Ponte Vedra Focus - mortgage

Why Bank Statement Loans Are a Game-Changer for Self-Employed Borrowers

by Aaron Bacus

As a mortgage broker, I understand the unique challenges that self-employed individuals face when trying to secure a mortgage. Traditional mortgage qualifications often rely heavily on W-2 forms and tax returns, which can be a significant hurdle for those who run their own businesses. However, there's an alternative solution for self-employed borrowers: bank statement loans. 

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What Are Bank Statement Loans?

Bank statement loans are a type of mortgage designed specifically for self-employed individuals who might not have the typical documentation required for a conventional loan. Instead of relying on tax returns and W-2s, these loans use the borrower's bank statements to determine their income. Lenders look at the deposits made…

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Demystifying Mortgage Down Payments

by Aaron Bacus, First Coast Mortgage Funding

Are you dreaming of purchasing a home in Northeast Florida but worried you don’t have enough for a down payment? It’s true, this is one of the most crucial aspects of the home-buying process but that doesn’t mean that home ownership is out of reach. As a seasoned mortgage loan officer, I've guided countless individuals through this journey. Today, I'm here to demystify down payments and offer practical strategies to help you save for your future home.

Understanding Down Payment Basics

First things first, what exactly is a down payment? Simply put, it's the initial, upfront portion of the total cost of your home that you pay out of pocket. This amount varies depending on various factors, including…

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Investment Properties in Ponte Vedra: Financing Your Second Home or Rental Property

by Aaron Bacus, First Coast Mortgage Funding

Ponte Vedra Beach, with its beautiful beaches and upscale neighborhoods, presents a compelling draw to real estate investment. Whether you're envisioning a sunlit second home for family vacations or a rental property to tap into our thriving tourist market, understanding the financing nuances is paramount. As a local mortgage broker, I'm here to guide you through the intricacies of financing your investment property.

Differentiating Between Second Homes and Investment Properties

First and foremost, lenders view second homes and investment properties differently. A second home is a property you intend to occupy for a portion of the year, while an investment property is primarily for generating rental…

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The Credit Score-Mortgage Rate Connection

By Aaron Bacus

Are you thinking about buying a home? The prospect of being a homeowner is so exciting! However, before you dive headfirst into the whirlwind process, there's a step to consider: your credit score. Your credit score plays a pivotal role in determining the mortgage rate you'll qualify for, and understanding this relationship is vital for securing the best possible deal on your home loan.

Let's break down the ins and outs of how your credit score affects your mortgage rate and discuss ways to improve your creditworthiness.

The Credit Score-Mortgage Rate Connection

Your credit score is a three-digit number that reflects your creditworthiness, providing lenders with a snapshot of your ability to manage debt responsibly. Mortgage…

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How Much Mortgage Can I Afford?

by Aaron Bacus, Mortgage Broker, First Coast Mortgage Funding

The journey towards homeownership is an exciting one, filled with dreams of cozy living spaces, white picket fences, and the pride of calling a place your own. But before you dive headfirst into the world of real estate listings, it's crucial to understand a fundamental question: How much mortgage can you truly afford? As a trusted mortgage broker, I'm here to guide you through this critical step on your path to becoming a homeowner.

Assess Your Financial Landscape

The first step in determining how much mortgage you can afford is to take a close look at your financial situation. This involves calculating your monthly income, factoring in any steady sources of…

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Navigating the Mortgage Maze: A Guide for Homebuyers

by Aaron Bacus, First Coast Mortgage Funding

Purchasing a home is an exciting milestone, but it can also be an overwhelming process. A Mortgage Broker can guide you through the maze of mortgage options, ensuring that they make informed decisions and secure the best possible financing for your home. Let’s explore key considerations and valuable insights to assist in navigating the world of mortgages with confidence.

Understanding Your Financial Picture

Before embarking on your homebuying journey, it's crucial to assess your financial readiness. Take stock of your income, expenses, and credit profile. A thorough review of these factors will enable you to determine your budget and identify any potential roadblocks. Working with a Mortgage Broker…

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Saving Money on Mortgages: 9 Strategies for Homeowners

by Aaron Bacus, First Coast Mortgage Funding

Purchasing a home is a significant accomplishment! Mortgage payments can be a huge chunk of your monthly expenses, so it’s important to do all you can save money on your mortgage.  There are many strategies you can use to reduce your payments or pay off your mortgage faster with minimal effort.  Let’s explore three effective strategies to successfully reduce your mortgage payment:  refinancing, making extra payments, or negotiating with lenders. Let’s delve into the options and pro and cons of each approach to help you make an informed decision and potentially save you thousands of dollars. 

Refinancing Your Mortgage

Refinancing your mortgage involves replacing your current mortgage with a new one,…

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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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