Ponte Vedra Focus Blog - Mortgage

What's the Difference Between Pre-Qualified vs Pre-Approved

by Aaron Bacus

When applying for a home loan, it’s important to understand the difference between pre-qualifications and pre-approvals. While both are important steps in the loan process, they provide very different levels of assurance that you’ll be able to secure the loan.

Before you start the home buying process, it’s a good idea to get pre-qualified, because it gives you an idea of how much you can afford and can help you narrow down your home search. Pre-qualification is the first step in applying for a mortgage loan. It involves having a lender review your financial information, such as your income, debts, and savings. Your lender may also want to look at other financial documents like your tax returns. This helps them understand…

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Mortgage Gift Funds: What You Need To Know

by Aaron Bacus

Gift funds have been a hot topic recently for those looking to buy a home. So what exactly is a gift fund and can a buyer accept funds from anyone? Let’s dive into the nitty gritty! Gift funds are funds given to someone buying a home by an acceptable donor to be used as a down payment, towards closing costs, or other fees.  They can only be used on a primary residence or second home and are not allowed to be used for an investment property. 

An acceptable donor can be a relative such as a spouse, child, dependent or other relative that is related by blood, marriage or adoption.  A non-relative can be considered as an acceptable donor if they share a “familial relationship” with the borrower such as a domestic partner, fiancé,…

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Uncovering the Best Mortgage Possibilities

by Aaron Bacus

Are you in the market for a new home but unsure of the best mortgage options for you? Let’s explore the different mortgage options available, discuss the benefits of each option, and provide tips for a smoother home buying process.

Introduction to Mortgage Options

When it comes to buying a home, there are many different mortgage options available. From fixed-rate mortgages, to adjustable-rate mortgages (ARM), each option offers its own set of pros and cons.

Types of Mortgage Options

The most common type of mortgage is a fixed-rate mortgage. With this type of mortgage, the interest rate stays the same throughout the life of the loan. This makes it a great option if you’re looking for stability.

An adjustable-rate mortgage…

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Mortgage Broker vs Banker: What's the Difference?

By Aaron Bacus

Why Mortgage Brokers may be better…from the perspective of a mortgage broker!

Wholesale Loan Shopping vs. Retail Loan Shopping

Brokers can shop multiple lenders. Opposed to big bank retail lenders, mortgage brokers have a diversity of lenders to choose from which allows them to find the absolute best rate for the client. 

Brokers have access to multiple loan programs. Again, big bank lenders have their loan program, that’s it. Brokers on the other hand, can shop many loan programs to find the best fit for YOU and YOUR CLIENT. This ensures complete control, confidence, and customization for each client’s unique needs. 

Mortgage Brokers Give Customers More Choice

Brokers give your clients choice and multiple options.…

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4 Things to Know About Getting A Home Loan

By Brad King, Private Wealth Mortgage Banker with US Bank

Buying a home can be an entire mix of emotions from excitement straight through to sheer panic, that's why it's always best to have a REALTOR by your side. A REALTOR will point you in the right direction every step of the way and stay by your side through to closing. Homebuyers, especially first time homebuyers, can feel overwhelmed in the process especially if they don't know what to expect. The REALTOR is your advocate, your concierge, your advisor, your 'manager' and sometimes even your therapist. Once you find the right agent, they will also connect to you a few of their most trusted lenders who can tell you everything you need to know about a home mortgage and what it takes to get…

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Investment Property Loans: Q&A with Brad King

by Brad King, Lender

The beach communities of Jacksonville are known for their perfect vacation get-a-way opportunities.  Those looking to escape the cold winters up north make a tradition of coming south to our cozy resort towns in search of warm sunshine, the beach, and golf, which makes our area a prime opportunity for an investment property.  If purchasing a home or condo has been on your mind, here are some important things you should know about a mortgage for your investment property compliments of Brad King, Mortgage Lender.

What is the rate difference between a Conventional Loan and a loan on an investment property?

There are three loan types: FHA, VA, and Conventional.   For investment property, a conventional loan is necessary since…

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