Condos on The Rise

The condo lifestyle has always been greatly coveted, but the trend in South Florida has shot up like a skyscraper!

     Some of the newest condominium buildings including 1100 Millecento, Brickell House, Nine at Mary Brickell Village, 250 Wynwood, Baltus House, 25 Biscayne Bay, Bay House, Icon on the Bay, One Paraiso, Paraiso Bay tower 1, Beach House 8, Faena House, Glass One Ocean, Palau Sunset Harbour, Peloro on the Bay, 400 Sunny Isles, Mansions at Acqualina, BeachWalk, Apogee Beach, Hyde Resort & Residences condos, 1800 Las Olas, Adagio on the Bay, Aquavita Las Olas are already completely sold out!

If you are interested in the hottest projects in South Florida, contact a specialist from the Regal Homes team today! 

Beach House 8

Mansions at Acqualina

Icon on the Bay

400 Sunny Isles

Apogee Beach

Faena House

Palau Sunset Harbour

1100 Millecento

Glass One Ocean

Why every homeowner should try to quit drinking for 2016.

The team at Regal Homes is not just about offering our clients the best when it comes to buying and selling, we are also interested in the every day lives of our homeowners. 

This year, we want to encourage every homeowner to cut back on their drinking, and it might not be exactly what you are thinking…

Cutting back on the amount of water a household uses can help others by reducing energy use and can help us by saving the homeowner money.  Here are some tips how:

1. Keep an eye on things: water meters are easy to have installed and when you can see exactly, there's an incentive to waste less and save money.
2. Brush in silence: turning off the tap while you brush your teeth can save 6 liters of water per minute.
3. Stop singing in the shower: get in, get clean and get out! While showering, you are using anything between 6 and 45 liters per minute.
4. Toilet cistern displacement: no cute way to put it but these devices can be issued from your water provider and they reduce the volume of water used in each flush.
5. Load it up: don’t run washing machine or dishwasher unless full, simple enough.
6. Stop the leak: even a small drip can run through15 liters of water a day (aka 5,500 liters of water a year). That’s a lot of blue, which can cost you a lot of green! 
7. Don’t waste the rain: install a water catcher to your drainpipe, this collected water from your roof can be used to water your plants, clean your car, wash your windows, etc.
8. Water granny style: using a watering can means not using a hose that uses 1,000 liters of water an hour; sure it might take a little extra time, but gardening should be relaxing, right?
9. Plan ahead: when purchasing new appliances, look for the energy and water-efficient labels. Even the small items like showerheads and faucets can be changed and eventually pay for themselves in savings.

Also, we would like to share some of our team’s personal resolutions for 2016 with you!

“Maintain a healthy lifestyle, start a family, save more money,  purchase investment property & be more consistent with my daily devotional reading.”      - Danya Wilson

"I normally don't make resolutions, but rather improve on what I already have been blessed to do. However, this past year I feel I fell of track with progress. So this upcoming year I want to regain my focus of achieving physical health, striving towards financial freedom, and spending as much quality time with loved ones as time and opportunity will allow." - Dequan Grignon

“I really want to cut back on sugar and make a lifestyle change!” - Dena Karlin

"Strengthen my social media presence via Facebook, Twitter, Instagram and other popular forms of social media". - Ingril White

“My goal is to get back to 2009 fine… pretty much pre baby, cut back on sweets and find balance between work and personal.” - Rennai Kelly

Read More:

https://www.edenproject.com/learn/for-everyone/water-saving-tips

http://eartheasy.com/live_water_saving.htm

http://wateruseitwisely.com/100-ways-to-conserve/

https://www.google.com/search?q=buy+a+rain+catcher+for+gutter&ie=utf-8&oe=utf-8#q=buy+a+rain+catcher+for+gutter&tbm=shop

Consider this one a little pre-holiday gift!

    We know the holiday season can be far from relaxing. Too often covering your home in lights, rearranging your entire living room to display a grand pine tree and setting up inflatables on your lawn is a list of chores more than family fun. 

     As a tribute to those who make time to decorate in between all of the hustle and bustle, we have compiled some of the most interesting… Christmas decorations we have seen!

If you thought that you went all out this year, we hate to break it to you but... she has you beat! Question is... where does the tree go now?


If only lights came with auto-correct... just do like the rest of us and blame Siri!

We really don't know what happened, but it is safe to conclude his wife said something along the lines of "I don't care what it looks like, just get the tree in the house!" 

This is an entire new level of "Bah-Humbug!" 

This picture might ruin Santa's squeaky clean reputation!  

The ultimate "Christmas-Do", for those who wish to spread the joy wherever they go! 

We have to assume this was taken outside of a Miami residence... obviously due to the *cough* palm tree in the picture. 

 When the whole family wants to help decorate the tree! 

Don't let the kids see this last one...we think grandpa was getting revenge.

Merry Christmas from the Team at Regal Homes!

When should I refinance my home?

Near the top of the list of Real Estate Buzzwords, you will certainly find “Refinance”. While many people throw it around, few know that there are actually different types of refinancing and that it may not always be the best option. The Regal Homes Team is here to inform you of what is really involved with refinancing and if it is right for you! 

 

Essentially refinancing a mortgage means paying off an existing loan and replacing it with a new one.  People seek to refinance their homes for many different reasons. Here is a list of some of the most common reasons for a homeowners desire to refinance:  

• Replace an adjustable-rate mortgage with a fixed-rate loan, or vice versa. Maybe the rate went too high on the adjustable or maybe the interest rates are dropping well below an owner’s fixed rate and they don’t want to miss out on the savings! 
• Eliminate private mortgage insurance (PMI).
• Lower interest rate (most lenders would say that if the rate can be decreased by 1% them it may be worth the refinance). 
• Shorten the term of a mortgage.
• Tap a home’s equity in order to finance a large purchase or have access to cash.
• Consolidate debt.

With so many reasons to refinance, there are also different ways to refinance depending on the situation. Below are the 2 most popular: 

1. Cash-out refinancing: 
• Taking out a new mortgage for more than what is owed. Someone would do this to have access to the difference in cash, potentially to pay off existing debt or some other reason. 
• By doing this, the home owner is converting an unsecured debt into a secured debt, and the risk is that the bigger mortgage payments may be harder to keep up with and if missed, the home can be lost to foreclosure.
2. Rate-and-term refinancing: 
• Taking out a new loan for the remaining balance for a lower interest rate or a different term (number of years it will take to pay off the loan). Homeowners’ do this usually to save money if they plan on keeping the house for years to come. 
• Someone can either choose a shorter-term loan with higher monthly payments so they can reduce overall interest payments and own their homes faster or stretch out the life of the loan to reduce the payments at a lower interest rate. 

Now that you know why people refinance, doesn’t mean that it is always a good idea. So how do you know if refinancing is right for you? These are our tips: 

• Typically refinancing can cost 3%-6% of the loan’s principal. The process also requires application fees, appraisal, title search and other potential costs.  This means that if someone is close to the end of their loan term, they might not want to refinance because of the costs incurred.
• If someone is attempting to lower their interest rate or obtain a shorter loan term, they must keep in mind that it takes years to recoup that cost with the savings generated by doing so. Many lenders can help owners calculate their breakeven point (time needed for refinance to “pay for itself” in savings) or use mortgage calculators to see if the process would be worth the savings. 
• Another important thing to remember is that borrowers with a second mortgage will usually encounter added complexity with the refinancing process. With this situation, borrowers can choose between paying off the second loan or even combining the 2 loans into a larger first mortgage.  If this does not happen, the mortgage holder of the second loan has to agree to stay in the second position behind the holder of the first loan. 
• If you are trying to avoid paying PMI, a homeowner must have at least 20% equity in the property; otherwise the cost of the PMI may not be worth the refinance. However, some Fannie Mae and Freddie Mac programs and FHA loans may accept borrowers without the 20% equity. It is best to ask the lender to find out if the loan qualifies or not. 
• Also, credit plays a role in determining if a borrower can secure a good mortgage rate. As with most things, the higher the credit score the better!

Read more: 

http://www.bankrate.com/finance/mortgages/when-to-refinance-your-mortgage-1.aspx#ixzz3nL4uRCnQ

http://www.zillow.com/mortgage-calculator/refinance-calculator/

When (And When Not) To Refinance Your Mortgagehttp://www.investopedia.com/articles/pf/05/033005.asp#ixzz3nL6CfNWK

How to Get A Deal on Everything...and The Kitchen Sink!

Are do it yourself (DIY) projects not really your thing but you don’t want to pay more than you have to for a brilliantly decorated home? Don’t worry! There are many ways to spend savvy without being a master craftsman or a upholstery guru. Here are a few helpful tips for getting the biggest bargain out of your buck:

Step 1: Make a list

As the saying goes “If you fail to plan, you plan to fail”. Make a detailed list of items you need (this list can include product names and even the stores that sell these items). This will make the search easier, keep you from getting off track, and stop you from over spending or wasting time with unnecessary items. To make this list, we recommend that you browse online and visit the actual stores to get a better idea of what you like. Remember, just because the in-store price is expensive doesn’t mean you won’t be able to find it for less...dream big! This list will come in handy for the following two steps. 

Step 2: Open up that online browser

Everyone is online shopping these days, right? Perhaps, but everyone may not be doing it right! There are thousands of online stores (Amazon, Overstock, etc.) and often times many of them have bigger sales and better prices than the traditional stores because they don’t spend on overhead for staff and showroom space (good news for us). Taking this a step further is online thrifting (EBay, Craigslist, Freecycle, Nextdoor, etc.).  However, there are different risks involved with buying online. Always remember to be safe if meeting with someone from online and always check for reviews from other buyers when possible. Check to see if your job has a business-wide forum (would be similar to a private craigslist) for buying and selling and they can prove to be great finds as well. Having the exact product name or store name (see Step 1) is helpful for making your online search streamlined and more efficient. Setting up price alerts on sites or using apps like IFTTT to keep you updated on product names can reduce your time spent searching as well. Remember, this is a digital flea market so haggling is expected; it's ok to attempt bargaining.

Step 3: Be at the right place at the right time

Timing is everything and patience is a virtue so TAKE YOUR TIME. Furniture stores tend to put out new products in February and August which means they clear out old inventory around January and July, if you can time your purchasing around then you can really rack up in the savings; the same goes for the big holidays (Memorial Day, Independence Day, Labor Day and the infamous Black Friday).  Buying a piece or two at a time will help make your choices wisely and help to avoid buying poor quality that won’t last. You will not regret the work you put in at swap meets, thrift shops, garage sales, consignment stores, and if you can find an extravagant estate sale then just think of it like a treasure hunt. It goes without saying, but we will say it anyway, if you can’t afford it, don’t buy it. We caution not to trust the 0% down advertisement in the furniture store window when you can get something of comparable value for a fraction of the cost; many times the advertised deals have wrapped in interest rates or you end up paying full value over time. Last, don't overlook local shops because sometimes you can get a great deal from a local furniture maker and they may even be able to make an awesome replica of something on your wish list for half the cost! Rennai suggests “I would speak with a manager at the local hardware store; depending on the total cost of the project they usually give you an additional discount. Try to shop discontinued items, but make sure to buy extras just in case since the item will no longer be manufactured. If the store you are at does not have enough of the item, ask the representative to check other stores in and out of your area. They can usually order them for you and have them shipped to that store at no extra cost.”

Step 4: Logistics   

 

Where there is a will, there is way! If you don’t have a pick up truck or minivan, or an army of friends to help you gather your great finds then you will most likely have to rent a moving vehicle (Uhaul, Ryder, Penske, Enterprise, Budget, etc.) to claim your furniture if you didn’t buy it online. Be smart and schedule your picks ups in traveling order and on the same day, to help save on rental costs. Also, don’t try to lift your new armoire by yourself, get assistance.  https://www.youtube.com/watch?v=n67RYI_0sc0

Step 5: Enjoy the fruit of your labor! 
 
Be sure to invite your favorite real estate team over to check out your sweet upgrades! Regal Homes loves showcasing before and after projects, check out some of our very own below and feel free to send us yours as well. 

Just to show an example of online shopping price benefits:

We really mean that you can even save on the kitchen sink! This Premier Copper Products 33" x 19" Antique Hammered Single Bowl Kitchen Sink retails for $1,341.35 at shop.com, but Walmart has it for $1,278.49. When every penny counts, make sure that you are researching to find the best price!

Take a look at the Nuvo Lighting N605365 "Beaker" Linear Pendant. This item is listed at Ferguson Bath, Kitchen & Lighting Gallery for $525.00. Online it can be purchased after tax and

shipping for $349.99 at www.lightingnewyork.com!

 

Title Insurance: What it is and do buyers need it?

Title insurance is always the first thing on your mind when you think of buying a house, right? Of course not! The team at Regal Homes knows that “Title Insurance” is something most buyers don’t fully understand until the day of closing therefore we would like to help shine some light on this often overlooked but very important detail. 

     There are two main aspects to Title Insurance. First the title company or whatever entity is performing the final closing, searches and investigates property records to ensure everything checks out. They look for possible undisclosed heirs, clerical errors, errors or omissions in deeds, mistakes in examining records, forgery, open permits, liens which have not been disclosed, fraud surrounding the deed or basically anything that reveals an issue that won't allow the seller to convey the property to the new owner free & clear. When these types of issues arise the title company along with the real estate team are most often able to correct issues for a clear title in order to close. 

     The second part of title insurance is the actual insurance. The title company uses an underwriting agency to issue an insurance policy. Typically there are 2 policies issued, one for the buyer and one for the lender. The buyer’s policy is referred to as the “Owner’s Title Policy”. In the event that anything was missed during the title search then this policy will insure the new owner against many of the possible unforeseen issues. The owners policy is paid by the buyer at closing, it's a one-time fee and lasts the duration of ownership, even extending to heirs. This is the title company's guarantee that they will represent their buyers and provide whatever funds and/or legal representation is needed if such a situation should arise. The second policy is called a “Lender's Policy”, lenders require this when they issue a loan and it is based on the dollar amount of the loan. As the name implies, it protects the lender if a title problem surfaces. The policy amount typically will decrease each year as the loan is paid off. 

     Although title insurance is not required by law, it's strongly recommended and it's no surprise why. Equally as important to having title insurance is making sure the title company is reputable, most often the real estate agent helping to facilitate the transaction will be able to recommend a few title companies. 
A good agent or the lender will also help ensure that the title insurance has been ordered early in the process to avoid any potential delays with closing. Title insurance is just one small part of the overall real estate transaction which is why it's beneficial to go through the home buying process with a great team behind you, it makes a big difference to know you are in good hands.  
The Regal Homes team is always available if you have any further questions about title insurance or any aspect of real estate!

How to get the best deal on a mortgage

 

As the old saying goes, it is always important to “start off on the right foot” and this is especially true with buying a home. The very first step in buying a home is deciding how you are going to pay for it and what you can afford. There are so many different loans out there, it can seem overwhelming at first and we are here to help clear the smoke. 

Where is the best place to get a loan? 

There are several different options for where to go such as: home builder or real estate agency lender, bank, thrift, internet lender, mortgage broker or mortgage bank and it is easy to get confused with the differences. We will break down the most commonly used options for obtaining a loan. 

1. Bank Loan Officer: works at a bank or credit union and works to sell and process mortgages originated by their lending institution. They often have several loan options to choose from,  FHA and conventional being the most common.  They will take your application and find the loan that best fits your needs. Also, if there is a problem with your credit they will attempt to help you overcome the obstacle and continue with the process. Local lenders usually have their underwriters available in their office, which means they are able to be hands on with the loan officers when questions or hurdles arise.  Sometimes, if you are a regular customer with an established relationship with the bank, you may be able to get better terms or interest rates. However, don’t assume your bank is automatically going to be the best fit for you - always weigh your options!

 

2. Mortgage Bank: a direct lender, meaning the bank employees (and only the bank employees) review your application and they make the decision to lend or not lend you money and will usually then sell your loan on the secondary market (this is a whole other topic in and of itself).   These banks are regulated by state and federal agencies and are usually strongly tied within the communities they are located. With a mortgage bank, you deal directly with the source of your loan. However, mortgage bankers only offer their own programs which can prove troublesome for many buyers.

 

3. Mortgage Brokers: a professional who brings together lenders and borrowers and they work to find the best fit for a borrower’s needs. The better deal they achieve for the lender, the more they are paid. If you choose this route, tell the broker the interest rate you want and they will shop around to find the best terms. A skilled broker will know what lenders are offering discounts and deals, but remember they don’t work for free and often charge a fee between 1%-2% of the total mortgage and sometimes a portion of this falls on the borrower and not just the lender. 

Once I decide on where to get my loan, then what? 

Finding out what you can afford is often determined by getting pre-qualified or pre-approved. There is a difference between the two: a pre-qualification is what the lender thinks you will be able to borrow based on income and credit profile, while a pre-approval requires filling out a full loan application which is typically reviewed by an automated underwriting system. We recommend getting a pre-approval before beginning to search for your new home. 

What should I expect from my lender? 

Your lender should be able to give you a break down of all your loan options along with feedback on how to improve your credit profile if necessary. Don’t be afraid to walk into a lender with bad credit, it is their job to help guide you & help get to where you need to be in order to get approved for the loan you want. A lender will be able to go over what fees to expect and many times they are able to provide you with a Good-Faith-Estimate (GFE) for your specific purchase. They should walk through each step with you, keep you informed and continue to move things forward throughout the process.

What will my lender expect from me?  

No beating around the bush, the more able you are to give your lender what they ask of you, the easier and smoother the entire process will be. Lenders will usually require tax returns, W2s, bank statements, employer names and addresses, length of employment (2 years is preferred) and landlord information if applicable. The most important advice it to be available because once the process begins you do not want to be the reason anything is held up, especially since your deposit for your new home is on the line! 

What else? 

Here are a list of a few more helpful tips we think are worth mentioning:

• Get a recommendation: Your Realtor should be able to recommend at lease 3 different lenders and we recommend calling and comparing results. 
• Check your credit before the lender does: Bringing your personal copies with you allows the lender to get a good idea of where you stand and can give you a good estimate on your numbers until you decide on which lender to go with. Also, requesting your own credit does not negatively affect your scores if its pulled form an outside course. We recommend Credit Karma or FreeCreditReport.com if you do not wish to pay for the actual score. There are 3 credit bureaus which provide 3 different scored and lenders typically qualify based on the middle score. To obtain the scores from these sources, there is a small additional fee.
• Watch for e-scams: Online deals might look pretty but there are sharks in those waters so don’t get suckered. 
• When possible, stay local: No-one knows you like those closest to you, lenders are no different. Local lenders know their surroundings best, they know the market and the ins and outs of the homes on their home turf. Usually, out of town lenders don't understand local classifications and terms used by appraisers or agents and this can seriously slow down the process while they are trying to understand just what is happening.

Getting a loan doesn't have to be scary or stressful, there are lots of options out there, and your team at Regal Homes is always happy to help guide you in the right direction as well as answer any questions that you may have! 

 

Additional Resources: 

http://www.realtor.com/advice/get-a-mortgage-preapproval/

http://homebuying.about.com/cs/mortgagearticles/a/home_lenders.htm

http://www.bankrate.com/finance/mortgages/which-type-of-lender-is-right-for-you--1.aspx