A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainties about the buying process. A specific cause for concern tends to be mortgage qualification.
For many, the mortgage process can be scary, but it doesn’t have to be!
In order to qualify in today’s market, you’ll need a down payment (the average down payment on all loans last year was 5%, with many buyers putting down 3% or less), a stable income, and good credit history.
Throughout the entire home buying process, you will interact with many different professionals who will all perform necessary roles. These professionals are also valuable resources for you.
Once you’re ready to apply, here are 5 easy steps that Freddie Mac suggests to follow:
Find out your current credit history & score – even if you don’t have perfect credit, you may already qualify for a loan. The average FICO Score® of all closed loans in September was 731, according to Ellie Mae.
Start gathering all of your documentation – income verification (such as W-2 forms or tax returns), credit history, and assets (such as bank statements to verify your savings).
Contact a professional – your real estate agent will be able to recommend a loan officer who can help you develop a spending plan, as well as help you determine how much home you can afford.
Consult with your lender – he or she will review your income, expenses, and financial goals in order to determine the type and amount of mortgage you qualify for.
Talk to your lender about pre-approval – a pre-approval letter provides an estimate of what you might be able to borrow (provided your financial status doesn’t change) and demonstrates to home sellers that you are serious about buying!
Bottom Line
Do your research, reach out to professionals, stick to your budget, and be sure that you are ready to take on the financial responsibilities of becoming a homeowner.
Orlando Vacation Villa For Sale in Fairways Lake Estates
227 Marilyn Ln
A beautiful four bedroom pool home backing onto the golf course. This move in ready property is tiled throughout, tastefully decorated and extremely well maintained. Currently used as a second home you can see the pride of ownership from the front screen storm door through to the south facing, inground private swimming pool. Located close to Disney and all the Central Florida attractions the home is being sold furnished as seen and is perfect for a primary residence, second home or short term vacation rental. With low HOA fees and access to the 600 acre Lake Davenport this home is going to go fast !!!
Orlando Retirement Villa JUST SOLD in Outdoor Resorts
9000 US Highway 192 Lot 408
CUTE and CLEAN! This is a one bedroom home….but….the laundry area is 10×10 and has a 2nd bed in it!! This home has real windows in the Florida Room, a sleeper sofa, step storage, a great kitchen/dining area with lots of storage, WOOD floors, a front outside storage closet, and backs up to the bath house. The a/c was replaced in 2017. This is a great home in a great 55+ community. The park is gated and the fees are $490/qtr which pays for your water, sewer, basic cable, trash, and lawn mowing. It is well maintained and just about the least expensive living in this area that you’ll find. Check it out before it’s gone!!
Orlando Vacation Villa For Sale in Windsor Palms Resort
2346 Silver Palm Dr
Absolutely stunning 3 bed/3 bath, executively furnished, end unit pool home in the much sought after Windsor Palms Resort, Kissimmee. This exceptional home is being sold fully furnished and equipped as seen and offers accommodation comprising: 3 ensuite bedrooms; Queen bedroom on the 1st floor with an ensuite shower room which can also be accessed from the hallway; the gorgeous King master suite & beautiful ‘Mickey’ themed twin room are on the 2nd floor along with laundry facilities. The fully equipped kitchen is open plan to the comfortable living & dining area. Sliding doors lead to the screened SW facing splash pool & brick paved deck area – perfect for sunbathing, relaxation and enjoying our lovely Florida sunsets. The home has no rear neighbours and enjoys open wooded views. Ideally located for the theme parks, restaurants and shopping, this guard gated resort features a beautiful clubhouse, Olympic size salt water pool, spa, 58 seat cinema, tennis courts, basketball, volleyball, playground, fitness centre, sundry shop, tiki bar and more….
Orlando Retirement Home For Sale in Polo Park West
108 Belle Isle Ct
Orlando Retirement Home For Sale – Looking for the ideal location within this desirable community? Then you are looking at the right place. Minutes from the grocery store and Hwy 192 with its abundance of restaurants and stores. This well maintained 3/2 manufactured home is what you are looking for. Located a short distance from both clubhouses and community amenities. This home will suit someone looking for a second home, investment or family home. This nicely maintained property has lots to offer its new owner. Beautiful laminated flooring in the main living area, large kitchen with an abundance of kitchen cabinets and counter space. Adjoining the kitchen is a small dinette and laundry closet. The Florida room is accessed via the kitchen/dinette area. The master bedroom is well proportioned, and the closet space extends along the back wall. Double doors provide access into the master bathroom with garden tub and walk-in shower. The guest bathrooms are on the opposite side of the great room along with the family bathroom. The A/C and roof have both been replaced in the last 10 years. This desirable golf community offers lots of activities and amenities for the home owner. Enjoy the Florida lifestyle.
JUST SOLD!! 4 Bedroom Pool Home in West Stonebridge
334 Old Bridge Circle
Well maintained spacious 4 bed/3 bath pool home in the small community of West Stonebridge located on Hwy 27 opposite Championsgate golf course and with easy access to I-4 at Championsgate and Posner Park. The home has no rear neighbors and the open floor plan offers 2 master suites, spacious kitchen with breakfast nook, large living/dining room combo and the pool area features a large covered lanai ideal for Florida outdoor living. Home is currently leased – viewings by appointment only.
