Information on purchase mortgage loan options to help improve your home buying experience.
Regardless of your level of homeownership experience, your home is one of the biggest financial commitments you are likely to make. You might be planning your home financing options by getting a mortgage for buying a home as an owner occupied (‘owner occupied means you plan on living there), a second home to use for vacation, or an investment property to rent or flip for profit. Whatever your circumstances, when it comes to buying a new home, having the right real estate agent along with an experienced Florida mortgage broker or mortgage lender is absolutely key. They will ensure that you find a great home for the right price that meets your long and short-term financial goals.
Having a trusted and an experienced mortgage broker can make a significant difference in the home affordability and your financial health throughout the future. We know that when first time home buyers find the home of their dreams, they are often so eager to buying a home that they do not take the time to shop around for the best mortgage rates and terms. This is a huge mistake! Your mortgage terms are going to affect your financial health and stability throughout the life of your mortgage loan (and possibly beyond). The difference between having a great mortgage rate and the right loan option secured by an Florida mortgage broker and having the wrong rate and loan option can be hundreds of thousands of dollars. That’s thousands of dollars you could have spent on other meaningful things in your life.
Another mistake first time home buyers often make when looking to purchase a home in Florida is to get emotionally attached to a home without fully considering all of the aspects of the financial commitment they are about to make. Remember, the type of mortgage you choose and the costs associated with it, including your mortgage rate, require careful attention to transaction details. If you don’t shop around for the best mortgage broker in Florida, or worse, try to negotiate the mortgage loan options on your own without fully understanding the finer details, you’re asking to lose money. A trusted Florida mortgage broker working for your best interests is a must when it comes to saving money while buying a home. Plain and simple.
Not all Florida Mortgage Brokers are created equal! Choose the Right Mortgage Broker:
- If you take the wrong loan, you could end up paying thousands more for your home over the life of your mortgage. Choosing the right mortgage broker can make a huge difference in both your long or short term financial health. These are just some of the ways having the wrong mortgage broker could hurt you:
- Your mortgage broker puts you into an adjustable rate mortgage when you know you want to live in your home for a long time = You end up paying a much higher rate on your loan 5-7 years down the road and your mortgage rate may even go higher than you can afford.
- Your mortgage broker wants to put you into a fixed rate mortgage when you have told them you want to leave in 5 years or less = They are saddling you with a higher mortgage rate than you need, leaving you with less money to spend on other things each month.
- You qualify for a VA loan and your mortgage broker does not give you that option = You end up paying thousands and thousands more than you need to for mortgage insurance, closing costs, a down payment, and other fees!
- Your mortgage broker is a high cost lender (such as when you work directly with the bank) = You do not get the best rate possible and end up paying higher closing costs.
Remember, choosing your home financing options is a financial decision that will affect your life for many years to come. Your mortgage is not like a renter’s contract. You will not automatically be released from it in a year or less. You can’t meet with your landlord and work out new payment options whenever you have a problem. With today’s historically low mortgage rates, it’s a prime time to buy a home. But if you end up with the wrong type of mortgage loan, you may not be able to change your loan or interest rate later. Do your due diligence and shop around for the best mortgage broker professional and mortgage rate in your area!
Why do you need an experienced real estate agent?
Having an experienced real estate agent can play a big role in getting you the right home at the right price. A real estate agent knows the area, as well as the market, and can help you navigate through the obstacles of buying a new home. Here in Florida, for instance, there is an excess of inventory in the Florida housing market but a general lack of properties are priced right. This is particularly true in the more desirable areas. A home that is initially priced accordingly may be fought over because of the location. The ensuing bidding war usually results in the buyer overpaying for the property. A diligent and trusted real estate agent that is working for your interests and not for their own profit is invaluable to avoiding this kind of scenario. They can help filter through potential properties to find the best match, negotiate your terms, and prevent you from making common home buying mistakes.
Working with Florida Home Funding ensures you will find the home financing that best fits your needs and that your home buying experience will go as smoothly as possible.
Choose from the following options for more information:When you are ready to buy a primary residence or an investment property, there are three things you should do in order to make sure you get the best possible purchase money mortgage at the most aggressive term and rate: research the relevant information, pay careful attention to transaction details, and find a trusted mortgage professional and real estate agent who will work for your best interests.
Call (407) 704-8729 or (888) 515-6048 to speak with a licensed mortgage broker or complete the fast quote form now.
When it comes to getting a mortgage
you have more options than you think