Florida real estate is continuously at its peak: offering low interest rates, low down payment, high home value and abundant housing supply. To compliment all these positivity in the Florida real estate arena, various property investment opportunities are also open in this state. It is thus essential that if you can afford to invest on the Florida real estate, start to do it immediately to take advantage of the current boom. Additionally, experts say that you need to move immediately to take advantage of all of the opportunity that the Florida real estate market has to offer during what has become an extended Florida mortgage boom
The reason why you need to rush is because this trend of low cost mortgages and real estate investing in Florida may already take a different route. You may need to consider that the world economy is unstable and yet interest rates are dropping and opportunities abound in the state of Florida. If you are looking for residential with rates in the low 3s or investment real estate to build your portfolio, Florida is a great state to plant seds for your future.
You may thus need to take advantage of the current trend and hope to be able to get your Florida mortgage application approved immediately.
It may however be necessary that before you check out a mortgage lead company, you need to assess your capacity to pay. This is because if you are not able to pay your obligation as evidenced by the mortgage contract in Florida, the property you acquire or the property you used as collateral may be subjected to foreclosure.
Financial experts thus recommend that you make a thorough assessment of your financial condition before you think of Florida mortgage loans.
Write down all you income sources from now and think about where your income may come from for about twenty to thirty years forward, consider your expenditures are normal or more discressionary. The balance of your income after all expenses both necessities and your discressionary spending is the money you can use to pay-off Florida mortgages. Ideally, your mortgage payments should account for no more than 1/3 of your total household income.
Although One-third may be an ideal figure; this would depend entirely on your spending pattern and your normal spending requirements. That balance is what you can use for mortgage payments; ensure that the figure will be regular and that you are sure you can set it aside for the sole purpose of paying your Florida mortgage loan.
This may or may not give you a real picture of how much you can afford as mortgage payments in your Florida property. Even with the current trending that Florida mortgages enjoy low interest, you may still need to consider that can change and unless you can qualify and get a long term fixed rate than that rate may vary over time .
There has been no better time to invest in Florida real estate than now, while Interest rates are at an all time low. In addition, if it has been more than 3 years since you purchased your last home you can use the FHA’s first time home buyer program and put only 3.5% as a down payment. Like I said there has never been a better time to purchase Florida real estate than right now.
To better understand Florida mortgages feel free to call 800-826-5077 or better yet fill out the application to the right and get Pre-Qualified to purchase your dream home today. Pre qualifying will let you know how much of a mortgage payment you can afford and how much money the bank will lend you. There is no obligation to buy anything. Once qualified, you will be sent a letter of qualification that you can share with your realtor who will now know that you are serious about purchasing a Florida home.
Homeownership is more than likely the largest purchase most of us will make in our lifetimes. Having the right advice to be sure that we can both afford our mortgage payments and that we understand how much of our income will be used to pay for our Florida dream home.