Treasure Coast Insider

Many homebuyers are financially unprepared to purchase a home. According to a recent National Foundation for Credit Counseling survey, about half of respondents report being "least prepared" to buy a home. It indicates that education is needed, especially for first-time home buyers.

Here's how to prepare finances before searching for a home:

1. Make a Financial Plan – Knowing where to start means conducting a complete review of how your household budget is managed. Comparing income and expenses, reviewing debt, and tracking savings are just a few ways to measure homeownership readiness.

2. Review Your Credit Report and Score – A mortgage is typically the most significant debt a person will likely carry in their lifetime. Credit history plays a huge part in obtaining a loan and getting a satisfactory interest rate from a lender. A credit report may be accepted without a score for free once every 12 months from each of the three bureaus by visiting AnnualCreditReport.com. Review the credit report for discrepancies and dispute any differences. This should be done at least six months before applying for a loan, allowing inaccuracies to be corrected. A score and a free credit report can be purchased for a small fee. This score is critical to mortgage approval and for a competitive interest rate. It's worth looking at the score before applying for a loan. Lender guidelines vary, but a FICO score 760 is typically the threshold for the most favorable interest rates. 

3. Start Saving – A down payment is typically no less than 20 percent of the purchase price of a home, especially to avoid having to pay private mortgage insurance. Any down payment (with a mortgage) of less than 20% down will require private mortgage insurance (PMI). This alone can disqualify many borrowers. If the borrower pays 20% or more at closing, it will also increase the chance of having more favorable mortgage terms.

4. Decide the Loan Type – After selecting a lender, decide whether to take on a fixed-rate or adjustable-rate loan. For those planning to remain in the home for a long time, a fixed-rate mortgage helps add stability by keeping the payment the same for the life of the loan. Those expecting to stay in the home no longer than five to seven years may be better off getting an adjustable rate loan, where typically, they could benefit from lower rates in the short term.

5. Get Pre-Approved for a Loan – Applying for a mortgage typically involves a cost and is done by supplying detailed financial documentation to the lender. The lender will use this information with information obtained by pulling a credit report to determine the amount and terms available to the borrower. This is not a final loan approval but a significant step toward that outcome.

6. Lock in the Rate – If you like the interest rate offered when pre-approved, lock it in by getting the commitment in writing. Finding a home, negotiating a price, and securing funding can take time. Locking a rate for a reasonable period helps make room to complete the process without risking a less favorable interest rate.

For more information, contact Treasure Coast Insider Blogger Mona Leonard at 772-530-6131 or mona@monaleonard.com.

These home safety tips can make a big difference. Sometimes, it's the little things that matter, especially when it comes to safety. Many Americans spend more time at home so that these safety tips may save lives. At a minimum, they'll save you time and money.

Kitchen - Increase the life of your dishwasher by cleaning its filter. Make sure the smoke detector works and change batteries when needed. Check for leaks under the sink. These are more common than you think. Replace old pipes or tubing when required, 

Bathroom - Manually check for leaks or add an intelligent sensor to monitor them in real time. Receive alerts on a smartphone app. If anyone in the home is elderly or disabled, grab bars in the bath are necessary. 

Bedroom/Home Office - With more time spent in home offices, consider replacing hot, energy-sucking bulbs with LEDs. Did you know they use 80% less energy? Plus, they're much more relaxed than incandescent bulbs, saving you on monthly cooling costs.

Laundry Room - Free your laundry sink from any clogging. Inspect the washer and dryer for cracked or brittle hoses, and be sure to clean the dryer vent and keep the filter free of lint. If you have tiny children, placing cleaning supplies overhead keeps them safe from harm. 

Yard/Exterior - Drainage away from your home prevents all sorts of issues. Clear and repair any drains removing water from your home. Flush them out with a hose. Keep the gutters clean and properly draining. Ensure the yard is free of poisonous plants like poison oak and ivy. Remove dangerous debris, broken equipment, dilapidated sheds, and other unsafe items. Ben Franklin said, "An ounce of prevention is worth a pound of cure. 

A/C - Change or clean A/C filters once a month during the summer. Routine maintenance for A/C units is a must. An A/C can cause water damage and destroy walls, floors, and ceilings without proper care. Maintain pans and drains to prevent water damage and expensive repairs. Water damage also invites mold. This cannot be easy to eradicate in Florida without proper maintenance and remediation. Proper maintenance also increases the life expectancy of these expensive necessities. 

Windows - Maintaining windows can extend their life for many years. Neglect them, and this expensive necessity can cost thousands of dollars in replacement. Keeping windows caulked and repaired also increases energy efficiency saving you money. 

Pool - Keep the filter clean and the chemicals and salt at proper levels. Brush the surface of the pool to loosen algae and debris. Keep the deck area clean and algae/mold-free to prevent falls. Algae are slippery!

For more home safety tips, call Mona Leonard, Treasure Coast Insider Blogger, at 772-530-6131 mona@monaleonard.com

Almost anyone knows how important it is to have a good credit score. A good credit score helps borrowers access loans and more favorable interest rates when borrowing money. A good credit score is the beginning of financial health today.

But do you know how a credit score is determined? Understanding what’s used to determine the score is half the battle towards achieving a higher credit score. Here are some of the top factors:

ON-TIME PAYMENT PERCENTAGE

Good creditworthiness means paying bills on time. This is the percentage of payments made on time for the duration of the credit history. It plays a significant role in determining creditworthiness. Just a couple of late payments could significantly impact the score for the worse. The best way to avoid late fees is to set up automatic bill payments. Another helpful method is to place a reminder on the calendar.

CREDIT CARD AUTHORIZATION

The percent of the total credit card balances divided by the entire credit card limits provides creditors with the full available credit used. The lower the credit card utilization, the higher the credit score.

TOTAL ACCOUNTS

More is better to a point. Consumers that have more “lines of credit” can have higher scores because it shows lenders are willing to give credit. It’s best to have a good mix of different types of credit for good credit health. The caveat… Only apply for the credit you need.

HARD INQUIRIES

A “hard” credit inquiry is initiated on the credit report when applying for a mortgage or auto loan. One question has little impact on a credit score. Multiple searches begin to erode the score and can have a more significant effect. A “soft” inquiry occurs when you check the rate to determine eligibility. If uncertain, check with the potential creditor or lender before applying to see if they’ll do a hard or soft pull on your credit.

AVERAGE AGE OF OPEN CREDIT LINES

The longer the line of credit, the stronger the credit rating. Keep older cards open and active. Start applying for credit early in life.

DEROGATORY MARKS

Negative terms on a credit report include collections, tax liens, or bankruptcy. Derogatory remarks can remain on your credit report for 7-10 years. It shows a lender mismanagement of credit may have occurred. Start rebuilding healthy credit again. It will improve your credit rating and gradually weigh in your favor.

For more information, contact Treasure Coast Insider Blogger Mona Leonard at 772-530-6131 or mona@monaleonard.com.

Many people ask, "Why hire a Realtor?" when selling their home. While some homeowners sell independently to save money, the process can be complex and time-consuming. Selling without a professional has pros and cons, and assessing your situation is essential. Here are the top ten reasons to hire a realtor and why it can benefit you.

1. We have Exclusive Access to the Multiple Listing Service (MLS), along with actual property valuation data tools for building comparable properties, a comprehensive market outreach network, and customized Search Criteria engines that you won't find on Zillow, Trulia, or Realtor.com.

2. For Sale By Owner (FSBO) pitfalls begin with assumptions. Did you know when buyers see an FSBO sign, they assume they'll be able to get a great deal? Many buyers believe a property not listed with a Realtor is inferior, distressed, and a bargain. A seller cannot confirm a buyer's ability to purchase too. So, anyone and everyone gets to stroll through your home, even people unable to buy. It's stressful, time-consuming, and typically results in a poor negotiating position.

3. A Proven Track Record of dedicated specialists who get maximum exposure for your property, 3D Video Walk-throughs, Drone Photography, and Social Media Marketing Integration set us apart.

4. You hire a Network of Professionals when you seek the advice of the Mona Leonard Group at Keller Williams Treasure Coast. KW is the fastest-growing and highest-grossing Brokerage in the country. Our outreach extends worldwide with over 180,000 agents and over 1,000 offices! Just along the eastern seaboard of Florida, there are over 40,000 agents plugged into the MLS. Let us go to work for you!

5. Peace of Mind comes with having a professional that knows the market and how to negotiate the best value for you. Every aspect, from the contract to the closing table, is under control. We manage all file preparation, ensure your complete understanding of the process and oversee all legal and compliance matters within the transaction.

6. Expect High-Touch and Constant Communication between the agents associated with the transaction and the title company, escrow, attorneys, inspectors, vendors, lenders, HOA Communities, and state, county, and local governments.

7. The Power of Negotiation is critical to getting you the best financial outcome, whether buying or selling. When negotiating on your behalf, we know the ins and outs of the market and the property's market value. This strengthens your position and results.

8. We Have Top-Notch Marketing and Advertising to maximize your exposure through targeted marketing. StuartHousesForSale.com contains a massive database of buyers and sellers. Our website has a vast reach, with the ability to reach more than 5,000 buyers on any given day. Professionally designed ads that make your property stand out from the local competition.

9. Inspired By Our Community Outreach Efforts, we participate in a program called "Paint the Town Red," which advertises your property to multiple communities across the Treasure Coast. It encourages individuals to get involved in Keller Williams' open houses, bringing a massive flow of possible buyers to your property. We network from all avenues, and we always prioritize bringing additional traffic to your property.

10. Progress Reports are how we keep you informed. We bring a new state-of-the-art portal, providing an up-to-the-minute online "Snapshot" illustrating what we're doing to sell your property — instant information on potential buyers, feedback on the property, upcoming showings, advertisements, and open houses.

Now you know why hiring a Realtor is the most brilliant move you can make to sell your home for the highest price and the least amount of headache, heartache, and liability.

Schedule an appointment so we can show you why choosing our team makes sense. Call us at 772-530-6131.

Choosing The Best Lender When Buying A Home

Spending a little time upfront will pay off when choosing the best lender. Loan terms, rates, and products can vary significantly from one lender to another. Doing your homework ahead of shopping for a property is a wise decision. Here's a list of essential questions to ask to help you choose the best lender. 

Important Questions To Screen Potential Lenders

• What are the most popular mortgages you offer? Why are they so popular?
• Are your rates, terms, fees, and closing costs negotiable?
• Do you offer automatic payments, home ownership classes, or inspection discounts? 
• Do I have to buy private mortgage insurance? If so, how much will it cost, and how long will it be required?
• What escrow requirements do you have?
• What kind of bill-pay options do you offer?
• Are remote closings available?

Loan-Specific Questions To Ask Before You Sign

• What would my mortgage payment include (homeowner's insurance, property taxes, etc.)?
• Which type of mortgage plan would you recommend for my situation?
• Who will service this loan, your bank or another company?
• How long will the rate on this loan be locked-in? Will I obtain a lower rate if the market rate drops during the lock-in period?
• How long will the loan approval process take?
• How long will it take to close the loan?
• Are there any charges or penalties for prepaying this loan?
• What's the total payout from me over the life of the loan?

Be sure to ask your Realtor who they recommend when choosing the best lender. They often know which lenders have the best loan programs, experience, and customer service. There can be many hidden fees that you may not be aware of until closing. Your Realtor has attended many conclusions and will know which lenders deliver on their promises. 

Some Realtors have in-house lenders they work with that offer discounts to buyers when they apply for a mortgage through their affiliate mortgage representatives. Most Realtors will give you the names of three lenders customers have recommended. Be sure to ask your Realtor for advice on lenders. 

For more info on choosing the best lender, contact Treasure Coast Insider Blogger Mona Leonard at 772-530-6131 mona@monaleonard.com

March 22, 2019 — For the first time, the Sewall's Point Ladies Tennis Team brought home the winning trophy for this year's Point-to-Point Challenge match at Sailfish Point. Sixteen women played for Sewall's Point in 8 doubles matches, winning 5-3 in a closely contested morning of tennis.

The team's Co-Captains, Bonnie Flint and Beth Daly presented the handsome silver cup at the Town Hall Meeting on April 9, and it will reside at the Town Hall until next year's event. 

I dreamed up this event several years ago, thinking it would be fun to promote athleticism and new tennis friendships in our neighborhood. Thanks to the hospitality of Sailfish Point, we're now looking at a very successful tournament that promotes top competitive tennis and bragging rights for the hard-fought win. Interest is strong, and I'm hoping it may continue for many years," Flint explained. 

New this year was the generosity of team sponsors - Sailfish Point Realty sponsored the Sailfish Point team, and the Town of Sewall's Point got behind its neighborhood team, which all turned out in matching pink and orange tennis tops. Mayor Vinnie Barile and Commissioner James Campo were on hand for the event and attended the trophy presentation. Congratulations to our tennis players.

Sewall's Point is one of the best places to live in Florida! Living in Sewall's Point offers residents a rural feel with easy access to the area's rivers and the ocean.

Treasure Coast Insider blog has lots of info on what's happening on the Treasure Coast. Call Mona Leonard with comments or suggestions. 772-530-6131