Metas
Naples FL Real Estate News - 07/23/07
State Farm Insurance announcement that it will drop 50,000 policy holders, do you know what your closing costs are going to be for a sale or purchase, reverse mortgages gain in popularity - are most the news for today.
HOMEOWNERS INSURANCE - State Farm’s announcement that it will drop 50,000 coastal policies starting in January, as well as eliminate some wind-only policies, doesn’t sit well with state officials, who plan a thorough review. Citizens Property Insurance Corp. is expected to pick up most of the customers, resulting in additional risk for all state policyholders should Citizens incur greater losses than it can pay.
If you own a home in the Naples FL real estate market and have homeowners insurance through State Farm Insurance, you might want to monitor this situation. You might even consider calling your insurance agent and see if they have been notified of those policyholders that are being considered for dropping.
FLORIDA CLOSING COSTS - Only two other U.S. states’ closings costs are higher than those in Florida, according to Bankrate.com’s annual survey. And it’s getting more expensive. Last year, Florida ranked No. 5.
Bankrate.com researchers gathered closing-cost information from at least four lenders in all 50 states and the District of Columbia. Researchers requested a good faith estimate for a $200,000 loan, assuming a 20-percent down payment and good credit. Above, ranked from most expensive to least expensive, are the average closing costs charged by the lending industry for a mortgage in each state. Your costs will be higher than shown here because the most highly variable costs are not included: Taxes, other governmental fees and escrow fees. They vary almost infinitely, by locale and by which day of the month the closing occurs. With one exception, the quotes were gathered for the largest city in each state.
Closing costs can and do vary according to location - for example in the Naples FL real estate market the buyers pays for owner’s title insurance policy, while in the Bonita Springs Florida real estate market and Estero real estate market the sellers pay for the owners’ title insurance policy.
REVERSE MORTGAGES - Two million more older adults could put their home to work for them during retirement under FHA reform proposals. The current FHA limit of $362,790 would rise to $600,000 if legislation in Congress becomes law.
From what I am hearing in the reverse mortgages are extremely popular with older adults in the Naples real estate market.
Comments
Got something to say?