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Serving Florida's Space Coast Specializing in Cocoa Beach, Cape Canaveral and Merritt Island |
John Mayer Call 321-799-8334 / Cell 321-213-4831 |
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Home Values and Listings |
MLS
Listings Request |
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My Services / About Me |
Rentals & Leases |
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Don't waste your time searching outdated, sold or expired listings. |
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It's EASY to do and will provide you with all the current listings and info so you can compare properties on Florida's Space Coast. |
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PRIVACY POLICY: Pytha Realty recognizes the importance of protecting the privacy of our clients and prospective clients. The information provided by users of this site will never be shared with any other persons or businesses without the express consent of the user. |
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Fannie Mae's HomePath
database: Includes only properties that are owned by Fannie Mae.
There is a wide selection of homes, including single-family homes,
condominiums, and town houses—located in a variety of neighborhoods. The
number, types and the sales prices of the homes that are offered for sale
may vary substantially. Many of these homes are relatively new; however,
older homes are offered in some areas. Some homes may require repairs.
Nationwide |
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An
invaluable tool that Realtors have access to is 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. |
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Mortgage and Financial Information |
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It's a good idea to get pre-approved by a lender before you start looking for a home. 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. In fact, you can not make an offer on short sales and bank owned properties without a current letter of approval. Pytha Realty Group Financial Services Division has a complete staff of Licensed Mortgage Brokers to assist you. Email John to make a Pre-Approval Request 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. Use the Real Estate Calculator 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. 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 Adjustable Rate Mortgage 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. 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. |
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