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Make 2021 the Year You Become a Homeowner

Do you have a goal for 2021? Perhaps you have several goals in mind. If one of your goals is to buy a house, there are some tips you need to know in order to make your goal of being a homeowner a reality. Here are some tips for in 2021.

Here’s How to Make Your Homeowner’s Goal Come True

First, you need to think about what you want in a home, and what you want for your budget. How many bedrooms and bathrooms do you want? Are you looking for more of a classic or modern-styled home? Once you have in mind what you want, it will be easier to look at homes.
Next, be sure you have saved enough money for your down payment. Depending on which loan you get, your lender will usually require from 3% to 10% of your home’s value down as a deposit. While you may not be sure exactly what you want in a home, you will have a general idea how much you can afford, so you will know how much money you need to target to save.
You will now want to go ahead and prequalify for a home loan. Prequalification will give you the edge on other potential buyers who you may be competing for your home. Pre-qualification will also let you know how much home you can afford on your budget. Your next step in this process is to get pre-approval for your home loan so that you can make a serious offer for your home.
When you’re ready for your new mortgage as a new homeowner, you need to stop in and see us here at Bank of England Mortgage. We are  located at 235 North Orange Avenue, Suite 200, in Sarasota. We look forward to helping you make your homeowner dreams come true!. You can also give us a call at 941.361.1280.

For informational purposes only. This is not a commitment to lend or extend credit. All loans are subject to credit approval including credit worthiness, insurability, and ability to provide acceptable collateral. Not all loans or products are available in all states or counties. Underwriting decisions may be provided by a third party. Always follow the advice of your tax advisor. Bank of England is not affiliated with any government agency. Bank of England Mortgage is a division of Bank of England. NMLS 418481. Member FDIC

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Prepare Your Credit Score to Buy a House

Are you ready to purchase a home and wondering if all your ducks are in a row? An essential factor to take into consideration is your credit score. Building up good credit and/or rectifying not so good credit is paramount prior to attempting to secure a loan to buy a home. It is vital to get to the root of your credit scores that is in the hands of three credit monitoring bureaus: Experian, Equifax, and TransUnion. The purpose of the aforementioned bureaus is to oversee your Fair, Isaac & Co. (FICO) credit score and keep the information on record. Each of the three bureaus will furnish you with a free copy of your report at your request. After you receive the reports you must start scanning the documents for unfavorable information that has negatively affected your credit score. Your score can be less than adequate due to the following circumstances:

  • Applying for multiple credit cards within a short time
  • High credit balances
  • Credit balances at their limits
  • Late payments
  • Missed payments
  • Payments sent to a collection agency
  • Closing credit card accounts
  • Defaulting on loans
  • Bankruptcy
  • Foreclosure

Using your credit cards in a responsible manner is key to improving and maintaining a good credit score. Make sure you pay your bills on time and don’t spend more money each month than you can afford to pay. Ignoring financial obligations only makes the situation worse, so turning a blind eye is never the way to go. Credit card balances, current debt, and additional monthly expenses all play roles in determining credit scores. Utilizing more than one credit card, as long as you satisfy the balances, is another way to foster a good credit score.

Refrain from trying to acquire any new credit prior to applying for a mortgage. If you attempt to secure additional credit, your debt will increase. It will also alter the length of your credit history and add scrutiny. These components affect your score negatively and could possibly impede you from receiving approval for a loan to purchase your future home. Importantly, do not close out credit accounts simply because you aren’t using them any longer. If there is no charge to keep a credit card open, retain the account if the total balance has already been satisfied. Closing an account can modify your credit score in a negative direction. It is advisable that you take a look at your credit at least annually to make certain that you are not being punished for debts that have been handled already or for incorrect information.

Bank of England Mortgage is the premier financial institution to turn to when you are seeking a loan. We can discuss your borrowing options and address your questions and concerns. We look forward to helping you take one step closer to becoming a homeowner. Our esteemed business is located in Sarasota, Florida. We can be reached via phone by calling 941-361-1280.

For informational purposes only. This is not a commitment to lend or extend credit. All loans are subject to credit approval including credit worthiness, insurability, and ability to provide acceptable collateral. Not all loans or products are available in all states or counties. Underwriting decisions may be provided by a third party. Always follow the advice of your tax advisor. Bank of England is not affiliated with any government agency. Bank of England Mortgage is a division of Bank of England. NMLS 418481. Member FDIC

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Mortgage Lender Sarasota County | Bank of England Mortgage | Venice

Government Home Loan Basics

Do you have your heart set on purchasing a home but unsure if you are capable of securing a mortgage? Luckily, there are several programs available by the United States government that can help. A number of agencies are geared towards assisting borrowers that are in distinctive situations. Bank of England Mortgage is glad to provide you with fundamental information regarding different types of mortgage loans.

The Federal Housing Administration (FHA) insures FHA loans for qualified borrowers. FHA programs are obtainable for clients that do not have a substantial amount of capital available for down payments. With a credit score of 580 or above, potential borrowers are able to put down as low as 3.5% of a home’s purchase cost. They tend to be more lenient towards customers with few assets by allowing them to use gifts and grants towards the down payment. The intended purchase has to be the borrower’s principal residency and payment of a mortgage insurance premium is required. FHA loans are more attainable than other government home loans because they don’t place limitations on where the home is located or on military service status.

The Department of Veterans Affairs (VA) insures VA loans. VA programs allow eligible service members or veterans and their spouses to purchase a home with little to no down payment or cash to close. Rather than private mortgage insurance or mortgage insurance premiums, borrowers must solely pay a one-time VA funding sum. In order to qualify for the VA loan program, you need to obtain a Certificate of Eligibility. The purpose of this certification is to show a prospective lender proof of qualification based on military status and service record

The United States Department of Agriculture (USDA) insures USDA loans. USDA programs are specific for home purchasers with average or below average income that are relocating to appointed rural territories. No down payments are necessary and clients can receive as much as 100% financing. The home must be your main residency and your income level must be at or lower than to the set guideline in the particular region. Furthermore, you are required to carry mortgage insurance.

Bank of England Mortgage invites you to meet with us and discuss the possible loan options available to you. Home ownership doesn’t have to be just a dream…we can assist you in making it a reality. We ask that you reach out to our loan department at your earliest convenience. Our Florida location is situated at 235 N. Orange Avenue, Suite 200, in Sarasota Kindly contact us at 941-361-1280. We look forward to working with you.

For informational purposes only. This is not a commitment to lend or extend credit. All loans are subject to credit approval including credit worthiness, insurability, and ability to provide acceptable collateral. Not all loans or products are available in all states or counties. Underwriting decisions may be provided by a third party. Always follow the advice of your tax advisor. Bank of England is not affiliated with any government agency. Bank of England Mortgage is a division of Bank of England. NMLS 418481. Member FDIC

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Mortgage Lender Sarasota County | Bank of England Mortgage | Venice

15-Year Fixed vs. 30-Year Fixed Rate Mortgages

It can be difficult to decide what kind of mortgage would best suit you and your needs as a homeowner. There are several kinds of mortgages that might be beneficial for your financial goals, but which one is better for you? Here is some information about two of the most common home loans–the 15 year fixed and the 30 year fixed rate mortgage.

What Does Fixed Rate Mean?

In general, there are two types of mortgages. In an adjustable rate mortgage, your mortgage interest rate rises or falls based on the federal interest rate, which is the rate that the Federal Reserve charges banks when they loan money out. Because this rate may change quarterly, your interest rate may change frequently.

A fixed rate mortgage’s interest rate stays the same each year, no matter whether the interest rate the Federal Reserve charges rises or falls. The interest rate you pay stays constant. The greatest advantage to a fixed rate mortgage is that you’ll be able to budget your home mortgage payments, because they won’t change.

The largest difference between a 15-year fixed rate mortgage and a 30-year fixed rate mortgage is the time period for the home loan will be shorter, which means that you will be able to pay off your home much more quickly. If you want to pay off your home as quickly as possible, you will want to move forward with a 15-year fixed mortgage. If you are looking to spread out your payments, you will want to go with a 30-year fixed mortgage.

When you need some help figuring out the best mortgage for you, we invite you to reach out to our team here at Bank of England Mortgage. You can always give us a call at 941-361-1280, or you can come by and see us at 235 North Orange Avenue, Suite 200, in Sarasota.

For informational purposes only. This is not a commitment to lend or extend credit. All loans are subject to credit approval including credit worthiness, insurability, and ability to provide acceptable collateral. Not all loans or products are available in all states or counties. Underwriting decisions may be provided by a third party. Always follow the advice of your tax advisor. Bank of England is not affiliated with any government agency. Bank of England Mortgage is a division of Bank of England. NMLS 418481. Member FDIC

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Buying a Vacation Home? Here’s Why You Should Know

Many people have been thinking about buying a vacation home, especially during the pandemic season. If you have thought about purchasing a vacation home, there are a few things you need to know up front. Here’s some information about what to do when you want to buy a vacation home.

Buying a Vacation Home

First, this is the perfect time to buy a vacation home. There are many people who are needing to let their vacation homes go because of financial issues. There are also people selling their vacation homes because they no longer use them. Their families have grown up and moved away, and perhaps they are looking to downsize.

Buying a vacation home right now is perfect as well. A vacation home can give you a place to travel to that is a safe harbor in the middle of a pandemic. Also, you’ll be able to spread out and social distance, as often vacation homes are set a distance apart from each other. Because you own a vacation home, you won’t be stuck in a cycle of condo renting or hotel rooms, which you will want to avoid during a pandemic.

If you are ready to buy your vacation home, you will need to think about how you are going to finance it. First, if your home is already paid off, you should be able to buy a vacation home without too much trouble. If you haven’t had a chance to pay off your first home, you may be able to tap into the equity of your first home to make a sizable down payment on your vacation home.

When you’re ready to look into your vacation home, you need to give us a call. Bank of England Mortgage is located at 235 N Orange Avenue, Suite 200, in Sarasota. You can also give us a call at 941-361-1280. We look forward to working with you!

For informational purposes only. This is not a commitment to lend or extend credit. All loans are subject to credit approval including credit worthiness, insurability, and ability to provide acceptable collateral. Not all loans or products are available in all states or counties. Underwriting decisions may be provided by a third party. Always follow the advice of your tax advisor. Bank of England is not affiliated with any government agency. Bank of England Mortgage is a division of Bank of England. NMLS 418481. Member FDIC

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How to Start Saving for a Home in the New Year

With the New Year comes a lot of talk about New Year’s resolutions. Lots of people make the decision to start losing weight, working out more, or even to eat better. If you are thinking about your New Year’s resolutions, and you want to buy a house, you’ll need to start saving for one. How should you do that? Here are some tips.

Have a Savings Account Just for Your House

A lot of people put all of their savings in one account. Instead, why not think about putting your money in several different savings accounts? One of your savings accounts can be dedicated to your earnest money and down payment for a house. You can do this right away, if you expect to get a tax return in 2021. Use your tax return as seed money for your house savings fund.

Think About New Ways You Can Save Money

One of the hardest lessons to learn is that you can save money a little at a time, instead of in huge chunks. You can do that by reducing your spending. For example, instead of eating out or grabbing takeout, you can cook at home. Put the money you would have spent on dining out in your savings account. If you belong to a lot of subscription services, such as streaming services, you can cut those services down a bit and save money as well. Also, not very many people are traveling right now. Why not put that money aside for your new home? All of these small steps can add up to big savings.

When you’re ready to talk to someone about your new mortgage, you should give Bank of England Mortgage a call at 941-361-1280. You can also come by and see us at 235 North Orange Avenue, Suite 200, in Sarasota. We look forward to working with you!

For informational purposes only. This is not a commitment to lend or extend credit. All loans are subject to credit approval including credit worthiness, insurability, and ability to provide acceptable collateral. Not all loans or products are available in all states or counties. Underwriting decisions may be provided by a third party. Always follow the advice of your tax advisor. Bank of England is not affiliated with any government agency. Bank of England Mortgage is a division of Bank of England. NMLS 418481. Member FDIC.

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Mortgage Lender Sarasota County | Bank of England Mortgage | Venice

Will A Renovation Loan Help?

Is your home in need of some upgrades? Living in an outdated home can be incredibly inconvenient and inefficient, but upgrades can be expensive. Many home buyers or home owners need to take out a loan to improve their living space. If you’re wondering if a renovation loan can help you, keep reading.

A renovation loan is a loan specifically created to help individuals upgrade their home. These loans can be used to help you improve the health and safety of your home, increase the livability of your space, repair any structural problems, and fund luxury items. For many renovation loans, a third-party inspector evaluates the property and approves each phase of work. This helps lenders see that you have a clear renovation plan and are spending the money appropriately.

FHA 203(k) and FHA 203(k) Limited loans are other renovation loan options. A FHA 203(k) loan is a loan that is available to homeowners or home buyers who need a flexible low down payment for large renovation projects. These projects must be to improve structural problems, livability, health and safety. These loans are backed by the government. FHA 203(k) Limited loans are also backed by the government, but these loans are smaller. This type of loan is most suitable for those who have quick projects they need to fund.

The amount of money you can get for a renovation loan depends on an appraiser’s estimate of your property. Your credit score, how much money you want to borrow, and what aspects of your home you want to upgrade are also factors in the amount of money you can get. If you’re interested in a renovation loan, get in touch with Bank of England Mortgage. You can reach us by calling 941-361-1280 today!

For informational purposes only. This is not a commitment to lend or extend credit. All loans are subject to credit approval including credit worthiness, insurability, and ability to provide acceptable collateral. Not all loans or products are available in all states or counties. Underwriting decisions may be provided by a third party. Always follow the advice of your tax advisor. Bank of England is not affiliated with any government agency. Bank of England Mortgage is a division of Bank of England. NMLS 418481. Member FDIC.

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What You Need to Know about VA Loans

VA loans are loans designed to make it easier for veterans, or the surviving spouses of veterans, to purchase a home. These loans are funded by private lenders and partially backed by the Department of Veteran Affairs. A VA loan can be incredibly helpful if you are a veteran who is trying to buy a home of your very own. Here is what you need to know about VA loans:

VA loans are more helpful than regular loans. With a VA loan, you will have lower down payments. Because VA loans are partially backed by the Department of Veteran Affairs, the down payment requirements are able to be decreased. Just remember that sometimes lower down payments can lead to higher interest rates.

Before you can enjoy the benefits of a VA loan, you must first find a VA-approved lender. Not all private lenders are approved to provide VA loans. You can search the internet or contact a veterans association for help finding VA-approved lenders. Not only are these lenders veteran-friendly, but they can also help you get pre-approved for mortgages and help you determine your budget. If you have any questions regarding the VA loan program, a VA-approved lender is there to help.

Veterans or veterans spouses must be prepared to present a Certificate of Eligibility (COE) to a VA loan private lender. This certification of eligibility proves that you are a service member who has served the minimum period of active duty, you are a veteran who meets the requirements for length of service, you are a qualifying surviving spouse of a deceased veteran, or you are a qualifying National Guard and Reservists member.

VA loans can make all the difference as you search for your perfect home. For VA loan assistance, get in touch with Bank of England Mortgage. To contact our team, give us a call at 941-361-1280 today!

For informational purposes only. This is not a commitment to lend or extend credit. All loans are subject to credit approval including credit worthiness, insurability, and ability to provide acceptable collateral. Not all loans or products are available in all states or counties. Underwriting decisions may be provided by a third party. Always follow the advice of your tax advisor. Bank of England is not affiliated with any government agency. Bank of England Mortgage is a division of Bank of England. NMLS 418481. Member FDIC.

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Bank of England Mortgage Blog — Four Signs You Should Refinance Your Mortgage

If you have had a home mortgage for a number of years, it can be a good time to consider refinancing your mortgage with Bank of England Mortgage. Here are four reasons to consider whether to refinance:

You Want a Lower Monthly Payment

Most homeowners who refinance their mortgages are looking to achieve a lower monthly payment. You have a lower balance needed for the payoff if you have been paying your current mortgage for some time. Therefore you can often refinance for a shorter time and a better interest rate which will benefit you in two ways.

You Are Approaching Retirement

Older homeowners may wish to refinance if they are reaching retirement age. Refinancing at a lower interest rate will reduce their monthly payment which can be useful when they are on a more fixed income.

You Have a Better Credit Rating

If you have improved your credit rating over time you may be eligible for a lower interest rate mortgage. It is worth looking at refinancing to get a lower monthly payment.

You Need Money for Home Improvements or Repairs

Your home may need repairs as it ages, or you may need to make improvements to increase its value or to create a different living space as you grow older. This can be an excellent reason to refinance with a cash-out option to get a new mortgage at a lower interest rate and obtain the cash you need.

Keep in mind that refinancing does require funds to cover application fees, loan origination costs, and closing costs. Make sure you get good information on the amount of these costs before you proceed. Some can be rolled into the mortgage to reduce the amount you will need for closing.

For information on Bank of England Mortgage refinancing terms and conditions please call 941-361-1280.

For informational purposes only. This is not a commitment to lend or extend credit. All loans are subject to credit approval including credit worthiness, insurability, and ability to provide acceptable collateral. Not all loans or products are available in all states or counties. Underwriting decisions may be provided by a third party. Always follow the advice of your tax advisor. Bank of England is not affiliated with any government agency. Bank of England Mortgage is a division of Bank of England.

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Bank of England Mortgage Blog — When is the Right Time to Purchase Your First Home?

Purchasing your first home can be a difficult decision and you need to carefully review your finances, current mortgage interest rates, and the local housing market. Do you know the area you wish to live in and can you afford it? Do you have enough regular income to support the necessary budget for owning a home? Only you can answer these questions, but Bank of England Mortgage stands ready to help with our range of mortgage products.

If you have been renting for a while you have become used to not having to deal with maintenance issues and improvements. This may be a good choice for someone who must relocate regularly for work. But you should look at homeownership if you plan to stay in an area for some time. You get nothing back from paying rent, but the money put into a home gives you equity that can improve your position for buying a bigger or better home in the future.

Bank of England Mortgage has a range of products to serve customers with different financial situations, but your buying position will always be better if you have a good credit rating and stable employment. If your current credit is sketchy, take time to improve it first before seeking a home. It will greatly improve the potential to get good mortgage rates.

Remember that you must create a fund to handle the down payment, closing costs, inspection fees, and other costs. Buying a home is expensive and you must be prepared for it. One advantage for many first-time buyers is the availability of FHA and VA loans that often require zero down payments. Bank of England can help explore these options with you. There are also grants available and low-interest mortgages for people who qualify. Take the time to review all your options before you start home shopping.

First-time homeownership is a big task but the potential rewards are great. For more information on how Bank of England Mortgage can help you please call 941-361-1280.

For informational purposes only. This is not a commitment to lend or extend credit. All loans are subject to credit approval including credit worthiness, insurability, and ability to provide acceptable collateral. Not all loans or products are available in all states or counties. Underwriting decisions may be provided by a third party. Always follow the advice of your tax advisor. Bank of England is not affiliated with any government agency. Bank of England Mortgage is a division of Bank of England.