YourEmeraldCoastRealtor.com
Loan / Mortgage
Frequently Asked Questions:
Closing costs are expenses incurred by buyers and sellers in
transferring ownership of a property.
An escrow account is an account that is established
by your lender. This account pays your real estate taxes,
homeowner's insurance and mortgage insurance
on your behalf
Earnest money is the deposit you make on the home when
you submit your offer. Earnest money indicates to the seller
that you are serious about wanting to buy the house. If your
offer is accepted, your earnest money will be applied to the
down payment or closing costs. If your offer is not accepted,
your money will be returned to you.
Earnest money amount varies
The Homestead Exemption is a constitutional benefit
of a $25,000 exemption removed from the assessed value
of your property. You must file by March 1. You must
possess the title to real property and, you must be a Florida
resident living in the dwelling and making it your
permanent home on January 1.
A wraparound mortgage is a new mortgage that includes
the remaining balance on an old mortgage,
plus the new amount.
Private Mortgage Insurance is insurance to protect mortgage
lenders against default on loans.PMI is usually required if
the down payment is less than 20 percent of the sale price.
Homebuyers pay for the coverage in monthly installments.
PMI is usually terminated when the homebuyer has built up
20 percent equity in the property.
Its easier than you think:
Contact:
Robert Earl ward
850-585-4101
Send us an email.
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