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Unless you have a close relationship with a banker you should talk with a local mortgage broker. The reason it is important to talk was somebody local is that Florida is just different enough that an out of town lender may not be well versed in the issues around a Florida home mortgage.
We have seen in recent years several transactions collapse in the final week because some Internet lender did not do something required to get the transaction closed. Many quote fantastic rates but often times cannot deliver. If any issues come up during the transaction we may have a difficult time getting the issue solved. There is nothing worse than having gone through the process only to find an issue in the 11th hour. This is why we suggest going with those lenders with local knowledge.
Local mortgage brokers and lenders:
We work with several lenders whom we work with on a regular basis. We only work with lenders who have a proven track record of treating our customers professionally and who are competitive. We would not send our customers to some one that has substandard service or cannot perform as promised. In other words, we have an ongoing relationship based on their performance in the past. You are not obligated to use any of them but they are good first place to start. If you have someone in mind that you would like to use that’s great! Just let us know who and we’re happy to work with them. Who knows, we may recommend your lender to a future buyer if they meet our standards.
Know your Price Range:
Our objective is to find out what you can afford, what closing costs may be required, the type of loan best suited to your situation, and the all important pre-approval letter that we will need for any offer we may write. Finding your upper limit also gives you peace of mind knowing the homes we look at within your budget. We also understand that even if you can afford more, it sometimes makes sense to set a self imposed limit lower than what the lender says. It makes a lot of sense to shop rates around a little bit but we can do that after we find a house.
Becoming an Almost Cash Buyer Helps:
When it comes to making an offer that is contingent on financing, having a lender approval letter from a local lender gives you the advantage of being the closest thing to a cash buyer as possible. You are giving the seller an assurance that if they commit to your offer and take their home off the market, the probability is a very high a closing will occur.
The approval will also spell out the terms of your loan which need to be incorporated into the offer we make. Terms can include interest rate, the type of loan, down payment, the amount of time the lender requires for approval and closing costs. These items are required to set limits in the contract of what you are paying. This way, if rates were to jump before you lock in, you have the option to evaluate your decision to proceed.
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