Florida Home Buyer Resource

Home Insurance and Backyard Structures

yard_1If you have a freestanding garage, shed, pool or other structure on your home’s property, is it protected under your homeowner’s insurance policy?

Detached Structures
Coverage amount for detached structures varies from policy to policy; check your policy for the specific coverage related to your structures. Keep the rebuilding cost of these structures in mind when purchasing your home insurance policy.

The items inside a shed or garage may also be covered by your homeowners policy, but you might consider a Personal Articles Policy this type of policy protects items beyond the limitations and deductibles of a homeowner’s insurance policy. You should review your personal property coverage with your agent or carrier to verify you have the correct coverage for your personal property.

Swimming Pools
Whether you already have a swimming pool or are thinking about getting one, review liability coverage options with your insurance agent or carrier.

You can also take additional safety measures to help prevent accidents and reduce the potential liability exposure:

Add a high fence with a self-closing, locked gate to keep guests from entering without your knowledge, to help prevent accidents, and reduce potential liability exposure. Enforce safe pool rules, such as not diving into shallow water and walking, not running, around the edge of the pool.

  • Provide non-slip surfaces around your pool to prevent falls.
  • Maintain adult supervision of children in the pool at all times.
  • Keep necessary first-aid equipment near the pool.
  • Contact your local municipality to determine if your pool and surrounding fence meets requirements for size, depth and other safety features.

For more information see the Insurance Information Institute.

 

For Your Protection Get a Home Inspection

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Property Search Orlando Florida

Home inspection gives home buyers more detailed information about the overall condition of the home prior to purchase. In a home inspection, a qualified inspector takes an in-depth, unbiased look at your potential new home to: Evaluate the physical condition: structure, construction, and mechanical systems; Identify items that need to be repaired or replaced; and Estimate the remaining useful life of the major systems, equipment, structure, and finishes.

You must ask for a Home Inspection FHA does not perform a home inspection a home inspection will only occur if you arrange for one. Decide early. You may be able to make your contract contingent on the results of the inspection.

FHA Does Not Guarantee the Value or Condition of your Potential New Home. If you find problems with your new home after closing, FHA cannot give or lend you money for repairs, and FHA cannot buy the home back from you. Ask a qualified home inspector to inspect your potential new home and give you the information you need to make a wise decision.

Appraisals are different from Home Inspections An appraisal is different from a home inspection and does not replace a home inspection. Appraisals estimate the value of the property for lenders. An appraisal is required to ensure the property is marketable. Home inspections evaluate the condition of the home for buyers.

Be an Informed Buyer It is your responsibility to be an informed buyer. You have the right to carefully examine your potential new home with a qualified home inspector. To find a qualified home inspector ask for references from friends, realtors, local licensing authorities and organizations that qualify and test home inspectors.

Inspect your home’s exterior. Check for paint and stucco that’s cracking or peeling. Look for gaps in caulking around doors and windows. Examine foundation for cracks, leaks, or blocked vents.

Housing Tax Benefits Extended

OD_BloggerHomeowners are among those who will benefit from a $760 billion tax deal that was signed into law in December. The deal includes two very important tax breaks for those who own homes. The law contains a retroactive extension of The Mortgage Debt Forgiveness Act through 2016. This law expired at the end of 2014 and, without the extension; any loan forgiveness achieved in a short sale would have been counted as income for homeowners who sold their homes for less than the amount of their home loan during 2015.

Also extended retroactively until 2016, was the deduction for mortgage insurance payments which expired at the end of 2014. Borrowers with adjusted gross incomes up to $100,000 can deduct 100% of their payments. Deductions are reduced by 10% for each additional $1,000 of adjusted gross income above $100,000. The threshold for married borrowers filing separately is $50,000 of adjusted gross income per person. Deductions are reduced by 5% for each additional $500 of adjusted gross income above $50,000. If you have questions regarding your eligibility for these tax breaks, it is suggested you contact your accountant. 

 

Low Mortgage Rates In 2016?

OD_BloggerReceived the following important information about interest rates in my newsletter this morning, had to share.

The Fed Meeting Finally Arrives

The Federal Reserve Board’s Federal Open Market Committee meets today and tomorrow. This is the most anticipated meeting of the Fed in almost a decade. It has been exactly seven years since the Fed moved short-term interest rates to close to zero and it has been over nine years since the Fed actually raised short term rates. Now the markets are expecting the Fed to raise rates from these historically low levels once again.

The Federal Reserve has indicated all along that the markets would get plenty of notice before they raise rates. This notice is designed to prevent market shocks. One must remember that the Fed is only raising short-term rates. For example, the Federal Funds Rate is the rate banks charge each other overnight as they balance their holdings. The other rate controlled by the Fed is the Discount Rate, which is also a short term rate charged to banks for borrowing money. The question is–how can these rates affect long-term rates that consumers pay for loans on cars, homes, credit cards and even student loans?

Some rates such as credit cards which are pegged to the prime rates charged by banks may go up instantly. Other loans which are based upon longer term rates such as home loans are not as easy to predict. That is where the markets come in. The markets react to what the Fed may do before they take action. For example, rates on home loans have risen in anticipation of the Fed’s move. Now the markets will listen to what the Fed will say about potential future interest moves. So let’s see what the Fed has to say in addition to whether they raise rates.

 

 

 

Controversial Rate Checker Tool Tweaked

OD_BloggerUnder strong criticism from the Mortgage Bankers Association and other industry trade groups, the Consumer Financial Protection Bureau made tweaks to its controversial Rate Checker consumer tool.

But MBA President and CEO David Stevens said the tweaks do nothing to resolve “fundamental flaws” with the tool and continue to provide “misleading” information to consumers. 

On January 13, the CFPB unveiled this new borrower education tool on its website (Click Here for Rate Checker) ostensibly to help consumers be better informed of rates and other costs when shopping for a home loan. CFPB said this Rate Checker tool will allow consumers to “see what interest rates people with similar financial situations have been offered.”

The tool uses a credit score, state; property location and a down payment percentage to generate an estimate for a borrower of rates available.

The website which indicates rate information for the rate checker is provided by a private firm who collect data from “actual lenders and is updated every business day.” “When the imprimatur of the government is associated with particular data, the public assumes the data are complete and accurate. However, the lenders’ rates incorporated in the tool include only a mix of large banks, regional banks and credit unions. Notably, rates from independent mortgage banks do not appear to be included in the data. Similarly, discount points, origination fees and mortgage insurance are not included, yet are a significant part of the cost of residential finance–and are critical for any website that purports to be a comprehensive borrower decision tool.” 

Source: Mortgage Bankers Association

 

Seminole County FL – Home Buyer’s Resource

OD_BloggerResidential Solid Waste Management ……..

Seminole County provides collection, recycling and disposal services for residential solid waste throughout the unincorporated area of the county. These services are funded by assessments collected annually via property tax bills. The annual assessment for collection and disposal services is billed in advance of the service calendar year.

Collection and recycling services are provided through contracted service providers [referred to as “Haulers”]; disposal services are provided at facilities owned and operated by Seminole County.

The Solid Waste Management Division of the Department of Environmental Services provides management of collection service contracts and the day-to-day operation of the disposal facilities. For collection & disposal related information and customer service, contact:

The Department of Resource Management facilitates the financial management of these services, including the levy of assessments and service option record management. For service rates, service options, and other assessment related information and customer service, contact:

Collection services for New Residential Dwellings begin when the construction is completed and a certificate of occupancy issued. Specific collection days and routes are established for each area of the county.

Depending on the route assignment, household garbage is collected either Monday & Thursday or Tuesday & Friday for service options that include two collection days per week. For options with one collection day per week, collection is either Thursday or Friday. Yard Waste collection is Wednesday for customers with service Options 1 or 3. Recycling collection day varies throughout the County.

For more information visit http://www.seminolecountyfl.gov/envsrvs/solidwaste/index.aspx
call 407-665-2260.