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star wannabes practicing in the garage next door and the colony of flamingos living on the neighbor’s lawn must be either tolerated or negotiated.


By the same token, renting has its pros and cons. Financially, the initial investment is miniscule compared to


buying a home. Most rental properties require only a deposit and the first month’s rent prior to moving in. And, there are no property taxes involved in renting a home, condominium or apartment.


As a renter, the cost and hassle of repairing a leaky roof,


ensuring the air conditioner and heating system is maintained and up-to-code, and even replacing large appliances such as the refrigerator, dishwasher, stove, and washer and dryer are the responsibility of the landlord. In most cases, yard maintenance is handled by the property manager as well.


Mobility is another advantage. When work calls for you to


relocate or you find you don’t like the neighborhood, it is easier to move when you don’t have to wait for your property to sell.


Conversely, there are no tax credits for renters, and there is


no savings or equity involved. When you pay rent, the landlord keeps it all. In some cases, the rent increases each year when the lease is renewed.


Additionally, there are limitations in decorating your home.


Flooring, wall color and even picture placement can all have restrictions, which are determined by the property owner.


Whether you decide to rent or own, there are obviously


advantages and disadvantages. The key is to make the decision with forethought and to make the decision that best fits with your lifestyle, the needs of your family and the dreams you have for your life in Northeast Florida.


First Coast Relocation GuideTM 2013


LOAN APPLICATION CHECKLIST


You will need to provide the following information when completing a loan application:


Essential Information:  Purchase contract for the house  Legal description or survey of property  A check to cover appraisal fee and cost of credit report  Complete names, addresses and Social Security numbers of borrowers


 Previous addresses from the last two years  Names and addresses of employer(s) from the last two years


Photocopies of:  Driver’s license(s)  Latest bank statements and previous month’s pay stubs  Last two years’ W-2 forms or 1099s


Name, Address and Account Numbers of:  Checking and savings accounts  All credit cards with outstanding balances  All other creditors


Additional Information:  Other income information such as rentals, alimony, child support, interest, dividends, trusts, etc.


 List of all assets: stocks, bonds, automobiles, household and personal property, cash value of life insurance and other assets (campers, boats, valuable art, etc.)


 Photocopy of divorce decree (if applicable)  Information and papers on prior foreclosures and/or bankruptcies (if applicable)


 A schedule of other real estate owned (if applicable)  Evidence of mortgage/rental payments


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