Florida Real Estate: Buy A Home With A Mortgage Loan

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Florida is a great place to start a new life; this modern region boasts of cities that offer the sights and sounds of a tourist hotspot, while ensuring a comfortable and convenient stay with its facilities and amenities.

If you are planning to purchase the best homes that Florida has to offer, then you might want to consider your budget first for the project. Quality homes -- like vacation homes, condos, and 2-storey homes -- can only be considered expensive at best, especially those homes found in Sarasota, Aventura, Coral Springs, and Miami Beach.

A solution to this problem is to apply for a mortgage loan to purchase a quality home while avoiding financial hurdles afterwards.

Mortgage Loan -- Finding The Right One

Mortgage loans are borrowed money from financial institutions -- either from a bank or lenders in Florida. They offer you the option to borrow the amount of money for a home purchase, plus the interest rate. You are given a specified timeframe to pay off the debt in small amounts until the entire debt is paid.

Keep in mind though that mortgage loans are only issued to eligible applications. Financial institutions are very strict with their requirements for their services. Such is the case; you need to provide financial documents to give them the evidence they need that you can pay as agreed. Aside from these documents, you will also be asked to fill-up a form, provide documents pertaining to your identity, and of course, your credit report.

Good Credit Report -- Best Deals In Mortgage Loans

The interest rates of mortgage loans may vary according to your credit status. If you have a good credit report with a good score, then you are eligible for the lowest interest rates these lenders can offer. A bad credit score, on the other hand, can still avail of mortgage loans but a higher rate.

If you have a credit score below 650, then you might want to start fixing your record to become eligible for the offer. You need to get a copy of your credit report from three credit bureaus and start looking for discrepancies that can boost your credit score after your report them. Paying your debt on-time in full is also a good way to boost your score.

Florida homebuyers should check out all the financial institutions in their area to determine the interest rates and payment terms offered. Determine in advance if your income can shoulder the payments as agreed with your lender to avoid getting into a pinch later on.

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Sue Botelho
Waterstone Mortgage Corporation - Fort Walton Beach, FL
USDA Rural Housing Mortgage Pro

This is a great blog, V.  Most people put the cart before the horse and find a house then then apply for a mortgage.  Because of all the changes, we can't necessarily qualify someone that was able to be qualified 2 years ago so your suggestion to get preapproved FIRST is a great one!  We have a gentleman that we use who helped to write the credit scoring model and now does credit repair.  He charges $200 for an individual and $300 for a couple and has been able to help many of our clients.......and pretty quickly........to get their scores up and qualify for a mortgage.  We also have the 102% financing, that allows someone to finance the sales price and all of their closing costs with scores down to 580.  If you have a buyer looking to be preapproved and your current lender turns them down, let me know.  We love turning turndowns into closed deals!

Oct 12, 2008 11:26 PM #1
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