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WINDMILL RANCH ESTATES WESTON HILLS 4 bedrooms, 3.5 baths, Pool , lake and more Total Area 5,000 SF. $1,289.000 FLORIDA JEWEL |
| EAGLE WATCH WESTON HILLS 5 bedrooms, 3 baths, Pool & Golf Total Area 3992 SF. $985,000 MAGNIFICET ESTATE |
Please contact our office at:
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| Amazing Houses Realty LLc Service you can TRUST |
Ximena A. Terneus
Lic. Real Estate Broker
| 2645 Executive Park Dr. Suite 641 Weston - FL 33331 |
| AMAZING single family home in the MUCH DESIRED neighborhood of PEMBROKE FALLS! Selling one of the most popular models, the MONTEREY! Waterfront home with 4 bedrooms, PLUS a den/office, and 3 bathrooms. BEST CURB APPEAL IN THE NEIGHBORHOOD! Beautiful lush landscaping with SEVERAL tropical palms, including Royal Palm trees. YOU MUST SEE TO FULLY APPRECIATE THE DETAILS. Enjoy the Florida sunrise every morning as it glistens over the water with lake views throughout the home. Relax in the evening on the patio with TRAVERTINE pavers while you BBQ, eat dinner, or simply enjoy the evening breeze while reading a book under the Pergola! Updated appliances throughout the home! Wood floors in all the bedrooms including Brazilian hardwood floors in the Master Suite! Call our office for information: (954) 258-5112 |
| Long-Term Mortgage Rates Fall – 30-Year at 3.73% The average FRM fell this week – the seventh decline in the past nine weeks for 30-year loans – and hit its lowest level since November 2016. WASHINGTON (AP) – U.S. long-term mortgage rates fell this week. It was the seventh decline in the past nine weeks for the key 30-year, fixed-rate loan, which reached its lowest level since November 2016. Mortgage buyer Freddie Mac says the average rate on the benchmark 30-year mortgage fell to 3.73% from 3.84% last week. By contrast, a year ago the rate stood at 4.55%. The average rate for 15-year, fixed-rate home loans slipped this week to 3.16% from 3.25%. The historically low levels marked by mortgage rates in this spring’s homebuying season have brought a surge in interest by prospective buyers and homeowners looking to refinance. Total mortgage applications rose 1.3% in the week ended June 21 from a week earlier, while refinance applications increased 3%, according to the Mortgage Bankers Association. More Americans signed contracts to buy homes last month compared with April, the National Association of Realtors reported Thursday, a sign that buyers may be ready to take advantage of low mortgage rates and stabilizing home prices. Even with the 30-year average mortgage rate below 4%, home sales slowed in the first five months of the year. Freddie Mac surveys lenders across the country between Monday and Wednesday each week to compile its mortgage rate figures. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. The average fee on 30-year fixed-rate mortgages was unchanged this week at 0.5 point. The average fee for the 15-year mortgage rose to 0.5 point from 0.4 point. The average rate for five-year adjustable-rate mortgages fell to 3.39% from 3.48% last week. The fee held steady at 0.4 point. Copyright - The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |
How does the Kick Out Clause work? By Joel Maxson We’ve noticed an uptick in questions related to the Kick Out Clause, so here’s a brief overview on the contract rider. Comprehensive Rider X to the Residential Contract for Sale and Purchase, titled Kick Out Clause, creates additional rights and obligations for both sides. For the sake of clarity, we’ll call “Buyer 1” the buyer under the first contract that contains a Kick Out Clause rider. We’ll also assume there’s only one back-up contract (even though the rider anticipates the possibility of more than one) and we’ll call the back-up contract “Contract 2,” which would be between the same seller and “Buyer 2.” Rider X begins by explicitly stating that seller has the right to continue showing the property, even though a seller is likely entitled to do so even without this language. It also provides that seller may enter into a bona fide back-up contract (Contract 2) with Buyer 2. Contract 2 will include Comprehensive Rider W, titled Back-Up Contract, or similar language that ensures Contract 2 is subject to termination of Contract 1 and won’t become effective unless Contract 1 is terminated. Seller will deliver a copy of Contract 2 to Buyer 1, with the purchase price and Buyer 2’s identity blacked out or obliterated. If Buyer 1 wants to continue under Contract 1, Buyer 1 must make the additional deposit described in the Kick Out Clause rider within 3 days after the seller delivers the copy of Contract 2. By making the deposit within 3 days, Buyer 1 waives contingencies for financing and the sale of buyer’s property (if applicable), and Contract 1 will move towards closing. If Buyer 1 fails to make the deposit within 3 days, Contract 1 terminates, and Buyer 1 should be refunded any deposits under Contract 1. Is a contract with the Kick Out Clause rider a binding contract? Yes. It just has these additional steps that may come into play if the seller is successful in negotiating Contract 2. If triggered, Buyer 1 determines whether Buyer 2’s contract will ever become effective by deciding whether or not to make the additional deposit and waive the contingencies. Can the property remain in an active status on the MLS when the seller is under a contract that contains this Kick Out Clause? Unless your MLS has a very specific rule or opinion to the contrary, the answer is no, since the seller is still bound by Contract 1. Joel Maxson is Director of Member Legal Services |
Should buyers try to pay off the mortgage before retiring?
Most people would be better off not having mortgages in retirement. Relatively few will get any tax benefit from this debt, and the
payments can get more difficult to manage on fixed incomes.
But retiring a mortgage before you retire isn't always possible. Financial planners recommend creating a Plan B to ensure you don't wind
up house rich and cash poor.
Why a mortgage-free retirement is usually best
Mortgage interest is technically tax deductible, but taxpayers must itemize to get the break – and fewer will, now that Congress has
nearly doubled the standard deduction. Congress' Joint Committee on Taxation estimates 13.8 million households will benefit from the
mortgage interest deduction this year, compared to more than 32 million last year.
Even before tax reform, people approaching retirement often got less benefit from their mortgages over time as payments switched from
being mostly interest to being mostly principal.
To cover mortgage payments, retirees frequently have to withdraw more from their retirement funds than they would if the mortgage were
paid off. Those withdrawals typically trigger more taxes, while reducing the pool of money that retirees have to live on.
That's why many financial planners recommend their clients pay down mortgages while still working so that they're debt-free when they
retire.
Increasingly, though, people retire owing money on their homes. Thirty-five percent of households headed by people ages 65 to 74 have a
mortgage, according to the Federal Reserve's Survey of Consumer Finances. So do 23 percent of those 75 and older. In 1989, the
proportions were 21 percent and 6 percent, respectively.
But rushing to pay off those mortgages may not be a good idea, either.
Don't make yourself poorer
Some people have enough money in savings, investments or retirement funds to pay off their loans. But many would have to take a sizeable
chunk of those assets, which could leave them short of cash for emergencies or future living expenses.
"While there are certainly psychological benefits related to being mortgage-free, financially, it is one of the last places I would direct a
client to pay off early," says certified financial planner Michael Ciccone of Summit, New Jersey.
Such big withdrawals also can shove people into much higher tax brackets and trigger whopping tax bills. When a client is wealthy
enough to pay off a mortgage and wants to do so, CFP Chris Chen of Waltham, Massachusetts, still recommends spreading the payments
over time to keep the taxes down.
Often, though, people in the best position to pay off mortgages may decide not to do so because they can get a better return on their money
elsewhere, planners say. Also, they're often the ones affluent enough to have big mortgages that still qualify for tax deductions.
"Mortgages many times have cheap interest rates that are deductible and thus may not be worth paying off if your portfolio after taxes can
outpace it," says CFP Scott A. Bishop of Houston.
When a payoff isn't possible, minimize the mortgage
For many in retirement, paying off the house simply isn't possible.
"The best case 'wishful thinking' scenario is that they'll have a cash windfall via an inheritance or the like that can be used to pay off the
debt," says CFP Rebecca L. Kennedy of Denver.
In pricey Los Angeles, CFP David Rae suggests mortgage-burdened clients refinance before they retire to lower their payments.
(Refinancing is generally easier before retirement than after.)
"Refinancing can spread your remaining mortgage balance out over 30 years, greatly reducing the portion of your budget it eats up," says
Rae, whose office is in West Hollywood.
Those who have substantial equity built up in their homes could consider a reverse mortgage, planners say. These loans can be used to pay
off the existing mortgage, but no payments are required and the reverse mortgage doesn't have to be paid off until the owner sells, moves
out or dies.
Another solution: downsize to eliminate or at least reduce mortgage debt. CFP Kristin C. Sullivan, also of Denver, encourages her clients
to consider this option.
"Don't fool yourself that your grown kids will be back visiting all the time," Sullivan says. "Certainly don't keep enough space and comfort
for them to move back in with you!"
AP Logo Copyright © -The Associated Press, Liz Weston. All rights reserved. This material may not be published, broadcast, rewritten or
redistributed. This column was provided to The Associated Press by the personal finance website NerdWallet. Liz Weston is a columnist
at NerdWallet, a certified financial planner and author of "Your Credit Score."
Most people would be better off not having mortgages in retirement. Relatively few will get any tax benefit from this debt, and the
payments can get more difficult to manage on fixed incomes.
But retiring a mortgage before you retire isn't always possible. Financial planners recommend creating a Plan B to ensure you don't wind
up house rich and cash poor.
Why a mortgage-free retirement is usually best
Mortgage interest is technically tax deductible, but taxpayers must itemize to get the break – and fewer will, now that Congress has
nearly doubled the standard deduction. Congress' Joint Committee on Taxation estimates 13.8 million households will benefit from the
mortgage interest deduction this year, compared to more than 32 million last year.
Even before tax reform, people approaching retirement often got less benefit from their mortgages over time as payments switched from
being mostly interest to being mostly principal.
To cover mortgage payments, retirees frequently have to withdraw more from their retirement funds than they would if the mortgage were
paid off. Those withdrawals typically trigger more taxes, while reducing the pool of money that retirees have to live on.
That's why many financial planners recommend their clients pay down mortgages while still working so that they're debt-free when they
retire.
Increasingly, though, people retire owing money on their homes. Thirty-five percent of households headed by people ages 65 to 74 have a
mortgage, according to the Federal Reserve's Survey of Consumer Finances. So do 23 percent of those 75 and older. In 1989, the
proportions were 21 percent and 6 percent, respectively.
But rushing to pay off those mortgages may not be a good idea, either.
Don't make yourself poorer
Some people have enough money in savings, investments or retirement funds to pay off their loans. But many would have to take a sizeable
chunk of those assets, which could leave them short of cash for emergencies or future living expenses.
"While there are certainly psychological benefits related to being mortgage-free, financially, it is one of the last places I would direct a
client to pay off early," says certified financial planner Michael Ciccone of Summit, New Jersey.
Such big withdrawals also can shove people into much higher tax brackets and trigger whopping tax bills. When a client is wealthy
enough to pay off a mortgage and wants to do so, CFP Chris Chen of Waltham, Massachusetts, still recommends spreading the payments
over time to keep the taxes down.
Often, though, people in the best position to pay off mortgages may decide not to do so because they can get a better return on their money
elsewhere, planners say. Also, they're often the ones affluent enough to have big mortgages that still qualify for tax deductions.
"Mortgages many times have cheap interest rates that are deductible and thus may not be worth paying off if your portfolio after taxes can
outpace it," says CFP Scott A. Bishop of Houston.
When a payoff isn't possible, minimize the mortgage
For many in retirement, paying off the house simply isn't possible.
"The best case 'wishful thinking' scenario is that they'll have a cash windfall via an inheritance or the like that can be used to pay off the
debt," says CFP Rebecca L. Kennedy of Denver.
In pricey Los Angeles, CFP David Rae suggests mortgage-burdened clients refinance before they retire to lower their payments.
(Refinancing is generally easier before retirement than after.)
"Refinancing can spread your remaining mortgage balance out over 30 years, greatly reducing the portion of your budget it eats up," says
Rae, whose office is in West Hollywood.
Those who have substantial equity built up in their homes could consider a reverse mortgage, planners say. These loans can be used to pay
off the existing mortgage, but no payments are required and the reverse mortgage doesn't have to be paid off until the owner sells, moves
out or dies.
Another solution: downsize to eliminate or at least reduce mortgage debt. CFP Kristin C. Sullivan, also of Denver, encourages her clients
to consider this option.
"Don't fool yourself that your grown kids will be back visiting all the time," Sullivan says. "Certainly don't keep enough space and comfort
for them to move back in with you!"
AP Logo Copyright © -The Associated Press, Liz Weston. All rights reserved. This material may not be published, broadcast, rewritten or
redistributed. This column was provided to The Associated Press by the personal finance website NerdWallet. Liz Weston is a columnist
at NerdWallet, a certified financial planner and author of "Your Credit Score."
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