Fort Lauderdale Blog

Q: What Kind of Home Insurance Should I Get?

Fort Lauderdale, Fl

A: A standard policy will do in most instances. It protects against several natural disasters and catastrophic events. However, it will not guard against earthquakes, floods, war, and nuclear accidents. The policy can be expanded to include these disasters as well as coverage for such things as workers' compensation. In fact, the lender may require that you purchase flood or earthquake insurance if the house is in a flood zone or a region susceptible to earthquakes or hurricanes.

Movin' On Up: Refinance, Purchase Applications Increase

Fort Lauderdale, Fl

Mortgage applications increased 7.3 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending December 18, 2015.

The Market Composite Index, a measure of mortgage loan application volume, increased 7.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 7 percent compared with the previous week.The Refinance Index increased 11 percent from the previous week. The seasonally adjusted Purchase Index increased 4 percent from one week earlier. The unadjusted Purchase Index increased 2 percent compared with the previous week and was 37 percent higher than the same week one year ago.

The refinance share of mortgage activity increased to 62.8 percent of total applications from 60.7 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.1 percent of total applications.

New Analysis Says Buying More Affordable than Renting in 58 Percent of U.S. Markets

Fort Lauderdale, Fl

RealtyTrac® recently released its 2016 Rental Affordability Analysis, which shows that buying is still more affordable than renting in 58 percent of U.S. housing markets despite home price appreciation outpacing rent growth in 55 percent of markets. The report also shows that the rise in rents is outpacing weekly wage growth in 57 percent of markets.

House Price Index Inches Up 0.5 Percent

U.S. house prices rose in October, up 0.5 percent on a seasonally adjusted basis from the previous month, according to the Federal Housing Finance Agency (FHFA) monthly House Price Index (HPI).  The previously reported 0.8 percent increase in September was revised downward to reflect a 0.7 percent increase.

The FHFA HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac.  From October 2014 to October 2015, house prices were up 6.1 percent.

The Money Pit: Fixers vs. Total Rehabs

The Money Pit: Fixers vs. Total Rehabs

Fort Lauderdale, Fl

Considering buying a home that needs a little TLC? It can be a worthwhile investment—if you know what you’re looking for. Homes that require renovation run the gamut between fixer-uppers and total rehabs. The difference? Fixers tend to lean toward cosmetic upgrades, whereas total rehabs likely need a structural overhaul.

If you’re unsure which category a prospective property falls into, a good rule of thumb is to determine its livability. If you can safely and comfortably live in the home while renovating, it’s likely a fixer-upper. For total rehab homes, the opposite is true.