While there are more than the average number of cash buyers, a mortgage in Naples, Florida is not totally rare when buying that new home. With the strong real estate market being experienced today, it is a great time to make that purchase. Financing that new residence can make a lot of sense, even if you already have the necessary funds, and this is something that should be thought through completely before making an offer. If you are positive you can get a loan at a rate that makes you comfortable, you might even write the contract as a cash offer, with no financing contingencies (highly favored by sellers). However even those potential buyers with less than great credit scores can still take advantage of the present market situation.
Where you get that mortgage in Naples, Florida can also make quite a difference. The traditional method has always been to go to your local bank and sit down with a loan officer and explain to them what you need. This first step is OK; it is after the initial paperwork is completed that things can quickly turn south. And maybe “quickly” is a misstatement. The major problem comes from the fact that your bank loan officer is no longer involved, and it is now in the hands of the underwriters, and they basically don’t worry about deadlines, contract dates or if approval is given at all.
An alternative for getting a mortgage in Naples, Florida is to use a mortgage broker. They will also listen to your needs, but because they are not tied to one source for funding, they are able to shop around to find the borrower the best financing package available, and then will continue to follow up right through an on-time closing. They also tend to be very generous with their time and will work with those that may have a credit issue.
This blog was originally posted on July 15, 2014. For current MLS information please click here http://ChrisAndDick.com
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Naples, Bonita Springs and Estero, Florida
Buyers agents for over 12 years specializing in 2nd homes, investments (1031 Exchange), vacation and retirement properties.
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