Greater Seminole County Real Estate Report 11-11-20: Now is the time to obtain a Florida home mortgage with rock bottom rates. Here’s what you need to know about securing a loan!
There is good news for Florida homebuyers as we look toward the end of 2020. If you’re looking to snatch up your own piece of paradise in Lake Mary, Oviedo, Heathrow, Winter Park, Maitland, or surrounding areas, now is the time to get serious and take action while mortgage rates are expected to continue to be at an all-time low. What do you need to know about obtaining a Florida home mortgage before buying a home?
Changes in the Verification Process
According to Florida Realtor, it does not seem likely that mortgages will become more difficult to obtain. However, the process may change. There is still economic uncertainty as a result of COVID-19. For this reason, many lenders are choosing to complete the final verification process closer to the closing date. This is to ensure the most accurate employment information possible before issuing the loan.
Take Advantage of Online Tools
Many Florida home mortgage lenders offer online tools that help prospective home buyers calculate estimated monthly payments as well as closing costs. This helps buyers determine how much they can realistically put into a home before they apply for a loan.
What Kind of Loan Is Best?
How long do you plan on staying in the home? If this is a “forever” home, then you may want to consider a fixed-rate, 30-year loan. However, if you expect to move out of the home in the next few years, an adjustable-rate mortgage may be the best financial option.
Shop Around for the Best Florida Home Mortgage Loan
Do not just go with the first lender you talk with. Do your homework and shop around for the loan that makes the most financial sense for you and your family.
Strike While the Iron is Hot!
Mortgage rates are at an all-time low and are expected to stay there for now. If buying a home is your goal, then now is the time to strike while the iron is hot. Partner with the best realtor in Lake Mary to ensure you get the home of your dreams at the best price possible. I am here to help you through the entire home buying journey. Feel free to contact me with any questions you may have at firstname.lastname@example.org or 407-330-2181. Until next week, happy home buying!