Jeff - Ginny Mitchell

NO, your applications within a short period of time to various mortgage lenders will not adversely affect your credit score. They all assume that you are shopping around. That has not always been the case, but fortunately it is expected now that people will shop for the best rates and terms. By the way, please ask for the APR (Annualize Percentage Rate) in writing from each source because that is really the only way to compare the packages. That rate is supposed to include ALL of the fees and points (pre-paid interest) together to let you know what the REAL interest rate will be. Otherwise it is a guessing game. You may or may not wish to pay any points to buy down your rate mostly depending on how long you believe that you will stay in this home. There is a break even point out several years that until which you would have been better off paying the higher rate before you actually start saving money.

There are really good mortgage brokers and some not so good as well. We recommend that you check Coldwell Banker Real Estate Mortgage as one of the options. You can access that contact number on the http://www.ColdwellBanker.com website. They are usually very competitive and may even offer a guaranteed lowest rate.

If this is your first home purchase, please be aware that you should qualify for up to a $7500 tax credit rebate. Congress will be debating whether that will eventually need to be repaid over many, many years, or maybe not at all if they modify the current law as they are considering. Good luck to you. - Mon Nov 17 2008, 14:57

Most HOA declarations are available to you at the county courthouse and/or online if you ask the name of the HOA website and/or property management company, if there is one. The Board of Directors of the HOA usually has the power to increase the HOA fees but usually there is a percentage increase that triggers the requirement for the majority vote of the membership. Sometimes there are special assessments if the community incurs unexpected expenses for storm repairs, road repairs, capital improvements and so forth.

If the community is gated, then the expense of repairing the roads is the responsibility of the HOA, but usually the county takes care of roads in non-gated communities. It is always a good idea to know the way your HOA is organized, the budget for the past several years and projected budget for the next year. In addition, you will want to know the amount of reserve money and the earmarks for which those funds are being accumulated and how much of and when those funds are expected to be needed. As well, you could ask for or read online the minutes of the recent Board Meetings or a disclosure about whether the HOA is considering a major expense yet unfunded.

I am a resident in an HOA community and also serve on the Board of Directors. By the way, the Board is not allowed to be paid for their services. Board service is an elected position. Board meetings must be posted and anyone is allowed to attend. Only Board - Attorney meetings may be private.

Better to be informed than surprised. However, I am not meaning to be alarmist because the vast majority of HOA Boards are well-run and are carefully audited. The Board responds to community requests and needs. The Annual Meeting of all members approves the budget for the following year. - Mon Nov 17 2008, 14:48

Your County Tax Assessor's office will provide a list to you free or at nominal cost. Just call their office or drop by the office to ask about when these will be published for the year. Many counties also keep an updated list online for convenience. Be aware that these are "as is" sales typically with limited access for inspections. Ask about the procedures and timetables in your area.

Also learn about the rules and regulations that may allow a previous owner to re-claim a property for a certain time period even after the sale. All of this information should also be on the website and/or available at the county offices.

You might also wish to check with your Realtor about short sales, foreclosures, and other attractively price seller-owned properties. Some owners need to sell and have owned their property long enough and are motivated enough that they are actually selling better homes for less money than other buying options. Check your local real estate market. Good luck to you. - Wed Nov 12 2008, 22:01

New legislation is expected soon for owner-occupied home loans to be re-negotiated to avoid foreclosures. We know of a number of cases where the homeowner contacted their banks several months ago to no avail, but talked with them again recently with good results. Their interest rates and/or principal was reduced or in another case, they are being allowed to make interest only payments for a year and extend their loan from a 30 year to a 40 year payback to lower the monthly payment.

You will need to verify the reasons for needing to re-negotiate your loan. The lower wages are a valid reason why you are not able to afford the mortgage now. We suggest trying to work with the bank directly without missing payments if possible.

You may want to consult a good real estate attorney for assistance if you are not successful or wait until late winter or early spring for the new legislative proposals. We are also hearing more and more banks are announcing new programs to forestall short sales and foreclosures. Best wishes for your success. - Wed Nov 12 2008, 21:54

Some forecasters have predicted that Vero Beach, Florida would be one of the top areas to appreciate in value over the next five years. Reasons are multiple - affordability for an oceanfront county, upscale amenities in a small town atmosphere, low density zoning for controlled growth, fabulous 74 degree average winter weather and 84 average in the summer. The proximity of the Gulf Stream offshore moderates our temperatures. We invite you to view a brief photo tour of Vero Beach on our wesite http://www.MyVeroBeachRealEstate.com Please feel free to contact us with any further questions. - Wed Nov 12 2008, 21:45