Some Florida Home News
Right now it does not appear good for the state of Florida as the reported results show that foreclosures are on the rise. It is so bad in fact that Florida has the largest growth in delinquency from its previous quarters.
Florida has grown in delinquency at a rate of 34%. Tampa and St. Petersburg have actually shown to have the best mortgage standing over the whole state. This could be good news that there are still areas that are doing well in Florida and that the whole area is not a victim of the mortgage issues.
While this is a hard time for a lot of people in Florida, this is not stopping people from purchasing homes there. If you are interested in Florida property, either as an investment or to use as your residence, now may be the time to act. There are some things that you need to know though. The one thing is that even though the market is down, there are still going to be high closing costs. While this should not deter you from buying, you will really want to be prepared for it.
You will also want to watch out for the restricted restricted communities. These planned communities are governed by a certain homeowner's association which means you will have to make sure that you are aware up front of the various restrictions that are placed upon you for the usage of your property. You may or may not be allowed pets and have over a certain number of guests at any one given time, even though you are buying the property.
Choosing Lenders for Florida Home Mortgage
The next thing you will want to be careful of is the lender you chose. While some builders will try to suggest that you have to make use of their Title Company or lender, you have the right to choose whatever you want. Make sure that you are going with a company that represents your best interests and nothing less. Here are some essential guidelines to consider:
1-When you decide to apply for a Florida home mortgage through any of the various Florida mortgage lenders, you need to know who you are dealing with, such as:
2-Experienced full-time mortgage lending professionals who know FL real estate.
3-Who offer a considerable variety of mortgage programs built around Florida homeowners and buyers too.
4-Find a home mortgage lender who provides an FHA Mortgage Program and see if you qualify for it. The FHA program can provide competitive loan rates and other attractive features.
5-Choose a Florida home mortgage lender who can provide some kind of program assistance in case of borrowers who would fall behind on their payments and offer special forbearance, and free professional loan counseling.
Once you have the home though, you will want to make sure that you are not going to end up like all of the other people who are entering the foreclosure trap. The best thing to do is to make sure that you are always making timely payments and watch for the terms of your loan if you signed for an adjustable rate mortgage.
While it is always best to go with a fixed rate loan, you may not have had that option for various reasons. Before the date is to arrive where your interest rate will adjust, make sure that you are refinancing into a fixed rate mortgage as your credit should have improved by then.
And if you are ever fearful of running a tad bit late on your mortgage payment you will want to make a contact with your mortgage company right away.
Talk with them about what is going on and see if there is anything they can do to help, which brings us back to the above point # 5 under the headline "Choose a … lender … Many mortgage companies have a department to handle such issues but you would never know it without you make that phone call.