Getting the Best Mortgage Rate

Mortgages seem to be at a record low these days, but while these rates are advertised, they are not always available to everyone. When buying real estate and purchasing a home in the Florida Keys, several important factors come into play when it comes to qualifying for a great mortgage rate. Showing that you are at low-risk to lenders will bring you the best mortgage rate offer.

According to a recent article in The New York Times, there are several ways for consumers to show lenders that they are low-risk borrowers.
Consider these factors when shopping for the best mortgage rate
1)The higher the credit score, the better the chance of a lower rate. The ideal borrower has a FICO score of 740 or higher said Thasunda Brown Duckett, the senior vice president of Chase Mortgage’s East Region.
2)Property type will be a factor. Higher risk is perceived for property purchased that will be rented out. Duplexes or four unit buildings and even condominiums may have a rate premium added. Commercial properties will have highest rates.
3)A significant down payment can also play a factor in obtaining the best mortgage rate. Higher equity may bring a rate break. At least 25 percent down may bring lower mortgage rate pricing. Ask your lender about options available.
4)The length of the loan will also be considered in a mortgage rate offer. A 15 year fixed rate will be lower than one of 30 years. Consider the proper length of the loan that you need.
5)Transaction speed helps the lender reduce it’s risk. A rate discount may be received in exchange for a shorter lock period.
6)Points or a 1 percent of the loan amount are usually paid to lenders when receiving the lowest mortgage rate. Ask to compare rates with a zero point quote as well.
When purchasing a home and figuring monthly payments, a buyer must consider all the costs of home ownership including property taxes, insurances and maintenance.

Source: New York Times Article (Jan 12,2012)


Islamorada Business for Sale

I just listed a very well known on going custom marine canvas business located in the heart of Islamorada in the Florida Keys. Finding a successful small business for sale in Islamorada in the Florida Keys is a rare and valuable find. The opportunity to buy a business without the major investment of land or a building purchase is great for someone wanting to get into business and stay in business. The present waterfront location of this custom canvas shop available for lease adds to the ease of operation. Only the investment in the equipment, the inventory, the customer base with reputation, trade name and business goodwill makes this a perfect business opportunity for someone looking to relocate to the Florida Keys or for an individual who wants to become his own boss. The well known Captain Canvas in Islamorada specializes in top quality workmanship and superior customer service. The present owner, a local resident has enjoyed the benefits of a local business, earned a very nice income while enjoying life in the Florida Keys building his portfolio of business and waterfront real estate. Looking for retirement, he is an anxious seller ready to show someone the ropes. Love this guy!!


The Right Location in the Florida Keys

When buying real estate in the Florida Keys, several key decisions must be made in narrowing down your search and ultimately determining your best property to own. Price or budget is always a major factor and becomes a driving force in all the other considerations. Location is key factor in this decision. The Florida Keys are composed of a chain of islands together spanning 110 miles. Each island in the Florida Keys offers unique qualities. Key Largo offers closest proximity to the mainland for convenience and services yet famous for diving and snorkeling. Key West at the other end of the island chain has the opposite effect allowing one to be most remote from the big cities where you can hideaway in a unique and cultural city. There are quite a few islands that fit between these extremes offering shades of different island life. Waterfront exposure or accessibility to the ocean or gulf must be considered. Distance to bridges and bridge clearances may or may not be important. Fishing, diving, island life, schools, hospitals, communities are all factors to consider when selecting the right location or neighborhood to focus on when searching for real estate in the Florida Keys. Once these issues are prioritized and blended within the real estate budget, one can begin a proper real estate search. Definitely a visit, vacation or extended stay is a good idea for becoming familiar with the wonderfully unique Florida Keys and its constantly moving inventory of properties for sale. My resources page offers important links to the individual chamber of commerces of the Florida Keys.

Florida Keys local information

Real Estate in 2012 – The Right Time to Buy

The first real real estate question in 2012: Is this the right time to buy real estate. As a real estate agent in the Florida Keys following the real estate trends, I find  that this is a great time for many to buy real estate, either residential or commercial in the Florida Keys. Per CNN Money: In 2011, real estate prices dropped about 5%. Economists forecast this trend to reverse course in 2012. It is predicted nationwide that 2012 prices will stabilize with a slight upward turn of .25%.

  • Real estate prices have stopped falling.
  • Mortgage rates are at a record low.
  • Real estate prices are cheap.
  • The worst of foreclosures are over, with few new foreclosures.
  • The Florida Keys offers a limited and desirable location.It seems that buying Florida Keys real estate in 2012 is a smart move if it is appropriate for you. I suggest that you consider your lifestyle, your goals, your income and your financial stability. If you are looking to put down roots, or add that vacation home to your portfolio, then buying that special real estate in the Florida Keys is a great decision for 2012.Don’t try to flip it…try to live it..in the Florida Keys. Watch the CNN Money video

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JOHN VLAD
Email: jvlad@conchland.com
cell: 305-219-5610
fax: 305-712-8889

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