FL home buyers are turning to experienced FL mortgage professionals, before jumping into interest rate shopping.  Gone are the days of merely searching for the lender quoting the lowest FL  interest rate for FHA, VA home loan or conventional FL mortgage.  Some home buyers have learned the hard way that a low interest rate is only exciting throughout the mortgage process.  Once they’ve been turned down by the underwriter, weeks later; that  interest rate no longer matters.

It pays to search for a FL mortgage professional team with experience.  With experience comes the ability to provide upfront mortgage insight to home buyers approval ability, prior to application. 

Recently I  had a FL home buyer who spoke to their bank loan officer offering an awesome low fixed rate quote.  They provided all income and asset information along with the formal loan application.  Their mortgage file  then was turned over to a processor who orders, in this case, an FHA case number and a full FHA appraisal and gathers additional required documents to submit to underwriting for a loan commitment.  And days later, they find their FHA mortgage loan was never had a chance for approval.

And what about that low fixed interest rate that grabbed their attention?  No approval - no low  interest rate.  I see it all the time.  The low advertised loan rate opens the door for an application and documentation gathering which wastes everyones time and ends in emotional chaos for the home buyer and their FL Realtor. 

 The most important thing a FL home buyer can do when seeking a new mortgage is to inquire with an experienced FL mortgage professional and review probable approval options.  Inexperience leads to guessing and guessing doesn’t secure your low interest rate that you thought was promised.  Speak to a knowledgeable FL mortgage professional.  And happy house hunting!

After meeting several Oviedo FL Realtors this morning; I realized most were dealing with the same FL mortgage issues day in and day out.  Typical underwriting turn around times seemed to be around 45 days. And sometimes that was just enough time for an underwriter to determine why they wouldn’t approval their FL mortgage.  Yikes!

Some Oviedo home buyers sought financing from a mortgage broker while others depended on well-known name brand large banks.  Now, banks do have their additional underwriting restrictions (that’s for another blog) that some mortgage companies get to avoid.  But  it seemed no matter which avenue an Oviedo home buyer took; it either took several long weeks or months to get denied! 

That’s why successful Oviedo first time home buyers need to work with experienced mortgage loan officers.  Preferably at a local mortgage lender where you can get sound mortgage insight before you jump into buying your next home. A seasoned mortgage professional will assess your home buyers specific financial situation and let you know immediately if you are qualified to move forward.  No sense in wasting time these days.  For your next Oviedo FL mortgage approval fee free to contact me directly at 321-987-9876.

Many of the homes for sale in Florida are FL bank owned properties. FL home buyers typically need to repair something with these usually deteriorated properties.  Some homes need major repair, but several require only minor upgrades such as new paint, new flooring or attention to even smaller details.  There are programs available to meet these needs like mini-construction loans, FL Home Path Renovation mortgages or FHA 203k streamlined repair mortgages.  But there is one that doesn’t cost extra and requires no inspections.

An escrow hold-back policy on conventional FL mortgages makes repairing or upgrading minor repairs, on FL home purchases, very easy.  Allowances can be  up to $5,000 to be held in escrow for these repairs or upgrades.  This should be available for FL mortgages on primary homes, 2nd homes or vacation homes and FL investment properties.  You can use this to replace carpets, tile flooring, paint the interior, etc.

So when you are shopping for your next FL home and it needs a little TLC; ask about an escrow hold-back policy on conventional loans.  Embrace the possibilities.  For more information on this or other FL construction type mortgages contact me at info@beechtreemortgage.com or call now at  321.987.9876.