Buying a house can be a complicated process that can leave you drained. And if you are planning on buying property in Florida, these 5 steps will help you make this journey confidently and without much of a hassle. The home buying process may vary a bit depending on the real estate laws and customs where you live though.
- Review your financial health
Start with an audit of your finances. Don’t start looking for homes before you look at your savings. You wouldn’t want to find your dream house and later realize that its way over your budget. Keep a track of your spending each month. This will help you determine how much you can allocate to your mortgage payment.
- Get preapproved for mortgage
The first step is to understand the different financing options out there and choose the one that is best for you. Will you be applying for a 100% USDA loan, FHA loan or maybe a conventional loan. Take a look at all the loan programs here. Once you pick your mortgage program you need to submit information such as; your savings, income and all the investments you have, to your mortgage banker/local bank. After reviewing this information, your banker / loan company will provide you with an amount that they can lend you so that you know the price range of the houses you should be looking for. Once you’ve qualified for the mortgage, you need to provide some financial documents to get preapproved for credit. The financial documents may include bank account statements, paycheck stubs, profit and loss statements (if you are self employed), list of assets, mutual fund statements, brokerage statements and a complete list of debts. Florida and Georgia homebuyer can certainly contact us to get the loan pre approval process started. Please submit the “Request Contact” form at the top right side of your screen. Mobile users can find the short Request Contact Form here. Please also be sure to call ph: 800-871-2636
- Find a Realtor
Once you’re sure about the amount of mortgage you are qualified for, it’s time to find a real estate agent. The home buying process is a maze of paperwork, inspections, pricing and negotiations, so it’s better that you work with professionals who can guide you. Look for a local Florida realtor who work with a team of people who can offer suggestions and carry out the operations successfully. The best part is that they are compensated by the seller of the house so it doesn’t cost you.
- Shop for your home
Look for homes within your price range and do take notes to help you in deciding later on. In terms of real estate, Florida offers a lot that can please you. Central Florida offers some of the best returns in Florida and is the hub of second home purchases and buy-to-let investors. The Gulf coast has magnificent white beaches, sapphire seas, and fine restaurants. Miami offers beautiful beaches, a consistent warm climate and fascinating contemporary architecture while many high-rise and downtown developments are in process. To the north Jacksonville is a very family friendly area with great schools. Once you find your dream home in the neighborhood of your choice, you can make an offer. When you and the seller have settled on the price, you can move on to the next step.
- Close the deal
Even if you lender doesn’t require, still arrange for a home inspection before you finalize the deal. Check for any structural damage or things that may need to be fixed. Also get home insurance to protect your interests in the event of a catastrophe. Once you’re satisfied with the house and its condition, you can sign the deal. It may take a few days after the signing for your loan to be funded. When you get the loan, you’ll be the proud owner of your own house. Congratulations!
Buyers can connect with us 7 days a week by calling 800-871-2636 or visit www.FiveStarsMortgage.com