Mistakes Homebuyers Make in Naples

There are several mistakes that homebuyers in Florida make and many of them pertain to their mortgage. Whether you find your dream home in Naples, the perfect property in Bonita Springs or a home you can turn into your dream home in Estero, nobody wants the mortgage to ruin the fantastic experience of buying a home for sale in FL. Larry Halpin is here to help!
Here are a few tips to avoid a mortgage disaster:
Check your credit score. A bad credit score means you pay higher mortgage rates, and you want to know what to expect before getting to that point. If you check your credit a few months before applying for a loan you can change mistakes and even higher your credit score.
Don’t apply for other credit, like an auto loan or credit card. You look like a bigger risk and your rates will go up, if you’re approved at all. Wait until after the approval process is finished completely before applying for other credit.
Look at your total house payment. A mortgage payment includes principal, interest, taxes and insurance, or PITI. Some homebuyers don’t factor in taxes and insurance into their overall mortgage payment. So when deciding how much you can spend per month on your house, remember to factor in everything.
Having seasoned assets will help improve your chances of being approved for your loan. You can’t just transfer money from someone else’s account to make it look like you have money. The money needs to be in your accounts for a few months.
Steady work and income are a factor in being approved for loans. If you change jobs often an underwriter will look at how often you change and if your income is consistent. They want you to be able to make payments every month.
Get preapproved. Good preparation helps you get a good mortgage. Make sure you can qualify before you go house hunting. Look at different banks for the lowest rates. But don’t get too caught up with the game.
Don’t forget to lock in your mortgage rate. Rates change constantly and if you’re happy with the rate you have, lock it in. Don’t assume your rate is locked in until you get it in writing.
Read your new loan and mortgage documents. Make sure you understand and agree to everything you’re signing.
Follow these tips and you can be in your dream home in Florida soon enough!

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