As we all know, lending practices during the past few years have really contributed to the current housing woes that we are seeing today.  I can tell you that those days are over my friends.  The mortgage and banking industries have really tightened up their ships and lending requirements can be quite strict and very tedious at times.  What does this mean to you?  It means a couple of things:

ONE -  The earlier you get started in the process, the better off you will be.

TWO-  You need an experienced and licensed Mortgage Broker to help you with this process.

Some common questions we frequently hear are:

Do I have to be pre-qualified in order to search for my new home?  In short, no you do not HAVE to be pre-qualified to search for your new home.  However, you will need to be pre-qualified in order to put in an offer.  Most educated sellers require pre-qualification and ALL banks require pre-qualification or proof of funds to put an offer in on foreclosures or pre-foreclosures (short-sales).  Another benefit of pre-qualification is that it helps you to understand what you can afford and where to focus your energy and intent.  Why look at homes that are $400,000 when you can only afford $300,000?  It would be a waste of your time and energy.

Why do I need a Mortgage Broker as opposed to just going to my bank?  Well, you don’t NEED a Mortgage Broker for you Sarasota real estate purchase.  It just makes more sense.  Mortgage Brokers can search hundreds or thousands of lenders to find you the best possible rate at wholesale prices.  A bank will offer you their retail rate on only their product.  Would you buy something at a store that only offers their brands or would you shop around?  Exactly…and that is what a Mortgage Broker will do for you.  You may pay less in “up-front” fees at a bank, but interest rates are usually higher and you may pay over the long term.

Do I have to have a 20% down payment?  Not always, but each situation is different. There are many options available to both first-time and experienced home buyers.  Under current FHA guidelines you may need to put only 3.5% down.  VA loans require no down payment to qualifying veterans.  And conventional mortgages may have significantly different down payment requirements.  Each situation is different, so it is imperative that you find out what your plan is going to be today!

Remember, when it comes to your home search, one important first step is to get pre-qualified!  Who you choose to do this is ultimately up to you.  However, if you would like us to provide you with the real benefits of experience and putting your loan package in front of many lenders, then we would like to extend to you this opportunity for a NO OBLIGATION financial evaluation.  There are no immediate credit checks without your express approval and absolutely NO OBLIGATION to use our services.  Just fill out the form below and our Licensed Mortgage Broker will be happy to help you in this process.