The Beaches Realty Group - Jacksonville Beach Florida Real Estate

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Pre-Qualify For a Real Estate Mortgage
Don't Go Shopping for a New Home Before You Know Exactly How Much You Can Qualify For!

Knowing what you can afford is the first rule of home buying, and that depends on how much income and how much debt you have.

You might have an idea of the loan payment and mortgage you can afford. It's always best to pre-qualify for a mortgage so you know exactly how much a financial institution would be willing to lend you.

Ways to improve your "FICO" score

What's more, a pre-approved mortgage loan helps you negotiate with the seller from a position of strength, much the same as a cash buyer. And getting your mortgage loan pre-approved is easy. This program is available on all conventional fixed, adjustable rate, and balloon mortgages.

The Beaches Realty Group will be happy to calculate what you can afford and pre qualify you for a loan.

“Call Kathy for information on an exciting loan program offered by a Non Profit Organization; to qualify for a purchase: the Purchase Price/Mortgage amount cannot be any higher than $294,500, must be Owner Occupied, NO Down Payment, NO Closing Costs, NO Processing Fees, NO Credit Score or Low Credit Score, OK! 

If you qualify, they will refinance your primary residence, with the above criteria, as well!”

Beware of Automatic Approval Systems on the Internet

The hard fast rule of ratios the Internet Automatic Approval Systems use no longer apply as they did in the past. One needs to look at many compensating factors such as the amount of liquid assets, 401k funds, and any other type of cash 'reserve' monies. If someone makes $10,000 a month, for example, they could quite possibly have a back ratio of 75%, (all debt + new total house payments divided by gross income). To achieve that ratio one has to take into consideration whether their scores were high enough (over 720), whether their cash reserves are well over 6 months of salary and whether the amount of down payment is high enough to achieve a high back ratio.

These are all reasons to call a mortgage professional and not just fill out a pre-qualification form on the Internet.

Katherine Karr-Garcia's dual-licensed status, as a Realtor and a Mortgage Broker, is the catalyst which allows her to provide you with optimal loan options that will meet your needs.

The price you can afford to pay for a home will depend on six factors:

1. gross income
2. the amount of cash you have available for the down payment, settlement costs
and cash reserves required by the lender
3. your outstanding debts
4. your credit history
5. the type of mortgage you select
6. current interest rates

Another ratio lenders use to evaluate how much you can afford is the housing expense-to-income ratio. It is determined by calculating your projected monthly housing expense, which consists of the principal and interest payment on your new home loan, property taxes and hazard insurance (or PITI as it is known). If you have to pay monthly homeowners association dues and/or private mortgage insurance, this also will be added to your PITI.

In the pre-qualification process, you will find out:

- Exactly how much home or land you can afford.

- How much cash you will need for the down payment.

- The minimum down payment, and advantages of higher down payments.

- What the bank feels you can afford for a monthly payment.

We help buyers pre-qualify for mortgages every day. Call The Beaches Realty Group TODAY to get started.

Remember: we will respect your privacy! We know this is your personal information, and we will not distribute it to anyone. This service is also provided free of charge, without any obligation on your part.

For more details or to arrange an appointment call The Beaches Realty Group TODAY at 904-249-2299. Let us help you get the money you need.

Finding a Loan That's Right for You

Finding the right loan doesn't have to be a difficult process. Call us today! We will ask you some basic questions about the kind of loan you are looking for, and what your requirements and goals are. Based on your information, we will find loan options that meet your needs and display them side by side for easy comparison.

This process only takes a couple of minutes while we help you find the loan choice that's most economical for you.

CONTACT US TODAY!

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Testimonials

Kathy,

"Thank you for all your time, help and patience in my search for a new home." - Gerty

Kathy,

"Thanks is not the word that even comes close to experiencing our gratitude for all you have done. Thank you" - Mary J.M.

Kathy,

"You are my HERO! Thank you so much for the effort you put forth regarding our 'fun' little situation. Tim and I are so happy in the house. Thanks again, we really enjoyed working with you all!" - Nicola

 

The Beaches Realty Group
2320 3rd Street South, Suite 11
Jacksonville Beach, Fl 32250
ph: 904-249-2299 - fx: 904-247-3229

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Jacksonville, Jacksonville Beach, Ponte Vedra Beach, Atlantic Beach, Neptune Beach, Orange Park, and Mandarin real estate and homes for sale in Florida - Katherine Karr-Garcia The Beaches Realty Group Realtor / Broker