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Tips for Homebuyers in Palm Beach County

By
Mortgage and Lending with SMP Mortgage, Inc NMLS ID #276668

 

So, you've heard it's a buyer's market and you've decided it's time to take the plunge and buy a home in Palm Beach County.  What should you do first??

Before you start looking at homes, it's important to start off with a budget so you know how much you can afford. Knowing how much you can handle will also help you narrow the field so you don't waste time looking at homes that you can't afford. There are a number of calculators available on the internet that can give you an idea of how much house you can afford.  I have one here.  The calculator is only a starting point, however.

I cannot stress enought the importance of getting prequalified for your mortgage before shopping for a home. If you don't get prequalified, you run the risk of not being able to get a mortgage for the home you choose. Prequalification involves supplying a mortgage broker with basic information regarding your debt, income and assets. From this information, lenders can get an idea of the mortgage amount for which you qualify, and it can be done at no cost. You should not have to pay a fee to get prequalified.
Being prequalified can help you narrow the range of homes in which you are interested, since you have a good idea of what you can afford. It can also help you act fast if a home you're interested in has a lot of interest. Prequalification shows you are a serious shopper, and your offer will be taken more seriously than an offer from someone who has not spoken with a lender. Just because it's a buyer's market doesn't mean you shouldn't be prepared to make a qualified offer.

The initial pre-qualification stage also allows you to discuss with your mortgage broker any goals or needs you may have regarding your mortgage. He or she can then explain your mortgage options and recommend the type that might be best suited to your particular requirements.

Unfortunately, sometimes not all buyers are completely honest or accurate when they give their financial information to a lender. It's not unusual for some buyers to inflate their income or savings. It's important that you are accurate and realistic when stating your income and assets. As a mortgage broker, I always advise my clients that approval is contigent upon verification of all loan application information.

Since today's lending market is much more limited than in the past, it is in your best interests to complete a full application with your lender which would involve providing pay stubs, bank statements and other items. If you have items that you can't verify, let your mortgage broker know so they can look at other programs for you.

Gift funds are available to assist with down payment and closing costs - see my post here South Florida Mortgage Lady

I'll provide more details on the mortgage application process in future posts.  For more information for first time homebuyers, click here  South Florida Mortgage Consultant

For more information call me today at 954-341-3510 or 954-675-9531.  I work with clients thorought the state of Florida, and can meet personally with you in Broward and Palm Beach counties.

 

 

Posted by

Call Cheryl Hale today to work with her in reaching your real estate goals: 734-404-2413

Comments (2)

Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Cheryl, WELCOME to Active Rain!  Blogging here will bring the attention of the Google bots, and that will grow your business.  I'm off to check your profile.  Read, comment, and blog!  Much success to you.

Mike in Tucson

edit after perusing your profile:  University of Michigan!  You might not like me.  The basketball sitting up there on my bookcase is from the 2000 national championships and is signed by Tom Izzo.  LOL

Oct 24, 2007 10:04 PM
Cheryl Hale
SMP Mortgage, Inc - Plymouth, MI
Mortgage Loan Originator NMLS#276668

Hi Mike,

 

Thanks for the welcome!  I am really learning so much here on Active Rain.  May the Google bots rain down on me   :)

 

P.S. no hard feelings about the basketball  :)

 

Cheryl

Oct 25, 2007 02:09 AM