If you’re a first time home buyer and are planning to settle down in Coral Springs, FL, then you’ve made a great choice. Coral Springs is a beautiful community. With one of the lowest crime rates in the US, it is a wonderful place to raise a family. Coral Springs residents are educated and successful people from a variety of backgrounds.
Now that you’ve decided where you want to live, you’re ready to start searching for the right home! Looking for a first home is exciting, but it can also be confusing and stressful, especially in today’s uncertain housing and financial markets. Most new home owners these days start their search by looking at real estate listings on the web. There are many sites that can help you get an idea of what the housing market in southern Florida is like.
Figuring out your housing budget isn’t necessarily simple. There used to be a rule of thumb: your mortgage payment should not be more than 25% of your monthly take-home income. That’s still a good place to start. However, knowing what kind of monthly payment you can afford doesn’t tell you the price range you should be focusing on in the housing market. Your price range depends on the size of your mortgage loan. The size of your mortgage depends on your credit rating, the size of your down payment, your family income, and of course the length of the mortgage’s repayment period.
It’s a good idea to look into mortgages before you start making appointments to look at houses. In fact, being pre-qualified for a mortgage will give you a huge advantage in negotiating with the sellers when you find the one you want!
That’s where Ace Mortgage Loan Corp. can help. Ace Mortgage offers FHA mortgages as well as conventional Fannie Mae and Freddie Mac mortgages. As a first time home owner, you will probably want to ask about our FHA mortgages. FHA mortgages are available with low down payments, are insured by the federal government, and are only offered by approved lenders. Not only can Ace help you arrange financing, they can help you predict and manage the extra costs associated with one of the most important purchases of your life. Their happy to answer your questions, not just about mortgages, but about the whole process of buying a new home.
Once you understand your mortgage qualifications, you’ll need to find the right real estate agent to assist you in your search. Learn as much as you can about the properties you’re interested in. Ask the sellers for past utility bills and maintenance records. When you’re thinking about making an offer, consider hiring a reputable home inspector to look at the property. Knowing as much as possible about the property and armed with a mortgage pre-qualification, you will be in a strong position to negotiate a good price with the sellers and close the deal.