Home Buying Process

Home Buying Process
House Keys

Home Buying Process

CONSULTATION
Ideal Lending Solutions meets with you to discuss loan options and help you determine the right loan choice for your situation and financial goals.

PRE-APPROVAL
Ideal Lending Solutions issues your pre-approval and you start looking for a home with a real estate agent.

SEARCH FOR YOUR HOME
You search for your home. It is suggested to use a real estate agent, as they can help guide you in your search and negotiate the property price.

MAKE AN OFFER
Once you find your dream home, your real estate agent presents an offer. Once the offer is accepted, a closing date is set.

CONTRACT
You review and sign your contact with your real estate agent.

APPLICATION
Any remaining documents are required at this time. Once the contract has been submitted to Ideal Lending Solutions, the loan goes into processing.

APPRAISAL & INSPECTION
Ideal Lending Solutions orders appraisal, title report, insurance binder and other necessary documents. A home inspection takes place to determine any repairs needed.

PROCESSING
Receives and reviews all the documents, verifies all information and prepares the file for underwriting.

UNDERWRITING
Loan is conditionally approved or declined and underwriter asks for conditions. Homebuyer provides conditions.

HOMEOWNERS INSURANCE
A copy of the property appraisal and mortgagee clause must be provided to secure homeowners insurance policy.

CLEAR TO CLOSE
Final approval is issued and any final conditions are collected and satisfied. Loan is clear to close, closing documents are sent to the title company.

CLOSING SCHEDULED
It’s time to schedule the closing! You and your Realtor will be notified that your loan is clear to close and a closing date is scheduled.

FINAL WALK THROUGH
Borrowers complete one final walk-through of the property to approve condition of the home.

CLOSING
All parties sign the closing documents to finalize the purchase of your home.

IT’S MOVING TIME!
You’ve closed on your home and it’s time to move in. After closing, we will send you a customer satisfaction survey. We appreciate your participation and referrals.


*A pre-approval does not constitute a loan com-commitment or guarantee of a loan. Pre-approval is subject to a satisfactory appraisal, satisfactory title search, and no meaningful change to borrower’s financial condition.

6 Costs Homeowners Overlook and How to Pay for Them

6 Costs Homeowners Overlook and How to Pay for Them
6 cost blog photo

6 Costs Homeowners Overlook and How to Pay for Them

For many people, a house is the biggest investment they’ll ever make. And whether you’re a first-time homeowner or you’re buying your third property, you’re bound to end up covering some unexpected expenses. Here are six costs homeowners tend to overlook and how to pay for them:

1. Property taxes

Be prepared to pay property taxes and keep in mind that they rarely decrease. Homeowners often pay them every month along with their mortgage payments. If your loan is backed by the Federal Housing Administration, you’re required to have an escrow or impound account.

If you don’t have to make property tax payments through an escrow account, they may be due at the end of the year. In some counties, you might pay them in installments.

2. Homeowners association fees

Whenever you move into a new home or condominium, you become part of a community. In many cases, there are fees associated with the maintenance and general upkeep of shared common areas. The money collected might cover snow removal, landscaping or repairs to a meeting room.

Monthly homeowners association (HOA) fees for standard single-family homes tend to cost between $200-$300, but rates can vary depending on several factors, including how recently a housing community was built and the kinds of amenities that are available. That’s why it’s best to know how much fees cost upfront. In West Hollywood, Calif., for example, residents in Sierra Towers condos get access to a 24-hour concierge service and valet parking, but spend around $4,000 per month on HOA fees.

3. Insurance premiums

If you own a home, another cost you should include in your budget is insurance. The average annual homeowners insurance premium costs $1,120, according to recent data provided by the National Association of Insurance Commissioners, but the amount you pay may be higher or lower based on where you live and the kind of policy you choose.

Homeowners insurance typically covers personal possessions, liability for injuries that take place on your property, the structure of your house and additional costs associated with living elsewhere if your home is severely damaged. If you live in an area prone to natural disasters, you might need a supplemental policy like flood insurance.

4. Repair and maintenance costs

Repairing or replacing a roof, furnace or air conditioner can be expensive, and at some point, you might have to address plumbing issues or trade in some old appliances.

The cost of home maintenance is another thing you’ll have to factor into the cost of homeownership. You’ll need money to keep your yard, gutters, carpet and everything in between in tip-top shape.

Financial experts generally recommend setting aside 1 percent of your home’s value to cover the cost of unexpected repairs and maintenance. If you’re trying to save money, you’re better off doing some of the work yourself. Just make sure you have enough funds for the materials you need to get the job done.

5. Costs associated with selling a home

Having a home that’s well-maintained not only lets you enjoy your house while you’re living there, but also prevents you from being saddled with additional costs when you’re ready to sell it.

Replacing your roof or furnace might be something you want to put off, but failing to make necessary repairs or meet demands made by potential homebuyers could hurt your market value or cost you a sale.

6. Pest control costs

Pests are a real concern for many homeowners. Over time, all sorts of critters—like termites, ants, spiders and rodents—might invade your home. Depending on how serious the problem is, you might need to fumigate your house.

If you’re interested in buying a home, make sure you hire an inspector to check for bugs and termites that could cause structural damage. While lenders don’t always require homebuyers to pay for pest inspections, it’s important to have one done. You don’t want to close on a house only to find out later that there’s an issue. Termite inspections generally cost between $75-$150, according to Angie’s List.

Build a rainy day fund!

It’s always better to be prepared for a storm than to be caught in a downpour without an umbrella. Despite the high costs, owning your own home can be a rewarding experience.

Hope for the best and prepare for the worst by keeping enough money in your savings account to cover unforeseen costs. Make sure you account for all of the hidden expenses and fees associated with buying a home and budget accordingly.


Housecall

Hippo is an InsureTech company that’s reimagining home insurance through the lens of homeowners. Hippo Insurance is available to homeowners in 10 states throughout the U.S. and will be available to more than 60 percent of the nation’s homeowners by the end of 2018.

Your Taxpayer Rights

Your Taxpayer Rights

Your Taxpayer Rights

Taxpayer Rights

Your Taxpayer Rights if You ever get Audited by the IRS

West Palm Beach, FL – There are 3 letters that strike fear into the hearts of Americans—I-R-S! And the very thought of being audited by them—usually turns into panic.

What you might not know is that back in the 1990’s, Congress passed the Taxpayer Bill of Rights Law, which places the burden of proof in tax disputes on the IRS – not the taxpayer.

However, there are some additional rights you have if you ever get that dreaded “audit notice” in the mail.

  • You don’t have to meet with the IRS. You don’t have to meet with them face to face. Instead, you can conduct your “audit” through the mail. You avoid the stress of a personal meeting, the hassle of taking time off of work, or saying something that might be misconstrued by the auditor.
  • You have the right to negotiate penalties. Of course, the IRS is not going to tell you this, but if you’ve filed your tax returns, acted in good faith and have not set out to deceive the IRS or dodge your tax liability, you can ask that any penalties be cancelled.
  • You can appeal decisions made by the IRS. If you believe the tax liability and penalties are unfair or incorrect, you have 30 days to file an appeal. It could take years before your case is heard, but the “filing” date is the critical part of this process.
  • You have the right to “installment” payments. If you do end up owing additional money, you can set up regular monthly payments with the IRS. Form 433A needs to be filed, listing your income, expenses, assets and liabilities. They will determine the monthly payment you need to make.
  • You have the right to challenge IRS notices. Just a little under 50% of all IRS notices requesting more money from you are incorrect or incomplete. But they keep sending them because it has been shown that people would rather just pay the money than fight the IRS. Don’t take their word for it.
  • You have the right to use a Taxpayer Advocate. If you feel you are getting the runaround or no one at the IRS is willing to help you, contact a taxpayer advocate. This is a division of the IRS to help citizens whose tax problems seem to be ignored. Visit the IRS website and you’ll find a link that says “Contact Your Advocate.” The service is free and it’s confidential.
  • You have the right to make audio recordings when you meet. Yes, you can record the whole meeting, but you have to notify the IRS 10 days in advance.

You have the right to represent yourself at an IRS audit. The tax code is complicated, and unless you are fairly competent about the specifics of your tax audit, you might want to hire an expert to help you. If you’ve had your tax returns prepared by a CPA, they will usually help with the audit meeting. If you end up in US Tax Court, hiring a tax expert is highly recommended.

Ideal Lending Solutions is your premier home mortgage lender in Florida. At Ideal Lending Solutions you will work one-on-one with a dedicated mortgage professional who can explain loan programs and offer great mortgage rates to meet your financial goals.

Increase the sale price of your home

Increase the sale price of your home

Low-Cost Ways to Increase the Sale Price Of Your Home

Increase the sale price of your home

7 ways to increase the sale price of your home

West Palm Beach, FL – Getting a higher price when you sell your home doesn’t have to involve a bunch of expensive renovations. Here are some quick, low-cost improvements designed to turn the heads of potential buyers.

  1. Brighten your kitchen. This is the room that clinches the deal, so make it sparkle. Replace the faucet set. Add new cabinet hardware, and if necessary, replace the doors and drawer fronts. Upgrade lighting fixtures for extra brightness. If your appliances don’t match, see if the face panels can be replaced.
  2. Make a dramatic entrance. The front door is the first thing buyers touch. Add stylish new hardware that gives it a quality feel. Consider painting the door to add extra character.
  3. Do some landscaping. Your yard frames your house, so it has to look attractive and well-manicured. Keep the lawn mowed, add well-placed shrubs and perennials, and plant flowering annuals near the front door. If the sidewalk is chipped and cracked, see about getting it replaced.
  4. Expand your closet space. Chances are your existing closets can provide a lot more storage than they currently do. All it takes is the installation of efficient new wire or laminate shelving systems in all closets and pantries.
  5. Revitalize the bathroom. Buyers want to see a shiny, new-looking bathroom. If the tub and shower look dingy, see about installing a prefab unit right over top. Put new vinyl flooring over discolored tiles. Replace the sink faucet and toilet seat. Add a bright new lighting fixture.
  6. Spruce up the plumbing and electrical. If it’s an old house, hire a plumber and electrician for an hour or two to check things out and fix any leaks or sketchy wiring. This shows pride of ownership and helps ensure home inspections go well.
  7. Update lighting fixtures. Shed more light on shadowy bedrooms, add an eye-catching chandelier to the living room, and replace dingy blades on ceiling fans.

Ideal Lending Solutions is your premier home mortgage lender in Florida. At Ideal Lending Solutions you will work one-on-one with a dedicated mortgage professional who can explain loan programs and offer great mortgage rates to meet your financial goals.