Interested in qualifying for a home loan to buy in Destin, Florida but not sure what steps to take? Paying off past debt and increasing the amount of income wherever possible will lower that income to debt ratio. Don't get discouraged because this takes time. Keep going and your hard work will pay off.

Let our local real estate agents guide you through the purchase process. Contact us for more information.

The price varies from $30-$70 a month for every $100,000 borrowed toward the home. Putting a down payment of 20% on a home will alleviate the need to have PMI.

In the event that the homebuyer puts less than that down, PMI payments are necessary until the amount of equity in the home is greater than 20%. At that point, be sure the mortgage payment reflects a decrease since the PMI is no longer required.

Are you considering buying a home in Destin or one of the surrounding areas in Northwest Florida?

Contact The King Team today. We can make the process go smoothly in a shorter amount of time.

Mortgage Interest Deductions are used as incentives to encourage people to make the biggest real estate purchase of their lives. With this deduction, taxpayers are able to reduce their taxable income by the amount paid in interest toward a mortgage for that year.

Considering the purchase of a home along the Emerald Coast?

Contact The King Team today and we can make the process go smoothly in a shorter amount of time.

Fifteen vs. 30 year mortgage loan. Having a 30 year loan means lower monthly payments but the total amount paid in interest is less for a 15 year loan.

Interest Rate Options:

Fixed vs. Adjustable, with an adjustable rate mortgage (ARM), the interest rate is lower for the first several years. After that time period, the rate will fluctuate based on market conditions.

Loan Types:

Conventional Loans are the primary pathway for home mortgages, while FHA loans can be more easily attained by those with a lower credit score. Special Programs such as VA loans for veterans, active service members, and surviving spouses are backed by a VA guarantee. This means mortgage insurance is not required. They also drastically lower, or eliminate a down payment altogether. While that is desirable to some, people who qualify for a conventional loan pay less money in the long run.

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Let our Destin and Santa Rosa Beach real estate agents guide you through the home buying process. Whether you are looking to buy or sell a vacation rental property, move to the Destin or Northwest Florida panhandle area full-time, or make a PCS military move to cities near Eglin AFB or Hurlburt Field, we are here to help.

Give us a call or submit our online contact form.

Put spending patterns on paper to reveal areas that can be tightened up, like grocery store spending and entertainment costs. Seeing charts and graphs that show ratio of income to spending is a great way to inspire spending adjustments.

Are you looking to buy a home in Destin or Santa Rosa Beach?

Let our Destin and Santa Rosa Beach real estate agents guide you through the home buying process. Whether you are looking to buy or sell a vacation rental property, move to the Destin or Northwest Florida panhandle area full-time, or make a PCS military move to cities near Eglin AFB or Hurlburt Field, we are here to help.

Give us a call or submit our online contact form.

Does your home reno qualify?

Do you know if your home reno qualifies as a tax deduction or credit? If you set aside money in your mortgage when you purchased the home (and made the renovations), you can deduct the interest amount you paid on those designated funds.

Medically necessary renovations like wheelchair ramps, bathroom modifications, lowering countertops, and widening of doors and hallways can be deducted as medical expenses as long as they don't increase the value of your home.

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Let our Santa Rosa Beach and Destin FL real estate agents guide you through the home buying process. Whether you are looking to buy or sell a Destin vacation rental property, move to the Santa Rosa Beach area full-time, or make a PCS military move to Emerald Coast cities near Eglin Air Force Base or Hurlburt Field, we are here to help.

Give us a call or submit our online contact form.

Keep credit card utilization low. What does that mean? Let's say two people owe $10,000 in credit card debt. "Person A" has enough credit cards to potentially rack up $30,000 in credit card debt which means their credit card utilization is 33%. While "Person B" has a total credit limit of $11,000, bringing their credit card utilization to 90% "Person A" has lower credit card utilization. Each person owes the same amount of debt, but "Person B" will have a harder time maintaining a good credit score if the utilization rate stays so high.

The FBI calls it the "newest scheme on the block". Scammers, identity theft, and falsified documents lead to an unsuspecting homeowner losing the deed to their own home. This has happened in large cities across the country for decades. There are companies which advertise protection from such scams. But here are a few tips that can protect you for free.

Tips to protect your Destin home

• Don't just throw away junk mail. Look for suspicious information, like a name you don't recognize. This could be a red flag that your identity has been compromised.
• If you suddenly stop receiving utility bills or the bill increases dramatically in a vacant house, there may be people living in the home without your knowledge. Even more surprising, they may not know the documents "allowing" them to be in the home are false.
• Check the property appraiser's website to verify your contact information. Keep it up to date periodically and check for any unusual activity.
• If any of these situations happen to you, contact the proper authorities. Make copies of any suspicious documents and possibly consult an attorney to know your rights in a mortgage fraud dispute.

CONTACT US TODAY

Let our Destin and Santa Rosa Beach real estate agents guide you through the home buying process. We are here to help.

Give us a call or submit our online contact form.

Experienced agents who are sure in their ability to serve the community will take time to develop a professional relationship with each client, securing their confidence in the purchase of any property. The King Team has four agents available, with nearly 100 years real estate experience, combined. 

The process of buying a home or commercial property is outlined with specific details and documents that are included in each sale. What makes a sale unique is the individual needs, timeline, and budget each buyer will have. 

Sources

Ramsey Solutions. “How to Buy a House.” Daveramsey.com, Ramsey Solutions, 3 Aug. 2020, www.daveramsey.com/blog/how-to-buy-a-house. 

Alterman, Liz. “What Is a Buyer's Agent? A Trusted Guide Who'll Help You Find a Home>.” Real Estate News and Advice | Realtor.com®, Realtor.com, 11 Nov. 2019, www.realtor.com/advice/buy/what-is-a-buyers-agent-used-for/.