important documents for common mistakes such as typos and misspelled names, including the legal description of the home.

The bill of sale may be another important part of the transaction that categorizes and inventories any personal property, such as appliances or furnishings, that are to be included as part of the deal.

They are also extremely helpful in negotiating for unpaid prorated expenses due to you from the seller, such as: property taxes, condominium assessments, and utilities

In most states, attorneys can change legal language in a purchase contract and void a purchase contract under state laws. You might need this in case an inspection comes back with serious red flags such as mold, plumbing, or foundation issues.

Your attorney attends the closing, to ensure the process moves along efficiently and effectively. In the case of problems/issues, the attorney will counsel and represent you.

Your attorney has no direct emotional involvement in the transaction, and no conflict of interest. You’ll appreciate a levelheaded counselor by your side if the situation becomes difficult.

You’ll receive something of great value: peace of mind!

Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Financing, Homebuyer Advice, House Closings, Real Estate, Real Estate Closings by Kim Bregman
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If you are in your 20s and 30s and have ever even considered buying a home, you are positioned to take advantage of record low interest rates. Even if you have just graduated with student loan debt, have not saved the traditional 20% down payment, and worry that there are no homes available to purchase for people in your situation, you may be wrong.

Today mortgage brokers, bankers and direct lenders are lending more than ever. Loan options such as those from the FHA (Federal Housing Authority) enable qualifying first-time buyers to purchase with as little as 5 percent down. If you are credit-worthy and responsible with money, you can take advantage of the record low interest rates and loan options that exist today.

Keep in mind that in some markets, renting is as expensive as buying. If you do your homework, you may understand that a home purchase is within your reach.

Seek help from a professional:

With today’s easy access to online listings, most people old and young believe you don’t need a real estate agent. People assume that the role of the agent, pre-Internet, was primarily providing access to the “keys.” In reality, agents have always played a much larger role, one that many people don’t realize until they’ve gone through a transaction.

Choosing the right real estate agent is one of many tips for first time homebuyers you can see in this comprehensive article. Take the time to make a list of questions and then interview at least 3 different real estate agents before you decide on which one you want to work with. In the end this is your money and you can spend it however you want. There is no reason to settle for less than the best, even if you are a first-time home buyer.

Agents know the market like no one else because they’ve been inside hundreds of homes, have relationships with many of the agents, and have done many deals. They know exactly what to do when a red flag arises. Additionally, the home purchase is both personal and emotional. Through the years, buyers have acknowledged how they have let their emotions get the best of them. An agent will look at the property and the numbers objectively and advise you accordingly.

Most buyers have limited experience and understanding the the buying process, when you are purchasing your first home you need to recognize your inexperience and get advice and knowledge from a variety of sources. An agent has potentially successfully closed hundreds of deal. There are few people that can advise you with such authority and knowledge. To get the kind of results you really want, you are going to need to hire a great Exclusive Buyers Agent. It is important to choose someone who has a strong grasp of the local neighborhood, school systems, and demographics in the area you are looking in. Exclusive Buyer Agents have a fiduciary responsibility to the homebuyer. They have years and sometimes decades of experience in this industry. This means they have a firm grasp on what to do and what not to do when it comes to buying a house. They will also know what options are the best fit for your situation and they will have a network they can tap to find you the home you need.

While you will have the final word, most of the information you get about the process will come from the Realtor. This is why it is so important to pick one you can trust. Informed homebuyers interview several different agents before they choose which will represent them. This only makes sense. The agent is working for you and should meet your criteria. Whichever way you go, make sure you ask tough questions to verify that this person can do what you need done. The most important question you MUST ask is what their AGENCY RELATIONSHIP is. If they list properties they are not Exclusive Buyer Agents and have an inherent conflict of interest when representing you as the buyer. Also ask, has he or she worked with other first-time buyers? Does the agent have several recent references that you can contact? To understand the advantages of exclusive buyer agency and to find an EBA in your area visit the National Association of Exclusive Buyer Agents at www.NAEBA.com

Consult Others:

Seek out family and friends that care about you for advice about buying a home. Whether these are your parents, grandparents, friends or even mentors you worked with in school or at the job, you can benefit from their experience. They may have already bought a home, or several, and they will have experience to draw on and advice on where they went wrong and what they did right. There is a steep learning curve to buying your first house; you will need all of the help you can get to get good results.

Anyone who has owned a home for an extended period of time can attest to some of the great tax perks. Whether it is deducting your mortgage interest, building equity with each mortgage payment, or not getting taxed on capital gains profit, owning a home almost always wins financially over renting.

Identify desirable locations and neighborhoods:

First time home buyers do not always have a strong grasp on just how much location and neighborhood affects property value but the ease in which you can sell your property years down the road when you are ready to do so. There are not many factors that can influence the value of a home more than the location. There is usually a reason why you can get a lot more home for your money than elsewhere. You need to understand the pros and cons of location including, but not limited to, schools, road noise, commute time to work, neighborhood desirability, crime rate and more.

Understand immediate and long-term costs:

When purchasing a homebuyers should have a strong grasp on all the costs that come with buying a home. There are many fees that can add up quickly from applying for a mortgage, getting mortgage insurance, home inspection costs, hiring an attorney for contract review, title insurance, and a myriad of other optional expenses. You should know each and every one of these costs and see if they apply to your home buying situation.

These are just some of the costs and fees before you actually take ownership of your property. There are also expenses associated with owning a home besides paying the mortgage. Many buyers do not budget properly all the long term expenditures they will be taking on and end up struggling for a while due to a lack of proper planning. Comparing homes and prices is what your EBA can assist with. The purchase price is just one of the expenses, how much deferred maintenance does the property exhibit, what are the ages of the appliances and roof and will they need to be replaced soon, how much redecorating is required to make the home yours. These are all cash expenditures that you will incur after closing. You should weigh these costs against paying more for a newer or more renovated property that you can finance with a mortgage.

Decide on what type of housing makes the most sense:

One of the decisions you will likely face as potential property owner is deciding between whether a condo, townhouse or a home is a better buying decision based on your current life circumstances and housing needs. Do you travel a lot and don’t have time for property maintenance? Do you have kids and pets that need a yard? Are you likely to want a garden? Are you interested in some perks like a pool or a gym you can’t quite afford on your own?

These are the types of questions you should be asking yourself when trying to decide if a home or condo makes more sense to purchase. This is something that should be given careful consideration.

Take your time:

Buying a home is not like buying a new smart phone, computer or flat-screen TV. It’s not only a lot more expensive, it’s much more personal and emotional and not something to take lightly.

Even though the flow of information is quick today with texting, email and the Internet, a home purchase takes lots and lots of time, research and due diligence. It should never be rushed, ever. The home purchase evolves over time. Don’t feel compelled to rush into it or leap to a decision on a home. Don’t feel pressured by a “hot” market or competitive bidders. Slowly learn the market, do your research online and look at different styles of homes and neighborhoods. Over time, you’ll get more comfortable with the market, and with luck, you’ll get pre-approved for a loan. You may make an offer or two or three or four before you find the best home at the best price. Let the process work itself out over time. You’ll avoid buyer’s remorse.

Don’t be overwhelmed by data:

When your parents bought a home, there was probably little to no data available to them. They worked with a real estate agent who showed them homes, but they didn’t have access to so much historic data or access to the technology and information we have today.

Even so, access to all this information isn’t always a positive or accurate. Statistical comparisons of sales do not take into consideration location, finishes in the home, size of lot, and upgrades. Your Realtor should do a comprehensive market analysis that does a true assessment of the prospective home’s market value. Sometimes, conflicting or less than comprehensive information can stall a buyer. If you have a down payment saved up, can afford the monthly payment and plan to commit to the home for at least 5-7 years, then go for it.

Chances are, if any of the above doesn’t add up, you may not quite ready to buy — which means you might be better off renting for the time being.

When you have never done something before it is easy to make both financial and emotional mistakes. Fall back on the guidance of others, especially your real estate agent if they have years of experience assisting homebuyers. It is timeless advice that will guide you through the home buying process without a hitch. Best of luck!

Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Home Buyer Advice, Home Buyers, Homebuyer Advice, Real Estate, Relocation by Kim Bregman
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Hurricane hazards come in many forms, including storm surge, high winds, tornadoes, and flooding.  History teaches that a lack of hurricane awareness and preparation are common threads among all major hurricane disasters.  by knowing your vulnerability and what actions you should take can reduce these effects.  I hope you find this information informative.  Please bookmark this BLOG for future reference.

Checklists:

• Hurricane Preparation Tips: https://www.rapb.com/docs/articles/06-28–2015-rslc-article—hurricane-preparation-tips.pdf?sfvrsn=2
• Palm Beach County Emergency Supply Kit Shopping List: http://www.pbcgov.com/dem/hurricane/pdf/hurricane_supply_checklist.pdf
• Red Cross Supply Checklist: http://www.redcross.org/prepare/location/home-family/get-kit
• Digital Engagement Toolkit: www.ready.gov/ready2015
• CDC Checklist: http://emergency.cdc.gov/disasters/hurricanes/supplies.asp

Additional Resources:
(Includes Before, During, and After a Hurricane)

Before:

Apps:

• PBC DART: https://itunes.apple.com/us/app/pbc-dart/id526473189?mt=8
• Redcross Emergency: http://www.redcross.org/mobile-apps/emergency-app

Business:

• Business Planning: http://www.ready.gov/planning
• Protecting Businesses: http://www.fema.gov/media-library/resources-documents/collections/357

Evacuations:

• Evacuation Plan: http://www.redcross.org/prepare/location/home-family/plan
• Evacuation and Shelters: http://www.floridadisaster.org/disability/section1_2.html
• Evacuating Safely: http://www.ready.gov/evacuating-yourself-and-your-family
• Evacuation Zone and Route maps: http://www.floridadisaster.org/publicmapping/

Finances:

• Financial Preparedness: https://www.disastersafety.org/blog/top-10-ways-protect-home-wallet-hurricane-season/

Flooding:

• Flood Insurance: https://www.floodsmart.gov/floodsmart/pages/flooding_flood_risks/what_causes_flooding.jsp
• Preparing for Floods: http://www.fema.gov/media-library/assets/documents/13261?id=3262
• https://www.floodsmart.gov/floodsmart/pages/preparation_recovery/before_a_flood.jsp

Food & Water:

• Water: http://www.ready.gov/water
• Food: http://www.ready.gov/food

Homes:

• Securing Your Home: http://www.floridadisaster.org/securehome.htm
• Federal Alliance for Safe Homes: www.flash.org

Pets:

• http://www.ready.gov/caring-animals
• http://www.disastersrus.org/MyDisasters/pets/DIST_DisasterPetBrochure.pdf
• Horses: http://www.disastersrus.org/MyDisasters/pets/DIST_DisasterHorseBrochure.pdf

Pre-Season:

• Debris Cleaning Tips Before Storm (Pages 1-2): http://www.swa.org/DocumentCenter/View/103

Tips & Information:

• PBC Hurricane Preparedness: http://www.pbcgov.com/dem/knowurzone/
• Tips and Info: http://www.ready.gov/hurricanes
• Tips for people with Disabilities: http://www.ready.gov/individuals-access-functional-needs
• General Information: http://www.nhc.noaa.gov/prepare/

Weather & Forecasts:

• 2015 Hurricane Forecast: http://www.weather.com/storms/hurricane/news/hurricane-season-forecast-atlantic-2015-noaa-weather-channel-csu
• Severe Weather info(Supply Checklist on page 13): http://www.floridadisaster.org/swaw/2015/documents/2015%20Guide.pdf
• Latest Watches and Warnings – National Hurricane Center: http://www.nhc.noaa.gov/
• Pre Hurricane Season: http://www.swa.org/153/Before-During-and-After-the-Storm

During:

Food and Water:

• Food and Water During Emergencies: http://www.fema.gov/pdf/library/f&web.pdf
• Keeping Food Safe: http://www.ready.gov/food

Tips & Info:

• Before, During, and After Advice: http://www.fema.gov/media-library-data/253331ac179d32652a4d0cbf7fb3e6eb/FEMA_FS_hurricanes_508_8-15-13.pdf

Utilities:

• Turning off Utilities: http://www.ready.gov/utility-shut-safety

After:

Assistance:

• Applying for Assistance: http://www.fema.gov/apply-assistance

Clean up:

• Where to take Debris: http://www.swa.org/DocumentCenter/View/1182
• Debris Cleaning Tips(Pgs 3- 12): http://www.swa.org/DocumentCenter/View/103

Homes:

• Search for Rental Houses: http://asd.fema.gov/inter/hportal/home.htm

Search & Rescue:

• Informing Family and Friends of Your Safety: https://safeandwell.communityos.org/cms/index.php

Filed under: Blog, Exclusive Buyer Agent, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Maintenance, Homebuyer Advice, Real Estate by Kim Bregman
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Adjustable rate mortgages are loans with variable interest rates that change according to the market rates, as opposed to fixed rate mortgages, which guarantee a set rate for the entire period of the loan. ARMs may seem like a great idea some years, but in other years, you may wonder what you were thinking when you agreed to the loan.

Many financial experts advise home buyers to seek fixed rate mortgages. The set interest amount makes it easier to calculate monthly payments with no surprises. An adjustable rate mortgage can leave you with unpleasant surprises if the interest rates suddenly soar.

There are some pluses as well as minuses to adjustable rate mortgages. As with any financial decision, learn all you can about the topic and weigh the pros and cons carefully before choosing a loan type.

On the Plus Side…

ARMs may be good for buyers who plan to sell in a few years. If you know your job requires you to move every five years, an ARM may be worth the risk of interest rates rising, depending on the current rate.
Paying off your loan in a short time period may make an ARM better for some homeowners. For those who know they can repay the entire mortgage amount quickly but just need a short-term loan, ARMs may actually save them money.
Some ARMs offer a combination of adjustable and fixed rates. These may offer the best of both worlds, depending on market rates. For example, a mortgage may be fixed for five years, and then adjust annually.
On the Minus Side …

Interest rates may be low now, but that only means they’ll rise later. When interest rates rise, your interest rate rises too. Your monthly payments will increase. This may be a hardship for some people.
Adjustable rate mortgages may be saddled with a prepayment penalty. This means that if you suddenly come into a windfall and wish to pay your entire mortgage loan, you may actually be penalized for paying it off early.
ARMs can be difficult to understand. There are many variables, and you have to carefully read all the fine print to understand the nuances of a particular ARM. Fixed rate mortgages are a lot easier to understand: borrow this, pay that; it never changes.
Adjustable rate mortgages come in and out of fashion, but the truth is that you shouldn’t take out such a loan unless you understand the worst-case scenario and how it may impact your financial health. While they are not for everyone,

ARMs do offer some advantages, and those who can take advantage of these opportunities may find them useful. Talk to your lender about all the ramifications of an adjustable rate mortgage compared with a fixed rate mortgage.

Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Financing, Mortgage Information, Real Estate, Relocation, Uncategorized by Kim Bregman
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5 year fixed mortgage could be a new solution to those who want to avoid long-term loans. As traditional lenders advertise 30, 15, or 10-year mortgages, the new idea has been emerging in the credit union industry – it is a 5 year fixed mortgage. While banks and mortgage companies are limited by the laws and government regulations, credit unions are less tied up by these limitations and thus less restrictive.

Filed under: Blog, Exclusive Buyer Agent, Home Buyer Advice, Home Buyers, Home Financing, Mortgage Information, Real Estate by Kim Bregman
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