When buying a home it is prudent to know about your credit score. According to a recent survey by Experian, many of those in the market for a home are already aware of the importance of their credit score. However, only half of recent buyers said they checked their credit when they first considered purchasing a home.

1. 67% of buyers are NOT pre-approved
2. 45% of buyers delay their purchase (ultimately) to improve their credit

That is almost HALF of buyers who delay the purchase based on information they should have known prior to shopping for a home.

This survey underscores how important the pre-approval loan process is. Even if just to give buyersan idea of what their credit report contains, what their rate and payment would be and how much they can qualify to buy. Too often, there are situations where people cannot qualify once under contract and it would have been quickly uncovered during a pre-approval.  This represents wasted time for the realtor, buyer, seller and all involved.

Lesson learned? Pay attention to your credit year-round, and understand that what you do today impacts how your credit works for you in critical purchase moments like home buying.

Information provided by Orlando Realtor Teri Isner.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently. You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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Are you an unmarried couple hoping to buy a home together? In today’s culture, more unmarried couples are purchasing their first homes together. Mark Sheets, real estate author and blogger, offers some good advice about potential pitfalls to research before you buy.

Financially, ownership of your home can be very advantageous. However, it can be more difficult to end a co-ownership than it is to get a divorce. So, you need to prepare in advance. You want to make sure the process gives both of you the outcome that you expect.

When making the decision to purchase a home with your significant other, you and partner must know that a property agreement is a legal contract. One of the more important aspects of purchasing a home together is determining how the investment will be split. In many cases, one partner may initially invest more money into the home than the other.  Unequal ownership can be handled, but it has its own set of problems.

Another issue to confront in the process is filing for a Joint Tenancy With Rights of Survivorship (JTWROS).  A JTWROS allows for the home and assets to be passed to the surviving partner if the other were to pass away. This lets the partner avoid inheritance taxes, as the home won’t go through an estate.  Married couples are automatically granted JTWROS whereas unmarried couples are not.

If the relationship were to end, a dividing of the assets needs to take place.  Although everyone in a relationship hopes for the best, preparing for the worst-case scenario will alleviate a lot of pain in the future. The goal is to anticipate different scenarios under which you may want to dissolve the co-ownership.

When the time comes to apply for a mortgage, the lender needs to run both of your credit scores.  This can backfire if one of you has a great credit score and one has a not-so-good score.  If this is the case, then you may not get the loan. Investigate ahead of time to know where you stand. You will also want to check your individual state’s laws regarding an unmarried couple purchasing a home together, as some states don’t allow it.

An option to co-ownership might be for you to form a business partnership or a limited liability company to own the property. They are both legal business entities that can take on many forms. The business would then own the property and collect rent from the individuals living in the home. This eliminates any issues with state laws that prohibit co-ownership of unmarried couples. It potentially also makes transfer of ownership easier at a later date.

In any case, you must first consult a real estate attorney in your state to determine the pros and cons and to determine the best legal form of ownership to accomplish your goals.

Information provided by Orlando Realtor Teri Isner.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently. You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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The Windermere housing report shows homes were on the market an average of 133 days compared to 153 days in May 2015.

The median price of a Windermere FL home dropped from $357,000 in May to $355,000 in June.

The selling vs asking price was 95%.

The Celebration housing report shows homes were on the market an average of 133 days compared to 153 days in May 2015.

The median price of a Celebration FL home dropped from $357,000 in May compared to $355,000 in June.

The selling vs asking price was 95%.

Information courtesy of Orlando Realtor Teri Isner.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently. You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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Orlando FL Home For Sale:

14911 Pellicer Drive, Orlando FL 32828
MLS# O5368900

Lots Of Room To Grow!

BEAUTY WARMTH AND VALUE with POND VIEW and over 2700 sq.ft. of living space in this 3 bedroom, 2.5 bath Waterford Trails Home. There is room to grow in this open plan two story home with three large living areas, a spacious master with large walk-in closet and plenty of storage. YOU CAN SAVE DOLLARS! All Kitchen appliances plus the washer and dryer are included. The kitchen and family room have ample space for entertaining, with direct access to the fenced back yard, open patio and pond views. 42 inch kitchen cabinets, recessed lighting, home warranty, WOOD AND TILE floors throughout are just a few of the extras. Bonus room upstairs is large enough to add a 4th bedroom and still have room for a home office. MOVE IN READY! Close to shopping, access roads and schools. A community pool, tennis court and playground are just around the corner, and there is easy access to Waterford Lakes and Avalon Park. What are you waiting for? Come look inside today.

Marketed by Orlando Realtor Teri Isner, Orlando Avenue Top Team!

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently. You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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Is your credit score a big deal? If you want to buy a home, it’s a huge deal!

Your credit score will determine if you can get a loan. It will also determine how much you can borrow and what your interest rate will be! To buy a home with a mortgage loan you must have a strong credit score.

There are three primary sources for credit scores in the US: Equifax, Experian and TransUnion. They all use the FICO system. These are the most used sources by creditors.

FICO developed the computer software the major credit scoring companies use. FICO scores range from 300 to 850. However, many creditors consider 500 to be the bottom of the acceptable range.

Your score is a measure of your credit-worthiness and determines the interest rate that you will pay for a loan. It’s not unusual for a creditor to obtain all three of the major scores and average them. A very good score is 700, and an excellent score in 750.

The primary factors that determine your score are:

• payment history (35%)
• debt/amounts owed (30%)
• age of credit history (15%)
• new credit/inquiries (10%)
• mix of accounts/types of credit (10%)

65% of the total score is determined by only two factors: payment history and amount of debt owed. You must have a good history of paying your bills on time. And you must be very careful about how much debt you have relative to your income!

That last point is extremely important when borrowing for a home mortgage. As of 2014 the federal regulations governing mortgage lending have changed. Borrowers can no longer carry total debt of more than 43% of gross annual income, including the mortgage debt! Lenders are going to be very strict about adhering to that ratio. There are serious consequences for the lender not doing so.

Many actions you take affect your score. Most people don’t think about:

• unpaid medical bills and parking tickets can lower your credit score
• heavy credit use can lower your score, even if you pay large balances off in full in a short time
• credit scores drop if you sign up and use store cards for initial discounts

For more advice about managing your credit, click here.

Looking forward to buying a home? Educate yourself, manage your credit score, and know your credit score before your lender does.

Information provided by Teri Isner Orlando Avenue Top Team.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently. You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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Buying is 38% cheaper than renting. That statement reflects Trulia’s Winter Rent vs. Buy Report. “Although the gap between renting and buying is narrowing across the U.S., homeownership is still 38% cheaper than renting.”

When evaluating buying a home vs. renting you need to understand the local math. Although the national average is 38% cheaper for buying vs. renting, the range across the country is from 5% cheaper to 66% cheaper.

The Trulia report concludes that there is nowhere in the US that buying a home is not cheaper than renting. However, the percentage of difference does vary widely. That is because there are variables that depend on local circumstances such as:

• Local home values
• Local rents
• Mortgage interest rates
• Rates of value appreciation

If you really want to understand the detailed numbers go to the full report.

You can also go to Trulia’s Rent vs. Buy Calculator that allows you to plug in your local variables.

Borrower’s credit score is another factor you need to take into account when evaluating your situation. Mortgage interest rates are perhaps the most important variable in the buy vs. rent calculation. One of the factors that affects interest rates the most is the borrower’s credit score. The lower your credit score the higher the interest rate you will pay.

The monthly payment on a $200,000 loan for 30 years increases by $60.27 for every 0.5% added to the interest rate. That means the decision about whether to borrower using a variable interest rate (such as an ARM) or a fixed interest rate over the life of the loan is very important.

The Trulia report also evaluates the “tipping point” for interest rates that will cause renting to be cheaper than buying. For the national average that leads to the 38% figure the mortgage interest rate would have to rise to over 10%. However, you should look at local factors involved for a home using the Rent vs. Buy Calculator.

You can follow this link for the current Forbes.com interest rate forecast. You can also find current mortgage interest rates at bankrate.com.

Current indicators are that both home prices and interest rates are going to rise steadily over the next five years. That is good news for potential buyers, and means now is a good time to buy. However, if you’re hoping to become a homeowner anytime soon use these tools to do some research.

Information courtesy of Orlando Realtor Teri Isner.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently. You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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Parts 1 and 2 of this series explained building wealth is not about quick profits! It’s about steadily increasing your net worth over time.

Home ownership is one of the easiest ways of building wealth that’s available to the general public, non-investors, and average middle-class Americans. Part 1 and 2 contained Rules #1 thru #7…

Rule # 8: Be careful about the costs of home improvements.

Typically, most improvements do not increase your home’s value dollar for dollar. That does not mean they aren’t worthwhile. Just understand they are not always building wealth. There is a difference between making improvements to enhance living and enhancing property value. Most improvements are a combination of both.

Here’s an example. Let’s say you want to add carpet to a room. You can pay $12/sq.yd. for carpet, or pay $24/sq.yd. Will you get the difference in price back when you sell? Probably not, because a future buyer may not think the difference in the carpet is worth the price to them. So, you must decide if the difference in price is worth it for your own enjoyment. Watch here for a future article for more details.

Rule # 9: Understand the difference between appreciation and inflation.

Many people talk about homes as “investments,” and how they “appreciate” in value over time. True investments produce a return on money invested. That is not truly the case with private homes. Homes actually depreciate in value because structures deteriorate if not maintained properly, which costs money.

Typically, a home increases in value through inflation, not appreciation. As general economic inflation increases the cost of goods and services, it is also inflating the cost of housing. This increases your potential wealth because home ownership is a type of hedge against inflation. Paying attention to Rules 5,6, and 7 creates wealth.

Rule # 10: Know your financial position when it’s time to sell.

Stay in touch with your Realtor to keep current on local home values. Pay attention to economic inflation rates. Maintain your home with an eye toward cost of living. If you are careful and thoughtful you will be successful at building wealth.

Information courtesy of Orlando Realtor Teri Isner, Orlando Avenue Top Team.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently. You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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Kissimmee FL Home For Sale:

4542 Philadelphia Circle, Kissimmee FL 34746
MLS# O5354569

Location, Location, Location!

Virtual Tour

Priced to sell! Close to all attractions, restaurants, shopping, highways, airport and Just 12 minutes to Disney, plus there are plenty of shopping including Sams and Walmart nearby. Close to Horse World’s riding stables and numerous golf courses. No rear neighbors. This home has a conservation view. It is a spacious 2 story with over 3000 sq. ft. of living space not to mention the screened in heated pool and spa. Bright and open with touches of decorator colors, and knockdown ceilings. There are 3 living areas to enjoy, two down and one up. Plenty of room to grow into this 5 bedroom 3 bath home. Open Kitchen with plenty of storage and counter-space. This community is zoned for short and long term rentals so let us open the door for you. If you need more room this is it. Call and come look inside today.

Marketed by Orlando Realtor Teri Isner, Orlando Avenue Top Team.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently. You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Get Orlando Daily News delivered to your inbox! Subscribe here!