The other day I asked Michele Caldwell from WCS Lending to put together some answers to the most frequently asked mortgage questions.
Can I get Pre-Approved? Yes, you can. Your information is reviewed and a decision is made as to whether you qualify. As a potential buyer, being pre-approved will give you the best chance of getting the offer accepted. Getting pre-approved means that a mortgage lender has verified that you are approved for a mortgage of a certain amount over a fixed period of time. Pre-approval letters remove the uncertainty in the home-buying process. It is best to obtain a pre-approval letter prior to beginning your real estate search. Real Estate Agents and Sellers see pre-approved buyers as more serious (and more valuable) because they have taken the proactive steps to secure preapproval. Can I get a mortgage after a bankruptcy or with bad credit? Yes, you can still qualify for a home loan however the duration after the bankruptcy has been filed is a factor. Usually, the lower the credit score the higher the rate will be, however a mortgage professional can provide you with a mortgage loan at maybe a higher rate now, along with a plan on how to improve your credit so that within a couple of years you can qualify for the best rates available and the rates you deserve.
How much money do I need in hand to buy a house? Usually, the purchase of a home requires a minimum down payment of 3% to 5% plus funds to cover closing costs. In the case of a FHA Loan, the down payment must be the borrowers own money. Closing costs can be a gift or loan from a relative. What is the difference between interest rate and APR? The interest rate, commonly called the note or base rate, is the rate used to calculate your monthly payments and is the cost to borrow the money disbursed in the loan. The APR is the total cost of the loan over its life, including costs and fees.
What is PMI? Private Mortgage Insurance (PMI) protects lenders against losses that can occur when a borrower defaults on a mortgage. PMI is required on first mortgage purchase transactions when the borrower has less than 20% down payment. Likewise, it is required on first mortgage refinance transactions when the borrower has less than 20% equity in the property being refinanced. The cost of the mortgage insurance is typically added to the monthly mortgage payment. What is the difference between principle and interest? Principle is the amount you actually borrow on your loan. Interest is the fee the lender charges for borrowing. When you make your mortgage payment, a portion goes to paying interest and a portion goes to paying principle.
What is sellers concession? A sellers concession is an agreement in a purchase contract whereby the seller agrees to pay (from the proceeds of the sale) some or even all of the buyers closing costs to purchase the home. This allows the buyer to purchase with less out of pocket expense.
For additional mortgage questions or getting pre-approved for your new home purchase please contact Michele Caldwell at 561-864-5061 or email her directly at email@example.com
Old Port Cove is located between US 1 and the Lake Worth Lagoon just south of US 1. Many of the units offer spectacular views of Lake Worth, the marina, out to the ocean, and up the intracoastal to the West. Old Port Cove is made up of six minor communities, Quay North and South, Cove Towers East and West, Admiralty, Harbor Village and Lake Point Tower. These are spread out over the sixty acre parcel of land and tied together by a 2 mile walking path the takes advantage of the community’s over 8000 feet of shoreline. Old Port Cove also features two marinas which are even capable of handling mega yachts up to 200 feet. The restaurant has reopened after a long absence, and Sandpipers’s Cove did not disappoint. The food was excellent and very reasonable, especially considering the view.
Each of of the communities offers something to appeal to almost all tastes. The Harbor Village feels more like town-homes, as surrounds its own canal off the Intracoastal and a number of the units have deeded dock slips. Admiralty is two buildings more of a mid-rise towers no age restriction and allows small pets, it over looks the northern marina and Lake Worth out to Singer Island. Cove Towers East and West share a pool, are age and pet restricted and offer some spectacular views off Lake Worth over to the Ocean and west up the Intracoastal.
The Quay North and South are also mid-rise buildings, but curved to give more units views of the marina and Lake Worth, no pets and no age restrictions.
Quay North and South
The Marina Tower has clear views of both marinas, Lake Worth, Little Lake Worth and over Singer Island to the Ocean. It is not age restricted and pet friendly. Finally, Lake Point Tower is the newest and most luxurious property in Old Port Cove. Featuring completely unobstructed views to the north, east and south. Sorry was not in that building on this trip to showcase some of the fabulous views. It is age restricted, but pet friendly.
Old Port Cove is a magnificently maintained gated community, with seemingly limitless shoreline that caters to affluent buyers and boaters. A true gem in North Palm Beach.
This past Saturday I participated in the Spring Sprint 5K for the benefit of Good Shepherd School in Tequesta with a few of my co-workers. It could not have been a nicer day, started a bit cool but warmed up quickly under the clear blue sky. The race started and ended in front of Constitution Park and wound its way through many of the original neighborhoods of the Village of Tequesta. These are just great established neighborhoods, always in high demand, and just nice to run through. I am a big fan of variety in these race courses, and this one was a joy.
After the race completed they had an obstacle course for the kids set up in Constitution Park as well as the awards ceremony. While I did not take home any hardware Michele did, she earned a second in her age group. Constitution Park, is a great little park in the heart of Tequesta that is highly utilized for all sorts of events and even a green market twice a month on Sunday afternoons.
A spectacular setting to host a 5K, Riverbend park in Jupiter is just beautiful. I wish they would host more races here. The setting is unlike any other, you start on the entrance road and quickly make your way onto well maintained trails winding back and forth over the Loxahatchee River through the forest and along ponds. South Florida’s wildlife on full display. At one point I was running in a pack of people and there was a small deer 3 feet off the trail content eating some grass and watching all of us run by. Most races are held on street courses, so getting a chances to run through the wild spaces of Riverbend is much more than a breath of fresh air, it is a fantastic experience.
Riverbend Park is located on Indiantown Road in Jupiter just to the west of Jupiter County Club and to the east of Jupiter Farms. Riverbend is probably the least known and utilized park in the area, and is most likely the most spectacular and historic parks in the area. It has river access for canoeing and kayaking into completely undisturbed Old Florida forests, as well as historic battlefields. It has miles and miles of trails for walking, hiking, mountain biking and horseback riding. A true treasure.
This past Thursday GL Homes held a brokers open at the Preserve at Bay Hill Estates to unveil a brand new model, the Buttonwood. It did not disappoint in the slightest, a big beautiful 2 story home, its a 4 bedroom 4.5 bathroom model that also includes a den on the first floor and a playroom on the second floor that also features a large covered verandah. This home is 4380 sq feet living space under air and 5687 total square footage, and the base model starts at $571,900 and goes up to the $700′s with upgrades, and there are plenty to chose from to customize your home to exactly what you want. The Preserve at Bay Hill Estates is unique from the orginal section of Bay Hill Estates in that GL Homes pulled water and sewer off of Northlake, irrigation of the large 3/4 acre lots is either done from a well or from one of the many lakes. The Preserve at Bay Hill Estates is located out on Northlake Blvd just past the Ibis, so it has easy access to all major highways, the beach and Gardens Mall.
I am a big fan of GL Homes, they put out a top notch product, always well thought out floor plans, high quality construction, superb fit and finishes. I wish all builders had as much pride in their work as GL Homes. As a realtor, I am super appreciative of the fact they take the time to put on these events. The information you can learn from a broker’s open is invaluable, so I want to thank GL for putting on such a wonderful event and I look forward to their next one. For more information you can reach me at 561-876-4568 or firstname.lastname@example.org.
Last night I had the good fortune to find my way into Crush Wine Bar in Downtown Stuart. I was really impressed with the atmosphere, clean, open inviting. This is not just any wine bar, it is a high tech bar with automated wine dispensers. While these dispensers are very cool and offer you the opportunity to just sample a wine with a 1 ounce pour, or you may try half or full glasses. I actually found them a little cold and impersonable, and even a bit intimidating at first. But my impressions quickly changed once I met the owner Mario, his knowledge is impressive, but is pales in comparison to his passion and enthusiasm. I hope he takes my suggestion to supplement the wine reviews on the machines with his own personal reviews, and lets his passion and personality come through. Its a real breathe of fresh air to meet someone who is as passionate and enthusiastic about their profession as Mario is about his, and his clear love of wines. I will be coming back real soon and I hope to see everyone there, you won’t be disappointed, you will love it.
Crush Wine Bar is actually a full service bar, so if you are in the mood for beer, wine or liquor you will find it there.
Shipwrecks Bar & Grille sits at the corner of US 1 and Old Dixie Highway in Jupiter/ Tequesta. It opened about 3 months ago and the other day was my first occasion to be there and it was beautiful inside. The owners did a fantastic job remodeling the inside, I was really digging the decor and the atmosphere. I will be completely honest, I was in no hurry to try it out even though I drive by it on a daily basis, mainly because the building was a bit on the ugly side. Just like the old saying don’t judge a book by its cover could never be more true. The interior is gorgeous, the service was excellent. I was there for an agent happy hour and I loved it. On this night we got some light food, but it was cooked perfectly and I look forward to diving deeper into the menu on my next visit. The restaurant itself is open with a large seating area throughout the downstairs and more on the balcony. The bar area inside is separated from the restaurant by half walls so not to spill out into the dinners. There is one more bonus, an outside bar upstairs.
Hands down one of my absolute favorite places to go and show homes is Jupiter Farms. I love the large lots, the rural setting in suburban environment. I also love that the finally paved all the main roads to my car isn’t cover in dust every time I go out there. Maybe, most of all I love it because it reminds me of my home town. There is a real small town neighborly feel there. You need to get to know your neighbors, you help each other out, you depend on each other. Its just a great place to live, and one of the reasons people who move there don’t ever seem to leave it.
Jupiter Farms is roughly 15 square miles off of Indiantown Road to the west of I95 and the Turnpike. The home sites are 1.1 acres to over a 100 acres. Almost all the parcels are not sub-dividable. There are a large number of ranches and horse farms, even though I don’t ride I just love that your neighbor might have a horse in their back yard. Jupiter Farms also boasts on the finest elementary schools in Palm Beach County, Jupiter Farms Elementary on Haynie Lane. It also has Jupiter Farms Park, a unique facility because not only does it have ball fields, but it has an equestrian center. At the old Burt Reynolds property there is some great four wheeling trails, not sure how legal that may be, so I will leave that up to your own discretion. The homes vary greatly in design and construction, the early homes were mainly stick construction, but after hurricane Andrew homes are block. The other main item home buyers should know is the homes elevation, Jupiter Farms is a Water Control District. South Indian River Water Control District, Sir Wicked for short. Basically what this means is in case wide spread flooding, Jupiter Farms is used as a water storage area. This may mean that you cant get out of your home for a few days so be prepared. This does not happen very often, but once every ten years or so you may be inconvenienced. Over the years the minimum elevation for homes foundations has been raised from 18 to 21 to I believe 24 feet today. So some of the very oldest homes may be effected. If you are thinking of buying a lot and building your dream home and want to figure how much material will you need to bring in for your pad. The easiest way is look at what plants are growing on the property, if its all cypress you will be bring in a lot of material, if its all oaks, palms and slash pines the land is high and dry and you wont need much material at all.
Jupiter Farms will remain one of the fabulous communities in South Florida, the pace of change is slow, the life style is slower and more family oriented. The next change will take years and for some will be welcome for others it will be resisted, but it looks inevitable that city water will be headed to Jupiter Farms over the next decade. For more information Please contact me directly 561-876-4568