1. What is escrow?
Very simply defined, an escrow is a deposit of funds or document, held by a third party until the closing of your home. The selection of an escrow holder is normally done by agreement between the parties.
2. How does assessed value differ from appraised value?
Assessed Value is the dollar value assigned by a public tax assessor for the purposes of taxation. Your property taxes will be based on this value. Appraised Value is the value placed on your home by an appraiser for lenders to use to determine value for a home loan.
3. What is Mortgage Insurance (PMI)?
PMI stands for private mortgage insurance. It is used as protection for lenders against borrower default. It is paid for by the borrower and is usually required when the down payment is less than 20% of the purchase price. Most lenders will make this a part of the monthly payment. PMI can be eliminated once the loan goes below 80% of purchase price.
4. Do we work with Realtors?
Yes we do! We have a Realtor program that allows them to register their clients. However, we do require that Realtors accompany their clients (buyers) on the first visit to one of our Model Homes.
5. Do I need a Realtor?
No, you do not need a Realtor to purchase a new American Housing Home.
6. How are my property taxes figured and how much will I have to pay?
Taxes are usually based on assessed value of the home. It is usually based on the millage rate of municipality that the property is in.
7. What insurances will I need and how much will I have to pay?
You will need homeowner’s insurance because lenders require you to have it. This will be your responsibility and you can usually get a quote for any insurance company that is writing Homeowners Insurance Policies in your area.
8. What is homestead exemption and how does it work?
At the moment, the Homestead exemption in the state of Florida is $50,000.00. Florida’s homestead exemption provisions are among the most protective in the United States. The creditor protection clause of Article X gives no limit to the value of property that can be protected from creditors. For more information contact your local Property Appraiser’s offices either by phone or online.
9. What is the advantage of investing in a new home rather than an existing home?
There are many advantages when you invest in a new American Housing home, including the following:
- New American Housing homes come with a limited 10 year structural warranty!
- You can usually save money on you homeowners insurance!
- New homes are much easier to maintain, giving you more time to enjoy life!
- Plus, the ease of maintaining your new home can save you a lot of money!
- New American Housing homes are more energy efficient!
- Healthy materials are used in our new homes!
- New American Housing homes give you stronger protection against storms.
- Better insulation means more comfort and lower electric bills.
- New American Housing homes provide you with the latest technical advantages that you can only get with a new home.
- Remember! Everything you get is brand new, from the foundation to the roof!
Leave a Reply
