“Cash is King” has been a common phrase over the last two years as buyers leverage the volatile lending markets to secure great deals on investment properties, second homes and vacation homes in the Orlando area. Looking forward we hope to see things improving as more and more lenders return to the market and the range of loan programs increase.
Whatever the type of purchase be careful what you do between the time you receive loan approval and the time you close – buyers can sometimes do things that jeopardize the loan, and lenders sometimes rescind a loan offer shortly before a scheduled closing. The top four things to avoid are
- Making a big purchase. Big purchases, such as a new car or furniture, can change the buyer’s debt-to-income ratio that the lender used to initially approve the buyer’s home loan. •
- Missing payments. Pay all upur bills on time between loan approval and closing – even disputed bills.
- Cashing in / out. Avoid transferring large sums of money or making undocumented deposits – both could send up “red flags” to a lender.
- Opening new credit. Buyers should avoid new credit card applications between approval and closing.
We have access to all types of loan programs from a wide range of lenders and are well positioned to help you find the right loan for your individual circumstance. If you are looking for financing for a manufactured home, second homes or you are a foreign national looking for financing contact us today and we will do our best to help.