It is a widely debated topic… buying vs. renting. Here are a few reasons why you would want to choose to buy over renting or inversely. Everyone has different needs and a solution is not one-size-fits-all! BUYING PROS Buying a house comes with many benefits, the biggest one being that once you’re done paying it off, it’s yours! Every time you make a payment towards your mortgage, you get closer to owning the property. When you pay rent, that money belongs to the owner. Poof. Gone. No longer yours. You’re paying someone else’s mortgage. It’s an investment. Your property will appreciate in the market if it is well taken care of. If you purchase a home today for $200,000 could be worth and sold for $260,000 in a few years. Once you’re done paying off the property, it’s yours! This can be substantially less than renting since you no longer must worry about that monthly payment (you will still have other expenses like homeowner’s insurance). If you have a family and want to leave them the property in your will, that is leaving your family an asset for the future. You can do as you please. When renting there are usually rules about painting the walls or putting up paintings. With your own property you can paint your house bubblegum pink if it’s what makes you happy! The renovations don’t have to be approved by another landlord, because you’re your own landlord! (You might need to get it approved by the state too if you’re making certain changes.) You can get pets as you please without extra fees or build a nursery if you need one. There are tax advantages to owning property because many of the costs are tax deductible. You can take out an equity line if you fall on hard times. Unlike a rental, a property you own holds value which you can use as a loan when necessary. It’s kind of like a safety net and it’s also kind of like a forced savings. Your payments won’t go up. Rent can be increased whenever a landlord wants depending on the contract, but with a mortgage you know exactly how much you’re paying every month and year. RENTING PROS There are pros to renting as well. The biggest being that you are not in charge of your own maintenance costs. Renting gives you more mobility since you are not tied to a mortgage. Sometimes selling a property is not easy depending on the climate of the market, so you might not be able to get out of it as quickly as you can with a rental. Want to buy but don’t think you’re ready? We can help you figure out if you’re in a good position to buy or if you should continue renting. We can also help if you are looking to refinance or tap into your line of equity. If you have any questions, please feel free to ask!

There are a few reasons one might like to refinance. It can be a concept that sounds complicated or daunting but can be extremely beneficial depending on why you would need to get one! Refinancing is basically getting a new mortgage to replace the original. It can become difficult to make payments in any economic climate due to instability or high interest rates. Refinancing is not helpful to everyone as it can increase your interest rate instead of lowering it, so being informed is the best way to know whether it will be helpful to your situation. Refinancing can help a borrower with a perfect credit history convert a variable loan to be fixed and have a lower interest rate. Some people can lower their rate by 2%! Some experts say even a 1% decrease is worth refinancing over. Refinancing can be risky for borrowers with bad credit or too much debt. REDUCING INTEREST RATE Many times, as people work through there careers and become more stable, their credit score rises. With a better credit score, lenders are more willing to offer lower rates. With a lower rate, you could be paying less in your monthly payment and end up saving hundreds of dollars through the life of your loan. HOME EQUITY LINE OF CREDIT (HELOC) Essentially using the equity that you have built in a house as a sort of credit card. It allows you to use what you need at a low rate taking from the secured equity of your house. The home is appraised, and the lender will determine how much of a percentage of that appraisal they are willing to loan. CHANGE LOAN STRUCTURE You may be able to reduce your mortgage from a 30-year loan to a 15-year loan or change from a flexible rate to a fixed rate loan. Refinancing is not ideal for everyone and could even end up harming you. If you’re still unsure whether or not refinancing is for you, feel free to contact our in house mortgage company to ask any questions you may have!

Whether it’s your first time moving into a new house or your seventh, there are a few things you should keep in mind and consider doing before settling in and calling it your new home. Handle the basics -Get your mail forwarded with USPS, make sure to contact all your current service providers and have the utilities in your old home disconnected the day after you move. -Cancel your home phone, cable, internet, and newspaper service (there could be cancellation fees) as well as membership in local clubs or organizations that you can no longer be a part of. -Arrange for the water, electricity, and gas at your new home to be running on move-in day. There may be installation charges or deposits in order to get the utilities turned on. Get an inspection -This step is super important to do after you sign a contract (look at the inspection period for how much time you have) as you can negotiate terms based on what comes up during the inspection. Stay for the inspection and have a list of things you want to be checked. For example, if there is mold in the bathroom, you may be able to negotiate seller assistance or even cancel the contract. Set a moving budget -Create a realistic budget for moving expenses. You can hire professional movers but maybe you could spend that money to buy furniture you’ve been wanting, prioritize. Choose a move date -Consider what time in your life would be the best to move (some factors could be the end of a lease, the start of a new job, etc.). If you can avoid moving during moving in peak season, it may save you some money with moving companies. Peak season is considered May-September, but unpredictable weather could make it riskier to move from October-April. Once a date is decided you can create a moving calendar to schedule some of the other tasks on this list. Find a moving company and help -Decide whether you would like to do the move yourself or hire a moving company. Moving yourself can be risky, be sure to calculate the costs and that the friends/family you ask to help you are reliable! You should also consider the time, safety, efficiency, insurance, etc. -If you decide to go with a moving company, make sure to get different quotes and read reviews. Getting the best rate is good but dealing with unprofessionalism could be a headache! You could create a spreadsheet to be able to remember all the info you are given from each company as the prices will vary depending on the number of boxes as well. -You may have some special items such as a piano or firearms that need to be moved by special movers, make sure to take that in to account. -Learn about the documents you will be receiving from your movers beforehand. Then read the documents from them before signing anything. -Confirm that your moving company is licensed and insured by verifying their Department of Transportation number (DOT number). Take measurements of rooms and furnish your home with items that grow with you -You want to make sure that your furniture items fit your new home and you can pre plan the way your items will fit. If you need to buy new furniture, you can decide before hand if they will fit the space or if you need to change the items you plan on getting. Don’t purchase items because they are cheaper that don’t match the space, or you aren’t happy with. You want furniture that you will be able to take with you if you plan on moving again or will still suit your family a few years down the line. Spending a little more on these items at first could save you more money in the long run. Pack a first day/overnight box -Anything that you would need for the first 24 hours should go in this box. Toiletries (and towels!), bed sheets, and a change of clothes should be included. It might also be a good idea to include a bed sheet or curtain that you can put up on your bedroom window so you can sleep better your first night. Get your self-storage unit -If you need one, you want to make sure they have one available for you to put your items in! Get cash before your move -Tip your movers! Register your vehicle -If you are moving out of state you need to get your vehicle registered. Also remember to get your address changed on your license! Inspect boxes delivered Have lots of water bottles on-hand on moving day! Make sure the moving truck has a parking spot Bring a door stop on moving day to keep the door open PACKING Purge your possessions -This would be a great time to have a garage sale and minimize the number of things you own! We all have those items we have been talking about getting rid of for ages and this would be a good time. Anything that you don’t sell at the garage sale you can rehome to someone who needs it or donate it! Make sure to have the right packing materials -You may be able to get boxes from your local bookstores, grocery stores, recycling drop-off points, etc. that would otherwise be thrown away! Provide maximum protection to your items – reinforce the boxes, wrap items individually, use packing paper, and don’t leave any empty spaces so the items don’t shift in transit! Use plastic wrap to avoid leaks and vacuum seal your clothing to save space. You can also use towels, linens, and such to provide cushioning for other items. Get organized -Make sure you know what you have before you put them in boxes. You don’t want to have kitchen items mixed in with the bathroom items since that will prolong the unpacking process. -Know what you cannot pack due to the regulations of moving companies Label all boxes -This makes it easy for the movers to place the boxes in their respective rooms without having to ask you. Try to put it on all sides of the box so they can see it from any angle. Make sure to label any fragile boxes as such. You don’t want a box of books to be crushing your fine china. -You can also assign a color to each room and use different colored masking tape to label where it needs to go. On the day of the move, use the colored tape to mark the entrances of each room. Place heavy objects in small boxes -You don’t want to make a box too heavy to carry or have the box break from the weight! Take pictures of electronics before unplugging -It may be hard to remember what cables belong to which input when you go to set it up again. By taking a picture you will have a visual to go by that will make it a breeze! Make note of valuable items (and what box you packed them in) -Try to keep valuable items with you, but there are many reasons why you would need to have the movers take it. Make a note of those items and keep a note to yourself with what box they are in so you can check for them afterwards. Pack a little every day -Don’t wait until the last minute! You might be more hasty packing boxes and will misplace items along the way. Pack the items you don’t frequently use first. Maybe set a timer and pack for an hour a day so you are not overwhelmed. AFTER THE MOVE: Set up the most essential rooms first -A good place to start would be the kitchen. It is usually one of the most complicated rooms to unpack and can become more stressful the more it’s put off. Change the locks -You don’t know who the previous owners gave copies of the keys to and no one unknown should have access to your home Set up a timeframe to be done unpacking -It’s easy to procrastinate since there is no real deadline but give yourself maybe two weeks to get it done (depending on your schedule) so you don’t drag it out! Schedule a little time each day just like packing so it does not become overwhelming. Check fire protection Locate fuse box and main water valve Replace air filters Set up all the other utilities that were not set up for move-in day Connect major appliances -Whether you are replacing them or bringing in the ones from your previous home, you don’t want to be left without a fridge for a few days. Grocery shop! -You should try to eat everything before moving as moving all that food can be a hassle. Now it’s time to restock on food items which can save you some money from eating out! Meet your neighbors -Now would be a good time to introduce yourself and get to know the neighborhood Let people know you moved -Tell your friends where you moved so they can come visit or send mail. You can also set up a housewarming part which gives you more of an incentive to unpack! IF YOU HAVE PETS Find somewhere safe for them to go during the move IF YOU HAVE CHILDREN Child proof the house Find the best school for your child Line up a babysitter or set up a play date to keep them safe on moving day Moving can be overwhelming and there are a lot of things to consider. Hopefully you can use some of these tips to make your move a little easier! Good luck on your journey.

If you’re looking to buy a house, the first place you might start is with a lender. The lender is then going to check your credit. The better your credit is, the better chance you have of getting lower interest rates! The good thing about credit, is that it isn’t permanent so you can raise your credit if you have a poor score. The lower your credit is, the faster some of these tips will work in helping you fix your credit. Check your free annual credit report You are entitled to check your score every 12 months from three different nationwide credit reporting companies: TransUnion, Equifax, and Experian (you can use this website to request them). The numbers may vary because every entity that runs your credit uses different measures, but the difference between bad, good, and great credit is relatively the same. Once you see what your credit is, you can make a plan of action to raise your credit. A general guideline for the tiers: -Excellent credit: 750+ -Good credit: 700-749 -Fair credit: 650-699 -Poor credit: 600-649 -Bad credit: below 600 Make sure all the information on these reports are accurate, such as your SSN, birth date, etc. If there are any errors you can dispute them. Dispute credit report errors If there are any errors on your report you can dispute them, and the credit bureaus have 30 days to investigate and respond. Here is a list of some of the most common errors: -Your identity was stolen and the thief is abusing your credit -A collection account from years ago is still being reported, even though it’s past the statute of limitations in your state -A bill your ex was supposed to pay (per your divorce) has gone unpaid for a while, and you are the one suffering from the consequences -Your credit information has been mixed up with someone who has the same or a similar name -You defaulted on one loan and it’s showing up as multiple defaults on the report because it was sold to debt collectors -Any accounts or applications for credit you don’t recognize -Not all of your accounts are being reported -Items from decades ago still appearing -Late/missed payments you recall paying on time Pay your bills on time Your payment history has one of the biggest effects on credit scores and late payments can stay on your reports for up to 7 years! Lenders are interested in how reliable you are to pay your bills, so this is an important factor that is considered heavily. We’re all human and mistakes are bound to happen, so if you miss a payment, call the creditor immediately and ask them if they will consider no longer reporting the missed payment to the credit bureaus. They might not agree to this, but it’s still important to pay as soon as possible because every month that an account is marked negatively will bring down your score. The more positive credit behaviors after a misstep can help offset the damage more quickly. So, think of paying your bills on time like earning gold stars! Allll of your payments are included in this, not just your credit cards, so using apps or tools to make automatic payments might be in your best interest. Pay down your balances The less debt you have the better off you are as the credit utilization contributes 30% to a FICO Score’s calculation. This is more effective than moving the debt around. Come up with a payment plan that puts most of your payment budget towards cards with the highest interest while still being able to make at least the minimum payment on your other accounts. You’ll owe less in interest in the long run. You can even plan to make smaller payments, often called micropayments, to keep the balances down. You can even treat a credit card as a debit card and pay it online as soon as you see a purchase is posted. Apply for credit only when necessary Every time you try to open a new credit line, there is a “hard” inquiry on your credit report. So, while having more cards open will make your overall credit limit higher, it will bring your score down by a few points temporarily. “Hard” inquiries will stay on your report for 2 years. If you’re in between credit tiers, this especially recommended because you could be bumped down by just a few points. Having credit cards helps build your score but you must know how to manage them responsibly and make payments on time. Get higher credit limits on credit cards you already have When your credit limit goes up, but your balance stays the same, you’re using a smaller percentage of your credit, so your overall credit utilization immediately goes down. You can call your card issuer and ask if you can get a higher limit without a “hard” credit inquiry, so it doesn’t pull your score down. Keep credit cards open Closing credit cards can make it harder to improve your score because they will no longer be counted towards your credit limit when the overall credit utilization is calculated. Some cards may charge you a fee for not using them, so those may be worth closing. Otherwise, just use the card occasionally so the issuer won’t close it. Closed accounts don’t go away, they will still show up on your report and may be considered when calculating your score. Become an authorized user You can ask a relative or friend that has a longer record of responsible credit card usage than you to add you to their card as an authorized user. They don’t have to let you use the card- or even tell you the account number for that matter- for you to benefit. Finding someone who will make you an authorized user on their accounts might be difficult if you want to use their credit cards, as they will be responsible for any charges you make. It does not affect their credit to just add you though and if you do not rack up charges on their account, you should be golden and have a longer credit history! These aren’t all the tips out there to fix your credit, but it’s a good start! Remember that credit can’t be fixed overnight, but soon you’ll be on your way to excellent credit and a great interest rate on a loan!

The idea of buying a house can be really daunting, especially in this day and age. Taking the first step is incredibly difficult, but you’ll find yourself excited about your new home in no time! Here’s a check list of things to do and figure out before beginning your search! Decide on a budget You don’t want to get a place that is outside of your means! You will want to calculate your debt-to-income (DTI) ratio, which is basically your monthly expenses versus the money you make each month. To secure a qualified mortgage from most lenders, this ratio should not be more than 43%, but the less that is the better. You want to also account for all the other expenses of home owning, such as buying furniture, maintenance costs, and activities you would like to do such as eating out and travelling. There are calculators online to see how much you should be able to afford. Be reasonable with what you will be able to afford! Save for the down payment Depending on what type of mortgage loan you want to get might change how much you are looking to place as a down payment. The more you put down, the more you will save over the lifetime of your loan. The bigger the down payment, the less you will have to pay in interest rates and the smaller your monthly payments would be. Some people get a side hustle to put aside money for this and it’s never too early to start saving! Check credit and strengthen if necessary Your down payment isn’t the only important financial part, as most people need a loan. The better your credit is, the better chances you have of getting lower interest rates on a mortgage. Check your credit score. You are entitled to check your score every 12 months from three different nationwide credit reporting companies: TransUnion, Equifax, and Experian (you can use this website to request them). The numbers may vary because every entity that runs your credit uses different measures, but the difference between bad, good, and great credit is relatively the same. If your credit is lacking, there are many ways to improve your credit, we will have a post on how to do that! Research the best mortgage option for you There are many different types of mortgages out there and not all of them will be the right fit for you. The most common is conventional/fixed-rate loans. You can learn more about different types of mortgages here ). Gather all your documentation A lender is going to ask you for lots of documentation when applying for a mortgage. To save some time you can expedite the process by obtaining the documents beforehand. You will need: income verification/employment (last 2 years’ tax returns, W-2s, 1099s, and your last few pay stubs), credit/ID (drivers’ license, Social Security card, or acceptable alternatives), and your financial condition (band and brokerage account statements including retirement accounts, proof of funds, a gift letter (if your down payment is coming from a gift)). They might ask you for other documents, but this is the basic list to get started. Get pre-approved Before even beginning to look for homes, find a mortgage lender (we recommend going through A Plus Mortgage as you can work with the same team through the entire process). This will help you get a lot of the paperwork out of the way upfront and will give you a tentative pre-approval amount. They can also help you finalize the loan type and the loan term (15 years, 30 years, etc.). This gets you one step closer when it comes to making an offer on a home. A letter of pre-approval does not commit you to a lender, it is encouraged to ask a variety of lenders to see what the most intelligent financial decision is. Find a real estate agent A real estate agent is not necessary but makes the process less stressful, they will do the research, contracts, and a lot of other time-consuming parts that come with homebuying. Of course, we would love to be your agent and make your experience the best but finding someone who you trust and are comfortable is important. Have a list of things you want! This is the beginning of the fun part! Want a yard? A big kitchen? Make sure you let your agent know! You can also give them a list of the neighborhoods that would be ideal for you. Remember they are helping YOU find the home you want to invest in! Have a list of must-haves, but do not discount houses that are not perfect for cosmetic issues that can be fixed later. Now you’re ready to bring your house hunt! There are other things that come after finding the place you want, but the first part is to start!

Getting a mortgage can be overwhelming, but knowing the difference in the types of loans you could get makes it easier to make a decision. Here’s a simple guide to the most common types of mortgages: Alternative Documentation -Loans that don’t coincide with regular qualified mortgage documentation. Options include, bank statement programs, investment property programs, and debt service programs. These can be more flexible compared to conventional loans and are generally not verified. Commercial -Commercial loans are for income-producing property which are used for business purposes. Some examples of these would be retail malls, hotels, office buildings, and shopping centers. These are often made to business entities as opposed to individual borrowers and since the entity might not have a financial track record or credit rating, the lender may require the owners of the entity to guarantee the loan. Conventional/Fixed-Rate -These are the most common loans and are safe because of their consistency. They are available in 10, 15, 20, 30, 40, and even 50-year timeframes. 15-year and 30-year are the most common. This type of loan requires at least 3% down payment. These loans can be used for a primary home, second home, or an investment property. A downside for some borrowers is that the minimum FICO score required is 620 or higher. FHA -These mortgages are backed by the Federal Housing Administration. They come with built-in mortgage insurance to protect the possibility of not being able to pay the loan. Borrowers need a minimum FICO score of 580 to get the FHA’s maximum 3.5% financing, but a score of 500 is accepted if there is at least a 10% down payment. Foreign National -This type of mortgage is offered to foreigners by private lenders. As foreigners generally lack credit data, it is harder to get a loan. As they are riskier for the lender, the borrowers are required to make much larger down payments, usually from 30-50%. They also carry higher interest rates. VA -These loans are for active duty and veterans of the US military and their families. They are flexible and have low-interest rates. VA loans do not require a down payment or and are guaranteed by the Department of Veteran Affairs. The requirements may vary depending on the year of service and whether the discharge was honorable or dishonorable.

Jose F Chapman | Jose F. Chapman | A Plus International Realty INC

5 08, 2020

¡Mejore su crédito!

Jose F Chapman2020-08-13T21:48:55+04:00

Si estás buscando una casa, el primer lugar que podrías comenzar seria con un banco. El banco te va a chequear el crédito. ¡Lo mejor que tienes el crédito, el mejor chance tienes en obtener una taza más baja! Lo bueno del crédito, es que no es permanente y lo puedes subir si tienes un [...]

¡Mejore su crédito!Jose F Chapman2020-08-13T21:48:55+04:00

22 07, 2020

Tips to Save for a Down Payment!

Jose F Chapman2020-09-26T00:41:28+04:00

There are many things to consider before buying a house and the down payment can be one of the big ones. Obviously, the greater the down payment, the less you will have to continue paying monthly in a mortgage and you may even get a better rate because of it. Not everyone has the means [...]

Tips to Save for a Down Payment!Jose F Chapman2020-09-26T00:41:28+04:00

8 07, 2020

Buying vs Renting

Jose F Chapman2020-06-26T20:57:55+04:00

It is a widely debated topic… buying vs. renting. Here are a few reasons why you would want to choose to buy over renting or inversely. Everyone has different needs and a solution is not one-size-fits-all! BUYING PROS Buying a house comes with many benefits, the biggest one being that once you’re done paying [...]

Buying vs RentingJose F Chapman2020-06-26T20:57:55+04:00

24 06, 2020

Reasons to Refinance

Jose F Chapman2020-06-10T23:56:06+04:00

There are a few reasons one might like to refinance. It can be a concept that sounds complicated or daunting but can be extremely beneficial depending on why you would need to get one! Refinancing is basically getting a new mortgage to replace the original. It can become difficult to make payments in any [...]

Reasons to RefinanceJose F Chapman2020-06-10T23:56:06+04:00

10 06, 2020

Moving Tips

Jose F Chapman2020-06-08T19:57:45+04:00

Whether it’s your first time moving into a new house or your seventh, there are a few things you should keep in mind and consider doing before settling in and calling it your new home. Handle the basics -Get your mail forwarded with USPS, make sure to contact all your current service providers and have [...]

Moving TipsJose F Chapman2020-06-08T19:57:45+04:00

18 03, 2020

Improve Your Credit!

Jose F Chapman2020-02-21T01:09:27+04:00

If you’re looking to buy a house, the first place you might start is with a lender. The lender is then going to check your credit. The better your credit is, the better chance you have of getting lower interest rates! The good thing about credit, is that it isn’t permanent so you can raise [...]

Improve Your Credit!Jose F Chapman2020-02-21T01:09:27+04:00

4 03, 2020

Homebuying Checklist

Jose F Chapman2020-02-21T01:09:50+04:00

The idea of buying a house can be really daunting, especially in this day and age. Taking the first step is incredibly difficult, but you’ll find yourself excited about your new home in no time! Here’s a check list of things to do and figure out before beginning your search! Decide on a budget You [...]

Homebuying ChecklistJose F Chapman2020-02-21T01:09:50+04:00

19 02, 2020

Types of Mortgages

Jose F Chapman2020-02-19T03:04:22+04:00

Getting a mortgage can be overwhelming, but knowing the difference in the types of loans you could get makes it easier to make a decision. Here’s a simple guide to the most common types of mortgages: Alternative Documentation -Loans that don’t coincide with regular qualified mortgage documentation. Options include, bank statement programs, investment property programs, [...]

Types of MortgagesJose F Chapman2020-02-19T03:04:22+04:00

23 10, 2019

Condo for Sale – Satori Hotel Residences, Miami

Jose F Chapman2019-10-23T13:04:59+04:00

Satori Hotel Residences 434-36 NE 35 Terrace Miami Satori is an exclusive Hotel-Residence condominium located in the Edgewater section of Miami Midtown at the intersection where fashion and art come together, offering the best of Miami, the Design and Wynwood Districts - only a few steps from Biscayne Bay at [...]

Condo for Sale – Satori Hotel Residences, MiamiJose F Chapman2019-10-23T13:04:59+04:00

18 10, 2019

Condo for Sale – 1900 Biscayne, Miami

Jose F Chapman2019-10-18T15:48:45+04:00

1900 Biscayne 1900 Biscayne Blvd. Miami The 429 units include 27 studio apartments (just above 500 square feet), 248 1-bedroom units (ranging from 720 to 1,091 square feet), 149 2-bedroom units (997 to 1,366 square feet) and 5 penthouse units (2,167 to 3,312 square feet). At the ground level, there will be [...]

Condo for Sale – 1900 Biscayne, MiamiJose F Chapman2019-10-18T15:48:45+04:00

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