Getting a Mortgage - PART I
Q: Can I get a mortgage if I’m retired?
A: Yes most lenders are more than willing to lend to retirees. Of course you still have to meet the guidelines for obtaining a mortgage. We would be glad to assist you by providing a list of qualified buyers.
Q: How do I find out how much I qualify for?
A: The only way is to contact a lender and start the pre-approval process. This usually takes about 15-20 minutes on the phone and you should be able to get an answer within a few hours.
You should never have to pay to obtain the pre-approval! If a lender asks for money upfront you have the wrong lender. Feel free to contact me for a list of trusted lenders in our area or click here.
Q: What do I need to make an offer?
A: If you are obtaining a mortgage then you always should start with a preapproval. Once you are approved, you’ll have a better idea of the price range where you should be looking plus sellers want to see a preapproval when you make your offer. If you are paying cash then you will need to provide proof of funds to make an offer.
Q: Can I go to my local bank or credit union in my state?
A: As long as you bank/credit union is licensed in the state of Florida you can use your local resource. Sometimes credit unions have arrangements with other credit unions across the country so you should check with them.
Using a Florida bank or mortgage broker will save you time and headache. The biggest issue is closings being cancelled or postponed because an out of state lender was not ready in time. This could mean the loss of your deposit because you did not meet the closing date.
Q: Would it help if I paid cash? Can I get a better deal on the home?
A: While cash does make a difference it’s usually not going to get you a substantially better price on a home. More often it will help get your offer accepted if there’s more than one offer. On a cash transaction, a 10% escrow deposit is typically required.
Contact one of our agents for more info!