Tag: John Conde

How To Extend Your COVID-19 Mortgage Forbearance

Posted on by Jenny Zamora

If you received a mortgage forbearance due to COVID-19, your payment suspension could be about to expire. If so, you must request an extension before the initial forbearance agreement expires. It’s important to know that a forbearance extension through CARES isn’t guaranteed. The CARES Act [aka] Coronavirus, Aid, Relief, and Economic Security (CARES) Act.
was signed into law on March 27th of 2020. If you aren’t sure, contact an experienced Orlando Realtor to assist you.

The act granted homeowners who were financially affected by the coronavirus a 6-month temporary suspension with no penalties. That means the first forbearance agreements began to expire at the end of October 2020.

The CARE Act also allowed for a 180 forbearance extension… as long as the homeowner requests before the initial agreement expires.

MAIN POINTS

  • The CARES Act provides up to 360 days of mortgage payment forbearance for homeowners with a federally backed loan.
  • The initial forbearance can be for up to 6 months with one 6 month extension.
  • You must request the initial forbearance from your bank as well as the extension. Neither one is automatic.
  • To apply for an initial forbearance or an extension, contact your lender.
  • Typically, forbearance freezes delinquency, which also stops foreclosure.
  • Most lenders offer COVID-19 related forbearance. For private lenders rules and conditions vary.

What Loans Qualify for Forbearance Under the CARES Act?

The CARES Act forbearance applies to mortgages backed by the federal government:

  • Loans insured by the Federal Housing Administration
  • Loans insured under section 255 of the National Housing Act.
  • Loans insured under section 184 or 184A of the Housing and Community Development Act of 1992.
  • Loans insured by the Department of Veterans Affairs.
  • Loans insured or made by the Department of Agriculture.
  • Loans insured by the Federal Home Loan Mortgage Corporations (Freddie Mac) or (Fannie Mae)

Apply For Your Extension Through Your Lender

If your loan forbearance is about to expire and you still can’t make the payments, contact your lender immediately. Check your mortgage statement for the contact information of your mortgage servicer.

Your lender should notify you before the expiration of your current forbearance. Don’t take a chance! If you’re not sure when your current forbearance expires then call your servicer to tell them you need an extension. If you’re unsure or need some help, feel free to contact us at https://orlandorealtyconsultants.com/ for immediate assistance.

Before you contact the lender, visit their website for any mortgage relief options available.

The CARES Act only requires that you request an extension and by law… you shall receive one.

Get It In Writing!

Although the law doesn’t require your forbearance request to be written, it’s a good idea to ask your lender for documentation detailing the terms of your agreement.

Things to keep in mind:

  • To get the extension, you don’t need to submit additional documentation. Only your claim to have a coronavirus-related financial hardship will be required.
  • During the time of your forbearance, additional fees, penalties, or interest will be waved.
  • You have the option to shorten the forbearance and continue to make payments at any time. Let your lender know of the change.

If you still haven’t asked for your mortgage forbearance, don’t worry… you may still be able to as long as the emergency declaration is still in effect. You can check with your local Orlando real estate agent to get informed.

What About Private Lender Forbearance Agreements?

If you have a mortgage through a private lender you’ll have to contact them and see what they’re offering. Because your lender will have their own set of terms and conditions, you’ll need to pay close attention to the fine print. For example, some private lenders may want you to pay a balloon payment for missed payments and interest.

During Your Forbearance

During the time of your Forbearance, while preparing for life after your forbearance expires, there are a few things you should be doing…

  • Maintain copies of ALL written documents pertaining to your forbearance agreement.
  • Check your monthly mortgage statements carefully to make sure there are no mistakes.
  • Pause auto-payments for your mortgage during your forbearance.
  • Carefully monitor your credit report for any errors and make sure your lender is reporting your status correctly
  • Prior to your forbearance expiring, be sure to have a plan in place with your lender for you to repay what you owe.

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7 Reasons Why Now Is A Great Time To Buy A Home in Orlando

Posted on by Jenny Zamora

Why You Shouldn’t Wait To Buy A Home in Orlando

As a Realtor in Orlando, I’m constantly being asked by potential buyers whether or not they should wait to buy a home in Orlando…They ask me things like “Should I hold out for a great deal?”… “Am I better off renting?”. The truth is that no one can predict what the future holds and all we can do is see what’s happening now and see where things are going. In my opinion, people who are thinking about buying a home in Orlando, FL shouldn’t wait. Here are some reasons why…

1- Higher than normal rent prices- The rent prices in Orlando are getting higher and higher, even faster than median home prices. This is especially true with homes in Orlando and other parts of Central Florida. This means that if you’re able to buy now you’ll probably be paying less on a mortgage payment than you would in rent.

2- Mortgage rates are still low– If you have a decent credit score and a steady job, you’re probably in good shape to get favorable terms on a home mortgage.

3- Cheaper to buy than rent- If you can qualify for a mortgage loan and you can get a payment that’s less than you’re paying in rent, then it’s a no-brainer. This is especially true if you’re a first-time home buyer and can qualify for down payment assistance.

4- Low mortgage rates won’t last– Unfortunately, we are arriving at the end of an era of lower than normal mortgage rates combined with moderate pricing on Orlando homes. Home prices are expected to rise soon as are the mortgage rates.

5- Personal income levels are on the rise– Florida’s economy is strong which means unemployment rates are low and people are making good steady incomes. Studies show that Floridians are staying at their jobs longer which means they understand the importance of holding on to a steady job.

6- Demand still exceeds supply- This means that Orlando home prices will continue to rise. By waiting it will be more difficult to find the ideal home at a price that’s affordable to you.

7- Millennials are arriving at their home-buying years- Millennials represent a huge group of Floridians and now that they are entering their peak home-buying age it will surely tighten the supply of  Orlando homes on the market.

RIGHT NOW THESE ARE SOME OF THE
HOTTEST ZIP CODES BASED
ON SUPPLY AND DEMAND
33778 Largo
32708 Winter Springs
32826 Orlando
32904 Melbourne
33624 Tampa
32828 Orlando
32905 Palm Bay
32765 Oviedo
32907 Palm Bay
32825 Orlando

THESE ZIP CODES ARE PREDICTED TO BE THE
FASTEST GROWING OVER THE NEXT FIVE YEARS
32081 Ponte Vedra 19%
34211 Bradenton 18%
32832 Orlando17%
32163 The Villages 17%
34484 Oxford 16%
32162 The Villages 16%
33473 Boynton Beach 16%
34747 Kissimmee 16%
32227 Jacksonville 16%
32544 Hulbert Field 16%

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8 Factors That Increase Your Orlando Home Value

Posted on by Jenny Zamora

 

Are you looking to buy an Orlando home and make a smart investment at the same time? Be aware of these important factors as identified by Realtor.com by analyzing millions of home sales throughout the country.

Having Fewer Bedrooms- As an Orlando realtor, I was surprised when I first read about this. Homes with 1 bedroom experienced an increase in appreciation of over 7% since 2012. Homes with 2 bedrooms have increased by 6.6%, 3 bedroom homes 6.3%, and 4 bedrooms was down to 4.9%. This just goes to show how popular down sizing has become in our country.

Bigger is not always better- especially when it comes to Orlando real estate. past 5 years have been a strong indicator that smaller homes  are more popular than ever among baby boomers as well as first time home buyers. Statistics show that homes smaller than 1,200 square feet have gone up by an average of 7.5% each year and larger homes [ over 2,400 sq ft] have only seen a 3.8% increase.

Open floor layout- These days everyone loves an open floor plan and so the more sought after something becomes, the value it will have. Homes in Orlando with an open floor plan appreciate an average of a whopping 7.4% per year. You can sometimes change your floor plan depending on if the walls you have to remove are load bearing or not. Upgrades such as granite counter tops and stainless appliances only experienced a 2-3% appreciation.

Having a view- Homes with a nice view across the country have increased between 4.9% – 7.9% over the past several years. If your fortunate enough to buy a home with a pretty view, you can always expect to enjoy a bit more appreciation on your home than your neighbor without one.

Modern design- With the exception of a small percentage of buyers who prefer older homes, newer more modern styled homes will always be more desirable for the majority of buyers. As a matter of fact, newer homes with modern designs have been rising an average of 7.7% per year. Bungalows are 2nd at 6.5%, traditional 5.6%, ranch homes 4.5% craftsman 3.7% and victorian at 2.2%.

Homes with 2 car garages-  Orlando homes that have space for 2 vehicles have had an increase of 6.4% per year Vs homes with a one car garage at 6% increase. And believe it or not homes with 3 car garages only saw an increase of 3.8% annually.

Being in the city- This was another one that surprised me a bit, but I guess I’m a little bias. Homes that were in or close to the city near mass transportation had an increase of a whopping 8.4% in value where as homes in the suburbs in good school districts and shopping areas only increased by 7.2%.

 

 

 

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9 Reasons Why Some Homes in Orlando Sell Faster

Posted on by Jenny Zamora

Why is it that some homes in Orlando sell faster than others?

Have you ever wondered why some homes in Orlando sell much faster than others when they appear to be similar in the same neighborhood? The most obvious three reasons would be location, size, and condition. However, beyond that, some other factors can affect why some Orlando homes sell faster than others.

Great Curb Appeal- Top Realtors in Orlando say that the curb appeal of a home is the number one factor determining the amount of time that a home stays on the market. So if you’re selling a home in Orlando be sure that the front of your house looks the best that it can. Sometimes all it takes is a freshly cut lawn, manicured hedges, and a few colorful plants.

Homes ready to move-in- homes that are in “move-in ready” condition and are marketed as such usually sell much faster than homes in need of repair. Although there seems to be a million Orlando real estate investors buying fixer-uppers right now, the number of retail buyers is much higher.

Local School Districts- Homes that are located in A-rated school districts not only sell faster but also sell at a premium. For a young family, there’s a tremendous amount of value to them knowing that their kids will be going to the best schools. There’s it’s been researched that 1 in 5 Orlando home buyers would pay an additional 6 to 10 percent above their housing budget to be in a good school zone.

Professional Photography- As an Orlando realtor, it still baffles me how many listings I find on the MLS with horrible photos. If you want to sell your Orlando home fast for top dollar, make sure your agent uses top-quality photographs. Sometimes times, especially with our international buyers, people buy homes that they’ve never seen and all they have to go on is the photos. Also, homes in Orlando end up selling for more money when they have quality photos as opposed to homes with amateur-looking photography.

Have it staged elegantly staged- Homes that are tastefully staged sell 73% faster than homes that aren’t staged. If you can’t afford to have your home staged, you should at least make sure it’s decluttered and cleaned so it looks the best that it can for potential buyers.

Setting the listing price correctly- Homes that are priced at market value or just under have been proven to sell much faster than overpriced homes. Consult with your Orlando realtor to determine the correct listing price before putting it on the market.

10-Reasons-To-List-with-An-Orlando-Realtor

Hiring a top Orlando Realtor– Buy hiring an experienced Orlando real estate agent who knows your community like the back of their hand, you’ll not only sell your home faster and for more money, but you’ll have the peace of mind knowing there’s a licensed real estate professional in your corner looking out for your best interests. Be sure to check an agent’s reviews and track record before hiring them.

Video and virtual tours- One thing we do with every one of our listings is to create a unique video showcasing the property. We do this because everyone loves watching videos and we share it on social networks, on the blog as well as the website. We’ve also found it to be a great sales tool to show potential buyers.

Home features- In addition to being an Orlando realtor, I also invest in Orlando real estate, mostly to buy and resell. I can tell you from experience that homes with certain upgrades like granite countertops, upgraded fixtures, and quality flooring. However, you shouldn’t over-invest in these upgrades unless you know you’ll get a return on your investment.

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Encore Club Short Term Vacation Home For Sale

Posted on by Jenny Zamora


This is a gorgeous short-term vacation home located at the one and only Encore Club at Reunion Resort! Come see this Beautiful six bedrooms, six bathrooms smart home just minutes from Disney World.  It features beautiful granite countertops throughout, an in-ground pool, and a spa. Walk up the brick paver driveway to a double car garage and a beautifully landscaped design.  

Step inside and you will find two stories of fully furnished luxury from the floors to the vaulted ceilings. The open kitchen overlooks the dining space and living area with a relaxing pool view. A spacious family room gives plenty of room for the whole family to gather and spend some quality time together without feeling crowded. The covered lanai overlooking your private pool may quickly become your favorite place to sip morning coffee and relax.  

Encore Resort guests experience the Best of everything: relaxation, excitement, and luxury. The resort community pool features water slides, a splash pad, beach volleyball, and other beach-side amenities. The indoor recreation includes large screen TV, gaming systems, snack market, and arcade room.   Guest Services will assist with anything from scheduling transportation to catering as well as help you navigate the monthly resort community schedule.

Located within minutes to Disney World, Universal Studios, Seaworld, International Drive shops, and much more! Excellent opportunity to expand your current portfolio of short-term rental properties which can be self-managed or use the services available within the community.   If you’re looking to make a solid investment in a short-term vacation home, then this is it! With several bookings already in place for the remainder of 2018 and into 2019 this home purchase is a no-brainer.

Call or text 407-902-7750 to schedule a showing today or visit https://orlandorealtyconsultants.com/

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