Here's a resource article regarding advice for Florida mortgage buyers.
The Florida mortgage market has seen its fair share of ups and downs over the last couple of years so it's worthwhile looking at some decent tips if you are a Florida mortgage buyer. The ruinous financial crisis has meant that a whole new set of rules and values have had to be put in place to help ensure that something similar does not happen again anytime soon. Some of the reasons for the now troubled state of the Florida mortgage market were the overselling of sub prime mortgages to people who had little chance of fully paying them back. However, if you have a reasonable credit score and a good and honest grasp of your current and future financial status then getting an FL mortgage is still a good idea in the long run. Here are top 3 tips for Florida mortgage buyers designed to ease the process as it can sometimes be hard to navigate through all the options.
1 - Make sure you do your research. If done correctly, a little research into
Florida mortgages and state housing laws etc can mean the difference between getting the mortgage you want and the mortgage you got sold. In other words you need to ensure you have all the facts to hand before you decide to sign anything. Get solid, impartial advice from the right people, ie banks and/or mortgage brokers.
2 - If you are a foreign investor as a lot of people in Florida are, it is imperative that you assign yourself and your plans to someone who has had experience in dealing with foreign clients. There will be similarities between the FL mortgage system and ones from other western countries but remember that the devil is always in the detail and so you need to be aware of any points of law that may or may not affect your application.
3 - Be sure to get the right sort of mortgage relevant to the plans you have for the property. This is crucial in the application process as there are differing rules regarding mortgages for primary residence, second homes and investments etc so you need to be up front with your broker about the purpose of the purchase. Also, use a reputable mortgage broker licensed by the state that has at least had some experience of dealing with a case like yours.
