Unless you’re paying cash for your new Florida home, you are likely to be working with a bank to obtain the finance, and there are several things that you can do to help yourself. In late 2013, the Florida Realtors site suggested five steps to take that we believe are worth repeating here:
- Do your homework
- Get Preapproved
- Choose between rates
- Decide length of loan
- Lock in your rate
Some of these may seem obvious, some may appear to be unnecessary, but we recommend that you consider each one carefully before reaching a decision. Please contact use to discuss things further as soon as you need any thoughts or comments on what is most important in your case.
Please also note in particular: if you are resident in a country other that the USA, lenders here will categorize you as a “foreign national” and loans currently available are far more restrictive than those aimed at US residents. “Foreign national” loans are a specialized field, so get in touch to ask about the current situation (which changes regularly). We will connect you with professional lenders who can advise you on what is available in your circumstances.
More information on financing generally: the CNN Money website contains an article entitled “6 ways to get a great mortgage deal“, which includes advice such as:
Opt for an ARM. If you know you’re not going to be in a house for more than seven years, adjustable-rate mortgages can mean big savings, says Guttentag. The monthly payment on a $300,000, seven-year ARM at the recent rate of 3.23% is $1,302, vs. $1,455 for a 30-year fixed at 4.13%.
Read it all here, (note; original link now dead but read it here) but remember that advice in this and every other article has some good basic information which is of necessity built around generalizations. So treat the advice with care because it may not in fact be the best for you personally.
Our overall advice, then? Set aside the Internet and talk to a professional mortgage broker or representative who can show you the best deal for your particular circumstances.
At the risk of repetition, if you need any help at all in sorting out your financing options, we have Florida lenders who can help you to sort through the maze of options and choices – contact us by using this online form and we will be happy to connect you with someone who can help.