Coral Springs is a Great Place for First Time Homebuyers

Coral Springs has long been a popular place for families to live and raise their kids. Located just 30 minutes northwest of Fort Lauderdale, this community was recently rated by CNN as the 44th best place to live in the country. It doesn’t take long to figure out why. The city has access to excellent schools, a 182-acre sports plex, skate parks, tennis courts and a dog park. Its relatively cheap housing market has also made this corner of Broward suburbia an attractive place to call home.

But like most of South Florida, Coral Springs is slowly climbing back from real estate downturn from a few years ago. Housing prices had plummeted while foreclosures had increased. But as the market has steadily rebounded, it’s a great time to take advantage of home financing options to stake your claim to piece of the American Dream. It’s no surprise many young couples who are looking for a place to raise their families are choosing Coral Springs.

For many first time home buyers, home financing and applying for a mortgage can be an intimidating experience. But there are ways to make this experience easier. Before you visit a mortgage lender, make sure all your finances and documentation are properly organized and in order. This makes the process as smooth as possible for everyone involved. If you’re visiting a mortgage lender, bring your previous two years’ W-2s, tax returns and the last two months of your bank statements. Make sure you bring every page, even if they’re blank.

Make sure your credit is solid.  One of the most important factors for qualifying for a mortgage loan is having a good credit rating with all three major bureaus. Just because you pay all your bills on time doesn’t mean you have good credit. The utilization ratio between the amount of credit used and your available credit can lower a score. Rejuvenating your credit takes time. Take at least six months to work on solidifying your credit before home shopping.

Assess all your assets and liabilities. If you’re a first time homebuyer, it’s a good idea to keep track of your spending over a two month time period. That way, you’ll have a better idea where your money is going.

Before you walk into mortgage lenders office, you should already have a good idea of your spending power. This can be done by calculating your debt-to-income ratio. A potential homebuyer should have no more than 28 percent of their gross monthly income going to housing costs.

Home loans can seem to be complex. But when you’re properly prepared and dealing with a reputable mortgage lender like Ace Mortgage Loan Corporation, securing a loan doesn’t have to be difficult or intimidating. Whether you’re trying to get a home loan in Coral Springs or anywhere in South Florida, it’s important to deal with an experienced company that’s looking out for your interests. Ace Mortgage Loan Corporation also specializes in all forms of home financing services including FHA, Fannie Mae& Freddie Mac, private equity and VA home loans. If you’re in the market to purchase a home anywhere in South Florida, call Ace Mortgage Loan Corporation today.

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