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Mortgage | Dave Magua Group Blog

Tuesday, April 18, 2023   /   by Dave Magua

"Why Now Is the Perfect Time to Invest in a Home in South Florida"

South Florida has always been an attractive location for homebuyers due to its warm weather, beautiful beaches, and vibrant culture. However, recent developments in the real estate market have made it an especially good time to buy a home in South Florida. Today we will discuss 5 reasons why it is a good time to invest in a home in this region.


Favorable interest rates


Interest rates have been at historic lows for several years, making it easier and more affordable to purchase a home. According to Bankrate, the average 30-year fixed mortgage rate in South Florida is currently around 3%, which is significantly lower than the national average. Lower interest rates mean lower monthly mortgage payments and more affordable homes.


Strong demand for housing


South Florida's real estate market has been booming, with a strong demand for housing from both local residents and out-of-state buyers. This demand has led to a shortage of available homes, which has resulted in biddin. ...

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Sunday, April 16, 2023   /   by Dave Magua

10 Tips to Improve Your Credit Score for Homebuyers

Purchasing a home is a significant financial decision that requires careful planning and preparation. One of the essential factors to consider when applying for a mortgage is your credit score. Your credit score affects the interest rates you're offered, the amount you can borrow, and whether you qualify for a loan at all. If your credit score is lower than you'd like, don't worry. Here are ten tips that can help improve your credit score and put you on the path to homeownership.

Check Your Credit Report for Errors

The first step to improving your credit score is to check your credit report for errors. You're entitled to a free credit report from each of the three credit reporting agencies once a year. Review your report and dispute any errors that you find.

Pay Bills on Time

Payment history is the most significant factor in your credit score, so it's essential to pay your bills on time. Set up automatic payments or reminders to help you stay on top of your bills.

Keep B. ...

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Saturday, April 15, 2023   /   by Dave Magua

Understanding Loan Estimates and Closing Disclosures: Why They May Not Match

When you apply for a mortgage loan, your lender is required to provide you with a loan estimate within three business days. This document summarizes the loan terms, fees, interest rate, and monthly payments, as well as estimates for property taxes, insurance, and mortgage insurance, if applicable.

However, the loan estimate is only an estimate and may not reflect the final costs. As your loan goes through the underwriting process, the data may change, resulting in differences between the loan estimate and the final closing disclosure.

According to Rocketmortgage.com, you should receive your closing disclosure at least three days before the closing date, which is a final accounting of all your closing costs. It is important to review the closing disclosure carefully and compare it line by line with the loan estimate. If there are any discrepancies, contact your lender to understand the reasons behind the changes.

While some costs are not allowed to change, including loan origin. ...

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Thursday, April 13, 2023   /   by Dave Magua

"Transform Your Home with these Simple and Affordable Improvements"

Are you looking to spruce up your home without breaking the bank? Consider making small improvements that can have a big impact!

First, focus on boosting your curb appeal. The front entrance of your home is crucial for making a great first impression. For a quick upgrade, give your front door a fresh coat of paint in a trendy color. Some other options include, adding a new welcome mat, a stylish framed house number, a freshly painted mailbox, and some planters filled fresh greenery and colorful flowers.

Next, turn your attention to your floors. Regular foot traffic and spills can make wood and carpeted floors look dull and dirty. To revive your hardwood floors, polish them once a year or before putting your home on the market. For carpets, weekly vacuuming can remove surface dirt, but for a deeper clean, consider hiring professionals to remove stains, pet odors, allergens, dust mites, and deeply embedded dirt. Not only will your floors look and smell new, but they'll also last lo. ...

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Wednesday, March 29, 2023   /   by Dave Magua

What to Expect When Your Home is Closing

Day of Closing 

Property Walkthrough: 

1.  The buyer will walk through the property to make sure that everything is in the condition agreed upon in the sales contract, and that any required repairs have been made.

2.  Final Closing Disclosure Review: The buyer will review the final closing disclosure, which outlines all the costs associated with the transaction, including the down payment, closing costs, and any prorated expenses.
Signing of Documents: The buyer will sign all the necessary documents, including the mortgage agreement, promissory note, and deed of trust.

3.  Payment of Closing Costs: The buyer will pay all the closing costs, including the down payment, closing costs, and any prorated expenses.

4. Title Transfer: The title of the property will be transferred from the seller to the buyer, and the deed will be recorded with the appropriate government office.

5. Disbursement of Funds: The funds will be disbursed. ...

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Dave Magua
21065 Powerline Rd C-7
Boca Raton, FL 33433
754-581-5077
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