Is It a Good Time to Shop Around For Homeowner’s Insurance?

If you have not shopped around for your homeowner’s insurance for a while, now may be the time to do so. Many insurers tend to raise their rates at renewal time, usually because of inflation or changes in the value of your home. By re-shopping your policy now, you’ll get a better deal on your premiums in the future. Also, if you’ve made any major purchases or added anything to your house, you’ll want to check to see if you’re still covered. You’ll also want to check your floater coverage to see if it is still necessary.

Before you begin your search for homeowners insurance, take a look at your credit score. A good credit score will lower your premiums. Make sure you pay your bills on time and don’t take on too much debt. You’ll also want to take a look at your policy’s coverage and decide if you need any changes. Once you’ve decided what coverage you need, compare rates from different companies.

You’ll want to compare coverage and prices yourself or work with a broker or competing agent. Homeowner’s insurance quotes should include replacement costs for your personal belongings and dwelling. If your policy only provides replacement costs for a depreciated value, you’ll be out of luck if you need to replace them, and you’ll want to make sure your coverage covers these factors, too.

Homeowner’s insurance quotes are an essential part of home ownership, so make sure you shop around early. Compare quotes from at least three different insurance companies before making a final decision. Compare coverage, deductibles, and customer service from multiple companies. After all, you’ll be staying with your policy for the next year, so you want to make sure it meets your requirements. Also, check with your lender for any clarifications.

You’ll also want to check if the company you choose offers any discounts for multiple policies. If you’re living with someone, be sure to ask the insurance company. Many companies offer discounts if you combine multiple policies with them. You can also bundle multiple policies together for a larger discount. Be sure to compare the total cost of these policies to find the best one for you.

While shopping around for your insurance policy can be time-consuming, it’s a good idea for many consumers. Research shows that more than seventy percent of consumers have saved money by shopping around for their insurance. Shopping around can be done in less than an hour. The best time to do it is between 30 minutes and two hours. Regardless of your budget, it’s worth the time to compare different policies and insurance companies. You’ll be amazed at what a difference it makes.

Getting a homeowner’s insurance quote is easy online and over the phone. Many insurance companies have websites that can help you compare prices. You can even get a free quote over the phone. However, if you have any questions, you should talk to an insurance agent. They’ll know what type of coverage you need and the price you can afford. In addition, independent agents have access to a large number of insurance companies, making it easier to find a great deal. Call your local Orlando Realtor and ask them for help.

What Makes It a Good Homeowner’s Insurance Policy?

There are many things to consider when buying home insurance. First, make sure that you understand your policy fully. Make sure you understand the terms and conditions, especially the one that covers the cost of replacing your belongings. You should also make sure to review your policy on a yearly basis. The main reason for this is that many home insurance companies tend to increase their rates annually because of inflation and increases in the value of homes. Even a small increase can add up over time, so it is always worth considering other options.

Another thing to consider is your location. The type of perils your home is exposed to will affect your premium. If you live in an area that is prone to hurricanes, for example, you will pay a higher premium than if you live in a rural area. The type of house you own will also affect the premium, as will its age and style. If it is an older or deteriorated house, you are more likely to have an expensive claim.

A good homeowner’s insurance policy will cover damage to your personal possessions, even if they are not in your home. It also covers the damage caused by a listed disaster. In addition, it covers any expenses related to identity theft. In addition to a property policy, homeowners can opt for extra coverage like sewer and drain backup coverage. It is also important to consider whether the insurance provider offers identity recovery coverage for people who have been a victim of identity theft.

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Who Qualifies for an FHA Loan?

If you’ve been wondering who qualifies for an FHA loan, you’re not alone. Many homebuyers have questions like “What are the FHA loan requirements?” and “How much money do I need to pay for a loan?” But there are some important things to keep in mind before applying for an FHA loan.

First, you must have a credit score that is not too low. A credit score under 620 may not be enough, so make sure you have a stable job. Besides, you must also show that you have sufficient income to pay off the loan in full.

Generally, a lender will require a higher credit score if you’re applying through a traditional lender. But it’s important to understand that if you’re applying through an FHA lender, you may be accepted even if you were rejected elsewhere. Typically, the FHA loan criteria are much less strict than those of a traditional bank loan, and you could be approved with a higher credit score if you apply for a smaller mortgage.

If you’re planning on using the home as your primary residence, you can use an FHA loan to finance the purchase. The FHA loan has no lifetime limit and is generally only for a primary residence. You can’t have more than one FHA loan at a time unless you’re relocating for work or permanently moving out of a state. The FHA publishes these limits for different regions of the country.

A good rule of thumb is to buy a home that is lower in price than you’d like to pay. A lower-priced home will help reduce your loan amount and your estimated DTI. Getting pre-approved is essential because FHA loan rates and terms vary widely among lenders. However, you can save money by comparing different mortgage lenders. A professional, licensed real estate agent like Jenny Zamora can also help you shop around for the best FHA loan.

Who Approves an FHA Loan?

You may be wondering who approves an FHA loan. To find out, you’ll need to prepare your financial documents, such as two years’ worth of tax returns, two recent pay stubs, and a copy of your driver’s license. FHA-approved lenders use a CAIVRS system to verify your debts and income. Make sure you compare offers from several lenders to find the best deal.

While FHA mortgage loans typically require a greater amount of paperwork than conventional mortgages, an experienced loan officer can expedite the process. The application process shouldn’t be too much longer than a conventional loan, so do your financial housekeeping before applying for an FHA mortgage. Resolve any outstanding disputes with creditors and gather all your documentation. Make sure you submit all your required documents promptly, in the format that the lender requests.

Having a steady income is essential. While FHA mortgages require low down payments, they don’t cover homes that need major repairs or structural cracks. But if you are a first-time homebuyer, an FHA loan may be an affordable mortgage option for you. If you meet all these requirements, you’ll be able to find a great property at a competitive rate. The process can be confusing, so talk to a mortgage lender to get the answers you need.

While FHA mortgages don’t require borrowers to be working full time, job loss can impact your eligibility for an FHA mortgage. While a lender doesn’t need the applicant to be at their current job for a specific amount of time, it requires the lender to verify employment for at least two years prior to applying for a loan.

If there are gaps of more than one month in employment, they must be explained. Additionally, loan officers will consider the applicant’s training and qualifications in addition to their employment history. If the applicant has a stellar employment history, it may compensate for some of the negative aspects.

Foreclosure and bankruptcy do not disqualify an applicant from an FHA mortgage. Chapter 7 bankruptcy, for instance, requires at least two years of credit history after the bankruptcy. Additionally, the lender needs to see proof that the borrower has chosen not to incur new debts after bankruptcy. Even though past foreclosures don’t disqualify an applicant, a judgment against them will prevent them from getting an FHA home loan.

The FHA was created in 1934 as part of the National Housing Act to stop foreclosures and make homeownership more affordable for American families. However, the government mortgage program allowed borrowers to borrow up to 80% of the home’s value, allowing many more people to afford homeownership.

The FHA loan program insures 8 million single-family homes. When compared to a conventional mortgage, an FHA mortgage is much easier to qualify for.

If your credit score is lower than five hundred, it’s a good idea to work on building your credit. Most lenders that specialize in FHA loans have minimum credit scores closer to the FHA guidelines. Some of them may offer manual underwriting if you don’t have much credit history. Moreover, a low-down payment is one of the main advantages of an FHA home loan. A borrower can qualify for a loan with as little as a 3.5% down payment.

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How to Find the Right Home in this market?

There are many factors to consider when purchasing a home. You must do your due diligence and make compromises to find the right one for you. The following article offers tips for preparing your wish list and finding the right home for you. We recommend defining your non-negotiable must-haves and your wish list. By identifying these two lists, you will have a guide to the home buying process.

1st Step

Before you start looking at homes for sale, you need to get pre-approved for a mortgage loan. It is a good idea to meet with several mortgage loan officers to find out what your budget and income are. Once you have your pre-approval, you can begin looking at homes within your price range.

The next step is the actual purchase process. You must have a pre-approval for your mortgage, understand what kind of property you are looking for, and know what your qualifications are. After you have your pre-approval, you can submit an offer to the seller or listing agent. If your offer is accepted, you’ll enter a due-diligence period, which includes final mortgage approval, inspections, and other necessary steps. At the close of the process, you’ll be officially a homeowner!

After you’ve applied for pre-approval, your mortgage lender will issue you a letter with your pre-approval status. You’ll need to show the letter to your Orlando real estate agent and let them know that you’re ready to start looking for homes within your budget. Your lender will ask you about your income and assets, as well as run a credit check to make sure you’re eligible.

Once you’ve narrowed down your list of homes, the next step is to make an offer. Once you’ve decided on a price range, you’ll need to contact a real estate agent to see what comparable homes are selling for in the area. If you aren’t confident about your offer, the real estate agent will recommend a price based on comparable homes in the area. The lower the competition, the better your negotiating power will be.

Buying a home is a big decision

Buying a house is a big decision, both emotionally and financially. There are many different things to consider: size and style of property, financing options, and economic conditions. Realtor Jenny Zamora offers insight into these factors. Read on to learn more about the home buying process. Here are some tips to keep in mind:

One of the first decisions you’ll need to make is whether you’re comfortable paying a down payment. Many buyers have trouble saving a lump sum for this expense. Unfortunately, millennials have graduated college during the worst recession in U.S. history and are saddled with student loan debt. In addition, underwriting is becoming stricter, and renting is becoming increasingly expensive, making saving for a down payment almost impossible.

There are many factors to consider

Location is a major factor to consider when finding the right home. A house in the right neighborhood is more likely to increase in value as time goes by, but you may not realize this until it’s too late. Listed below are five factors to consider when looking for a new home. In addition to the location, consider the amenities in the neighborhood. Are there any parks, cultural services, or shopping centers nearby?

You need to do your due diligence

If you are buying a home, you need to do your due diligence. During the inspection process, you should be aware of the property’s conditions, including any possible issues that might cause the transaction to be delayed or canceled. If the inspection reveals unfavorable conditions, you have the right to walk away from the deal. You can also request that the seller leave the home during the inspection.

Doing your due diligence is vital for buyers to avoid purchasing a lemon. Buying a lemon could turn out to be disastrous because it will not fit your needs, or it may have no resale value. To avoid buying a lemon, buyers should perform thorough examinations and investigations of the property before signing a contract. You should also obtain records related to any past or pending legal action on the property.

You must make compromises

When you’re buying a home, you must be willing to make some compromises, and it can mean lowering your standards. When you’re buying a home, compromise is not necessarily a bad thing – it means being flexible and peaceful. In fact, nearly 90% of buyers have made at least one compromise while buying a home in other markets. So, how do you compromise?

If you have a family, you’ll need more space than a two-bedroom condo. If you hate sharing walls, a condo is not for you. If you’re a first-time buyer, compromises will probably be necessary to get the house you want. You’ll likely have to give up some of your ideal features, like a backyard and a garage.

You must be realistic about your budget

Many people overspend when buying a home. In addition to paying for the house, they also pay for services they don’t use. To keep your budget on track, you should review your current expenses and look for ways to cut them. Unsubscribe from services you don’t use and cut out the things you do not really need. Being honest about your finances will help you make sound decisions and buy a home that is within your price range.

While home prices have plummeted since the recession, you should be realistic about your budget. There are many things that you should consider, including the mortgage interest rate. Many people will end up in a “house poor” scenario if they can’t afford their monthly mortgage payments. It is important to have a good emergency fund for unforeseen expenses, so you’ll have some extra money in case an unforeseen expense comes up.

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Foreclosure, Forbearance or Short Sale?

Foreclosure

When it comes to homeowners delinquent on their mortgage, three options that may be offered are foreclosure, forbearance, or short sale. A foreclosure occurs when a bank sues the homeowner for being delinquent on the mortgage. Either the homeowner has to bring the account current by paying any missed payments and late fees… or the lender will continue with the foreclosure process.

If the foreclosure is completed, it means the home will be sold at a public auction. If the bank doesn’t get an offer that meets their reserve, they will end up taking back the property and selling it as an REO property [real estate owned]. During the foreclosure process, the homeowner may continue to live in the home up until the foreclosure happens. Even after the property gets foreclosed on, homeowners have a period of time to vacate depending on what state it occurs in.

Forbearance Agreement

Another option is to ask your lender for a mortgage forbearance agreement. A mortgage forbearance is designed to help homeowners who are experiencing some type of financial hardship. It’s a repayment plan where a lender suspends or adjusts the mortgage payment for a pre-determined amount of time. The purpose of the mortgage forbearance is to allow a mortgagor to keep their property while they have time to repay the mortgage. Regardless of what the forbearance agreement is, the outstanding loan balance will still need to be repaid to the lender in full.

The duration of a mortgage forbearance can range from 6 months to 10 years, and the mortgage is usually placed in escrow at the end of the term.

What Happens If I Default On Mortgage Forbearance?

If the homeowner fails to meet the terms of the new agreement, foreclosure proceedings will eventually begin again. In many cases, the bank will offer the option of a mortgage forbearance extension to the mortgagor to avoid the foreclosure process. It is often an attractive incentive to the borrower because it does not have to be paid until the end of the term of the loan.

The borrower must decide whether to accept the extension of the mortgage or not. What are the benefits of doing so?

In addition to giving the borrower a second chance to redeem their property from foreclosure. Extending the forbearance agreement also gives the homeowner another opportunity to refinance their loan and possibly get a better price.

Short Sale

If a homeowner is denied an extension on their forbearance, then doing a short sale on the home may be the best option. A short sale is when a lender accepts a discounted amount on what’s owed on the mortgage.

Orlando Short Sale Experts


A short sale happens when a homeowner can no longer afford to make the mortgage payment because of financial hardship. Another condition that must be present for a short sale is the home must be worth less than what’s owed on the mortgage.

The homeowner will be required to submit a complete short sale package. If there is equity in the home, the homeowner could just sell the home as a normal sale and pay the bank from the proceeds.

It can be very costly for the lender to take someone through the foreclosure process, which is why a short sale can be a great option for both parties. The bank requires the homeowner to list the home with a local short-sale realtor. This is great for the homeowner because the short sale realtor will work with the lender to short sell the home. There is a lot more work involved in processing a short sale as opposed to a traditional listing.

Work With A Short Sale Expert

If you end up choosing to do a short sale, you must hire a short sale specialist. This is an agent that specializes in doing short sales and is up-to-date on the State’s rules and regulations. Many lenders offer cash incentives to borrowers to agree to a short sale depending on what lender.

Another benefit of working with a short sale expert is they have established relationships with every major lender. Good communication is key when working a short sale with any lender.

Benefits of A Short Sale

  • Avoid Foreclosure
  • Avoid Bankruptcy
  • Eliminate Mortgage Debt
  • Less Damage to your Credit- has less of a negative impact than a foreclosure
  • Get Cash Back at Closing [depending on the lender and situation]

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Florida Foreclosure Process

Going through a Florida foreclosure is not a pleasant experience. On top of that, you can get overwhelmed with dealing with the foreclosure process. There are legal timelines you must be aware of like court hearings and possibly eviction if you can’t stop the foreclosure.

These are the questions most commonly asked by homeowners struggling with foreclosure:

  • What’s the foreclosure process in Florida?
  • How much time does the FL foreclosure process take?
  • How long before they evict someone after a foreclosure?
  • Can I stop a Foreclosure in Florida?
  • Is FL a foreclosure redemption state?

Generally, a Florida foreclosure can be avoided if you know what you’re doing. In this post we’ll be discussing the foreclosure process in Florida and what you can do to stop foreclosure.

Foreclosure is a legal process where the mortgage lender of the home takes action to repossess the home or sell it at a public auction to the highest bidder. Once the foreclosure has been complete, the new owner or the bank has the right to evict anyone living there. 

Florida Judicial Foreclosure

That’s a fancy way of saying the courts decide the case. A Florida foreclosure must go through the courts and abide by timelines issued by the judge assigned to the case.

FL Lien Theory

In Florida, you own your property with a mortgage note. The deed is in your name and so is the debt attached to the home.

When the bank gave you a mortgage, they also filed a lien on the home. This is a recorded official document outlining the amount owed and your promise to pay them back. On the lien, the buyer is named as the owner of the deed and title to the property.

In some other states, the bank owns the home until the mortgage is paid in full.

Florida Foreclosure Law

If you find yourself struggling with foreclosure then knowledge is your best friend. Understanding the foreclosure laws in Florida will help you to make good decisions moving forward.

If you already have a foreclosure sale date you need to hire a foreclosure attorney to try and delay the proceedings.

Do you need help selling a foreclosure property in Florida?

The Phases of Florida Foreclosure

  • Pre-foreclosure
  • Foreclosure lawsuit
  • After the foreclosure sale

The thought of losing your home can be terrifying but it’s far worse if you don’t know how long it takes. Knowing how much time you have will help you when making a plan of action to stop the foreclosure.

Pre-Foreclosure: The amount of time from missing a mortgage payment until the bank files a lawsuit. Pre-foreclosure begins as soon as you miss your first mortgage payment. A Florida pre-foreclosure lasts anywhere from 3 to 6 months depending on the lender and the situation. You can extend or even stall pre-foreclosure by working with your lender on alternatives to foreclosure.

Pre-foreclosure is the perfect time to explore your options. If your home has no equity you may be a good candidate for a short sale. If you want to keep your home, you can ask about a loan modification. Another option if the home has equity is selling to a cash buyer.

What Happens When You Start Missing Payments?

Most lenders in Florida allow a 15-day grace period after missing a mortgage payment. Once the grace period is over, you will probably incur a late fee. At 30 days past due the bank may report you to the credit bureaus. After 30 days your lender will start reaching out more frequently. This is a good opportunity, to be honest with your lender and start a dialogue about your situation.

By the time you are 45 days late on your payment, you will be referred to the loss mitigation dept where a rep will be assigned to you.

Foreclosure Lawsuit

A foreclosure lawsuit in Florida begins with the bank filing a Summons, Complaint, and finally a Lis Pendens. A “Summons” is a legal notice of the foreclosure lawsuit and it orders you to appear before a judge at a certain time and day. You will also have 20 days to file your response.

The Complaint

The complaint puts in motion the legal and factual basis for the lawsuit. A foreclosure complaint describes the terms of the mortgage or promissory note, property being foreclosed on, the amount due, etc. Complaints will also specify the relief sought after by the lender.

The Lis Pendens

A “Lis Pendens” is a written notice that states the foreclosure lawsuit has been filed against your home. The purpose of this is to inform the public there is a lawsuit against the property. Banks are required to file and record the Lis Pendens with the local county in FL.

A Lis Pendens can be several pages long and must include: names of the parties involved, filing date of the lawsuit, property description, and relief being sought.

The Service of Summons and Complaint

Once the Lis Pendens has been filed, the bank must “serve” you with the complaint, summons, and Lis Pendens regarding the foreclosure lawsuit. This is usually done by mail or by a process server.

Responding to the Summons

Once you’ve received the summons and complaint, you have 20 days to file a response. You must file a response before the 20 days run out. If not, the judge may decide to fast-track the foreclosure sale date.  For example: “I’m currently working with my lender to do a short sale on my home, please allow me some time to do this so I can avoid foreclosure”

Once you’ve filed your answer, the judge may just put it to the bottom of his stack or set a date for a “Preliminary Hearing”.

The Preliminary Hearing

If by this time you still haven’t found an alternative to foreclosure, the process continues with a preliminary hearing. In the preliminary hearing, you tell the court what your plan is to avoid the foreclosure and the judge decides what happens next. If the judge sees that you’re being proactive by pursuing an alternative to foreclosure with the bank, you may be granted more time.

If you haven’t taken any action to correct the situation then the judge will probably set a foreclosure sale date.

Summary Judgment Hearing

In this hearing, the lender will present their case to the judge to rule in their favor. This is based on only the non-disputed facts so if something is wrong, this is the time to speak up. You have the chance to offer up any proof of why the foreclosure shouldn’t move forward.

Your lender might include the financial damages including mortgage balance and interest as part of a summary judgment motion.

Foreclosure Sale Date

The county court may set a foreclosure sale date after the entry of the summary judgment. At that time, it will be sold to the highest bidder or required by the bank to list as an REO property. Whoever the new owner is at this point will have the option to evict anyone living in the home.

Alternatives to Florida Foreclosure

If you want to sell the property to avoid foreclosure and walk away then doing a short sale may be the way to go. A short sale is when the bank allows you to sell the home for what it’s worth and not what it owes. So if you owe more than the home is worth, requesting a short sale is a great option.

Applying for a Short Sale

If you decide on a short sale, you’ll need to submit a complete short sale package. The short sale package generally consists of your financial information like pay stubs and bank statements, proof of hardship, letter explaining your situation. The lender will usually request 30 days for a short sale review.

Hiring Short Sale Realtor

If you wish to pursue a short sale on your property then you need a short sale agent. This is a real estate agent that specializes in short sales. A short sale is a much more complex process than a normal listing which is why most agents shy away from short sales. An experienced short-sale agent can step into your shoes and deal with the lender on your behalf.

Hiring the wrong Realtor can mean the difference between selling your house and being foreclosed on.

A short sale agent can also help you with:

  • Advising you on most current loss mitigation programs available
  • Completing and submitting the short sale package properly
  • Provide you with updates on your short sale review
  • Keep you up-to-date on court hearings and timelines

Loan Modification

A loan modification is when your lender adjusts the terms of your mortgage by reducing the payment making it more affordable to you. If you want to stay in your home and can afford a slightly lower payment, then this may be a good 1st option.

Deed-in-Lieu of Foreclosure

The transferring of ownership back to the bank instead of a foreclosure.

Filing For Bankruptcy

Courts issue an “automatic stay” on creditors (consult with your local bankruptcy attorney)

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