A Beginner’s Guide to Home Equity

Simply put, home equity is the interest a homeowner holds in their property based on the current market value minus what they owe on the home. A basic formula for home equity might look something like this: Home Value – Owed Amount = Home Equity Home equity should always be considered as an asset that can be used in the future, but also never taken for granted. Home equity doesn’t rise overnight either and should be treated as a long-term asset that slowly appreciates. However, home equity can also decrease. There are a couple of ways you can increase and decrease your home equity. Ways to Increase Your Home Equity A larger down payment: The general standard for down payments on a home is 20% of the value, but what if you put down more? Even a one or two… Read More

Should I Be Refinancing My Home Mortgage?

Whether it was just last year or ten years ago, you agreed to a specific market rate and terms to pay off your home mortgage. Since then, a lot may have changed in your life; your job/position, your car, your cell phone, and more. If these items aren’t stagnant, why should your mortgage be? Refinancing your mortgage loan depends on a variety of factors and has to be done based on current market conditions, but it’s safe to say that right now is a great time to explore refinancing your home loan. Factors that Affect Your Decision to Refinance With the Federal Reserve’s two rate cuts this year in July and again in September, interest rates are hard to beat right now. The federal funds rate, which controls costs like mortgages, is now sitting under 2%. According to Freddie Mac,… Read More

Things to Look Out for at an Open House

Whether it’s your first home or not, it’s important to know what you’re looking for when purchasing a home. Attending open houses is a key step in getting a feel for what you like, what you don’t like, what’s on the market, and what’s within your budget. It’s critical to know what to watch out for during each tour considering that the next house you walk into could be your next home. To help you understand what to look out for, here are a few key things to keep in mind  during every open house you attend. Location, Location, Location If you’ve ever watched an episode of House Hunters, you know why we’re covering this as an important thing to keep in mind. As you arrive at an open house, pay close attention to the part of the home you… Read More

Why Now is the Time to Buy a Home

June marks one of our favorite occasions, National Homeownership Month. Recognized by The White House, we like to take this time to celebrate and highlight all of the homeowners nationwide, but especially our family of individuals who we’ve helped achieve their homeownership dreams in the North Central Florida area including Gainesville, Ocala, Jacksonville, Orlando and more. Achieve the American Dream The real estate industry is constantly evolving and at Chris Doering Mortgage, we strive to keep up with these changes. We’re committed to being transparent about the available financing options for our clients to set them up for the best success in owning a home. Becoming a homeowner is often the ultimate achievement for Americans; a testament to the American Dream. It doesn’t just stand as a roof over their heads, it stands as an investment for the homeowner for… Read More

Renting? 4 Reasons Why You Should Buy a Home

We’ve written a lot about the home buying process over the years, but why should you even consider buying a home? Many people today prefer renting or think that owning a home is out of their reach, but that doesn’t have to be the case. It can be a big commitment when you buy a home, but it comes with so many benefits. We’ve highlighted four reasons why you should buy a home. 1. Tax Benefits There are many tax benefits that come with home ownership. These breaks help offset some of your costs: The interest and mortgage insurance you pay on your mortgage is tax deductible. If you bought mortgage points, they’re tax deductible in the year that you bought them. Property taxes that are apart of your monthly payment are deductible. The money you make on the sale… Read More

What You Need to Know About Foreclosed Homes

When a homeowner is no longer able to afford their mortgage payments and ceases to make their payments, the mortgage lender is forced to take ownership of the home. When this happens, the home goes through what is called a foreclosure and will go up for sale to a new owner. If you are willing to navigate some of the challenges inherent in purchasing a foreclosure, they can be a financially friendly option. However, there are a few things you’ll want to know before making the decision to buy a foreclosure. Foreclosures Can be Financially Friendly Often times, the lender who owns the foreclosed home is eager to sell the home at a discounted price to remove the house from their books. For this reason, foreclosures can be a great option for a home shopper looking for a larger home,… Read More

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