Treasure Coast Real Estate Environment.
The current environment is dominated with foreclosures and short sales. This has made it sometimes difficult to refinance an existing mortgage. Many lenders will still do rate and term refinances, however, there are other options that may be more appropriate for homeowners at this time. One of the options to explore would include a mortgage modification. This is where the current lender agrees to make changes to one or more of the terms of the mortgage. This particular option is an attractive option when the homeowner has had a hardship and /or is showing late payments on the mortgage or other credit obligations or the current market value of the home is less than the outstanding mortgage balance.
Financing a purchase in a declining Real Estate Market
Even though the Treasure Coast market is showing signs of leveling off, there is still evidence of a declining market in some Treasure Coast markets. In this market environment there is sometimes difficulty in documenting the fair market value with an appraisal for the contract purchase price. The current declining market in the Treasure Coast has made it difficult for appraisers to document the value according to FHA guidelines. Even though you have a contract with the seller, in this market, buyers are now negotiating with the bank that holds the mortgage. This is due in part to the fact that short sales and foreclosures are dominating the market.
Available Loan Programs
All that aside there are several mortgage options available to home buyers and home owners that want to refinance. FHA, VA, USDA Rural Development, Conventional, Jumbo, Fannie Mae and Freddie Mac -- and dozens of other ways to help you unlock the doors to your new home or help to make your current home more affordable.
You will want to be pre-qualified before you even start home shopping. Most real estate professionals will require you to have a letter stating that you are qualified to borrower the money you need to purchase a home. With this letter you'll have the clout of a cash buyer. You can demand the attention you deserve from your real estate professional. You'll know how much you can afford. And be well on your way to the closing table for the dream home that is right for you and a mortgage you can afford!
You don't pick the house that is best for someone else, you pick the one that's right for you! Trust a professional to find the mortgage loan that best fits your needs, too. "Less paperwork and more personal attention" means you enter a frustration-free zone from application to decision. Getting the right mortgage loan is like getting the keys to your new house! We can help you get there.
If you own a home and are just looking to refinance, get a second mortgage or cash out equity, you've come to the right place! There are almost as many loan programs as there are home owners. We'll help find you the right one. You can pay down your balance faster, consolidate high-interest revolving debt, or cash a check to use toward your dream vacation, home improvements, college tuition -- anything you can think of!
