Unless you’re paying cash for your new Florida home, you are likely to be working with a bank to obtain the finance, and there are several things that you can do to help yourself.
A new summary on the Florida Realtors site suggests five things to consider:
- Do your homework
- Get Preapproved
- Choose between rates
- Decide length of loan
- Lock in your rate
For more details, read the full article here.
UPDATE: At the time of writing, the Florida Realtor site seems to have lost the article. But there are other places that you can look, such as the CNN Money article entitled “6 ways to get a great mortgage deal“, which includes advice such as:
Opt for an ARM. If you know you’re not going to be in a house for more than seven years, adjustable-rate mortgages can mean big savings, says Guttentag. The monthly payment on a $300,000, seven-year ARM at the recent rate of 3.23% is $1,302, vs. $1,455 for a 30-year fixed at 4.13%.
Read it all here, but remember that advice in this and every other article has some good basic information which is of necessity built around generalizations. So treat the advice with care because it may not in fact be the best for you personally.
Our advice, then? Set aside the Internet and talk to a professional mortgage broker or representative who can show you the best deal for your particular circumstances.
If you need any help at all in sorting out your financing options, we have Florida lenders who can help you to sort through the maze of options and choices – contact us by using this online form and we will be happy to connect you with someone who can help.