Author: Roberta Murphy Thompson

Homeowners can borrow against their home equity through a Home Equity Loan, which has fixed payments and interest, or a Home Equity Line of Credit (HELOC), which allows flexible borrowing up to a limit. Interest rates vary and may be tax-deductible if used for home improvements. Loan amounts depend on home value and mortgage balance. Funds can be used for various needs, but consulting a professional is advised. Continue to…

As the new year approaches, many aim for homeownership, starting with mortgage pre-approval. Key steps include strengthening your credit score by checking reports, paying down debt, and paying bills on time. Organize financial documents like proof of income and bank statements. Save for down payments and closing costs, and avoid major financial changes. Research and compare lenders for the best rates and requirements. Finally, expect to submit an application, undergo…

Florida's most expensive homes are concentrated mainly in the Miami-Fort Lauderdale-Pompano Beach metro, with 16 cities in the top 30. Jupiter Island tops the list with a typical home value of $9.56M, followed by Golden Beach at $7.36M and Fisher Island at $6.18M. Despite some recent price declines, many cities have seen significant 5-year value increases, reflecting strong long-term growth amid high mortgage rates and a stable national median home…

A letter of explanation for a mortgage addresses concerns like employment gaps, credit issues, or large bank transactions that may affect loan approval. It should clearly explain the situation, provide evidence of resolution, and maintain a professional tone. Including supporting documents strengthens the letter. If rejected, consider revising the letter, applying with another lender, or improving financial stability before reapplying. Continue to full article

Choosing the right mortgage can save you thousands over its lifetime. Start by defining what affordable means to you, ideally keeping monthly payments below 28% of your income. Understand your credit score, as it significantly affects your mortgage rates. Explore different mortgage types, including fixed and adjustable rates, and government programs. Learn about points and interest rates, and carefully compare lenders to find the best deal. Use the Home Loan…

Home prices in Florida show mixed trends with some cities experiencing declines while others see growth. The typical U.S. home value is $364,891, unchanged from last year. Florida's fastest-growing home prices include Lake Buena Vista (+10.2% in one year), Golf (+2.5%), and Golden Beach (+1.6%). Many smaller towns show modest increases or slight declines, reflecting varied local market dynamics amid rising mortgage rates. Continue to full article