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While remote notarizations became legal Jan. 1, existing notaries must register with the state in order to perform online notary services, and some mortgage lenders may still require in-the-room signatures. By the end of 2020, 36 states will have e-notary laws, remote notary laws or both.

IRVINE, Calif. – While vacation-home purchasers living in Ohio now have the legal ability to close from their Cleveland home thanks to a Jan. 1 Florida law that allows for remote notarization, that law doesn’t demand that remote notaries be accepted.

As a result, lenders can refuse to accept remote notarizations, and buyers securing a loan through one of these companies must be present at closing.

In addition, Florida notaries must register with the state as an online notary, in addition to posting a $25,000 bond, having $25,000 of errors and omissions (E&O) insurance and completing a two-hour course. They must also have the designation of a remote online notary provider, which acts as the digital liaison between remote buyers and sellers in the transaction. Not all notaries have done so yet, and some may decide they don’t want to take these additional steps.

Still, “if the Florida notary has remote notarization authority, then the buyer and seller could be almost anywhere,” says Meredith Caruso, associate general counsel for Florida Realtors. “It appears that all parties, as well as the lender, have to consent to use RON (remote online notary) to make the system work, so if the lender says ‘no,’ then it isn’t an option.”

Florida, Idaho, Kentucky and Oklahoma e-notary laws went into effect on Jan. 1, and DocVerify Chief Technology Officer Darcy Mayer says as many as 12 other states could consider e-notary or remote notary laws in 2020.

“As it currently stands, by the end of 2020, 36 states will have e-notary laws, remote notary laws or both,” says Mayer. “Public demand is being fueled by the security, cost savings, convenience and efficiency these services offer, and state lawmakers are responding.”

E-notaries electronically affix signatures and notary seals to an electronic document such as a PDF or Word document. The document is then instantly and securely transmittable. Remote notaries are authorized to provide a similar service to parties in separate locations via the internet, using digital tools and a live audio/video connection versus electronic notary, where physical presence is required by law.

© 2020 Florida Realtors®



 

C L O S E D

This charmingly remodeled North Miami condo was just sold from one investor to another. 💸

Happy to help our client and personal friend.

1465 NE 123rd Street #610

1 🛏 | 1 🛁 | 750 SF 📐

Closed at $115,000

Seller represented by:

Lisa Yanowitz



 

F A T village
Fort Lauderdale🌴
#WhereToWednesdays
“…FATVillage is burgeoning with productivity.”
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FAT Village is Fort Lauderdale’s answer to Miami’s Wynwood, but with a more intentional twist. 🖼 🎨 📽🎬🎭
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Those behind the movement tell it best:
“FATVillage is an arts district whose purpose is to promote the creation, exhibition, curation, research, and education of emerging, contemporary artists. We strive to generate an art community that is inclusive through having many different programs as well as reinforces cross disciplinary collaboration and experimentation. Techies, artists, designers, and creative professionals call this daytime enclave home.”
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Besides being a wonderful place to both play and produce, FAT Village is home to a monthly Art Walk that is well worth the visit. .
You can find vendors, shops, art exhibits, food trucks, musicians, events and so so so much more on the last Saturday of every month, from 6:00pm - 11:00pm.
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Take our word for it and put it on this months to do list!



 

R E N T E D 🏖
Sunny Isles living at its finest!
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Closed out on this modern tri-level home with massive rooftop terrace in the heart of Sunny Isles Beach. Located directly across the street from the ocean and sandy beaches! Perfect house for our client relocating with his family from Chile 🇨🇱 🔑🏡

5 Bed 🛏 | 4.5 🛁 | 3,212 SF
Rented for $7,500



 

A quick guide to home loans on investment properties

While primary home mortgages help borrowers purchase homes to live in, property investment mortgages are designed specifically for real estate investors. In other words, the borrower doesn't necessarily plan on living in the property, but rather plans on using it as an income-generating opportunity.

The biggest difference between the two is availability. In general, investment property loans are harder to come by than primary home loans. They're more expensive, fewer lenders provide them and they come with stricter qualifications for the borrower. If thinking about investing in real estate for the first time, you might be asking, why are mortgages for investment properties more expensive and harder to acquire?

Property investment loans are considered riskier for the lender

According to The Mortgage Reports, borrowers are more likely to let property investment loans default before their primary home loans do. For this reason, property investment mortgage rates will almost always be more expensive. In addition, interest rates for these loans are .50-75% higher than they are for primary home loans.

But it's not just the monthly payments and interest rates that are more expensive. If you're trying to obtain a property investment mortgage, expect the lender to require a down payment of at least 15%. It's important to note that the price of your rate and your down payment will vary depending on the dwelling. For example, financing a four-unit household could come with higher expenses than a one-bedroom condo.

Types of property investment loans

If you're new to investing in real estate and want to start off financing a single property with fewer than four units, you should consider a government-backed loan. These mortgages are bought, securitized, and guaranteed by government agencies like the Federal National Mortgage Association, which makes them less risky in the eyes of the lender. As long as the loan is conforming, which means it does not exceed the limits set by the Federal Housing Administration, government agencies will back it. Benefits of these mortgages include cheaper rates and down-payments, as well as less strict qualifications for the borrower. It's important to mention that in order to qualify for government-backed property investment loans, you may be required to live in the property for at least a year.

If you're looking to expand your property investments beyond single family homes, you'll probably need a commercial loan. Typically, these mortgages are borrowed by companies in the real estate market, not individuals. If you (or your company) are purchasing a building with more than four units, a conventional loan won't cover it. With a commercial loan, you can use the income you make from your property (rent/ lease money) to satisfy the monthly payments. Once the mortgage is paid off, your profit margin for that property will grow substantially. These loans, though necessary for big real-estate investors, are usually more expensive and more complicated to set up.

If you don't qualify for a conventional loan with most banks and mortgage companies, you may have to look elsewhere for a portfolio loan. This is a good fit for borrowers with bad credit, a high debt-to-income ratio, or less money to spend on a down payment. With portfolio loans, there is no government backing, so the lenders assume greater risks. Therefore, if you end up going with this type of loan, you can expect much higher monthly rates.

Tips for getting a property investment loan

There are a handful of ways to make your property investment mortgage rate cheaper. First, shop around and compare the options and rates between different banks and mortgage companies. Once you've found a lender that works for you, try to get the best deal possible by keeping these variables in mind:

Having a good credit history will help you when applying for a property investment mortgage, because it shows that you're trustworthy with borrowed money. You'll need a FICO score of at least 650 to be considered by most lenders. And the higher your score is, the less you're rate will be.

Paying a big down payment is another way to help lower the cost of your monthly mortgage rate. If you're able to put more than 20% down, you'll enjoy cheaper rates. Also, in many cases, if your down payment is equal to one fifth of the property's value, you can avoid paying Private Mortgage Insurance fees each month.

Finally, consider living in your investment property. Usually, primary home loan lenders will allow borrowers to rent out their property after one year of living there. So if you buy a house that you plan on renting out in the future, you could purchase it with a conventional loan (which will be much cheaper), move in for a year, then start renting it out without an increased rate.

Interested in learning more about home loans on investment properties? We're here to help! Contact The Federal Savings Bank today.



 

Did you know that we also do Commercial Real Estate?

Today’s Property Highlight:

Greynolds Village

Managed by #LuxeRealtyGroup

17800 West Dixie Highway.

.

#NewListingAlert !!

We currently have 2 office spaces available for lease.

Ask us about leasing them separately or together!

Join the likes of:

-The Alchemist Coffee

-Chef Rolf's Tuna's Seafood Restaurant

-Cellar Door Salon

-IMI Art Dance Studio

-Terrabella Realty

-Aventura Aesthetics

-IT Doctors

-Daniel Josier Luxury Perfumes

& more!



 

Coconut G R O V E

#WhereToWednesdays

Miami’s original neighborhood was founded in 1873 by an eclectic mix of pioneers, artists, intellectuals and adventurers. The tropical oasis of Coconut Grove is an escape from the stresses of city life. Coconut Grove is located in the middle of Miami, yet completely separate and quaint. The Grove offers a warm, laid-back atmosphere with charming boutiques, galleries, gourmet restaurants, sidewalk cafes and sailboats anchored at the bay. The neighborhood’s distinct bohemian flair and lush tropical canopy make this one of Miami’s favorite neighborhoods for locals and visitors alike.



 

If 2020 is the year for you to buy a home, consider making these 5 New Year’s resolutions to help you be as prepared as possible to become a homeowner.

1. Cut down on monthly subscriptions.

With each month, there is a new subscription service out there. What starts as convenience turns into an endless list of subscriptions that we often don’t use enough to justify the costs. Sit down and go through your monthly/yearly subscriptions and cancel whatever you don’t use. Set aside that extra money with the rest of your savings so your down payment can continue to grow.

2. Build a better credit history.

Paying bills on time and paying off debts will help create a solid credit history. Make sure you have some utilities or rent in your name so that you can pay them on time and continue to build a solid credit history.

3. Avoid changing careers.

Alongside income, your employment history will be a major factor during your mortgage application evaluation. While a new job could be a good career move, most evaluators are looking for a steady job history with little to no gaps in your employment over the last few years.

4. Check your credit.

If you don’t know where your credit is at currently, now is the best time to check. Most credit sites will tell you what is impacting your credit, and you can use those tips to change your choices heading into the new year. If large debts are negatively impacting your credit, get started on a pay off plan so your score can improve in the new year.

5. Avoid large purchases.

Your debt-to-credit ratio makes a major impact on your mortgage approval. If you buy a brand new car or fund a large vacation, that ratio could sway in the wrong direction. If you want your lender to be willing to give you the maximum amount possible, make sure you aren’t making any large purchases heading into the new year.



 

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C O N T R A C T

Atlantic at the Point

3 Bed | 3.5 Bath | 2,657 SF

From seller to buyer!

Congratulations to our client for finding her next dream condo. We were happy to make this a smooth transition for you as you close on the sale of your house.



 

C L O S E D

Leisure Beach Condominium

1 Bed | 1 Bath | 647 SF

$200,000

Another one sold in Leisure Beach Condominium to close the year off.

Cheers to the new owners for starting 2020 with their Fort Lauderdale vacation home!



 

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79 Articles Found

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Tuesday, January 21, 2020

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In regards to condo occupancy rates, there are nearly 2 million people in Canada who made a ...

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Remote Notary Now Legal in Fla. – But Maybe Not for You
While remote notarizations became legal Jan. 1, existing notaries must register with the...

C L O S E D
C L O S E D This charmingly remodeled North Miami condo was just sold from one investor...

Where to Wednesday - FAT village
F A T village Fort Lauderdale🌴 #WhereToWednesdays “…FATVillage is burgeoning...

R E N T E D 🏖 Sunny Isles living at its finest!
R E N T E D 🏖 Sunny Isles living at its finest! . Closed out on this modern tri-level...

A quick guide to home loans on investment properties
A quick guide to home loans on investment properties January 2, 2020 While primary...

Did you know that we also do Commercial Real Estate?
Did you know that we also do Commercial Real Estate? Today’s Property Highlight: Greynolds...

Coconut G R O V E  #WhereToWednesdays
Coconut G R O V E  #WhereToWednesdays Miami’s original neighborhood was...

New Year’s Resolutions That Will Help You Buy A Home in 2020
If 2020 is the year for you to buy a home, consider making these 5 New Year’s resolutions...

under C O N T R A C T
under C O N T R A C T  Atlantic at the Point 3 Bed | 3.5 Bath | 2,657 SF From...

Another Leisure Beach Condo C L O S E D
C L O S E D  Leisure Beach Condominium 1 Bed | 1 Bath | 647 SF $200,000 Another...

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