Just Listed! Home for Sale in Hunters Creek

Open House this Saturday 4/17/21 from 11 am-3 pm
4503 Shanewood Ct. Orlando FL 32837

If you have been looking for a Single-Family Home in Hunters Creek with all the bells and whistles… look no further!

This better-than-new home offers a perfect layout, unique features, and tons of space for you, family, and friends to spread out. You won’t find your typical features in this home!

Even before you walk inside, you will want to take the time to appreciate how much you’ll be able to enjoy this spectacular backyard paradise. The rear outdoor living area is close to 1200 sq feet of Florida pleasure. The area boasts a paver deck, screen enclosure, saltwater pool with solar panels.

Paddle fans and LED soffit lighting with a 2-zone outdoor entertainment system. A fenced-in yard overlooking the pond and the preserve at Shingle Creek. There is a custom outdoor kitchen with a built-in grill/ refrigerator and more. The low-voltage lighting system adds charm to warm summer nights.

There’s no shortage of space here whether you simply want to have a small family gathering or invite others for a large party…this home has the great spaces you want to accommodate all!

The moment you enter the home through the Custom glass and stained front doors, you’ll instantly appreciate the warm and open layout. It starts with beautiful plank tile floors leading you into the formal areas of the home, featuring Key West shutters, custom paint, and trim work throughout the entire home.

This special home has a newer kitchen with tons of storage and deep cabinet pull-outs, granite countertops, tile backsplash in the 20’ x 14’ eat-in kitchen. You won’t ever have to worry about finding cabinet space here. Also Included are all stainless-steel kitchen plus washer and dryer appliances and touch 2o faucets.

The spaciousness of this home doesn’t stop when it comes to the bedroom sizes. The 14’ x 21’ master’s retreat is large and inviting, you may never want to leave it! Complete with a custom closet with a barn door, this room is built with both privacy and comfort in mind.

The master bathroom has two separate vanities each with its own cabinet space, a separate shower, and a soaking tub for those long days where you just want to unwind.

Three nicely sized additional bedrooms along with two fully remodeled baths tie this home altogether. A sunlit fifth room can be used as a bedroom/ nursery or as a home office for those days when you want to work quietly and privately from home.

Every aspect of this home contains a unique feature that you simply won’t find anywhere else. A newer roof, completely re-plumbed, and small features like a Lutron CASETA lighting technology, USB ports strategically located throughout. Loads of small details that take years to achieve and time to appreciate are all right here waiting for you.

A spacious family room complete with a linear gas fireplace, space for a 75” TV, or use the drop-down 110” movie screen. A state-of-the-art built-in Onkyo 3 receiver home AV system is included in this stunning property.

Combine all these features together and it creates a home that easily surpasses anything in the stripped-down new homes you’ll find anywhere on the market.

Hunters Creek has all the amenities you want in a community. Hiking and biking trails, tennis, and basketball courts. Soccer fields and playgrounds and of course dog parks for us pet lovers.

If you’re looking for a unique home with tons of features in a very desirable and convenient location, then this home is the perfect fit for you!

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PMI and How to Get Rid of It: Private Mortgage Insurance

How to Eliminate  Private Mortgage Insurance

What’s PMI and why am I paying for it? So many new homeowners, especially 1st time home buyers have no idea what PMI even is. We’ll break down what PMI is and even more importantly… how to get rid of it!

So many homeowners want to know how to eliminate their PMI aka private mortgage insurance.

If you’ve recently bought a home without giving a down payment of at least 20 percent, then you were probably required to get private mortgage insurance. Some new homeowners tend to get so caught up in the excitement of buying their new home, they didn’t even notice their insurance payment was a little high.

In the beginning, you don’t even care… but as the months go by and you check out your mortgage bill you say wow!… my PMI is expensive!

Of course, your first thought is “how do I get rid of this PMI?” This is actually one of the questions I get asked most often as an Orlando real estate agent.

The truth is, getting rid of private mortgage insurance isn’t that hard when you follow a few steps.

What is PMI or Private Mortgage Insurance?

My first-time homebuyers will ask me what is private insurance and why do I need it? Private mortgage insurance is in place to benefit the lender. It ensures the lender will be covered in case you stop making payments on your loan. If the home becomes a foreclosure, then the lender is covered against non-payment.

The lender considers you to be high risk because you didn’t have enough to cover 20% of the contract price. They want to be sure that if you can no longer make your payments, they are still covered. PMI unfortunately can substantially increase your mortgage payment.

For example, if you buy a house for 300k and your PMI is .5%, then you’re paying an extra $1,500.00 per year. That comes to $125 per month. That’s money you could’ve used towards other bills. The kicker is that PMI is of no benefit to you and only benefits your lender… even though YOU pay for it!

How much is private mortgage insurance?

The cost of your PMI will depend on a few different variables like the size of your down payment and your credit score. PMI payments can range from 0.3% all the way to 1.5%.

Generally, a loan with a smaller down payment will carry a much higher interest rate. If trying to decide between a loan with PMI and one without, you need to calculate the overall monthly cost of both loans before deciding.

When you understand these costs, it will help you determine what the best option is for you and your current financial situation. You should also consider other popular loan programs like an FHA mortgage.

No one wants to overpay on a mortgage because that’s just throwing money away! That’s why knowing exactly how to cancel your private mortgage insurance is of extreme importance to you.

How is PMI paid?

If you have to pay PMI, you should know how it will be paid. Ask your lender if you have a choice on how to pay for your PMI.

The 3 most common ways you can pay PMI:

  • A monthly payment which is rolled into your mortgage payment.
  • A 1 time fee when you close AKA single premium mortgage insurance.
  • Combination of monthly payments with a partial payment at closing.

Eliminating PMI Early

How can you stop paying PMI altogether? It’s pretty simple, all you have to do is pay down your mortgage to 80% or less.

Easier said than done for a lot of folks. Most homeowners in Orlando will take some time in getting to that point. Although this is the only sure-fire way to get rid of PMI early, you may want to consider these options:

Refinance to stop paying private mortgage insurance

You may be able to refinance your home if you believe your home has gone up in value. If you can qualify for a loan for less than eighty percent of the home’s worth, then you may be able to get rid of your PMI.

A few things to consider here… You need to decide if your loan rate makes sense financially. If your payment ends up being the same because of the higher interest rate, then it probably doesn’t make sense to refinance.

Get an appraisal to end PMI early

If you believe your home has truly gone up in value, you might be able to convince your lender to drop the PMI. By having a new appraisal done, if your house has gone up in value enough, there’s a chance you might be able to convince your lender to drop the PMI altogether.

The appraisal will need to prove that your home’s current value will hit the 80 percent threshold. Before ordering an appraisal, you need to make sure your lender is on board. If not then you’ll just be wasting your money on an appraisal you don’t need.

Upgrades may help you stop paying PMI

Another way to increase your home’s value so that it reaches the 80% mark is to do some remodeling. Keep in mind that not every upgrade will add value so you have to know what to upgrade. An experienced Realtor can give you some great advice when it comes to this.

At this point, you should go over the numbers to see if it makes financial sense to spend the extra money.

Increase your mortgage payment amount to end PMI

I have always believed this is a great thing to do regardless of PMI because it takes years off your mortgage. Even making small increases of $50 or $100 to your monthly mortgage payment can have a dramatic effect on your bottom line.

Obviously, the more you can pay at a time, the faster you will be to the point of getting rid of your PMI.

The best part is that you have the extra benefit of paying your house off much faster. Be sure to let your lender know that the extra payments are towards the principal only. Out of all the ways of ending PMI early, making extra mortgage payments towards principle gives you the most benefit.

Ending PMI early when you hit 80% equity

If you are in a position where you owe the bank 80 percent or less of your loan amount, then call your lender and ask for the insurance to be canceled. If you are in good standing with the lender, it shouldn’t be a problem. They will require you to submit your request in writing.

Requirements to cancel PMI

These are the requirements to cancel your PMI according to the Consumer Financial Protection Bureau

  • Request to cancel PMI must be written.
  • Your payment history must be in good standing.
  • You may be required to show proof of other debts such as lines of credit
  • A recent appraisal proving the home reaches the 80% threshold

Read the fine print on your mortgage

It’s smart to look over your mortgage docs with a fine-tooth comb so you are clear on terms and you should read every document your lender sends you. Track your payments to check how much you’ve paid off so far so you know where you stand.

You should also be watching your local real estate market to be aware of your home’s current value. In certain conditions, the value of your home can increase a lot faster than you would expect.

Consult with your Orlando Realtor to find out what your home’s current value is. You might be ready to eliminate your PMI faster than you think!

Be sure to use a Real Estate agent who knows how to value a home accurately. Unfortunately, many Realtors in Orlando fall short when it comes to determining a home’s value accurately. This is a skill that takes years of practice and experience.

My final thoughts on ending PMI early

You should now have a much better understanding of what PMI is and what a waste of money it is that you’re paying to your lender month after month. You should make a plan using the information in

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Renting Your Orlando Home? Here’s What You Should Know

To bring in some additional cash, you may think about renting out your Orlando home, or even part of it. You shouldn’t rush into this interaction before learning the guidelines first. Here are a few things you should do if you’re serious about renting out your home.

Determine how much to charge for rent for

It’s important to determine how much you can rent your Orlando house for before putting it on the market as a rental. To get this right the first time around, you should consult with an experienced Orlando real estate agent… one who specializes in the area where your home is located. They know how much houses are worth and how much they will rent for.

Depending on if you own the home outright or you have a mortgage on the property, you’ll want to charge enough rent to cover all of your costs including mortgage payment, insurance, taxes, utilities [if included with rent], HOA dues, and maintenance costs. You cannot charge more than what the market will pay so the numbers must make sense to you and your situation.

Background checks for potential tenants

The last thing you want is to end up with bad tenants… What I mean by that is tenants who don’t pay on time, are irresponsible, and even confrontational. You must verify all the information given to you on the rental application. Ask the tenant for professional references to see how long they’ve been at their current job. Don’t be afraid to ask their employer about what they think of the person and if they’ve ever had an issue with them.

A background check will reveal bad credit situations, prior evictions, criminal history, and even other legal actions that have been taken against the applicant. Anyone who refuses a background check should be crossed off your list of potential renters.

Prepare a lease or rental agreement

You must have a rental or lease agreement prepared that will be signed by you “the Landlord” and your tenant or tenants. This is a document that guarantees that your tenant will abide by your rules for paying the rent by a specific day of the month, maintaining your property, noise curfew, pets or no pets, etc. It will also outline what steps will be taken legally if the tenant breaks any of the rules such as paying rent on time, violating a no-pet clause, etc. The consequences of breaking any rules usually include prompt legal action and eviction.

Consider landlords insurance

Check your current homeowners’ insurance policy to see exactly what you’re covered for. You might need additional landlord insurance to protect the home and the major components like electrical, Central AC, plumbing, roof, water heater, etc. You must also disclose to your homeowners’ insurance company that the home will be rented out and not owner-occupied.  

Understand the Eviction Process

Evicting someone from a home is never fun and is the single biggest problem a landlord will have to face. I can tell you from experience that if you are a landlord for long enough you will have to evict someone at some point. This is why it’s so important your rental agreement states what will happen if the tenant fails to pay the rent on time or stops paying completely.

You must follow the legal eviction process exactly as stated in whatever county your rental home is located in. The process always starts by giving the tenant a written notice personally or by certified mail. The notice gives the tenant time to respond and bring the rent current and also a time in which the tenant needs to out of the home if payment is not made. Depending on the tenant, this can sometimes turn into an ugly situation. Landlords should follow the eviction laws to a T to avoid any hold-ups.

To Rent or Not to Rent

Hopefully, this article didn’t scare you out of becoming a landlord… or maybe that’s a good thing. I’ve owned many rental properties in Orlando over the years and I’ve seen a lot of different situations. If you get a good renter, you could be looking at a steady income flow for years to come without a single problem. However, if you end up with a problematic renter, you could be facing some serious headaches… just keeping it real for you.

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Orlando Real Estate Market is Heating Up

In the latest Market Pulse, ORRA announced that our members partook in 3,634 residential homes sales in October. This is a dramatic increase of 25% from just 1 year ago.

This pattern ends up being valid as sites like Redfin.com detailed that in their second quarter, 22,000 more of their clients looked at moving to Central Florida.

Residents of New York, Texas, North Carolina, North Virginia, and numerous others are running to Florida. Many of which intend to buy a house in Orlando.

An Economic Push for Central Florida

Realtors in Orlando are saying New York’s misfortune is Orlando’s benefit. At the point when the pandemic hit the U.S. in March, telecommuters began leaving New York City and its super costly lodging. They were looking for vast areas, daylight, and moderate living spaces at an affordable cost… all of which you can discover in Orlando, Florida. Larger cities were also the hardest hit by the pandemic,… public lockdowns, and mass loss of employment.

The pattern has just heightened as the pandemic proceeds and individuals feel more sure of their distant work and school plans.
As continuous travelers transform into inhabitants, Orlando Realtors can anticipate that this should fuel the Orlando real estate market in months and even a very long time to come.

Bigger Budgets… Bigger Homes

Since these buyers come with larger budgets, it could push some of them into the mid to luxury price points… homes which they couldn’t afford in their home state.

First Time Home Buyers

For real estate agents in Orlando, this means getting ready for a rush of first-time buyers! Our year-round gorgeous weather, amenities, and affordable Orlando homes will draw thousands of new residents over the next few months… and continue throughout 2021 according to Orlando Real Estate Broker Jenny Zamora.

Research Your Area

Depending on someone’s lifestyle, wants, and needs they would be wise to start by doing some research… even before hiring an Orlando Realtor. For example, if the buyer has kids, they’d probably start by searching good school zones. Or if someone is single and interested in nightlife within walking distance, Downtown Orlando would be a great choice.

Once you’ve done some research on some neighborhoods, it’s time to seek out an Orlando Realtor who specializes in those areas. Your agent should know your desired area like the back of their hand. Once you’ve consulted with your agent, they should let you know just as soon as a home hits the market. Experienced real estate agents will have alerts set up so they can be first in line to schedule a showing.

Line Up Financing

Unless you’re paying cash for the home, you’ll have to get a mortgage. People who are planning to finance a home usually look for a suitable lender by asking for their recommendation. Most mortgage brokers offer the services of lending companies so that borrowers can choose between available mortgage deals. Mortgage brokers do not provide financing but simply advise people on different lenders who may be suitable.

In case they decide on financing their loan through a particular lender, then they will inform the borrowers about all the pros and cons of the deal. They also make it possible for the borrowers to compare the various deals and select one that best suits their requirements.

If you’re a first-time home buyer try going to https://floridahousing.org/ to see what programs you qualify for. Finance Home loans are available at a wide range of rates. The borrower must choose a mortgage loan that suits his requirement and the ability to repay. Mortgage brokers often provide instant online quotes on interest rates and other associated fees. This helps borrowers find out the right interest rate and loan type that suits their requirements. When choosing a mortgage loan, you must research all the pros and cons of the deal.

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Will The Orlando Real Estate Market Experience A Boom Post COVID-19?

Orlando, FL is a very popular city— and in a post-COVID-19 world, some home buyers may also see it as a great place to find a bargain.

Ever since the Coronavirus became a serious problem at the beginning of 2020, it’s had a dramatic effect on the country’s housing markets. The digitization of the home buying process made it easier for people to buy homes sight unseen, other than virtual tours.

Because many people shifted to working remotely, they were able to relocate to a different city. Many wealthier Americans even purchased 2nd homes in vacation towns just so they could wait out the pandemic.

As Americans are now starting to receive the 1st doses of the COVID-19 vaccines, it appears there’s an end to the pandemic insight. But just as COVID helped to fuel demand with home buyers, the return to normal life may have a dramatic effect in certain cities. It’s hard to predict which cities will experience a boom and which ones will suffer. One thing’s for sure… not all real estate markets will benefit equally from the end of the Coronavirus era.

Recently… the NAR [National Association of Realtors], compiled a list of the top ten real estate markets they expect to thrive in after COVID 19. Their list had places like Phoenix, Dallas, and Atlanta for example.

It was surprising to some Orlando real estate agents to see places like Des Moines, Iowa, and Madison Wisconsin on that list… and not Orlando. Realtors in Orlando, FL have very different opinions about how our local real estate market will look Post COVID-19.

Some feel that Orlando will experience a housing boom following COVID-19. Although Orlando is mostly known for parks and attractions, the Orlando real estate market remained strong despite pandemic forced shutdowns for much of 2020.

The reason for this is the diversity in employment, although many assume it’s mostly tourism-related jobs.

People in Central Florida and surrounding areas are, for the most part, still working which is fueling home sales in Orlando. The same holds for the city of Houston. Although the petroleum industry is a major employer, the City’s workforce was diverse enough to weather the COVID-19 storm.

Will Expiring Forbearance Agreements affect The Orlando RE Market

Some Realtors in Orlando believe that expiring mortgage forbearances will hurt the market. Many people are still in the term of their mortgage forbearance. Once the forbearance is over some Orlando homeowners will inevitably fall into foreclosure.

The question is… how many?? We’ve never seen such a high unemployment rate in our country and it’s uncertain how many people will return to how things were before COVID-19.

Many real estate professionals believe there will be a wave of foreclosures and Orlando short sales in 2021… We’ll have to wait and see.

In our current environment, the record low mortgage rates are creating opportunities even during the pandemic. Although whenever the economy bounces back, you can expect to see mortgage rates rise as well.

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