A Florida Mortgage / Home Buying Checklist

Thinking about applying for a Florida mortgage to finance that home or condo you’ve been dreaming of? Slow down. Here are a few tips from our mortgage brokers experts if you’re considering buying a house this Spring…

• Check your credit score 4-6 months before you start house hunting, as it will allow you ample time to clear up any discrepancies and ensure you get the best possible Florida mortgage rates.

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• Pre-qualify for a Florida home loan before you start looking. You want to know how much you can afford before you get in too deep, and getting pre-qualification out of the way first helps you do this.

• If you’re buying an investment property strictly for financial reasons, look at each house with the same scrutiny you would apply when evaluating a stock, mutual fund or bond.

• Make any offer on a contingency that it passes the home inspection.

• Consider investing in a title insurance policy that covers you, not the Florida mortgage lender, in the event that your ownership is, for whatever reason, successfully challenged.

• Hire a real estate lawyer to review the closing costs and all official paperwork completing the sale. Moreover, if you’re buying a house that is still under construction, have him or her review the purchase contract.

• Before you buy a house or condo, think about practicing… your commute. Do it during rush hour. A low Florida mortgage payment is great… so long as you don’t hate getting up every day in the morning.

• Learn about the general area surrounding a potential purchase, including the potential for new roads or new development. Also, make sure you know the mill rate at which your neighborhood is assessed and taxed.

• Look at a property while it’s raining to see how water flows across it. This is important everywhere, but particularly in Florida, where the storms can be massive. Check for signs of poor drainage, leaks and flooding.

• Buy a house that’s fundamentally sound in construction and materials. That will prove infinitely more important than having the latest, greatest design features - which you can always add later on down the line using a Florida home improvement loan.