Whether you live in Florida or elsewhere, you can buy a home in the sunshine state. Your best sources of current mortgage information were typically your local newspapers, individual lenders, and brokers. Look below at today’s current rates.
Before you look for a lender, you will need to decide on where you want to buy your home. This will depend on the amount of a monthly mortgage payment you can afford and other factors that may be important for your family, like local crime rates and the quality of the school district of the home you are considering.
Once you have the area and zip code you may want to pre-qualify for a mortgage. All this entails is getting on with your mortgage broker and him asking a few questions to qualify you. You can also fill out a pre-qual questionnaire here.
Once you are pre-qualified for a loan, you will receive a letter directly from the lender that you can show to your realtor. The letter will simply state how much of a loan that are are qualified for. This is not as powerful as a pre-approval. A pre-approval is where the lender verifies what you told them verbally. You will be sending them a full application, bank statements and other documents. Having a pre-approval letter in this market is much more powerful than the pre-qualification letter.
When there is competition for a home it is typically the one that the seller feels is most likely to close that gets the deal. This can be the case even if your price is higher. The more prepared you are the better. You can apply for a mortgage right through the application attached.
It is a good idea to follow up in person with the lender before making a final decision. some things you should consider is if a lower rate or a lower monthly payment is more important to you. How much do you want to put down on your home. What closing costs will you incur. Are you looking for a no money down deal. All of the options come at a price.
If you put no money down then typically PMI (mortgage insurance) is required that can add to your rate and make your monthly payment higher. After understanding your needs, your mortgage broker at cambridgehomeloan.com will suggest the best options for you that are available in the market today.
Once you’ve identified the home you are thinking of buying, compare the price with that of other homes in the neighborhood, and hire a licensed home inspector. For peace of mind, go over the fine print in your mortgage contract with a real estate lawyer, and don’t sign anything you don’t understand. If you follow all these tips, you will have a more rewarding home buying experience.
CambridgeHomeLoan.com is a division of Cambridge Capital Partners.
Over 25 years in the mortgage and finance business. We can help you finance your dream home, a second home loan, an investment property. Fix and flip properties which are huge in Florida, retail, office, multi-family and industrial.
Let us know not only the type of property but the details of how much you would like to put down and what other information you will be providing and we can discuss the best loan options available for you today.
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