Mortgage activity in Florida could potentially increase if real estates purchases continues to grow as experienced when comparing quarterly real estate purchase volumes in Florida in 2009 to quarterly purchase volumes in Florida in 2008. The Florida Association of Realtors reported a 44% increase in home sales volumes to 43,926 in the fourth quarter of 2009 from 30,610 in the fourth quarter of 2008 and a 93% increase in condominium sales volumes. Homebuyers looking to obtain a mortgage in Florida to purchase a property may find challenges that reflect many existing lenders tightening their requirements and many financing options that existed previously are no longer available.
Those homebuyers in Florida who take the time to understand the mortgage programs being offered could potentially better position themselves to obtain a home loan appropriate for their situation and at better competitive terms. Homebuyers, especially those purchasing a property for the first time, should understand the features associated with conventional versus fha loans, fixed interest rate mortgages versus adjustable mortgages, origination versus discounts, as well as other important aspects of the mortgage being considered. The more informed a homebuyer becomes, the better positioned the homebuyer could potentially become to obtain a mortgage with lower closing costs and a more attractive interest, terms and conditions.
Many lenders have tightened their mortgage guidelines in Florida to reflect the amount of foreclosures, delinquencies, and other situations faced in Florida over the last year. For example, different lenders may have different debt to income ratios required for a homebuyer looking to be approved for a mortgage to purchase a property. Homebuyers could potentially benefit from using a mortgage broker who can help them understand the various programs and options available for specific situations in Florida.
Key Leads is a Miami SEO and marketing company. Internal staff contributed to the development of this article. Key Leads provides marketing services to businesses throughout the US and Canada and can not directly assist with a Florida mortgage. However, we do recommend contacting a Florida mortgage company to obtain more information about financing your home.
Those homebuyers in Florida who take the time to understand the mortgage programs being offered could potentially better position themselves to obtain a home loan appropriate for their situation and at better competitive terms. Homebuyers, especially those purchasing a property for the first time, should understand the features associated with conventional versus fha loans, fixed interest rate mortgages versus adjustable mortgages, origination versus discounts, as well as other important aspects of the mortgage being considered. The more informed a homebuyer becomes, the better positioned the homebuyer could potentially become to obtain a mortgage with lower closing costs and a more attractive interest, terms and conditions.
Many lenders have tightened their mortgage guidelines in Florida to reflect the amount of foreclosures, delinquencies, and other situations faced in Florida over the last year. For example, different lenders may have different debt to income ratios required for a homebuyer looking to be approved for a mortgage to purchase a property. Homebuyers could potentially benefit from using a mortgage broker who can help them understand the various programs and options available for specific situations in Florida.
Key Leads is a Miami SEO and marketing company. Internal staff contributed to the development of this article. Key Leads provides marketing services to businesses throughout the US and Canada and can not directly assist with a Florida mortgage. However, we do recommend contacting a Florida mortgage company to obtain more information about financing your home.
