Carrie Reynolds | Ponte Vedra Beach Real Estate, Jacksonville Real Estate, St. Johns Real Estate


Location! Location! Beautifully updated town home in the highly desirable gated community of Drayton Park. It features 3 bedrooms 2.5 bathrooms with an attached 1 car garage. Kitchen has been updated with granite countertops, SS appliances, new sink and faucet. This home has a large family/dining room combo with updated light fixtures and triple sliders that lead to the private screened porch overlooking the preserve. Upstairs you will find 3 bedrooms, washer/dryer and two full bathrooms. Master has a nice walk-in closet and all bedrooms have ceiling fans. AC was replaced in 2016.Enjoy Community pool, exercise facility, and car wash station!Drayton Park is a quiet gated community in the heart of Jacksonville located close to Tinseltown, St. Johns Town Center, UNF and the beaches.

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8434 Twisted Vine Ct, JACKSONVILLE, FL 32216  

Residential
$207,500
Price
3
Bedrooms
3/1
Full/Half Baths
Location! Location! Beautifully updated town home in the highly desirable gated community of Drayton Park. It features 3 bedrooms 2.5 bathrooms with an attached 1 car garage. Kitchen has been updated with granite countertops, SS appliances, new sink and faucet. This home has a large family/dining room combo with updated light fixtures and triple sliders that lead to the private screened porch overlooking the preserve. Upstairs you will find 3 bedrooms, washer/dryer and two full bathrooms. Master has a nice walk-in closet and all bedrooms have ceiling fans. AC was replaced in 2016.Enjoy Community pool, exercise facility, and car wash station!Drayton Park is a quiet gated community in the heart of Jacksonville located close to Tinseltown, St. Johns Town Center, UNF and the beaches.


There’s numerous reasons why the name on a title to a home may not be the same as the name that’s on the mortgage loan. These reasons include:


  • Only one buyer had stable credit
  • Only one person was on the loan application
  • One person was released from the mortgage


No matter why this is the case, having your name on the mortgage but not on the title to a home can affect you and people residing in the home in different ways. 


Why Would Only One Name Be On The Mortgage?


If people are looking to get a home or refinance a home, but only one person has good credit a decision must be made. For the best possible mortgage rates, you’ll want to person with the best credit to be the primary loan holder. This may mean that you need additional legal documents in the process.  


The person with lower credit may still be able to have their name placed on the title to the home. Anyone who plans to contribute financially to a home, even if not on the mortgage, should place their name on the title. This would be one instance when a name would be on the title to a home and not on the mortgage loan. In this case, a person has property rights, but no legal-financial responsibility to the home. It’s important to agree on the home arrangement that you’re considering. This would be done through a will or a legal contract. This way, all parties are protected in regards to the ownership of the home should something happen to the individual whose name is on the mortgage.


Legal Things To Consider


Those who are listed on the mortgage are the people who are responsible for house payments. If a person’s name isn’t on the mortgage, it doesn’t release them from complete responsibility from the home. If your name is on the title to the home but not on the mortgage, the bank generally has first dibs on the home if there’s a lapse in payments. If you want to keep living in the house, you’ll have to keep making payments on the home. If you can’t make the mortgage payments, you’ll risk going into foreclosure. 


Taxes


An issue that can come up if your name is not on the mortgage is that you cannot use the home you’re living in as a tax deduction. Even if you make payments on the home, in order for you to get tax benefits, your name must be on the mortgage stating that you’re legally responsible for the home. If you are paying for the mortgage because your name appears on the title to the home, you aren’t legally entitled to pay, giving away your rights to tax benefits. If you’re married, filing jointly, and only one name appears on the mortgage, however, you can use this as a tax deduction. This becomes an issue if two unmarried people buy a home together.  


Ask For Legal Assistance


Whenever you have an issue with the title of your home or with names on the mortgage, it’s good to consult legal counsel. The attorney can assist you in determining who is legally responsible for the home and if the people listed on the title of the home are correct. This can help save you from trouble at a future date.


Since credit scores and loans can get messy at times during the home buying process, it’s good to understand all the implications of home mortgages and titles.


10973 Crichton Ct, JACKSONVILLE, FL 32221  

Residential
$309,900
Price
4
Bedrooms
3
Baths
This beautiful brick home sits on almost 1/2 acre and has been immaculately maintained by the original owners. It features 4 bedrooms and 3 full baths. Kitchen has newer SS appliances (2017), 42 inch cabinets, a breakfast bar and eat in breakfast nook. The open concept allows you to see into the large family room and has expansive views of the backyard. Formal Living Room and Dining Room have wood floors, crown molding and upgraded lighting, Custom paint Throughout, Large Master Suite has wood floors, a double stacked trey ceiling, Direct Access to Covered Lanai, Master Bath has his/her vanities, large garden tub and a separate shower, Bedroom 2 is close to master, it would make a perfect office or nursery.(Current sellers are using it as a playroom)This is a must see and priced to sell!


Obtaining a mortgage can be overwhelming, particularly for a first-time homebuyer. Lucky for you, we're here to help you streamline the process of analyzing various mortgage options and choosing one that matches or exceeds your expectations.

Now, let's take a look at three tips to help first-time homebuyers secure the ideal mortgage.

1. Assess All of the Mortgage Options at Your Disposal

Both fixed- and adjustable-rate mortgages are available, and homebuyers who understand the pros and cons of these mortgage options may be better equipped than others to make the right mortgage decision.

A fixed-rate mortgage ensures a homebuyer will pay the same amount each month. For example, a 30-year fixed-rate mortgage enables a homebuyer to budget for monthly home payments over the course of three decades. And in many instances, a homebuyer may be able to pay off a fixed-rate mortgage early without penalty.

On the other hand, an adjustable-rate mortgage may start out with a lower monthly payment that escalates over the course of a few years. An adjustable-rate mortgage, for instance, may allow a homebuyer to acquire a home that surpasses his or her initial budget thanks to a lower initial monthly payment. However, after the first few years, the monthly mortgage payment may increase, and a homebuyer will need to plan accordingly.

Assess your mortgage options closely – you'll be glad you did. By doing so, you can boost your chances of selecting a mortgage that works well based on your current and future financial needs.

2. Evaluate Your Credit Score

Believe it or not, a first-time homebuyer's credit score may impact his or her ability to get the right mortgage. Fortunately, a first-time homebuyer can analyze his or her credit score without delay.

You can request a free copy of your credit report annually from each of the three credit reporting agencies (Equifax, Experian and TransUnion). Then, with your credit report in hand, you can better understand how potential lenders may view your mortgage application.

Of course, if you receive a copy of your credit report and find glaring errors, be sure to let the credit bureau know immediately. This will enable you to get any mistakes corrected and ensure these problems won't slow you down as you pursue your dream residence.

3. Consult with Potential Lenders

Although getting a mortgage may seem like an uphill climb at first, consulting with potential lenders may prove to be exceedingly valuable, especially for a first-time homebuyer.

Banks and credit unions employ friendly, knowledgeable staff who are happy to educate you about assorted mortgage options. These lenders can teach you about the ins and outs of various mortgage options at your convenience.

Lastly, if you need extra help in your search for the perfect mortgage, real estate agents may be able to offer assistance. These housing market professionals can provide honest, unbiased recommendations about lenders in your area so you can move one step closer to securing your ideal mortgage.

Ready to get a mortgage for the first time? Use these tips, and you can accelerate the process of obtaining a mortgage that suits you perfectly.