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No matter if you're Buying or Refinancing a home in Florida, its hard to know where to begin.

Here is an Overview of the Home Loan or mortgage Process.

Step 1: Pre-Qualification:

Performed by your Loan Officer, this step uses basic information about your income, debts and credit including length of time and stability. Getting pre-qualified let's you estimate how much you could borrow and gives you a good idea of the paperwork that will be required from you.

The Loan Prequalification is of course based on the information you are willing to supply and not willing to provide, e.g., are you willing to allow the lender to request your tax returns from the IRS if they are audited? do you want to provide W-2s to prove your income?. The best qualification would require that you allow your credit reports be pulled.

Thus, it is important that you select a loan officer or mortgage broker that you feel comfortable with and which has numerous lenders and loan programs which will fit your needs and history.

Be upfront with the brokers and lenders, you can get a great idea about loans and terms just based on your own knowledge and history of your credit and other factors mentioned above.

You can get a rough idea about what you may qualify for typical loan programs and terms here... but get together with you loan broker for an accurate estimate.

Step 2: How much can you afford?

Decide how much you can and want to afford. Here is a calculator to give you an idea of what you can afford...

But...you want to speak with your selected mortgage broker before you make a final decision about what you can and cannot afford. Based on your goals, desires and needs there may very well be a loan product or program that you should consider as well!

There are new programs offered everyday. Just a few years ago it was common to require 5 years at the same employer and 5 years at the same address. How things have changed! It is really possible to get The American Dream!

Step 3: Apply or Get a Pre-Approval

This is what the sellers and real estate agents are looking for, especially in a Buyers Market. When property is selling like hot cakes, sellers don't want to waste their time waiting for the buyer to finally get approved for financing. They will want a PreApproval Letter from your broker or lender.

Often what happens is that the prequalification is not worth the salt it was written in. Rates have changed, someone forgot some detail that knocks the borrower out of qualifying for the loan, or, more likely, someone was just not telling the truth. So the contract is cancel because the deadline wasn't met or the borrower just can't get financing meeting his needs.

Take the time to:

  • find a mortgage broker you trust and feel comfortable with,
  • get prequalified, and then
  • get preapproved!

Your life will be less stressful and you will love your home from the start.

When you get a Florida mortgage through us, we want it to be a great experience!

Contact us directly at (561) 228-8563 or (888) 431-6387, ask us a question or two. Or, click on our Live Chat to message us now!
 

We look forward to hearing from you,
our most important client!

Page Updated: 07/31/2007

First Published: 2001


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