I’m sure you have all heard the stories about how it’s so difficult to get financing now and that you can forget about it if it’s a condo. I hear the same stories and the funny thing is, most of them are far from fact. It’s really too bad because there are a lot of potential buyers forced to the sidelines out of hearsay and untruths. We see buyers stopped dead in their tracks out of conjecture, before even talking to a lender about their possibilities. It’s really a shame.
Last week I had a closing for a client who got a great rate on a loan. It was less than 3.75% and we literally went to contract to buy the house only 2 weeks before we closed the loan. You’ll hear all these stories about how it takes 60 days and that’s just not true. The key is getting a competent mortgage broker who knows what they are doing. That can make your life so much easier!
It can be frustrating for buyers to have to dig up all sorts of paperwork and verification, but getting a mortgage is not much more than solving problem after problem. The banks are crazy in their guidelines, but if you play by their rules you can get a loan and in record time. I like to see buyers consider it a puzzle that they are piecing together for the bank and at the end of the puzzle is a nice new house! Sounds silly, but it helps.
If you are looking to buy a home, get started now on what the bank will most certainly want to see come closing time. Tax returns, pay stubs, and bank statements, are always a good place to start. If you have other assets and property the bank will want to verify whatever you say you have, so be prepared to back up your word. The more you get your financials in order the more it will save you headaches in the future.
It’s actually nice to see banks become more stringent on their lending guidelines because it is allowing our market to have more serious buyers who will be longer-term owners – that will turn our market around. There are still plenty of options for first time home buyers and less qualified borrowers. They might have to pay a higher rate or more fees, but those loans are getting closed just the same.
Bottom line: don’t buy into what the media is saying! Financing is real and happening all around us. And rates are at incredible lows! If you’d like a good mortgage broker recommendation feel free to contact me!
Gabe Mellein was voted a Top Real Estate Agent – Exceptional in Service and Overall Satisfaction by Gulfshore Life Magazine in 2012. He is the broker of Gulf Pointe Properties, Inc and has over 8 years experience in the SW Florida Real Estate Market. He is a member of The Naples Area Board of Realtors, Bonita Springs – Estero Association of Realtors, Realtor Association of Greater Fort Myers and the Beach, The Florida Association of Realtors, The National Association of Realtors, and is nationally certified in Feng Shui for Real Estate. Please contact Gabe at: 239.825.2234, Gabe@GulfPointeProperties.com or www.GulfPointeProperties.com