Buying Florida Real Estate
Know Your Credit Score
Before the journey of buying Florida Real Estate, the first thing to do is to know your credit score. Most often, buyers will be financing their first home. The place to start is your credit profile. I suggest going online to a place that provide your actual FICO score. Keep in Mind, the FICO score is what you’ll need. Many “credit scorings” sites claim to provide you with accurate information . Many of them gather their scoring from places that are not true FICO scoring methods.
Once place to start is www.myfico.com Please know, there may be a small fee in order to obtain your credit score, but if your planning on buying your first home, then it’s worth it!
Also , if you plan on using your trusted bank to finance your home, then ask them if they can provide you with your fico score. Some banks provide “credit monitoring” services these days!
Not All Lenders Are The Same
One of the biggest issues I have seen where buyers cannot close on their home in time or at all, is using a lackluster lender or bank.
A lackluster Lender
Your lender should respond quickly and respond to your emails and questions And qualify you correctly. Waiting for your lender to call you back for days may be a sign of their future work ethic and their ability to close your loan on time, costing you your escrow deposit in some cases.
Please be upfront with your lender, especially if you’re self-employed, provide your lender with all appropriate tax documentation for the last 2 years.
Your Florida Real Estate agent may know a list of lenders they have had great experiences with. While the final decision is up to you, please be advised, picking a lender who “claims” to have better rates may not always be the most efficient .
Pick a lender who is going to pre approve you correctly with a thorough pre approval. Also, be completely up front to your lender about your credit past, delinquencies, income, past student loans etc. They will find out anyway, so disclose all you know.
When closing a loan, It’s ALL ABOUT The Lender.
PRE QUAL VS PRE APPROVAL
Many buyers think they can buy a home because the lender said they were pre QUALIFIED. NOT TRUE.
A Pre Qualification just means you have applied to a lender and based on the “quick” up front information you provided, they may be able to approve you for a home loan. Make sure you get an actual PRE APPROVAL. Your agent may not be able to make an offer on your dream home without an actual PRE APPROVAL letter or statement from your lender.
A Pre approval is issued, once the lender looks a little further into your credit profile, work history, income etc. This process is usually fast and can take about a week. There is a lot that goes into getting your loan completed, so be prepared and gather all the necessary information your lender will need. Keep an organized file , and the process with go much more smoothly.
Expect Bumps During The Home Buying Process
You are buying a home. This is one of the biggest investments one can make in their lifetime.
Buying a home has many levels to the transaction and most often you will always run into a small snag here or there. That is why working with an experienced agent is so important and picking a REALTOR who can pull you through the tough spots. We understand you’re excited, scared, unsure, anxious and we are here to help you! – remember, once you get to that closing table –we’ve been through it many times and we’ll get you there.
CALCULATE YOUR MORTGAGE
Making A Realistic Offer
Sometimes you have to wait for that perfect opportunity to get the right price.
Lets face it, everyone wants a steal. But when you find that home you really love, sometimes offering a offer to low can cause you to lose out .
Sometimes sellers price their homes too high and sometimes you have to wait for that perfect opportunity.
Depending on what type of home market you are buying in will make all the difference in the world on your offer being accepted. Your Florida Real Estate agent will guide you in knowing what to do. Don’t take to long making an offer. Understand that others are also offering on the same home and you may lose out if you wait. If you loved the home, most likely, so did other buyers.
Get An Inspection!
I always suggest my buyers to get an inspection – Beware of any agents who tell you otherwise.