It is no secret that the COVID-19 pandemic left many Americans struggling to make ends meet. Many employees saw pay cuts, a number of workers were furloughed, and some lost their jobs altogether. With economic conditions at an all-time low, many families were battening down the hatches and just trying to get by. Now that the COVID-19 vaccine is circulating the country, with more and more people getting the shot each day, things are beginning to open back up, including Americans’ desire to move on to the next chapter of their lives. For some, this involves buying their first home. Being a first-time homebuyer is an exciting experience -- you begin to imagine your life unfolding in a place that you can call your own. While every home buyer may be looking for something a bit different, it is important that the following questions are considered before finalizing your purchase.

1. How Much Can I Afford? Buying a home is a long-term investment so it is important to budget appropriately for your monthly mortgage payments; after all, they will last for years to come. Begin by looking at your personal finances, such as your income, monthly expenses, and debt payments. Add up your typical monthly expenditures, including food, transportation, utilities, phone bill, insurance premiums, and more. Calculating these costs will help you determine how much you have remaining to dedicate towards your mortgage.
2. How Much Can I Spend on My Down Payment? The more that you spend on your down payment, the less you will need to borrow and pay back later. If you have a larger down payment, you will have smaller monthly payments. It is important to find the down payment level that you can afford without taking up too much of your savings.
3. How Much Will I Owe For Property Taxes? If you are interested in living in a certain area or have a desire to own a significant amount of land, you should first determine how much the property taxes will cost with what you are looking for. First-time homebuyers are often shocked when they realize how much additional money they will need to spend on property taxes. These required costs should be included in your monthly budget calculations.
4. What Do the Closing Costs Include? Aside from your down payment, you will also owe a pretty penny when it comes to closing costs. These will be paid at the close of your real estate transaction and can include your realtor fees, home inspection, title search, appraisal, home warranty, and more. This is another cost on top of the down payment that will need to be paid upfront.
5. What are the Additional Costs of Owning a Home? Unlike a renter, you will be solely responsible for the upkeep and management of your home. This can often come unexpectedly and can take a hit to your wallet from time to time. Be sure to have a thorough inspection completed before purchasing your home. If the inspector notices immediate improvements that need to be made, you may be able to get the previous owner to fix them before purchasing. Additionally, if your new home is a part of a homeowners association (HOA), you will need to pay a monthly fee to the HOA.

Contact a Broward County Real Estate Attorney

Buying your first home can be an overwhelming process without a professional providing you with a step-by-step guide. At Elliot Legal Group, we help first-time homebuyers enter into the purchasing process with the reassurance that the terms of their agreement are feasible in the long term, taking away the stress from the purchase and allowing them to focus on the exciting aspects of being a homeowner. If you are interested in purchasing a home, contact our Fort Lauderdale real estate lawyer at 754-332-2101 today.

If you have recently had a change in your financial circumstances--perhaps you lost your job, received a pay cut, or have taken on additional costs--the mortgage that has been affordable over the past decade may no longer be feasible. You may be concerned that because your mortgage exceeds your income, you will soon be on the path to losing your home. Without taking any additional action, foreclosure could soon be on the horizon. However, there are a number of actions that you can take before getting to this point, including refinancing your home.

What Is Refinancing?

Refinancing your home means replacing your current home loan with a new one. There are a number of benefits that refinancing has to offer, such as reducing your interest rate, cutting monthly payments, or tapping into your home’s equity when needed. Refinancing can also allow you to pay off your loan quicker or switch from an adjustable-rate to a fixed-rate loan. Refinancing your home may seem like the perfect solution to your financial difficulties; however, there are certain requirements that must be met in order to qualify.

Buying a home is likely the most expensive purchase that you will make in your lifetime. The moment you receive your keys may give you a surge of pride, but the path to get there can sometimes give you a headache. Without a professional guiding you through the process, it can quickly become overwhelming and you may feel as if you are paying for unnecessary additions, such as title insurance. This type of insurance incurs a one-time charge included in your closing costs and it protects the lender. But what about owner’s title insurance? Should you spend the extra money for the additional protection in Florida?

What Is Title Insurance?

Before your home closes, your mortgage lender will require a title search, which searches public records for any title defects related to your home. For instance, the title search may bring the following issues to light:

Coming to the realization that there is a possibility that you could lose your home is never a good feeling. Everyone goes through financial difficulties—especially homeowners—but the thought of losing the place that holds your family memories can be devastating. This year has been challenging for everyone, regardless of economic status, and many are finding themselves in the most serious financial state of their lives. Though the government has provided a certain amount of financial support, these stimulus checks will not continue on forever and your financial situation may still be in disarray when that day does come. If you are on the brink of foreclosure, there are actions that you can take to save your home.

Education Is Key

You should first begin by educating yourself on what is happening. Most people do not know what the foreclosure process entails until they find themselves in the middle of one. Foreclosure is not an instantaneous process—far from it—and your lender will provide you with a number of notices and packets of information before your house is actually foreclosed. Many of the late payment notices will contain information on foreclosure prevention options, which is important for you to read through before it is too late. Depending on how late your payments are, you may also want to begin researching how Florida handles the foreclosure process to determine how much time you really have.

As we enter into the new year with a vaccine being distributed on a national level, many are wondering how much longer the pandemic-induced restrictions will be enforced. The impact of COVID-19 on the United States began to surface in March 2020—coming up on almost one year ago to the date. Renters and landlords have been hit especially hard as the financial constraints of this unprecedented year left both parties underpaid. Florida Governor Ron DeSantis recognized this financial crisis and enacted the state’s first delay in evictions, also known as a moratorium, in April 2020. Since then, this state moratorium has expired and transitioned into a national eviction moratorium set to expire at the end of January. Despite keeping a roof over Americans’ heads, both renters and landlords have criticized this tactic, and are wondering what will happen when the moratorium is finally lifted.

Federal Rent Assistance Money

In the last few days of 2020, the federal government passed a national stimulus package, which includes $25 billion in emergency rental assistance. Even though the funds have been approved by the government, many are wondering when and how this financial assistance will make it into the hands of renters and landlords. The exact timeline of the distribution is unclear, though Gov. DeSantis said the state expects to administer over $850 million in a news release earlier this month. The distribution of these federal stimulus funds must be completed by January 26, according to the details of the law signed by President Trump. DeSantis expects the federal government to provide the money to participating local governments in the coming weeks, after which renters will need to go through an application process on county, city, and state government websites to obtain financial assistance. According to the National Low Income Housing Coalition, Florida is expected to receive $1.4 billion of the nation’s emergency rental assistance.