If you’ve done your research about Florida real estate, you already know that the Sunshine State is one of the best places in the world to buy property. Homebuyers from all walks of life can find great real estate deals in Florida, and enjoy the fun and sun.
There’s a lot of work to do when purchasing a home, and purchasing real estate in Florida is no different. You may have done a bit of digging about the specific neighborhoods you are interested in, found a reputable Realtor who can line up some properties to look at, and found a mortgage loan officer who can pre-approve you for a home mortgage.
Now, here are some things to keep in mind to get the best Florida mortgage to meet your needs.
Different Types of Mortgages
Florida has a lot of property offerings that are accessible to a wide variety of buyers, from investors to families looking for a home.
Along with a variety of properties, there are different types of mortgages in Florida to meet a variety of homebuyer needs.
A few of the major types of mortgages are:
- Fixed-Rate Mortgages
- Adjustable-Rate Mortgages
- FHA Home Loans
- VA Home Loans
- USDA Home Loans
- Reverse Mortgages
- Interest-Only Home Loans
- Balloon Mortgages
And with a reverse mortgage, folks who are 62 years and older can buy a home without making a mortgage payments for life, by qualifying for a Home Equity Conversion Mortgage (HECM), as set forth by the Federal Housing Administration (FHA).
Consult a Mortgage Lender and Get Pre-Approved
Getting a home mortgage in Florida is no different that getting a mortgage anywhere else in the U.S., though state and local laws can vary. But, there are some things you can do to make the mortgage process move quickly.
The U.S. Department of Housing and Urban Development suggests 9 steps to buying a home, of which the first 4 are completed before shopping for a home.
- Figure out how much you can afford.
- Know your rights.
- Shop for a loan.
- Learn about homebuying programs.
The first 4 steps of buying a home involve arranging the financing for your home purchase. And as such, Realtors insist that you be pre-qualified or pre-approved for a mortgage before they will show you a home to buy.
Therefore, to buy a home in Florida, or any other state, the first step is to work with a loan originator like Marimark Mortgage to learn about home loans and be pre-approved for a mortgage.
As a result, then, you will know how much you can afford to spend on a home, and have a good idea about your monthly payment.
Get Your Money and Paperwork Ready
After becoming pre-approved for a mortgage, and as you look for a home to buy, you have more work to do in respect to your mortgage.
Your mortgage loan originator will work with you to prepare for the payment of closing costs and the down payment. There are guidelines about where a mortgage down payment can come from, and documentation about the source of funds that must be submitted, so these are important preparations.
Also, documentation will need to be submitted to the lender with your application. So, your loan originator will work with you to get the documentation submitted with your mortgage application.
Watch For Predatory Lenders
In Florida, all mortgage brokers are required to be licensed, so it’s a good idea to check the license of a loan officer before meeting to discuss a mortgage.
For example, when you search NMLS Consumer Access, you find the license information for Marimark Mortgage, and the owner of the mortgage company, Mary Catchur. With this information you can confirm the license information by state, and also the address.
If you cannot find the license information for a loan officer and mortgage company, you should not work with them until the information can be verified.
In Florida, the “Florida Fair Lending Act” protects borrowers from manipulative and dishonest lending practices, but that doesn’t mean there aren’t predatory lenders out there that will take advantage of you. Make sure you shop around for a mortgage, so you don’t feel pressured at any point or feel like you don’t understand. If you feel either of these things, it’s best to take a step back and look for another mortgage loan originator.
Marimark Mortgage is a licensed mortgage lender/broker based in Tampa, Florida, offering mortgages in Florida, Virginia and Pennsylvania.
Marimark is licensed in:
- Florida by the Office of Financial Regulation, Mortgage Lender License #MLD77
- Virginia by the Virginia State Corporation Commission License MC#4556
- Pennsylvania by the Department of Banking and Securities, License #40222
Whether you are buying a home or refinancing a home, or just need information to get the process started, we would be happy to help you. Please get started by filling out our Quick Application, or contact us direct.