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Thursday, October 29, 2015

Home Buyer Tips: When Do You Talk to the Mortgage People?

The current Brevard County, Florida housing market favors sellers.  Move in ready single family homes are not staying on the market very long.

The September 2015 median days on the market was only 29 days.  The median selling price in September 2015 was up 32% over September 2014 to just over $172,000.  Inventory is down while closings are up.

Buyers are scrambling to find move in ready homes in the areas they want to live.

Appropriately priced homes are often getting multiple offers with sellers getting about 95% of original list price in September 2015.

When prospective home buyers start looking for a home in Brevard County they need to be prepared on day one to make an offer

The first step is lining up a mortgage pre-approval.  

The time it takes from finding a home to closing in an ideal world would likely be around 60 days if a mortgage is involved.   With limited inventory I would suggest at least 90 days be allocated for finding, negotiating, inspecting and closing!

This "purchase window" may be even shorter depending on the specific house desired.  But what if you are planning to buy in eight, ten or twelve months from now? 

When should you start the mortgage process if you have eight or nine months left on your current lease?

I suggest starting now.  While interest rates will likely change and you have no idea what (or specifically where) you will be buying, talking with a mortgage lender well in advance of the "purchase window" is good.
  • Talk with a couple of local Brevard County mortgage lenders at a minimum.  Having a relationship with someone in the area is so much more preferable (my experience) than some Internet lender!
  • Discuss the programs available (types of loan, first time home-buyer programs, etc).
  • Discuss your income and liabilities. 
  • Find out what not to do that may damage your prospects of a successful home purchase within a year.  Things like job change, credit cards, a new car and the like can be a credit killer! 
  • Get an early review of your credit report.  There may be some surprises on the report that need to be corrected.   Credit report corrections do not happen overnight!  
  • There may have been some previous "bumps" in your credit road.  Corrective actions now can improve your chances of approval. that can be corrected.  There may be steps youc an take to improve your credit score.
If you are considering buying a home in Brevard County, Florida, ask for some local mortgage lenders.   Anyone can Google online lenders.  I know who has successfully served my clients.

Two of the most important people in your home buying process - your local real estate agent and your lender.  In Brevard County, Florida I can help!

Image courtesy of Stuart Miles at

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