In a landmark move aimed at addressing housing affordability and accessibility issues, Florida Governor Ron DeSantis has signed Senate Bill 102 into law. Known as the Live Local Act, this legislation is set to profoundly impact new home buyers in Florida. With an impressive allocation of $711 million toward housing programs, this bill signifies a firm commitment from the Florida government to provide support and opportunities for individuals and families in search of their dream homes.
Increasing Housing Affordability and Accessibility
The Live Local Act is a groundbreaking measure designed to make housing more affordable and accessible for residents of Florida. By earmarking a significant amount of funding, this legislation addresses home buyers’ challenges in a market where prices have steadily risen. Providing financial assistance can make a substantial difference in housing affordability, particularly for those with limited resources.
Tax Incentives for Developers
One of the most exciting aspects of the Live Local Act is the introduction of significant tax breaks for developers. By offering these incentives, the government encourages developers to invest in creating new housing projects in the region, including Venice. This approach is expected to stimulate the construction of additional housing units, effectively increasing the supply in the market.
The Impact on Home Buyers
The signing of Senate Bill 102 brings many benefits for new home buyers in Florida. Let’s explore some of how this legislation is poised to make a positive impact:
Increased Housing Options
With the influx of funding and incentives for developers, the Live Local Act is expected to increase housing options for prospective buyers. The construction of new housing projects will provide a broader range of choices, allowing buyers to find properties that suit their needs, preferences, and budgets.
Potential Financial Incentives
The tax breaks offered to developers under the Live Local Act have the potential to trickle down to home buyers. As developers benefit from reduced tax burdens, they may pass on some savings to buyers through more competitive pricing or attractive financing options. This can significantly enhance the affordability of homes in Venice, making it easier for individuals and families to realize their dreams of homeownership.
Government Commitment to Housing Affordability
The signing of Senate Bill 102 showcases the Florida government’s dedication to addressing housing affordability issues and promoting homeownership opportunities. By proactively taking steps to increase the housing supply and provide financial incentives to developers, the government is actively working towards creating a favorable environment for both buyers and sellers.
The Live Local Act, signed into law by Governor Ron DeSantis, represents a monumental step towards improving housing affordability and accessibility for new home buyers in Florida. With its substantial funding allocation and tax incentives for developers, this legislation is poised to make a significant impact on the local housing market. As a result, prospective buyers can look forward to a broader range of housing options and potential financial incentives to help them secure their dream homes.
Gulfside Mortgage Services was established by Laura Dorsey & Doug Bolling and opened on April 1st, 2003 with approximately 10 team members. They eventually grew and added two more branches one in North Port and one in Lakewood Ranch. Michelle Moore was the Manager of the North Port location and Tony Moore was the manager of the Lakewood Ranch location with over 30 team members combined with all three locations. After the great recession in 2007-2009 Doug & Laura had to make some tough decisions and closed both the North Port and Lakewood Ranch locations and kept only the Venice location open and had to downsize to approximately a 10-person team.Tony and Michelle became the best of friends in this journey and in 2007 they fell in love while on a cruise for Doug Bolling’s 50th birthday!In 2010 Doug and Laura had come to Tony and Michelle and presented them with a great opportunity and on December 10, 2010, Tony and Michelle officially took over Gulfside Mortgage Services. When they took over, they had to make many changes including downsizing to just 3 team members that included Tony and Michelle. They decided to go to Las Vegas for a big coaching conference and they signed up for coaching within 1 year they grew to about 15 team members! Over the last 12 years, Gulfside Mortgage Services had about 27 team members but with the market shift this year, they had to make some tough decisions and downsize, and currently have 15 team members. To have more opportunities to help more families, they recently have also obtained licenses in 3 additional states! So, now they are licensed in Florida, Ohio, Kentucky, and Indiana!Tony and Michelle are the sole individuals at Gulfside Mortgage Services who have been present since its establishment on 04/01/2003, and they take immense pride in that fact. Despite various tumultuous events over the years, they prefer not to delve into them.Sometimes, people may question what drives Loan Originators to do their job. This is a common sentiment shared not only by the writer but by many MLOs as well. What often goes unnoticed is that 70% of their 40-to-50-hour work week is not compensated. To be clear, this is not untrue. While this topic could be discussed for hours, the reason Tony and Michelle persist is due to the indescribable satisfaction they get from helping a first-time home buyer. The gratitude received from these individuals is unparalleled and it serves as a reminder of their mission. Similarly, when a borrower wants to refinance, the feeling they get when they can save hundreds or even thousands of dollars monthly is incredible. The weight is lifted from the borrower’s chest, giving them the ability to either relax or invest more in their future. It’s difficult to put into words – but the joy experienced from making a positive impact in their lives is addicting, and it motivates Tony, Michelle, and all their team at Gulfside Mortgage Services, to help more people.
Buying a home is an exciting process, but it can also be intimidating. One of the most important steps in the process is obtaining a mortgage loan, which requires navigating complex calculations and paperwork. Fortunately, having the help of a professional mortgage lender can make this daunting task much easier. Here’s how working with a mortgage lender can ease the home-buying process.
Understanding Your Financial Situation
A mortgage lender will work with you to understand your financial situation and determine what kind of loan you qualify for. This includes looking at factors such as your credit score, income, debt-to-income ratios, and current financial obligations. The lender can then help you choose the best type of loan for your needs, such as fixed or adjustable rate mortgages or government-backed loans like VA, FHA or USDA loans. Furthermore, they will provide guidance on how much house you can afford based on your individual financial situation.
Organizing Paperwork
The paperwork involved in applying for a mortgage loan can be overwhelming—especially if you’re not familiar with the process or have never done it before. That’s why working with a mortgage lender makes good sense; they are experienced in dealing with all kinds of documents related to mortgages and can help put together everything from tax returns to pay stubs to credit reports so that your application is accurate and complete. They will also review the paperwork for accuracy and completeness before submitting it to ensure that nothing is missing or incorrect, helping speed up the approval process.
Securing Financing
Once your application has been approved by the lender and all necessary documents have been submitted, it’s time to secure financing for your new home purchase. A mortgage lender will work closely with you throughout this step of the process as well; they will review all available options so that you get the best terms possible on your loan—including competitive interest rates and favorable repayment terms—and guide you through signing any necessary contracts or agreements associated with the loan.
Giving Peace of Mind
Other than offering competitive loan products, mortgage lenders also provide other types of security. Many lenders will offer protection against things like job loss or disability, which can help relieve some of the stress associated with paying a mortgage every month. Additionally, many lenders will also carry insurance in case something happens and you’re unable to make payments on your loan. This coverage is often included in most loans so you can rest easy knowing there is someone else looking out for your best interests should something happen.
Mortgage lenders also provide ongoing support throughout the life of the loan as well. They often provide helpful advice regarding managing money and credit as well as providing resources such as budgeting tools or even counseling services if needed. If a borrower is ever behind on their payments or facing foreclosure due to a financial hardship, many lenders will work out repayment plans or even loan modifications which can help avoid foreclosure altogether and give borrowers more flexibility when it comes to managing their finances effectively.
Working with a professional mortgage lender can make buying a home easier by providing guidance throughout each step of the process—from understanding your financial situation to securing financing for your new home purchase. If you’re considering buying property soon, partnering with an experienced mortgage lender like Gulfside is one of the smartest decisions you could make!
Buying a home is one of the biggest and most exciting financial decisions you’ll make in your life, so it’s important to be choosy when selecting a mortgage company. While there are many lenders to choose from, not all of them are created equal. Choosing the right mortgage company can be the difference between a smooth and successful buying experience, or one filled with stress and delays. Let’s take a closer look at how to find the right lender for you.
Do Your Research
Doing your research is key to finding the right mortgage company. Start by investigating reviews online and asking friends and family for referrals. Once you’ve narrowed down your list, ask potential lenders about their rates, terms, fees, and loan types available. Ask about their experience in working with programs like FHA or VA loans as well as conventional loans if that applies to your situation. Also inquire about any additional services or advice they provide such as debt consolidation or credit counseling services if needed.
Check Their Reputation & License
Checking the credentials of potential lenders is an important step in the process before making a decision. Make sure the company has undergone background checks and licensing requirements, which should be easily accessible online or through state agencies. Also, find out if there are any complaints against them or if they are accredited by any organizations such as Better Business Bureau (BBB).
Personalized Service
Finally, when it comes time to pick your mortgage lender, it’s best to go with someone who provides personalized service specific to your needs rather than just going with the lowest rate or most convenient option available. A good mortgage professional will take the time to get to know you and understand what you are looking for in terms of financing options and services. In addition, they should be able to provide helpful advice tailored specifically for your situation without pressuring or pushing you into anything that isn’t right for you.
Be Open & Honest With Your Lender
Choosing a reputable lender is just one part of getting approved for a mortgage loan; being open and honest with your lender is essential too. This means providing all necessary documents up front such as tax returns, pay stubs, bank statements, W-2s etc., so that your lender can get an accurate picture of your financial situation when considering you for approval on a loan request. Providing this information upfront helps lenders assess whether you can afford the home you’re interested in buying so that they can approve or deny your application quickly and efficiently.
Choosing the right mortgage company can be daunting but understanding what options are out there and doing some research beforehand can help ensure that you get the best rate possible on your loan while also receiving exceptional customer service throughout the process from start to finish! An experienced real estate professional can also be a great resource when looking for reliable lenders who will work hard on behalf of their customers to get them approved quickly without sacrificing quality of service along the way!
If you’re considering buying a home, it’s important to understand the different types of mortgages available. The two most common types of mortgages are fixed rate and adjustable rate. Fixed rate mortgages have the same interest rate over the entire life of the loan, while adjustable rate mortgages can have changing interest rates that fluctuate depending on market conditions. Let’s take a closer look at the differences between fixed rate and adjustable rate mortgages.
Fixed Rate Mortgages
Fixed rate mortgages are ideal for home buyers who want to stick with a budget. With this type of mortgage, your monthly payments will remain consistent throughout the life of the loan—no matter what changes in market conditions or interest rates might occur. Fixed rate mortgages typically have terms from 15 to 30 years, although some lenders offer longer terms as well. This is good for budgeting, because it allows you to know exactly what your payments will be each month.The downside is that you could end up paying more than necessary if interest rates drop after you sign your loan agreement. Additionally, if you want to refinance your loan at any point during its term, there may be fees involved depending on your lender and loan terms.
Adjustable Rate Mortgages
An adjustable-rate mortgage (ARM) has an interest rate that changes over time according to market conditions and other factors like inflation. ARMs usually have initial fixed-rate periods ranging from 5 to 10 years, after which they adjust annually or semi-annually (twice a year). With an ARM, your monthly payments could potentially decrease or increase depending on what happens with interest rates in the market. This type of loan is attractive because they often come with lower initial interest rates than a fixed-rate mortgage, thus making them more affordable initially; however, this also means that payments can change significantly over time if interest rates rise dramatically in the future. As such, ARM loans carry more risk than fixed-rate loans since you could end up paying much more than expected due to increases in monthly payments caused by rising interest rates.Choosing between a fixed rate or adjustable rate mortgage comes down to understanding your financial needs and goals over time. If you don’t expect major changes in income or expenses anytime soon, then a fixed-rate option may be best for you since it offers stability and predictability when budgeting for monthly payments throughout your loan term. If you anticipate needing some flexibility when it comes to budgeting for your mortgage payments or want lower initial costs, then an ARM might be worth considering; however, keep in mind that this type of loan carries more risk due to potentially increasing payments over time if interest rates go up significantly in the future. Ultimately only you can decide which type of mortgage is best suited for meeting both short term and long term financial objectives. Potential home buyers should weigh all options carefully before committing either way so they make sure their decision works best for them now and into the future!
