If you are new to home financing, you may be a little confused by some of the common terms that are used in the process.  These common terms will help simplify getting your home loan and ensure you understand what stage you are at and what comes next.
 
Getting A Loan
 
Pre-Qualification:  This is a term that means you have been provided an estimate of what sort of loan you can expect to obtain based on your credit score and what’s currently available.  It doesn’t guarantee you a loan or any loan terms.
 
Pre-Approval:  This means that you have actually applied for a mortgage and the loan has been approved.  Your approval is usually good for a certain time period during which you are guaranteed the terms of the loan.
 
Locked In:  This is a term that means you have been promised a certain interest rate for a certain time period, usually 30 days.
 
Basics Of Loans
 
Principal:  This is the amount that is owed on the loan, the actual amount financed excluding interest.
 
Interest Rate:  This is the amount of interest, expressed as a percentage, that you will be paying on your loan.
 
APR (Annual Percentage Rate):  Often confused with the interest rate, the APR is actually the yearly cost of financing the loan amount.
 
Term:  This is the length of time over which the loan will be repaid.
 
Amortization:  Paying off a large loan (mortgage) over a specified period of time.
 
Points:  This is an amount of money that a buyer can choose to pay to the lender in order to get a lower interest rate.  A point equals one percent of the loan amount.  This is usually paid at closing in order to get a lower rate.
 
Completing The Process
 
Closing: ,This is the point at which the loan is complete and the terms become active.  At closing everything will be signed and completed.
 
Closing Costs:  Fees and other costs that must be paid at the time the loan closes in order to make the terms active.
 
Loan Funding:  This is the time at which the lender actual provides the funds requested in the loan.
 
These are some of the most common terms you will hear as you go through the process of obtaining a mortgage.  Be sure to talk to your broker or loan officer if you have any questions regarding these or any other terms you come across; this will ensure you feel in control of the process and are entering your mortgage agreement with full understanding of the terms.



Carla Goddard👩💕 Realtor® 💕
New 🏡Construction Specialist
Relocation to🌴☀️
Berkshire Hathaway HomeServices FLPG
SL3392494

​Contact Carla Goddard - a Local Community Expert for your connection to new home construction.  Call today at 813-716-4498 or email info@yournewhomepartners.com for more information and to schedule your private showing.
​
Your New Home Partners for all things New Construction in Pasco County.  Local Realtor® = Local Knowledge and Local Community Expert

Coming soon! A new 340 unit project is under construction in the Wiregrass area of Wesley Chapel. Persimmon Park will be a walkable community with a “downtown” park and rear alley driveways. It will be located off of Chancey Road in Wesley Chapel.

40' and 45' lots will be available.

Two announced builders will be ICI Homes and David Weekly Homes.

NEW FLOOR PLANS !!!  Ask me about a preview of floor plans!

Prices starting in the upper $200's.  
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Contact Carla Goddard - a Persimmon Park Community Expert  for your connection to new home construction.  Call today at 813-716-4498 or email info@yournewhomepartners.com for more information and to schedule your private showing.
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Your New Home Partners for all things New Construction in Pasco County.  Local Realtor® with Local Knowledge and Local Experience

Oaks of Pasco in Zephyrhills are new homes in an intimate community featuring affordable, thoughtfully designed floor plans surrounded by the Silverado Golf & Country Club allowing for premiere homesite selection throughout the community. The collection of homes will be both one and two-story single-family homes.




Located adjacent to the community is the Silverado Golf & Country Club. This 18-hole, par 71 championship-style course, is known to be one of the best in Florida. With easy access to the interstate, cheer on your favorite Tampa Bay sports team, or enjoy the sparkling waters of the Gulf coast on the weekends. The new Sarah Vande Berg Tennis Center has also just broken ground, and is slated to open in 2020.

​Contact Carla Goddard - a Local Community Expert for your connection to new home construction.  Call today at 813-716-4498 or email info@yournewhomepartners.com for more information and to schedule your private showing.
​
Your New Home Partners for all things New Construction in Pasco County.  Local Realtor® with Local Knowledge and Local Experience
​

MIRADA is Now Preselling!! 

This incredible 15-acre Crystal Lagoons® amenity community is coming soon to Wesley Chapel / San Antonio AREA!

This will be a gated community with 5000 homes that will be like no other community for numerous reasons.  This will be  a community that is transforming living for 21st century interconnected lifestyles.

This will be the most sought after address in Florida!

Built from the ground up to have the fastest internet and WiFi speeds imaginable using exclusive the ULTRAFi technology by MetroPlaces.

From the staffed guard house gated entry to the 15-acre Crystal Lagoons® amenity and the top builders of the area, you will want to watch for upcoming details to be apart of this new experience.

Ask us how you can get on the VIP list for details for this unique lifestyle living solution!  Medley at Mirada is an active adult lifestyle enclase within the community!

PRESALE INFORMATION
Maronda Homes is now selling:
Exclusive Series has 3 and 4 bedroom options all with 3 car garages.  Prices range from $311K to $365K on 60' Wide Home Sites.
Premiere Series has 3 and 4 bedroom options with 2 car garages.  Prices range from $280K to 356K on 50' Wide Home Sites.  Inventory Homes  available.

About Mirada
Mirada will be the first residential community with 1 Gigabit of speed throughout our neighorhoods and inside every home creating Smart Homes, Smart Businesses and advanced schools, hospitals, libraries, transit and commerce imaginable.  Wi-Fi even in the green space and parks.

From the S'mores Central Fire Pits, Dog Parks, Picnic Pavillions, Wellness Way (including a proposed HeathPlex on site), the Lagoon, miles of walking/biking trails Outdoor grills, bird house villages, Golf Cart Paths, and community Events are all part of the lifestyle living at Mirada.
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The Lagoon
Crystal Lagoons will forever change how you view coastal living in Florida.  Crystal clear blue waters spanning over acres surrounded by shores of resort-style fun and tropical relaxation. 

 
When it comes time to finance your new home and you still have a loan on another home you own but plan to sell, you are likely to run into the term bridge financing.  This is a special type of financing that can help solve the cash flow problems created by the need to complete the purchase of one home before you complete the sale of the other.
 
Filling In The Gap
 
It can be difficult to get the sale of your current home to coincide perfectly with the purchase of the new one in order to avoid a problem with cash flow.  If you have a sale closing in 90 days on the old home, but find that you need a short escrow to close the deal on the new home, this can create a gap in cash flow.
 
Bridge financing allows you to close that gap and provides for the time period between the new purchase and the sale that will eventually provide the needed cash for that purchase.
 
Down Payments And More
 
Most people don’t have enough cash on hand to pay the down payment on a new home prior to closing on the sale of the previous home.  This can make it difficult to buy the home you want when you haven’t yet sold your current home or are still in escrow.
 
Bridge financing allows you to make the purchase by covering down payments or other costs involved as part of the loan process.  It will cover the difference on the expectation of payment in the near future.
 
Qualifying For Bridge Financing
 
Not every purchase transaction will qualify for bridge financing.  In addition to credit requirements, you will need to have a strong expectation of the cash coming in to fund the new loan.  Bridge financing doesn’t guarantee that either loan will go through, and a problem with one loan can usually mean a problem with both.  It is rare to obtain open bridge financing where there is no certain date for the assets to become liquid, since this comes at a high risk
 
In most cases bridge financing is only used for a very short period of time.  Your mortgage expert can explain the details to you and let you know if bridge financing is an option for your situation.
 
For many people, this type of financing can make all the difference in the ability to purchase the home they really want while still waiting on the sale of a previous home.
 


Carla Goddard👩💕 Realtor® 💕
New 🏡Construction Specialist
Relocation to🌴☀️
Berkshire Hathaway HomeServices FLPG
SL3392494
​
Contact Carla Goddard - a Local Community Expert for your connection to new home construction.  Call today at 813-716-4498 or email info@yournewhomepartners.com for more information and to schedule your private showing.
​
Your New Home Partners for all things New Construction in Pasco County.  Local Realtor® with Local Knowledge and Local Experience

Carla Goddard?? Realtor® ?
New ?Construction Specialist
Relocation to?☀️
Berkshire Hathaway HomeServices FLPG
SL3392494
​Contact Carla Goddard - a Local Community Expert for your connection to new home construction.  Call today at 813-716-4498 or email info@yournewhomepartners.com for more information and to schedule your private showing.
​
Your New Home Partners for all things New Construction in Pasco County.  Local Realtor® with Local Knowledge and Local Experience

A down payment is your offer to share the risk of financing your home with the lender by putting your own money toward the purchase.
Fortunately, there are programs that allow low down - payments, but be prepared for some caveats. These loans are available only on primary residences, not investment properties or second homes, and they come with higher costs in your monthly payments.

The typical down payment to get the best interest rate and avoid mortgage insurance is 20% of the purchase price of the home. Anything less means the lender and guarantor such as FHA, VA or Fannie Mae, must ameliorate the added risk some way or another. So, what can you expect?

Expect to pay higher interest rates. Mortgage interest rates are variable, according to where you live, your credit, terms, and the amount of your down-payment. A low down-payment will result in a higher rate unless it can be offset by excellent credit or some other factor.

Expect to pay PMI. Private mortgage insurance, just like hazard insurance, will be added to your monthly payments. According to Interest.com, you’ll pay approximately 0.20% to 1.50% of the balance of your loan. With the exception of FHA loans, PMI will end automatically when you build 22% in equity.

Expect to pay fees. On VA loans, there’s no PMI, but you will pay a fee of about 2.15% of the loan amount your first time, and 3.3% on the second home loan. 



Carla Goddard👩💕 Realtor® 💕
New 🏡Construction Specialist
Relocation to🌴☀️
Berkshire Hathaway HomeServices FLPG
SL3392494

​Contact Carla Goddard - a Local Community Expert for your connection to new home construction.  Call today at 813-716-4498 or email info@yournewhomepartners.com for more information and to schedule your private showing.
​
Your New Home Partners for all things New Construction in Pasco County.  Local Realtor® with Local Knowledge and Local Experience