Buying a New Home in Florida This Year? This Should Be Your 1st Step!
In many real estate markets across the country, the number of buyers searching for their dream home outnumbers the number of homes for sale. This has led to a competitive market where buyers often need to stand out. One way to show that you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage.
Even if you are not shopping for a home in a competitive real estate market, getting pre-qualified or pre-approved (read this article to understand the difference between the two) will help you to understand your credit, finances, and home buying budget, and will give you the confidence of knowing your dream home is within your reach.
Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:
“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets."
Freddie Mac describes the ‘4 Cs’ that help determine your mortgage qualification:
- Capacity: Your current and future ability to make your payments
- Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash
- Collateral: The home, or type of home, that you would like to purchase
- Credit: Your history of paying bills and other debts on time
Bottom Line
Many potential homebuyers overestimate the down payment and credit scores necessary to qualify for a mortgage, or are uncertain if they can afford to own a home. If you are ready and willing to buy the new home of your dreams, you may be pleasantly surprised by your ability to do so! The first step towards owning the Florida new home of your dreams is to get pre-qualified and determine your home buying power.
As one of Tampa Bay’s largest privately-owned home builders, Highland Homes is proud to build new homes designed for your life in communities throughout Central, North Central, Southwest, and Tampa Bay, Florida. With more than 30 home plans to choose from, and hundreds of available home design options, you’re sure to find the right home for your style, needs, and budget.
Contact a Highland Homes Lender Partner today to discover your buying power and start down the path toward home ownership!
Tags: Mortgage pre-approval Mortgage application Highland Homes Lender Partner First time homebuyer info
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