Here's some mortgage insight from an experienced real estate agent in South Florida:
If you've been shopping around online for Florida mortgage information and have provided your contact info, you are probably getting bombarded with phone calls and emails. Be careful who you choose to provide you with financing for such an important transaction.
You are wise to begin your planning with the financial side. Speaking with an experienced mortgage lender, you will determine your budget, your monthly and down payment options, and learn what documentation will be required to get your loan closed as quickly and painlessly as possible.
As a licensed Florida real estate agent, I have seen firsthand what happens when buyers choose the wrong mortgage lender. It's tragic when closings are delayed or worse yet, cancelled, due to financing falling through, often at the end.
Often the websites promoting the lowest mortgage interest rates are showing rates for borrowers with the highest income, lowest debt to income ratios, and highest credit score, for a single family home being used as a primary residence, with a large down payment. If that's you, great. If not, there are likely still loan options for you. Either way, you will benefit from an experienced mortgage broker who provides insight and offerings not available from the bulk lenders.
In my experience, those lenders advertising their websites on TV are often mills that churn through many prospects. They often have inexperienced staff who may not be aware of how to best provide a mortgage on a Florida single family home, villa, townhouse, condo or second home that meets the needs of a particular buyer.
I often recommend experienced mortgage professionals who know how to ask the right questions, learn all of the details they need, and who know how to package the loan, to provide the best mortgage at the best rate for the specific needs of the buyer. I'm fortunate to know some of the best lenders in South Florida who specialize in:
Luxury Home Loans (Jumbo Loans)
Physician Loans (Some loans are 100%)
Second Home Loans
Investment Property Loans
Commercial Property Loans
Loans for Self-Employed
If you're self-employed, own your own business, have complex finances, or if you're purchasing a second home, investment property, or commercial property, I highly recommend asking for a lender recommendation from me or another top real estate agent in South Florida.
Here's a good article on banks vs non-bank sources for mortgage financing: More consumers turn to non-banks for their mortgage
Whether you're buying or selling, or just getting started, I welcome you to contact me
for a no-obligation consultation.
About the Author: Scott Field is a leading real estate agent in Boca Raton since 2002. In February 2015,Scott was honored with the 2014 Realtor® of the Year Award from the Realtors Commercial Alliance of the Palm Beaches
. Scott specializes in physician and executive relocation, property sales including residential, commercial and investment properties, luxury homes, country club homes, waterfront condos. Hundreds of successful transactions and happy clients
throughout South Florida with a focus on Palm Beach County and north Broward County.
Scott has sold a wide variety of properties in South Florida, including investment and commercial property, luxury homes, homes in country clubs, seasonal homes, and waterfront homes.
Scott routinely receives referrals from past clients and recruiters, and from real estate brokers outside the area.
Scott is actively involved in the community, serving on the board of directors and various committees with the Realtors Commercial Alliance (RCA), and the Career Academies Advisory Board of Spanish River High School, among others.
Scott's clients benefit from his extensive experience as a Realtor, business consultant, senior manager, college instructor and entrepreneur, and his exceptional skills in marketing, communication, negotiation, and transaction management.