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Kayla Lake, South Florida Realtor

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United States
Fort Lauderdale, MA
Kayla Lake, South Florida Realtor

Real estate agent with eXp Realty serving Miami-Dade, Broward and Palm Beaches.

03/31/2023

An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. FHA home loans require lower minimum credit scores and down payments than many conventional loans, which makes them especially popular with first-time homebuyers.

03/30/2023

What determines interest rates⁉️

➡️ Supply and Demand
Interest rate levels are a factor of the supply and demand of credit: an increase in the demand for money or credit will raise interest rates, while a decrease in the demand for credit will decrease them.

➡️ Inflation
Inflation will also affect interest rate levels. The higher the inflation rate, the more interest rates are likely to rise.

➡️ Government
The government has a say in how interest rates are affected. The U.S. Federal Reserve (the Fed) often makes announcements about how monetary policy will affect interest rates.

03/28/2023

Now that you know what debt-to-income ratio is, what is a good debt-to-income ratio when buying a home?
✅ Conventional mortgage loans: Most lenders require your DTI to fall below 43%, though some prefer a DTI of 36% or lower for a conventional mortgage.
✅ Non-conventional mortgages: FHA loans call for a front-end ratio (how much of your gross monthly income is spent on housing costs) of no more than 31% and a back-end ratio of 43% or less. VA guideline for an acceptable debt-to-income ratio for a VA loan is 41%.

03/26/2023

What are some factors that affect your home’s value? Let’s get into it ⬇️

1️⃣ Prices of Comparable Properties
Comparable home sales in the area will influence a home’s listing price. How much have similar homes recently sold for in the community?

2️⃣ The Neighborhood
The desire to be closer to jobs, schools, or public transportation are primary reasons for purchasing a home. Additional factors that can make a neighborhood appealing is: proximity to grocery stores, access to public transportation, quality of schools and/or crime rate.

3️⃣ The Home’s Age and Condition
Age could bring down a home’s value, especially if the home needs work. Buying a fixer-upper can translate to all kinds of additional costs.

4️⃣ Property Size
It goes without saying that a five-bedroom house will probably cost more than a two-bedroom condo in the same area. The size of the lot the home occupies comes into play as well.

5️⃣ The State of the Housing Market
The housing market tends to run in cycles, alternating between favoring buyers and sellers. When supply is low, home prices tend to go up, especially if there’s a surge of buyers.

03/25/2023

Are you tired of having a landlord? Give me a call and let’s discuss your buying options! 📲

03/23/2023

Are you ready to experience the pros of owning a home and say goodbye to the worst parts of renting? ⬇️

03/22/2023

It’s important to hire a professional to take listing photos, but it’s also important to prepare your home for those photos. Here are a few tips to ensure your listing photos will sell your home.
✅ Eliminate any and all distractions
✅ Stage the home for photos
✅ Clean windows to show off views and emphasize natural light
✅ Photograph the home’s best features

03/21/2023

How do you get the BEST mortgage rate?

➡️ Improve your credit score.

Regardless of the loan you choose, you’re likely to get a better mortgage rate if you have a higher credit score.

➡️ Choose your loan term carefully.

Short-term loans are less risky and, as a result, have lower mortgage rates. The trade-off for these kinds of loans are larger monthly payments since you’re paying off the principal in a shorter time. With a longer-term loan, you spread the payments over a longer period of time, leading to lower monthly payments with a higher interest rate.

➡️ Make a larger down payment.

Simply put, the more money you put down towards your mortgage, the less you will owe on the loan. If you can make a larger down payment, you could have more equity in your home from the start. Not only will you need to repay less principal (the amount you owe on a loan excluding interest), you’ll also pay less interest over the life of the loan since it is calculated on the principal owed.

➡️ Rate locks

To potentially reduce the impact of mortgage rate changes before you close on a home loan, consider locking in your interest rate. A rate lock avoids increased rates before closing on your mortgage. You may need to pay a fee to lock in a rate, but this could be worth it if you suspect rates may change.

03/20/2023

Why should you work with a Buyer’s Agent?
✅ Buyer’s agents are personal property curators. They handpick properties based on your wants, needs, and must haves.
✅ Insider knowledge on properties and seller situations. In many markets, transactions happen before the property ever hits the market. In neighborhoods with low inventory levels, buyer’s agents have been known to send out marketing letters to homes that buyers had an interest in. Some have had success in getting sellers to contact them before the property went on the market
✅ Top Price Negotiators. Making an offer and negotiating with a seller can be one of the most difficult and stressful parts of the home buying process. But, top buyer’s agents have gone through this many times, and likely have seen all the tricks in the trade. Not only do they develop detailed analysis on comps to help you understand what similar homes are worth, they’ll also help you figure out the best bidding and negotiation strategy. So you can get the right home at the right price.

03/19/2023

Yes you can buy a home when you are self-employed, BUT you should be prepared to have adequate documentation to prove you have stable and consistent income. Here are a few things you should have prepared when applying for a mortgage loan.
➡️ Two years of self-employment history documented by tax records
➡️ List of debts and monthly payments for your business
➡️ List of assets (savings accounts, investment accounts, etc.)
➡️ Proof of your business or self-employed status (business license, letters from clients, statements from your accountant, etc.)
➡️ Proof of current rent or mortgage payments

03/18/2023

The first step is to get clear on what you want in a home, especially if it’s going to be a new permanent place. Which features are your must haves? What would be nice to have? Are there things you can live without? A swimming pool? A nice front porch?

Once you have your list of desired features, the next step is to start visualizing in your mind’s eye what you want the house of your dreams to look like. The best way to do this is to create a vision board.

In order to manifest the perfect home for you, you need to take action steps towards making it a reality. This could involve things like saving for a down payment, getting pre-approved for a mortgage, or looking at homes in your desired area and price range.

03/15/2023

Are you looking to buy this spring? Give me a call, or shoot me a DM and let’s get a conversation going about your wants, needs, and timeline!

Address

Fort Lauderdale, MA
33301

Telephone

+17743281702

Website

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