Finding Your Ideal Florida Home

Category: Finance, Real Estate.

If you have been thinking of purchasing your first Florida home, there has never been a better time to do so. If you are looking for a brand- new home, builders throughout Florida are offering luxurious, custom homes that are built to withstand Florida s tropical climate and summer storms.

The current real estate conditions in Florida favor the buyer rather than the seller as the market has cooled a bit during 200At this time, and there are, listings are plentiful great deals to be found. These builders also offer discounts if you purchase your home during the winter months, and buy directly from the builder s sales office rather than using a realtor. Added to that, as a first time home buyer, there are numerous incentive programs and special interest rate mortgages designed just for you. Even though interest rates have risen slightly above the all- time lows seen during the real estate boom of the last few years, rates still remain relatively low. Preparing for your new home purchase. Just because you are new to home ownership doesn t mean you should be uninformed, and when it comes to home buying, knowledge of the current market conditions and a bit of extra preparation really do go a long way. In order to avoid some of the pitfalls that first time home buyers can sometimes experience, it pays to be as well- prepared as possible before you begin shopping for your new home.

How much can you afford? It is often helpful to visit your bank or selected mortgage company to seek pre- approval for a loan amount before you start shopping. Before you begin the search for your new Florida home, it is important to carefully and above all, assess your financial, realistically situation and home expense budget. When a lender completes a pre- qualification assessment, they look at how much home you can afford based on your income, predicted down payment, credit score amount and debt- to- income ratio, which represents how much you owe to creditors vs. your annual income. This allows you to narrow your Florida home search into an approximate price range and not only protects you from making an offer on a home you can t afford, but also allows you to search for the Florida home that will provide the amenities you want at the price you can afford. Using this information, your lender can tell you what size loan you will qualify for.

When you are calculating the monthly payment you can afford, don t forget to include insurance costs and taxes. If you already have an insurance carrier for your automobile, ask your agent about whether the company offers home loans. You can access tax records online or at the county offices of your desired neighborhood. Companies often give multiple policy discounts, so it pays to have all of your policies through the same insurance provider. Take advantage of federal and state first- time home buyer incentives. Another advantage of using the same insurance provider for multiple policies is that when many agencies are not writing homeowner s insurance policies for new customers during hurricane season, they will write policies for existing customers. Since you have already established a relationship with your bank or private mortgage broker, you have a wealth of information at your disposal when it comes to finding the best first- time buyer incentive programs.

You should also double check any information you receive to ensure that you are truly getting the best loan that you possibly can, with the lowest interest rates and closing costs. Your mortgage specialist should be able to provide you with information on the various federal and state programs available to you, as well as first- time home buyer programs offered by individual lenders. The internet provides a wealth of information at your fingertips, program guidelines, with checklists, common real- estate terminology and online lending websites that can give you valuable hints on how to find and negotiate the best loans. Finding your ideal Florida home. Taking advantage of this resource could literally save you thousands of dollars. Once you have your financing options in place, have researched the current market conditions, and have a working knowledge of the terminology commonly used by realtors, you are ready, sellers and lenders to begin the search for your new Florida home. Go on a Sunday and visit open houses given by realtors and builders.

Drive through several different neighborhoods that suit your needs. When you have your target price range and pre- qualification in hand, you are in an excellent position to negotiate when you find the perfect home or home builder. Look at several homes and interview several home builders. But don t forget to shop around. By completing your research, and pre, preparations- qualification for financing, you are setting yourself up for first- time home buying success. Begin your journey toward Florida home ownership today!

So don t wait.