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What a beauty 6071 WATERWAY BAY DR is! This property exemplifies the Southwest Florida lifestyle, located in a gulf access community! Right away, you’ll notice the open bright floorplan complete with ultra high vaulted ceilings. The kitchen offers corian counters and stainless steel appliances. All bathrooms have been beautifully renovated! Pride of ownership shows, as this home has been meticulously maintained inside and outside! Read the rest of this entry

“Credit Inquires” Not All Created Equal

“Credit Inquires” Not All Created Equal

A “credit inquiry” is a formal request to review a person’s credit report and stays on ones credit report for 120 days after it was pulled.  A person’s credit score is comprised of five different components, with “new credit” being one of the smallest variables.  New credit accounts for only 10% of a person’s overall credit score.  Searching for new credit is relevant to your credit score because when you make a credit inquiry, it’s a specific request to increase your level of indebtedness. The reasoning behind why inquiries are viewed negatively is that the possibility of taking on additional levels of debt increases the probability of a default.  For each new credit inquiry, it increases the probability that you’re taking on larger amounts of debt, which makes it less likely that you’ll make good on your payments to your creditors. Read the rest of this entry

Flood Insurance

Flood Insurance

In certain areas of Florida, having flood insurance is required for a home mortgage by the lender if any portion of the parcel is located within a high risk flood area.  For some consumers who have never carried a flood insurance policy before, this can be a different process from what they have been accustomed to through carrying a hazard insurance policy.  Let’s examine the aspects of carrying a flood insurance policy. Read the rest of this entry

Hybrid Adjustable Rate Mortgage (ARM)

Hybrid Adjustable Rate Mortgage (ARM)

In the past two blogs I discussed several loan products most commonly found in today’s mortgage environment.  Depending on ones personal finances or goals, there are some other loan products that one might also consider.  These products will finish my discussion pertaining to adjustable rate mortgages (ARM). Read the rest of this entry

Interest Rates & Indexes

Interest Rates & Indexes

Last week I discussed the fully indexed rate (interest rate) on an adjustable rate mortgage (ARM).  I explained how the fully indexed rate equals the index that the note is tied to plus the margin that is determined by the lender.  Understanding the interest rate risks involved with an ARM is critical to making the right decision when it comes to choosing a mortgage product. Read the rest of this entry