Get the Money you Need for the HOME you love

Before you go out shopping for a home it is recommended you speak with a lender. You don't have to apply but you should speak to one. They can give you great tips and advice. If the lender you speak to is not personable and knowledgeable offering advice I would seek another lender. Lenders are very needy people and the process of purchasing a home can be very tedious and annoying. It is good to work with someone you like and don't mind talking to for a couple months. Yes it can take a few months. The paperwork is time consuming but home shopping is time consuming as well. Finding the right home that suits your needs in the right location is not always easy. You will need a good realtor for that but to start you need to pick a lender. The contract in Florida gives you up to 5 days to apply so not much time to shop around for a lender once you find a home. Comparing lenders can save you a lot of money in fees. Another reason its good to be ready in advance. There are a few different types of loans a buyer can be eligible for 1) Va Loan 2) FHA Loan 3) USDA loan 4) conventional fixed 5) conventional ARM 6) Jumbo Mortgage (usually available for homes from 417,000 to 3 mil) to name the most common. 7) First Time home buyers 8) Reverse Mortgages or HECM (allows a person over 62 to buy without a mortgage payment) note: the amount of down payment and closing costs vary for different lenders and or loans. A USDA loan requires No Money down- as well as a VA loan- FHA is usually 3 1/2%- quicken loans offers a 1% down Your lender can advise the one that best suits you. You may have to ask what type they are qualifying you for and if you may be eligible for first time buyers ( you don't always have to be a first time buyer to be eligible for this loan- in Florida some lenders say if you have never owned a home in Florida you can be eligible) talk to a lender that offers them. (not all lenders do). Shopping for a lender can be tedious and shopping for a home can be as well. Trying to do both will Stress you out. Don't do that to yourself. Get your lender in place then start shopping. You will be glad you did. The difference between a Pre Qualification and a Pre Approval A pre qual can be done by talking to a lender over the phone and answering several questions about you income and your debt. This will give you an idea of how much you may be able to shop for. Think about how much you think you would be comfortable paying for a mortgage. You may not want to purchase a home for the full amount the lender allows. For example recently I had a buyer send me a preapproval letter for 280,000 but she said we are only interested in purchasing a home for 220,000 max because we have some other investments we want to be able to make. Also during the pre qual talk the lender can give advice on how to increase your credit score and recommend what debts to pay off or lower, etc. Even if you may not be ready to buy for another year or two. Talking to a lender can help you be prepared. A pre approval is what sellers like to see. It can make or break a deal. When you find the home of your dreams and you make an offer on it the seller can accept, counter it, or reject. When a home is priced right, in a good location and good condition a seller can sometimes receive multiple offers and they have to choose between them. A buyer with a pre approval will look better than a pre qual. A buyer with cash will be more appealing than one who is financing. A cash buyer can close on the purchase in about 3 weeks. A pre qual can be up to 45 days and sometimes longer and a pre approval usually 30 days or less. To get a pre approval from a lender means you have actually filled out an application and provided all the documents necessary to prove your worthiness. This makes a seller very comfortable in accepting your offer and speeds up the actual day you get to move in to your new home. here are a few lender links that my brokerage works with and or my buyers have used successfully. QuickenLoans.com https://movement.com/lo/jamie-black/ https://www.my-loan-application.com/secured/start.cfm www.gulfsidemortgageservices.com Don't let the lender be the one asking all the questions. Write a list and take notes. Find out what the fees are for the loan they are recommending- ask if you are eligible for another type of loan, etc. When your ready to shop for a home the best place to shop online is the MLS. They update the site every 5 minutes. I have had so many times buyers send me lists of homes they would like to see only to find that many are not for sale. Click Here to shop the MLS>