As I’m sure you’ve already heard, conditions are ripe to become a homeowner, and if you may be interested in buying a home on the Treasure Coast of Florida, here is some help to determine if you’re ready. The price of a home is by far the largest factor, but don’t make the mistake of forgetting about loan fees and closing costs, which will add to your total financed amount and your monthly cost.

All lenders are much stricter in their current lending practices. Your first step will be to polish up your credit report. A higher score gives you more power when it comes to negotiating terms and interest rates.

Similarly, a larger down payment will positively affect your mortgage terms and reduce the amount you have to finance. If you can’t manage 20% down, you will likely have to pay a monthly mortgage insurance premium.

Upon preapproval from a lender, you’ll know how much loan you qualify for, and how much is required for the down payment. It’s best to secure preapproval before you begin looking at homes, especially since sellers will see your offer as a solid one worthy of consideration.

In addition to newer fees being assessed on loans to less than stellar applicants, there are standard closing costs associated with the purchase, including appraisals, legal fees, credit reports and more. All are included upfront on your settlement statement and some may be negotiable. If you’re ready, give us a call today and we’ll get you on the road to homeownership. Prices and interest rates are very attractive now and home ownership is more affordable now.