- Mortgage: an agreement between a homebuyer and lender that says if the borrower fails to pay off their loan plus interest, the lender can take possession of the property. Mortgage is also often used to refer to a home loan.
- Note: The IOU between yourself and the lender. This does not get recorded in the public record.
- Mortgage rate: the percentage of interest on a home loan. Mortgage rates can change with overall economic conditions, but also depend on your credit score and financial circumstances.
- Variable rate mortgage: This is a type of mortgage where the rate will go up and down as the economy changes.
- Fixed rate mortgage: This kind of mortgage has a rate that will stay the same for the duration of the mortgage.
- Appreciation: an increase in the value of a home due to changing market conditions, home improvements and/or other factors.
- Depreciation: a decrease in the value of a home due to changing market conditions, wear and tear and/or other factors.
- Equity: the difference between what you owe on your mortgage and what your home is currently worth.
- Real estate agent: a professional who has completed training and passed a state examination to sell or rent real estate within a particular state. Real estate agents work under a real estate broker. A Realtor® is a real estate agent or broker who is a member of the National Association of Realtors®.
- Down payment: the percentage or amount a buyer pays upfront when buying a home. The average down payment for first time buyers in 2023 was 8%, according to a study by the National Association of Realtors.
- AMI (Area Median Income): the median (average) household income within a certain geographic area. AMI is calculated and published annually by the U.S. Department of Housing and Urban Development (HUD) and is a key factor for determining eligibility for many down payment assistance programs.
- Assets: Broadly, assets are things of value. Some assets that may be used for mortgage qualification include bank accounts, property and retirement accounts.
- DPA (Down payment assistance) programs: loan or grant programs offered by nonprofit organizations, employers or state or local government entities that help people purchase a home. These programs are generally for low- to moderate-income families or first-time homebuyers (FTHBs).
- FHA loan: a government-backed loan available to low to moderate earners, including those with lower credit scores or other financial issues. FHA loans allow lower down payments than conventional loans.
- Maximum housing expense: the greatest amount an individual or household can afford to spend on housing-related expenses. These include mortgage payments, property taxes and property insurance. A frequently cited rule of thumb is housing expenses should not exceed 28% of your gross monthly income.
- VA loan: a home loan backed by the Department of Veteran Affairs for U.S. veterans. These loans have a low down payment or none at all — and nearly 90% of all VA-backed home loans are made without a down payment.
- Credit score: a three-digit number that attempts to predict how likely a borrower is to default on a future loan. Companies like FICO and VantageScore calculate credit scores using information about a borrower’s bill paying, borrowing and loan repayment history. They generally range from 300 to 850 — the higher your credit score, the better. A strong credit score makes it possible to qualify for more favorable loans.
- Credit bureau: a company that collects and retains credit information and then provides that information — for a fee — in the form of a credit report to lenders or creditors. A credit bureau is also commonly referred to as a credit reporting agency. The three main credit bureaus are Equifax, Experian and TransUnion.
- Credit repair companies: private, for-profit businesses that claim to help borrowers with debt or credit difficulties. Many companies that say they can “fix” credit problems fast are predatory. Credit repair companies are not the same as credit counseling organizations, which help borrowers safely rebuild their credit.
- Credit report: a record of a borrower’s credit history, including data from banks, credit card companies, collections agencies and more. This includes whether payments were made on time.The Fair and Accurate Credit Transactions (FACT) Act of 2003 requires all three major credit reporting agencies to provide credit reports to each consumer once a year upon request, free of charge. Consumers can request their report at annualcreditreport.com.
- Default: failure to repay a loan according to terms agreed upon between the borrower and the lender. Generally, one goes into default when they completely stop making loan payments for a period of time. Defaulting hurts your credit score, but there are paths to building your credit back up after a default.
- Delinquency: any late payment on a loan, credit card or other debt payment. Depending on how long the loan remains unpaid, your credit score could be affected.
- DTI (Debt-to-Income ratio): monthly debt payments divided by gross monthly income equals your DTI. Lenders use this number to determine how much a borrower can afford to spend on monthly home loan payments.
- Equal Credit Opportunity Act: enacted in 1974, it made it illegal for any creditor to discriminate against any applicant based on race, color, national origin, age, sex, marital status, receipt of income from public assistance programs or the applicant’s good faith exercise of his or her rights under the Federal Consumer Credit Protection Act.
- Non-traditional credit: If a potential buyer lacks an established credit history, they might assemble a non-traditional credit history which would involve proof of regular payments to entities other than a lender. These might include rent, utility or cell phone payments.
- After you’ve built up your credit and saved for a down payment, the next step might be pre-qualification or pre-approval for a loan. In addition to showing sellers you’re serious about buying, prequalification or preapproval will also give you a clearer idea of what you’re able to afford.
- Mortgage pre-qualification: an estimate from a bank or other lender of how much they would lend a borrower. This is based on information provided by the borrower.
- Mortgage pre-approval: an offer from a lender to loan a certain amount, good for a given time frame. This is based on information verified by the lender including a credit check and is more formal than pre-qualification.
Jupiter and Palm Beach Gardens Housing Sales for November 2023
As we get to wrapping up 2023 we can start to see how housing sales in the area will compare with 2022. For Jupiter the total Closed sales on houses are down every so slightly, 2.7%, but we see that the average, median, and total sales volumes are ALL UP! In Palm Beach Gardens we see that total units of houses are UP 11.6%, The median sales price of these is UP 6.5% but the avergae price is down 5.3% and yet the total volume of sales is UP 5.6%. This tells me what we who are in the amrket daya to day see. The high end houses are selling VERY WELL! Let’s look at Mirasol Vs Mirabella. In Mirasol there just 12 houses now for sale, 5 more under contract, and 18 sales in the last 6 months. That’s a 3 unit per month “absorption rate” and thus a 4 month supply of inventory. Next door, the much small Mirabella also has 12 houses for sale with anoth 5 under contract (that’s GREAT) and 11 sales in the last 6 months so call it 2 per month but a 6 month supply of inventory.
Almost Abba in Abacoa Jupiter
COOL! Almost Abba will be playing at the Abacoa Amphitheater at 1267 Main St, Jupiter, Florida 33458 on the night of 30 December 2023.
Imagine being able to walk to this and all the other great events in Abacoa from our new listing at 1200 Main St.
6048 Curie Place Palm Beach Gardens, FL 33418
6048 Curie Place Palm Beach Gardens, FL 33418 located in th Alton Community.
Beautiful Park C model in the highly desirable, low traffic area of Alton’s first Section. Enjoy the Florida lifestyle on this rare corner lot with a luxurious private pool, spa, outdoor kitchen and putting green. A spacious 750 sf bonus room that can be utilized as a nanny/mother in law suite, office or movie room sits above the garage. This property is located close to the Alton Town Center where shopping and great restaurants are within walking distance as well as the Alton Clubhouse which boasts a large pool, fitness center and pickleball courts. This property is located just 10 minutes from some of the most spectacular South Florida beaches and is located in A+ Rated school zones.
This listing information is compliments of: Southern Shore Properties
Where is the 2023 Jupiter Tequesta Athletic Association Christmas parade
Due to the construction of the US-1 bridge the annual Jupiter Tequesta Athletic Association Christmas parade will be held in Abacoa this year on 10 December 2023 from 1 to 4 PM.
Imagine being able to walk to this and all the other great events in Abacoa from our new listing at 1200 Main St.
“Staging will be located in the UF Scripps parking lot in Abacoa. , We will step off and go north using the southbound lane of Central Blvd. We will pass Main St and University Blvd; the reviewing stand will be in the area of Promenade Way, which is in the middle of the parade route for logistical reasons, rather than at end of the parade route, turn onto Frederick Small Rd and conclude at the Skate Park in Abacoa Community Park (ACP).”
Dec 8 2023 in Abacoa will have another Food Trck Friday
This Friday December 8 in Abacoa will be another Food Truck Friday at the central amphitheatre. Stop in, hang out, have a beer and let everyone in the group get whatever they fancy. Try something different even.
Take a walk down main street after and stop in for a beer with the locals. Now imagine living right in the action in our listing on the 5th floor at 1200 Town Center
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