Financing Your Home: Understanding The Various Types of Mortgages

These days, it’s just about impossible for most people to afford a house without a mortgage. Of course, you can’t just walk into a bank and say “I’d like a mortgage, please” – there are a lot of different types of mortgages to choose from, each with their own set of pros and cons. Let’s take a look: Fixed Rate A fixed rate mortgage is just what it sounds like. The interest rate remains the same—fixed, that is—for the entirety of the ...
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Mortgage Math: How Your Debt-to-Income Ratio Affects Your Financing

Mortgage Math: How Your Debt-to-Income Ratio Affects Your Financing There are many factors a lender will consider when they are determining whether you qualify for a mortgage or not. They’ll look at your credit score, how stable your income is, and how often you pay your bills on time. Another key factor which you should be aware of is your debt-to-income (DTI) ratio. DTI Ratio Defined Your DTI ratio is how much of the gross total of ...
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Understanding Florida Landlord Security Deposit Obligations

Anyone who’s ever looked for property to rent in Florida before knows that most leases require you to send your landlord a security deposit. But when you transfer over that deposit to your landlord, where does the money actually go? What information about the deposit are you entitled to? What do you do if your landlord claims you broke the lease and attempts to withhold your deposit? You can find everything you need to know in Florida ...
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5 Common Mistakes Every Renter MUST Avoid

Renting a house or an apartment can be a great option for people in many situations throughout life. It is typically a more affordable option, and comes with far fewer responsibilities than buying a house. Whether you’re planning to rent for just a few months, or you want to stay in one place for years, make sure you don’t make the following common renter mistakes. Skimming Over the Lease Agreement When signing the lease, many people just ...
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Bankruptcy Basics: The Difference Between Liquidation & Reorganization

There are many reasons why people have to declare bankruptcy ranging from over extended credit, loss of income, medical debt, and many others. Deciding to declare bankruptcy is never an easy decision, but if you are going to go through the process, you will want to make sure to choose the right type of bankruptcy. For most people, the two options include chapter 7 (liquidation) and chapter 13 (reorganization). Each of these options are good ...
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Understanding the Dischargeability of Student Loans in Bankruptcy

When signing up for a college education, far too many students don’t give their educational loans a second thought. After they graduate with an average of $35,000 in student loan debt per person (as of 2015), however, it starts to become a major problem. It is currently estimated that more than 11% of all student loans are in delinquency, and that number continues to rise. Many people who are struggling with student loan debt believe that ...
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5 Common Issues that May Turn Up During a Title Search

The process of purchasing a home can be quite complicated, but one step that many people really don’t understand is the title search. While it may appear that it is a waste of time and money, nothing could be further from the truth. When done properly, a title search can discover a number of issues that could save you from significant problems in both the short term and down the road. The following five issues are surprisingly common, and ...
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What to Do When Your Tenant Damages the Property

Anyone who has ever served as a landlord likely understands that renting out property is rarely a walk in the park. Landlords often get a bad reputation due to a select few who take advantage of their perceived position of power over their renters, but there are just as many, if not more tenants who abuse the property, break the law, fail to pay rent, and take advantage of the landlord’s kindness. Both tenants and landlords have rights they ...
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3 Potential Ways to Terminate a Florida Pre-Construction Contract

Just because you’ve signed a pre-construction contract on a Florida home or condo does not always mean you are completely locked into the transaction. Circumstances in our lives can change in an instant, and as a buyer it may become necessary for you to attempt to terminate your pre-construction contract. However, pre-construction condo and home deposits are significant, and no one wants to lose that money if they are forced to back out of the ...
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A Step-by-Step Guide to Florida Residential Foreclosures

Almost all foreclosures will of course begin with the homeowner missing payments on their mortgage. Usually, the lender will not take action against you until you have missed three payments. Once this occurs, the official foreclosure process will begin. Step 1 - The homeowner will be served with a breach letter from the lender stating that they have defaulted on their loan. Mortgages include an Acceleration clause which allows the lender to ...
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