Buying A Home
BUYING A FORT LAUDERDALE HOME
Whether you’re a First-time home buyer or a move-up buyer, purchasing a home is a big financial commitment. The Fort Lauderdale home market has been hit hard by massive foreclosure problems, especially in the condominium market. South Florida home prices seem to be bottoming and mortgage interest rates are still low. These factors have created an extraordinary home buying opportunity. There are many pitfalls you can avoid when buying a home. Here are a few tips and strategies to help you and your family to prepare for success:
- Know your credit score – You may be able to get a better mortgage rate by restructuring some of your balances on credit cards, car loans, etc. Talk to a qualified mortgage professional to help you correct errors on your credit report and determine what restructuring might increase your credit scores.
- Know how much you can spend and determine how much you can afford – Although their are guidelines that limit how much of a mortgage one can qualify for, there are other factors that need to be considered in addition to your monthly mortgage payment. You most likely will have insurance, real estate taxes, utility and maintenance expenses. It is wise to finance your home based on your monthly payment comfort level. Money spent on housing will limit your ability to afford other lifestyle items, to save for other life events or retirement. It also may reduce your ability to properly protect your family with disabilty insurance, life insurance, or saving for a child’s college education. Determine how much cash to use as your down payment and how much you’ll need for closing costs. Understand the before and after-tax monthly payment, especially when comparing to renting. A CMPS Professional is uniquely qualified to assist you with this evaluation.
- Don’t get caught in the “pre-approval” / “pre-qualification” trap – In the current Fort Lauderdale home market, most sellers won’t accept an offer with a mortgage unless you have a bullet proof pre-approval. This includes an automated underwriting approval from a mortgage lender. Many real estate transactions have been ruined as a result of meaningless pre-approval letters and a poor analysis of the buyers ability to obtain a loan. When you are looking to buy a Fort Lauderdale home, talk to a Certified Mortgage Planning Specialist for honest answers and great advice.
- Develop a strategy before your offer for financing your closing costs - There are a couple of ways to help limit your cash out-of-pocket when it comes to paying closing costs. If you are working on a tight savings budget you can explore these strategies with a CMPS Professional that will give you all your options.
- Evaluate the mortgage products and options that will work best for your personal circumstances - Don’t just jump at what you think is the lowest interest rate. It’s far better to evaluate your personal situation with a CMPS Professional and receive a competitive rate on the right mortgage, rather than what you think is a great rate on the wrong loan. Don’t make a mistake that could cost you tens of thousands of dollars over the life of the loan to save $25 or even $50 per month.
Get PreApproved For Your Fort Lauderdale Mortgage Today!
Call Your Fort Lauderdale CMPS Professional – Harvey Collier - 954-629-6151
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