Financing Florida Keys Real Estate With Local Mortgage Bankers

With those that want a mortgage loan there are tons of benefits to using a local mortgage banker. One of the biggest benefits to using a local bank is that they know the area and they know the needs for the properties that you are buying. After all, they live in the area and they know what each mortgage needs and what you need to get a great mortgage for your property. 

A  bank that is working in mortgages is also going to have their own team of underwriters that can help you to get the loan that you need and want quickly. With an area like the Florida Keys it is also beneficial to get a mortgage from a local bank that understands the differences that are going to apply to properties that you might buy in the Florida Keys area. Some of our local lenders even attend closings on the purchase of the buyers home. 

Banks tend to have several options and have a lot of assets and investors.  With this, local banks are able to change loans, alter them, and make sure that they fit your needs in-house rather than having to go through another lender. A local bank is going to be able to change your loan as needed and is even going to be able to change over a loan within the bank so that you do not miss deals and you do not lose the property that you are trying to get.

The Mortgage Process and Pre-approval In The Florida Keys

Before you ever start to look for a home in the Keys, it is best to first take a look at your financing options. Taking the time to have an interview with a mortgage bank can help you determine if you have the right credit, assets, and the right income so that you can get preapproved for a loan and can move forward with your loan before you start shopping. When you do sit down for a preapproval you will likely need to fill out an application online for the bank that you are going to be borrowing from. The application is going to give your lending bank the information that they need to start the preapproval process and to start the overall loan process.

This application is going to give the bank both basic information and more in depth authorizations for credit checks and for the bank to help to affirm your assets and your income. After this process has taken place, the bank can then help you to get your loan process moving along and can help you to get pre approved so that you can get your approval letter. Once you have your approval letter you can start the house hunting process with your Real Estate Agent.

Finding the Right Loan Program and Moving Forward with the Loan

The next step is for your local banker to help you find the right loan for your needs. VA loans for veterans, FHA loans for first time homeowners, down payment assistance programs and so on are all going to be options when you do use a bank. The bank is going to have many options when it comes to finding the right loan option for you and the right debt ratio that is going to work for you.

A great banker is going to be able to help you find the loan that works for your needs and to get you the best rates and the best deals so that you can get the home that you want and the loan that you need. What you qualify for and what your down payment is does affect what you are going to qualify for and with a local bank you may have the ability to get a great loan through a range of different investors.

After the loan type has been chosen, your bank will then send out the appraisers, send for the titles, and will also help to make sure all the inspections are done and that the property does qualify for the loan and that you can get the loan on the property. In most cases the closing of a home is going to be about a month in terms of time.

Second Home Owners and Buyers In The Florida Keys

The loan process is not different for those that are buying a second home or that they are buying a primary residence. The main difference is that the loan is going to be listed as the secondary residence. With secondary homes the main difference is that with a primary home you might only need to put down a 5% down payment while with a secondary home you may be required to have a 10% or higher down payment option to make sure you can afford the home.

For those that want to put a second home in a LLC or do not want to close a second home in their name, it may be difficult to get a residential loan on the second home if you are not using your own name. In many cases your bank is going to require that you close with your own name to help make sure your loan is going to work for you.

Modular and Mobile Homes and the Loan Process

With a modular home the loan process is going to be the same as with a typical single family home, because it is still a stick built house. A mobile home made before 1976 technically a mobile home while those made after is a manufactured home. When it comes to the overall loan process for a mobile home/manufactured home is that you may need to have more insurance on a mobile home or a manufactured home since they are more susceptible to things like storms, wind damage and even fire damage. When you are looking for a loan on a manufactured home or a mobile home you do need to make sure that you have the appropriate insurance for the home.

Florida Keys Condos and TownHome Loans

When purchasing a condo/townhome it is a good idea to use a local banker. Some important factors to consider when looking at condos and townhomes are does the community hold reserves or is  the community currently going through any litigations. These factors can have an effect on your getting your loan. For those condos that do not hold reserves you may have a bit more trouble with getting a loan and you may need to get more down payment in order to get the loan for the condo.

Condos have what they call reserves or reserves of money that are generated through the homeowners association fees that each tenant pays. With those that do have high reserves it may not be as difficult to get a loan as the condo is going to be well maintained and the condo board is going to have the sufficient funds to keep the condos in good repair. With those that do not have a reserve you may have to have more money down and you may have a higher down payment requirement and it can affect how the deal goes down.

You also need to take into account if the condo is qualified for a loan or not and what other things you need to do before you do go ahead and get your condo loan. Some condo boards require pre approval before you can move ahead and get into a condo. Your lender is also going to take litigation against the condo into account when determining the loan. If the condo is in bad repair and does have litigation against it you may not be able to get a good loan rate on it and may not be able to qualify to purchase that condo.

The lender is going to look at the insurance for the condo as well, they are going to gather as much information as possible, and they are going to work to make sure that the condo is in good enough shape to lend on and to get a mortgage for.

Choosing a local bank for your mortgage could help make the real estate buying process more smooth sense they are going to know about the area, and about the types of loans that you might qualify for. When it comes to buying a home knowing a bit about the loan process and a bit about the mortgage process can truly help make a difference in your overall experience and how easily you get your loan.