South Orange County Real Estate

by Nick Bublik & Irina Bond

Mortgage Tips

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Types of Mortgages

There are many types of mortgage loans available to homebuyers, and within each of these types there are many options:

  • Fixed-rate: A fixed-rate loan offers a monthly payment that is known and does not change. Most fixed-rate mortgages are for loan terms of 15 or 30 years.
  • Adjustable-rate or ARM: After a predetermined initial term, the interest rate on an adjustable-rate mortgage loan is re-set periodically. This ensures that the rate reflects current market interest rates. For example, a 3/1 ARM loan offers a fixed rate for the first three years, adjusting once a year thereafter. A 5/1 ARM loan offers a fixed rate for the first five years, adjusting yearly thereafter.
  • Convertible: This is an ARM loan that allows you to convert to a fixed-rate loan at or before a specified time. The conversion privilege lets you start off with a low variable rate, then “lock” the rate at a fixed amount depending on market conditions.
  • Balloon: These loans often have interest-only payments, in which case the loan principal is not reduced and the entire loan amount is due at the end of the loan term.

Also, be sure to consider the programs that are available to first-time buyers through city, county, state and Federal entities. You may qualify for counseling services and/or down payment and closing cost assistance.

Once you’ve decided on a loan type, take the next important step. Getting pre-qualified and pre-approved for your loan is critical for many reasons. It can help you narrow your home search to save time, and help you get a clearer picture financially.

 

Daily Rates

Equally important to knowing your credit score is staying familiar with current mortgage rates. These rates change on a daily basis, so it’s important to check them often during your home search.Below are several links to financial institutions that publish their rates daily as well as the different types of mortgages which you should familiarize yourself with.

www.bankrate.com

www.bankofamerica.com

www.wellsfargo.com

 

Send us a message to nickbublik [at] cox.net for personal referrals to lenders we have worked with in the past!

Filed under: First-Time Home Buyers, Mortgage Rates, , , , , , , , , ,

Who Pays for What in a Real Estate Transaction

Many first-time home buyers seem to be confused as to who pays for what in a typical real estate transaction. We decided to provide our readers with a general guide that works for most transactions. Remember, the seller pays the real estate commission, not the buyer! There’s no excuse not to use the help of a REALTOR®! 🙂

Closing Costs – Who Pays For Wh

The SELLER can generally
be expected to pay for:

  • Real estate commission
  • Document preparation fee for Deed
  • Documentary transfer tax
    ($1.10 per $1,000 of sales price)
  • Any city transfer/conveyance tax
    (according to contract)
  • Payoff of all loans in seller’s name (or existing loan balance if being assumed by buyer)
  • Interest accrued to old lender, statement fees, reconveyance fees and any prepayment penalties
  • Termite inspection (according to contract)
  • Termite work (according to contract)
  • Home warranty (according to contract)
  • Any judgments, tax liens, et., against seller
  • Recording charges to clear all documents of record against seller
  • Tax proration for any property taxes owned at time of transfer
  • Any unpaid Homeowner’s dues
  • Any and all delinquent taxes
  • Notary fees
  • Any bonds or assessments (according to contract)
The BUYER can generally
be expected to pay for:

  • Title insurance premiums
  • Escrow fee
  • Document preparation (if applicable)
  • City transfer/conveyance tax (according to contract)
  • Notary fees
  • Recording charges for all documents in buyer’s names
  • Tax proration (from date of acquisition)
  • Homeowner’s transfer fee
  • All new loan charges (except those required by lender for seller to pay)
  • Interest on new loan from date of funding to 30 days prior to first payment date
  • Assumption/change of records fees for take over of existing loan
  • Inspection fees (roofing, property inspection, geological, etc.)
  • Home warranty (according to contract)
  • Closing costs usually total 3% – 5% of the purchase price, and are in addition to your down payment

Filed under: First-Time Home Buyers

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About Us

As a Russian-speaking South Orange County team and residents of 20 years, Nick Bublik, REALTOR®, & his assistant, Irina Bond, are qualified and committed to guiding their clients through the real estate buying and selling processes with utmost loyalty and a wide range of experience.

Committed to providing exceptional service in each of their endeavors, Nick & Irina are passionate about helping each client reach their real estate goals. Through organization, dedication and perseverance, they deliver on their promises and facilitate results, no matter how complex the circumstances.

Together, Nick & Irina promise real estate transactions that exceed expectations.

Nick Bublik, REALTOR®
(949) 233-9304
Irina Bublik, Assistant
(949) 939-7831