Brewer Realty Group
Dan & Sheri Brewer

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Buying a Home? Do You Know the Lingo?

Buying a home can be intimidating if you are not familiar with the terms used during the process. To start you on your path with confidence, we have compiled a list of some of the most common terms used when buying a home. The real estate market in Longwood Florida and the surrounding communities are moving so quickly right now, just being aware of these simple things will go a long way in finding your Central Florida dream.

Annual Percentage Rate (APR)– This is a broader measure of your cost for borrowing money. The APR includes the interest rate, points, broker fees and certain other credit charges a borrower is required to pay. Because these costs are rolled in, the APR is usually higher than your interest rate.
Appraisal – A professional analysis used to estimate the value of the property. This includes examples of sales of similar properties. This is a necessary step in getting your financing secured as it validates the home’s worth to you and your lender.
Closing Costs – The costs to complete the real estate transaction. These costs are in addition to the price of the home and are paid at closing. They include points, taxes, title insurance, financing costs, items that must be prepaid or escrowed and other costs. Ask your lender for a complete list of closing cost items.
Credit Score – A number ranging from 300-850, that is based on an analysis of your credit history. Your credit score plays a significant role when securing a mortgage as it helps lenders determine the likelihood that you’ll repay future debts. The higher your score, the better, but many buyers believe they need at least a 780 score to qualify when, in actuality, over 55% of approved loans had a score below 750.
Discount Points – A point equals 1% of your loan (1 point on a $200,000 loan = $2,000). You can pay points to buy down your mortgage interest rate. It’s essentially an upfront interest payment to lock in a lower rate for your mortgage.
Down Payment – This is a portion of the cost of your home that you pay upfront to secure the purchase of the property. Down payments are typically 3 to 20% of the purchase price of the home. There are zero-down programs available through VA loans for Veterans, as well as USDA loans for rural areas of the country. Eighty percent of first-time buyers put less than 20% down last month.
Escrow – The holding of money or documents by a neutral third party before closing. It can also be an account held by the lender (or servicer) into which a homeowner pays money for taxes and insurance.
Fixed-Rate Mortgages – A mortgage with an interest rate that does not change for the entire term of the loan. Fixed-rate mortgages are typically 15 or 30 years.
Home Inspection – A professional inspection of a home to determine the condition of the property. The inspection should include an evaluation of the plumbing, heating and cooling systems, roof, wiring, foundation and pest infestation.
Mortgage Rate – The interest rate you pay to borrow money to buy your house. The lower the rate, the better. Interest rates for a 30-year fixed rate mortgage have hovered between 4 and 4.25% for most of 2017.
Pre-Approval Letter – A letter from a mortgage lender indicating that you qualify for a mortgage of a specific amount. It also shows a home seller that you're a serious buyer. Having a pre-approval letter in hand while shopping for homes can help you move faster, and with greater confidence, in competitive markets.
Primary Mortgage Insurance (PMI) – If you make a down payment lower than 20% on your conventional loan, your lender will require PMI, typically at a rate of .51%. PMI serves as an added insurance policy that protects the lender if you are unable to pay your mortgage and can be cancelled from your payment once you reach 20% equity in your home. For more information on how PMI can impact your monthly housing cost, click here.
Real Estate Professional – An individual who provides services in buying and selling homes. Real estate professionals are there to help you through the confusing paperwork, to help you find your dream home, to negotiate any of the details that come up, and to help make sure that you know exactly what’s going on in the housing market. Real estate professionals can refer you to local lenders or mortgage brokers along with other specialists that you will need throughout the home-buying process.
The best way to ensure that your home-buying process is a confident one is to find a real estate professional who will guide you through every aspect of the transaction with ‘the heart of a teacher,’ and who puts your family’s needs first.

When Sheri and I are showing real estate in Longwood, Altamonte Springs and the surrounding communities, we do our best to explain the terms and how they are applied to each situation. Make sure your Longwood Florida real estate specialist is explaining things to you clearly and if they are not, find a different one. 
 

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What our clients are saying  

Dan and Sheri Brewer embody going above and beyond, going the extra mile and serving with excellence. They were always available through the process and never pushy. They were honest with their feedback and took so much time explaining inspection reports, comparison reports and any other document that came our way. They reminded of us important deadlines along the way and even reminded us about utility transfers and logistics that can easily be forgotten when going through the home buying process. Most importantly, they are great realtors but even more, they are amazing people. They own their business and are not tied to a giant realty company. Their way of doing business was refreshing and a blessing to my family. I HIGHLY HIGHLY HIGHLY recommend them if you are buying a home. You will not be disappointed!

 

~ Rebecca L.

They are the best; always there and very caring. They found the perfect home for my family and walked us through every step. I will be using them when I sell my other property.

 

~ Shela W.

Dan and Sheri are amazingly accommodating with their time and expertise. Regardless of the price value this team works consistently hard and makes me feel valued as a client.

 

~ Ron L.

Being first time home buyers, my wife and I were thinking of going about home buying on our own. But after working with Dan and Sheri, we are so thankful for having chosen them as our realtors. From the first day we started working with them, Dan and Sheri were 100% on the ball, responding immediately to our inquiries, setting up times for us to view homes, and working diligently to put in offers. They were great at finding listings that met our geographic, price, and other criteria. Once we were under contract, they were present during the inspection and continued to follow up with the listing agent. Their professionalism was a breath of fresh air as they guided us throughout the home buying process and offered sound advice, but gave us the freedom to make our own decisions. Even after the home buying process was finished, they are still responsive and knowledgeable about any other concerns that we have. We would recommend them without hesitation to any other home buyer.

 

~ Kyle S

I can't recommend Brewer Realty Group enough! Every step of the way, they were there to help, guide and assist me though the myriad of things that you encounter when purchasing a new home. We wanted to buy a house during this Christmas season. We not only found a house the week before Christmas, we closed on the home on 12/31! We could never have accomplished this without the efforts of Brewer Realty Group. Day or night, weekend or holiday, they were working with us, to make this purchase a reality for us. They always had our best interests at heart and informed us of the process. They were on site for every inspection and helped us wade though every detail to ensure we made an educated decision on the biggest purchase of our life. If you want a top quality agent, a partner to bounce ideas off of, a committed professional to guide you in the process, and an honest and trust-worthy advocate for you in the purchase of a new home - then look no further than Brewer Realty Group!

 

~ Jen S.

My work with Dan and Sheri several years ago when they managed Cuchara Enterprises, we had purchased a condo in the area. They were the property managers at the time (he later joined the realty group we bought our condo from). And what I experienced was two very honest, very hard working people. And I would not hesitate to recommend them!

 

~ Larry Kock

I have know Dan for 15 years. He helped me purchase and subsequently sell a condo. Prior to selling the condo Dan and his wife managed the unit while it was in a rental pool. He demonstrated masterful negotiation skills, priced the unit correctly and was responsive to me and potential buyers and their agents. Dan is quite knowledgeable. I highly recommend the Brewer Realty Group.

 

~ agquigley

Dan helped us purchase a vacation home in Cuchara, Colorado. Dan was very attentive to every detail and kept us up to date as the transaction progressed. He was great to explain everything on a level we could understand and was very knowledgeable about the area and made sure everything we needed was taken care of from the time of the showings to long after we moved in. Thanks to Dan our purchase was a wonderful experience and we are still friends today!

 

~ Linda Batchelder

It was such a pleasure working with Dan. He is not only intelligent but quick on his feet, kind to all, and very well versed in property management, customer service, and countless aspects of real estate and development operations. Anytime I needed anything, he was there before I even needed to ask for help and often he was already there right when I realized something was needed. He is excellent with clients, customers, owners, brokers and coworkers. There is not a single person that didn't enjoy working with him. I am absolutely certain that despite any platform or situation, Dan will handle it with the upmost thought, hard work, and dedication.

 

~ Jessica K.

Our company faced the challenge of purchasing a 3000 acre parcel that had a lot of complicated baggage with it. The sellers were represented by 13 Lawyers. We were represented by Dan Brewer. The deal had to be closed fairly quick and there was a mountain of work to get through. Dan handled everything from Surveyors, appraisers, County Officials, HOAs and the 13 lawyers. On several occasions it looked like the purchase would not go forward but Dan always found a way to work with both sides and make it happen. We closed on the purchase and couldn’t have been happier with the outcome. Our company works with agents all over the country but none have earned our respect the way he has. Dan is truly an exceptional real estate professional.

 

~ Cowtown Properties

Dan and Sheri worked so hard on getting my property sold that I really was amazed. My real estate had been on the market on and off for 5 years before I met these two. They gave my property a fresh look and used imaginative thinking to bring in new clients. After I had it listed with Dan for 3 months, he had multiple offers and I ended up selling above the list price. I am happy to recommend these guys to anyone who wants results. They know how to get it done.

 

~ Earl B.

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