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What Is Needed To Buy A House In Florida?

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Planning to buy a house in Florida? You might have a lot of questions about the process and that’s okay. Working with a mortgage broker, a specialist who knows the market, will help you through every stage of the home-buying process.

However, before you go shopping for houses, you need to know some things that will make it easier for you to buy a home in Florida. This guide will teach you some basic information on how to become a homeowner in Florida.

Steps To Buying A House In Florida:

  1. Apply for prequalification. This will help you know what to expect and how much house you can buy. You will get an approximate amount of how much you can borrow so that you can keep it in mind while shopping for a house. It will also help you decide whether it is the right time for buying a house, or you have to save more for the down payment or improve your credit score.
  2. Find a lender. This is the part when you will need a mortgage broker. They know all the lenders in your area and will help you find the best match for you. They will also advise you on your documentation and help you prepare for preapproval.
  3. Apply for preapproval. The process of preapproval is similar to prequalification but this time the lender verifies the information you provide. It has an application fee, so you should be sure you want to work with a certain lender before applying. Having a preapproval letter will make sellers much more willing to work with you.
  4. Find a real estate agent. Real estate agents or realtors are people who know the properties traded in Florida and their prices. You can discuss with your realtor what you want your house to be like and they will show you the available properties within your price range. They can also take care of the negotiations with the seller.
  5. Make an offer. In Florida, there are specific guidelines on how to make a contract offer to a seller. It is not required to have an attorney at this point, so you can work with your real estate agent who will show you how to do it. Once you and the seller agree on a price, you are ready to buy the property.
  6. Appraisal and home inspection. Your lender will need your house to be appraised so that they don’t lend you more money than it’s worth. A home inspection isn’t compulsory, but you should opt for it if you don’t want to find out about any major problems once you’ve closed the deal.
  7. Close the deal. Once you have all the documents ready, you can take ownership of the house. The seller, the buyer, and the lender participate in this process. The point of which is to transfer the funds to the seller, sign a contract with the terms of your loan, and give you the keys to your house.

Some extra considerations when buying a house in Florida:

  • Make sure the market conditions are beneficial for you. The trends change very often and will depend on your county, but your mortgage broker will help you get the best interest rates available.
  • Estimate your property taxes. Don’t rely on the taxes the seller is paying, since they can significantly increase after your first year as a homeowner. Also, make sure you apply for the yearly tax exemption.
  • Find out who pays the title insurance. It may be the buyer or the seller depending on your county.
  • Decide how you will transfer the property. The options are warranty deed, special warranty deed, and quitclaim deed

Planning on buying a home in Florida?

Let our mortgage brokers do the hard work for you. Buying a house has never been easier than when you have our professional brokers to advise you and help you find the best house and the best mortgage deal in town. Call us today at 813-284-4027.
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