Frequently Asked Questions

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question1. What is an escrow?
Very simply defined, an escrow is a contractual arrangement in which a third party receives and disburses money with the disbursement of funds dependent on conditions agreed to and met by the transacting parties.

2. How does assessed value differ from appraised value?
Assessed Value is a value placed on a property by a public tax assessor for the purposes of taxation. Your property taxes will be based on this value.

Appraised Value is the value placed on a property by an appraiser, recognized for experience in a particular field. Lenders, such as banks and mortgage companies use this value for lending.
3. What is Private Mortgage Insurance (PMI)?
Private Mortgage Insurance is an insurance policy used as a protection for lenders against borrower default. It is paid for by the borrower and usually required when the down payment is less than 20% of the purchase price. Most lenders will make this part of the monthly payment.

4. Does American Housing work with Realtors?
Absolutely. We are very Realtor friendly and have an ongoing Realtor program that many Realtors appreciate. Realtors should register their clients on their first visit to our Model, Office or Design Center.
5. Do I need a Realtor?
You do not need a Realtor to purchase an American Housing home.
6. How are my property taxes figured and how much will I have to pay?
Taxes are usually based on assessed value of the home and the millage rate of the municipality that the property is located in. A title company can usually give you an estimate on that.

7. What insurances will I need and how much will I have to pay?
You will need homeowner’s insurance. You can usually get a quote from any reputable insurance company.

8. What is Homestead Exemption and how does it work?
Florida’s Homestead Exemption is one of the most protective property provisions in the country. This provision applies automatically upon purchasing a primary residence in the State of Florida, but to reap the tax assessment benefits it must be claimed by a filing with the state. When someone owns property and makes it his or her permanent residence, the property owner may be eligible to receive a homestead exemption of the first $25,000 of the assessed value, which applies to all property taxes. However, this exemption can be lost if the homeowner abandons use of the homestead as a primary residence. For more detailed information, contact your local Property Appraiser’s office.

9. What is the advantage of investing in a new home rather than an existing home?
There are many advantages when you invest in a new home; these are just a couple;

• American Housing new homes come with a limited 10 year structural warranty!
• You can usually save money on you home owners insurance!
• Ease of maintenance can save you lots of money!
• American Housing new homes are much more energy efficient!
• Healthier materials are now being used in all American Housing new homes!
• American Housing homes are built with stronger protection against storms.
• American Housing new homes are built for more comfort with better insulation.
• Remember, in a New American Housing Home, everything is new from the Foundation to the Roof, to the Landscaping!

 

So Many Things to Do

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KS85426There are so many things to consider when purchasing a new home that you may wonder how the heck you will ever get through it. Well, it does not have to be that complicated.
The first thing you might want to do is to organize your thoughts as to what type of home you want and where you want to live. Do you want a new home built to your specifications or do you want a home already built and ready to move in. Both have benefits that should be considered. Having a new home built allows you to the opportunity to select many of your colors, flooring, cabinets and tile selections, yet an already built home allows you to move in sooner. You will also want to decide on how many bedrooms and bathrooms you will need and whether you will want a one, two or even a three car garage. You may want to ask yourself if it is more important to live closer to shopping or the beaches. Another thing you may want to consider is the school district depending on whether you have, or are planning to have, children.
One way to organize your thoughts is to write out what you and each family member want in order of importance. Maybe you want a large kitchen, or your significant other wants a large master suite with a garden tub bathroom, or maybe your children want a large family room for entertaining or even a media room to watch their favorite movies or sporting events. Maybe you need an office area to work or a hobby room to relax in. Whatever you needs and wants, at the end of the day it might be nice to have a nice closed in covered patio to sit and relax while sipping on a nice cool glass of lemonade.
One other thing to remember when planning out your new home is that your needs are likely to change over time. Maybe you are planning on having children or maybe you have been there and will have children going off to college. Maybe you have an elderly parent that will someday be living with you. The thing is, things change over time and you should keep that in mind when planning on what type and size of home you intend to purchase.
Now, once you have decided on the home you want; the next thing to consider is how much you can afford to spend and how much money you will need to borrow. This can get downright confusing. There are many types of mortgages available out there along with many variations of those mortgages. You have FHA mortgages and VA mortgages. You have Conventional mortgages with fixed rates and you have Conventional mortgages with adjustable rates and unless you are very familiar with the many type mortgage loans that are available, this would be the time to seek assistance regarding your home purchase and mortgage. American Housing Builders can help you with the home and direct you to a competent mortgage professional who will help guide you through the entire home buying process.
Contact American Housing Builders at 727-546-6611 or go to the “Contact Us” page of this website and send a request for more information.