What You Need So You Can Be Pre-Approved for a Mortgage

Shopping for a home is a wonderful experience but if you’re serious about purchasing Pensacola FL real estate, you need to begin the process in a lender’s office. Potential buyers can really benefit by consulting with a lender and getting a pre-approval letter before you go to an open house.

To start with, you’ll be able to discuss your loan options with the lender. In addition, your lender will also be able to check your credit rating and inform you if there are any problems. And that’s not all. You’ll also be informed about the maximum amount you can loan so you’ll know exactly how much you can afford to buy when shopping for Pensacola or Gulf Breeze FL real estate.

Knowing the Difference Between Pre-Qualification and Pre-Approval

You may be a bit confused of these two terms. A mortgage pre-qualification is helpful because it can provide you with an estimate as to how much you can afford to buy. On the other hand, a mortgage pre-approval means your credit has already been checked by a lender and they have verified your documentation and approved a specific loan amount. Take note that this pre-approval is only good for 90 days and the final approval will only happen when you have the appraisal and you have actually applied a loan to a particular real estate.

The following are the requirements you need to complete before you seek a mortgage pre-approval:

1. Proof of income

You should prepare your W2 statements for the past 2 years, as well as your pay slips to show that you are actually earning money now. If you have proof of additional income such as bonuses or an alimony, you need to furnish the lender with these documents as well.

2. Proof of assets

Present the lender with investment account statements and bank statements to show that you have money for the down payment and closing expenses. You should also have proof of cash reserves.

3. Good credit standing

A lot of lenders today reserve the lowest interest rates for those with a high credit score (at least 740). If you have a low score, you may need to set aside a higher down payment.

4. Employment verification

Even if you show the lender your pay stubs, they may still ask you to provide your employer’s information so they can call them and verify that you are still employed. Lenders would only lend money to those with stable employment and those who are self employed should provide a lot of additional paperwork.

5. Other documents

Your lender will need to have a copy of your social security number and driver’s license. They will also need your permission to check your credit report.

Whether you are planning to buy Pensacola or Fort Walton Beach Real estate, getting a mortgage pre-approval will work to your advantage.

Advantages of Having a Real Estate Agent in Florida

Many homebuyers, especially those who are purchasing a property in Florida for the first time, overlook the importance of working with a real estate agent. But many experienced home buyers will tell you that working with a Pace Florida real estate agent, or a Navarre FL real estate agent is a lot better than buying a property on your own.

Buying a Pace Florida real estate or any property in Florida for that matter can be very perplexing for an ordinary buyer. There are many legal issues involved, from disclosures, potential title defects, zoning issues, and taxes. With the help of a real estate agent, a home buyer will be able to spare himself of the headaches involved in purchasing a property.

Benefits

Aside from helping buyers handle all legal issues involved in the purchase of a property there are other things that a real estate agent can do for their clients such as:

1. Share knowledge or information of the community particularly median home prices and market conditions. 

2. Match homes to the needs and budget of home buyers, who can also be steered away from unsound homes and deals.

3. Prepare viable offer and handle all paperwork

4. Manage deadlines

5. Negotiate the final deal.

Real estate agents will be able to help their clients every step of the way, from the drafting of an offer to negotiating on the price. The professional can also help buyers in locating other people who can be valuable in the home purchase process such as home inspectors and mortgage brokers.

Many home buyers usually decide against working with a real estate agent for fear that it would cost them a lot of money. But the reality is that it really won’t break the bank, so to speak. After all, the seller will be the one to pay for the entire real estate commission, which is typically 5 percent of the house sale price.

In choosing a real estate agent, personal referrals from other home buyers is usually the best way. However, home buyers can look for licensed real estate agents in Florida online particularly in websites of institutions like the Florida Chamber of Commerce. Other useful online resources include Zillow and Trulia which even have reviews of real estate agents.

Indeed, working with a real estate agent can make your home buying a hassle-free and positive experience.

Top Real Estate Agent Predicts More Favorable Conditions for Home Sellers

The Scott Gregory Team, a top Navarre Beach real estate agent, says that the housing market in the US will remain a seller’s market this year. 

“There’s no doubt that 2015 proved to be a strong year for home sellers. We foresee the trend to continue for 2016,” the company, which is also into Milton FL real estate and Fort Walton Beach real estate, said in a statement. 

The Scott Gregory Team cited that home prices have grown steadily in the past two years. “Home prices have grown at around 5 percent since early 2015, and the trend will carry over this year,” it explained. 

Aside from home prices growing steadily,  the inventories of available homes have not really increased during the past few months. “This development augurs well for home sellers, as the number of available homes remains low,” the Scott Gregory Team said. 

The company said that these developments mean that a home priced in the low to middle price range can be sold for top dollar. “And it would also likely be out of the market very quickly,” the firm explained. 

The Scott Gregory Team said another reason why home sellers should not worry about getting low-balled is that deep pocketed investors are exiting the market. Quoting California-based intelligence provider CoreLogic, the team said that 33.9 percent of home sales last year were to cash buyers, which is the lowest since 2008.

“It really appears that the playing field is now more level,” it said. 

Despite the housing market a ‘seller’s market’, the Scott Gregory Team says this does not mean that home sellers can rest on their laurels. It said that partnering with a reputable real estate agent can help home sellers in getting the best prices for their properties. 

“Home prices are rising and it doesn’t appear that the situation will change in the near future. By partnering with a real estate agent, home sellers stand a bigger chance of getting their properties sold at the best prices, and at the shortest possible time.”

About The Scott Gregory Team

The Scott Gregory Team is a reputable real estate agent in Florida. For more information, please visit www.greatpensacola.com. 

Contact Information

John Smith

8494 Navarre Parkway
Navarre, FL 32566

Pensacola Beach Real Estate Buyers Guide

So the time has come for you to look for a home in the Pensacola Beach real estate market, and it is certainly a good place to find a property and settle down. But while buying a home is simpler now than it was before, you still need to be careful and make certain you get your money’s worth. 

Use the Internet for Research

The days of driving around looking for “for sale” signs should be behind you. Make your life easier by going online. There are lots of websites dedicated to home buyers and sellers throughout the US. You just go to one of these sites or type Pensacola FL real estate in a search engine and several sites will come up. Once you’re there it’s simply a matter of picking out the home that suits your needs and budget.

What Type of Home Do You Want?

Would you like to live in a condo, a regular family house, a townhouse, an apartment or multi-family buildings? Each one has its pros and cons, and what works for one individual or family doesn’t mean it’s going to work for the other. The cost will be important of course, but you also need to consider the types of features you’re looking for.

What sort of features are you searching for? How many bedrooms are you in need of? Do you have a family, planning to start one or living alone? You don’t want to be too picky, but at the same time you don’t want to be too general as that makes it difficult to narrow the search down. Your choice should not be limited to the house alone as you also need to consider the general area around it. 

Other Factors to Consider

Before you buy a home, don’t forget to assess your financial situation. How much mortgage can you pay for? Do you have any existing debts that need to be paid? As much as possible it is better to pay off all your debts before buying a house to simplify the situation. You should also talk to a lender and get an idea of how much you’re qualified for.

When you’re shopping for homes in the Milton FL real estate market or somewhere else, it’s imperative you conduct as much research as possible. This is especially true if you don’t know a lot about the area and don’t have a real estate agent.

Navarre FL Real Estate Home Buyers Tips

If you’re looking for a home in the Navarre FL real estate market, now is as good a time as any to buy since there are a lot of properties to choose from. Before you go out and make a purchase however, there are several things you need to keep in mind. You don’t want to make a mistake as buying a home is one of the most important decisions you will ever make.

Don’t Overspend

Before you buy, decide on your budget and stick with it. The idea of having your own home is exciting and if you find one you really like, it’s tempting to go out there and outbid the other party. Stick to your budget and know what you can realistically pay for. You need to think of the future too and incurring a heavy expense for a house might affect your plans.

Pay attention to the price of homes in the area. Don’t make the mistake of paying too much as the inflated cost can make the house hard to resell. Before shopping for a home, get an idea of the inflation situation in the area and if there’s a chance you could end up paying more than you should. 

Think of the Long Term

Whether it’s Navarre Beach real estate or somewhere else, you need to consider your long term prospects. How long do you plan to stay here? Are you staying here for the long term or do you see yourself moving somewhere else after a few years? Do you plan to sell the property when values go up? The answers to these questions should determine how much money you should spend.

Check the Area around the Property

Don’t just focus on the house, as you also need to look at the neighborhood. If you’ve got a family, you’ll want a house that is near schools, and quick access to restaurants, shopping centers and transportation are important as well. Again the choice comes down to your specific needs.

Be Flexible and Quick

You don’t want to jump too early and make a mistake, but if you do find a good piece of property, don’t wait too long and consider going for it. You’re not the only one who’s looking at it and interested, so take advantage of the opportunity if it presents itself. This is true for  Cantonment real estate and other places.