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Monday, September 21, 2015

The Home Buying Process: Choosing a Brevard County, FL Mortgage Lender

The decision to purchase a home is a big step.  The financial commitment required is one of the largest most people ever make outside of marriage or having children.

One of the most important steps in the home buying process is choosing a buyer's real estate agent.   Your buyer's agent is a critical resource.  Your buyer's agent will be able to assess your requirements and desires.  With their local knowledge your buyer's agent help you find the home that best fits your budget.

The budget is the critical element in the home buying process. 

Most people do not purchase a house with cash.  One of the first steps in the home buying process is obtaining a mortgage pre-approval

As a Brevard County, Florida real estate agent I will be happy to suggest local Brevard County, Florida lenders to discuss the mortgage process as well as to obtain a loan pre-approval. (I really do like it when my buyers have a lender they can call on in person or by phone rather than some Internet lender.)    Why did you ask me for a pre-approval letter before looking at houses?

As for the type of loan or program to pursue I am not qualified to recommend any specific options.   I will offer these suggested topics and items to discuss with your lender.
  • If eligible, consider the VA loan as it does not require a down payment.  Also mortgage insurance requirement either which can be costly!   VA loans are an earned benefit for veterans and should be considered.
  • If available cash is restricted somewhat consider the FHA loan program as only a 3.5% down payment is required.   With both of these programs the condition of the purchased property must be reasonably good (roof, AC, plumbing. electrical, etc).
  • If the property needs repairs the FHA 203(k) loan may be an option.  
  • And the conventional loans come in different flavors as well (i.e. 15/30 year, etc). 
  • And there are those adjustable rate mortgages....
Your lender will discuss things like taxes, insurance, association fees and overall budget. There are so many mortgage options you need a lender to guide you along the way.    In other words, look beyond the mortgage pre-approval.

Call me at 321-693-3850 if I can help you get started with the home purchase process in Melbourne, Florida.

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