Nothing is more exciting than making the decision to purchase your first home. This will likely be the largest investment you will ever make and it can be fraught with turmoil. A Miami Beach mortgage is only one detail of the home purchasing process.
A real estate agent has lined up a number of homes for you to look at based on the specifications you gave him or her. After viewing a number of properties, you find the home that offers everything you could ever hope for. It has a open floor plan, a master suite with a Jacuzzi in the adjoining bathroom. The children’s rooms are spacious and there is a large yard for them to play in. The kitchen is loaded with the latest in appliances and the cabinet space is plentiful with a finish that is divine, not to mention the quartz counter top and under-cabinet lighting. This the home of your dreams and it has to be yours. Now is when you prepare for the number of things that can occur during the purchasing process.
You confidently place your bid only to find that someone has beat you to it and there is another bid on your dream home. Miami Beach properties are notorious for attracting bidders. Sometimes the bidding war is worth the battle and sometimes it is not. Occasionally it is best to move on and seek out another property.
For the sake of argument, let’s say that you got the bid on the home you wanted and now you have to have a home inspection done. Your anxiety runs high as the inspector runs through the gamut of all possible areas where a problem may develop. There are a few minor details that require attention but for all intent and purposes, the sale is complete.
Now is when you need to procure a Miami Beach Mortgage. Working closely with your mortgage broker, you are apprised of a number of different things. Home interest rates are at an all time low and if you combine that with a 700 plus credit rating, you have the advantage of securing the lowest rate available. The larger the down payment you can commit to will reduce you payment significantly. You will also be informed of the amount of your monthly mortgage payment and the number of years you will be indebted with your Miami Beach mortgage. It will also be explained to you the exact amount of interest that you will be paying over this time period.
Never be afraid of signing on the dotted line when your mortgage is handled by a reputable Miami Beach mortgage company. All disclosures involving your mortgage are discussed with you in detail to make sure you understand every detail of the papers that you are signing.
So sit back, relax, and enjoy multiple years of happiness in your new home.
First Nationwide Lending is currently offering a variety of Miami Beach mortgage products for residents and individuals looking to relocate to the Miami Beach Florida area.