Now that you’ve decided to buy a home in the Bradenton area, it’s time to consider how you’ll pay for it. Mortgages can be complicated, and selecting the wrong one could seriously jeopardize your future. Here are a few pointers for choosing your mortgage wisely.
GET TO KNOW THE PLAYERS
Talk to a friend or relative who’s local in the Bradenton area and has recently gotten a mortgage– ask if they would recommend their lender and why. Then, reach out to your real estate agent or someone else who deals with mortgage lenders regularly (a financial adviser, attorney, etc.) for help with creating a list of lenders. Search the web and research these recommended lenders extensively, being sure to push past the advertising and investigate fees, lock-in periods, and qualification requirements.
When it came to mortgages, the emphasis used to be on paying them off as soon as possible. Today, the average debt accumulated per person due to credit cards, student loans, etc. indicates that you’re better off opting for the 30-year mortgage instead of the 15-year. This way, you have a lower monthly payment, with the option of paying an additional principal when money is good.
TAKE THE EXTRA POINT
When selecting a mortgage, you usually have the option of paying additional points (a portion of the interest that you pay at closing) in exchange for a lower interest rate. If you plan to stay in your new Florida home for a long time—and given the current real estate market, you should—taking the points will save you money and ease the burden you’ll bear down the road, when you’re investing in a family.
DRAFT A PRO
If researching mortgage lenders sounds overwhelming, you might consider hiring a mortgage broker to do it for you. A mortgage broker is an independent contractor who pairs you with lenders by scouring available loans to find the one that best fits your needs. As with your realtor, be sure to research your mortgage broker upfront and get everything in writing.
The Serena Group, owned and operated by husband and wife Bob & Betty Serena, has been selling real estate in the area for over a decade. Our #1 priority is providing each client with ultimate customer service. By listening to your needs and desires, providing support, and ultimately finding your dream home. Our dedication to our clients has lead us to be one of the top teams in the area. In 2014 we helped over 200 families move in and out of homes. With a dedicated full time staff of 5, your total satisfaction is our number one priority.
When you see the pictures in those country magazines of sprawling open
"Our experience in selling our home was a positive one. The Serena Group was very knowledgeable of the market in our area. We really did feel you had our best interest. Loved the availability of getting questions answered promptly. With us being out of state and our place there, we could have felt “out of the loop” but not so, we were kept very informed. We would definitely recommend this group to friends and family "