John Mayer
Pytha Realty Corp

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As a buyer, you do not pay a sales commission.
I can work with you on any listing you find and can assist you in searching for your next home or business.
 

 


Find Your Florida Dream Home in Brevard County, Florida. Clicking on this link will bring up a request form. Try to narrow your location to areas that you really prefer.

 


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Please include pricing expectations, preferred location, type of home (ie - single family, condo), buying time frame, number of bedrooms and baths, square feet, pool, etc. and your phone number so we can talk. My goal is to find a home that you will really love so give me as much information as possibleI can also arrange for you to become pre-qualified.

If you see a home that you might like, ask me to send the full MLS display with more photos.  I will work with you on any time frame or schedule you choose. I am here to help!

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Florida State Wide MLS Search with Language Translator
 

 


Comparative Market Analysis

An invaluable tool that we have access to is that we can run you what is known as a CMA report. If you are buying or selling a home, it allows us to provide you a summary of the recent home sales for a given area so that together we can analyze the market trends so that you can make an educated decision about how to price the value of your home or bid on a potential home of interest.
 


Clicking on this link will bring up a request form. Please include your phone number so we can talk. Analyzing Real Estate value is more of an art than an exact science so give me as much information as possible. Please note: If you are under contract with another Realtor, please ask them to provide you with this information.
 

How much is your home worth?


Successful Real Estate Investment Strategies
 

 


Become Pre-Qualified for a home you can afford

Mortgage and Financial Information
 

 

It's a good idea to get pre-approved by a lender before you start looking for a home. Most will give you a free consultation. Once you are pre-approved, you'll know exactly what you can afford, you can act immediately when you find the home you want, and sellers are more comfortable accepting your offer. Pytha Realty Corp Financial Services Division has a complete staff of Licensed Mortgage Brokers to assist you.

Complimentary Pre-Approval

We can help you determine the monthly payment you are comfortable with and provide you with a mortgage credit decision before you shop for your home.

Contact John Mayer to have a Pytha representative get in touch with you.

Use the Real Estate Calculator     NEW Rural Loan Program (Includes Port St. John)

Mortgage Rate and Housing Watch Tools

The Loan Market

It is important to know that almost all loans are sold by the financial institutions making the loan. The lender you work with is the “originator.” Your loan is then sold in the “secondary market.” The largest buyers of loans are agencies called FNMA (Fannie Mae) FHLMC (Freddie Mac) and GNMA (Ginnie Mae). These huge organizations constitute the “secondary market” and write the rules for loans that they will buy. A lender must then follow the rules these agencies have written in order for the loan (borrower and property) to qualify as conventional or FHA. During the loan process your loan will be evaluated by an Underwriter. Their job is to make sure that the loan fits the guidelines for a particular program (FHA or conventional), so the loan can be sold.

What is an FHA Loan?

An FHA loan is a government insured loan that was instituted to assist buyers with minimal cash to purchase a home and first time buyers. This program requires that the buyer invest a minimum of 3% of the purchase price. Part of that can be a minimal down payment of 2.25% plus some closing costs. Sometimes the buyer can negotiate for the seller to pay the remaining costs.
FHA loans have more lenient guidelines for borrower credit history, allow for all or part of the funds needed by the borrower to be a gift, and has stricter requirements on the property’s condition for the protection of the borrower.

The (HUD) Department of Housing & Urban Development is the federal agency responsible for national policy, and mortgage programs that address the housing needs of United States. The (FHA) Federal Housing Authority which is under HUD plays a major role in helping homeownership by evaluation homeownership for lower-and moderate-income homeowners. FHA helps first-time home buyers, and others who might not be able to meet down payment guidelines for conventional/conforming mortgage loans by providing mortgage insurance (MIP) to private mortgage lenders.

What is a Conventional Loan?

A conventional loan is a loan that meets the standards of the “conventional” secondary marketplace. There are two types of conventional loans, Conforming & Non-Conforming. Conforming loans usually fit neatly into the box of rules and are under the prescribed maximum loan amount set each year. Both the borrower and the property fit the typical scenarios and there is nothing unusual.

Loans over the “conforming” loan amount or loans that have some facet outside the box either related to the borrower or the property are called Non-Conforming loans. A loan can be Non-Conforming if the borrower is unable to document their income or assets, or their credit scores are low, or if the property is unusual for the area or if the loan amount or program is designated Non-Conforming.

What's the Difference Between a Fixed Rate and an Adjustable Rate?

Fixed Rate
A fixed rate mortgage is one in which your monthly principal and interest payment will always be the same for the life of the loan. The benefit is that you always know what your principal and interest costs are. Fixed Rate loans are usually amortized (paid in full) over a period of 30, 20 or 15 years. Your monthly payments are predictable over the life of the loan. (Keep in mind that your monthly mortgage payment may include principal and interest AND 1/12 of your annual property taxes and home owners’ insurance. So although the principal and interest will remain steady, the taxes and insurance amounts can vary.)

Adjustable Rate Mortgage
With an adjustable rate mortgage (ARM), the interest rate may fluctuate which makes the payment change during the life of the loan. ARMs start off with a fixed interest rate for a determined period of time (1, 3, 5, 7, 10yrs.) and then adjust annually after that. Typically, the shorter the fixed term is, the lower the initial rate. The lower rate means lower payments for that period of time. Once the rate adjusts, the payments can go up if the interest rate is higher. Most loans adjust annually after the fixed rate period.

ARM’s adjust based on the combination of the index and the margin. The index is the predetermined indicator that establishes the basis for the rate adjustment. The index can be the 12 Month Treasury Average (MTA), the 1 year LIBOR rate, the 1 year Treasury Note, or Prime Rate, or several other accepted indicators. The index is the rate for the particular indicator on a particular date (usually the anniversary of the loan). The index is a number that changes daily, the margin is a static single number, usually 2.25-3.00% that is added to the index. When you add the index and the margin together, you get the new rate.

Both types of loans have their benefits and pitfalls. For example, a fixed rate mortgage is appealing because you always know what your payment will be. On the other hand, when interest rates are high and falling, choosing the adjustable rate mortgage may be favored because the initial interest rate will be lower than fixed and the interest rate may drop in the future, resulting in smaller monthly payments. However, with an adjustable rate mortgage you run the risk of ending up with a higher payment should the interest rate increase during the life of the loan.

An ARM may be advisable if you intend to be in the home for a short time (the fixed rate term or less). Many people know they will be moving in 3-5 years or less and chose to take advantage of the lower rate to have a lower payment or afford more house.
If you intend to stay in the house for a long time, the fixed rate loan and its predictability may be preferable in a rising rate environment.

Which Mortgage is Best?

There are literally dozens of loan products and hundreds of combinations of these products. A good Loan Consultant will listen to your needs, evaluate your situation and should recommend loan scenarios that fit your need. A home loan should fit into your overall financial plan, help meet your long and short term financial goals with the desired monthly payment and equity position.
Just calling around for the best rates on a 30 year mortgage could cost you thousands of dollars over the life of your loan if you don’t get the loan that best fits your needs. There is so much more to the home loan process than just rates. A professional loan consultation is a vital first step in the process and is usually at no cost to you.

 

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