With the influx of Florida first-time homebuyers, we feel it critical to share local home financing options, especially in the unpredictable market we have today. With current rate hikes plus the effects of the pandemic still lingering, you may be left wondering whether your chances of being able to buy a home are still favorable. 

The great news is that despite market fluctuations, you still have a great opportunity to be a homeowner in Florida. Read on to learn our best tips to help make that happen. 

Pre-approval –the best way to gain the upper hand against competitors

To get your offer to stand out among the rest, prioritize getting pre-approved before you go house shopping in Florida. Getting pre-qualification is a good start as it lets you know how much home you can afford to buy, but if you are planning to buy it in a competitive market like the Treasure Coast, getting pre-approved is the way to go. 

With pre-approval, we review your finances and verify which loan program will give you the most buying power. Also, your pre-approval letter can make your offer appear more attractive to the home seller. 

Get advice from a mortgage professional

When looking to buy a home in Florida, seeking advice from a local mortgage professional is vital as it ensures that you have all the information you need to make wise home loan decisions. Our loan officers at Element Home Loans - Treasure Coast are the best and most trusted Florida mortgage service provider, helping hundreds of homebuyers get approved. 

In a volatile market, there are factors that you may not be aware of that can impact your approval chances. 

However, with our years of experience, we’re confident that we can help you pick the best option.

Consider the best option between fixed and adjustable rates

A fixed-rate home loan has a guaranteed rate throughout the loan's life span, making it a desirable choice since you never have to worry about Florida’s market conditions affecting your interest rate. 

However, while less predictable, an adjustable rate may have a lower rate than a fixed one. These rates are based on market movement, so they have an inherent risk. There are certain situations where an adjustable rate makes a better choice, but you’ll want to talk to one of our loan officers for more details and help you determine if a fixed or adjustable-rate mortgage is the best choice.

Want more information on lending Florida options?

Advice from an experienced local loan professional can go a long way, particularly when navigating uncertainty.

At Element Home Loans - Treasure Coast, we offer personalized loan options designed specifically for your needs. Call for a free consultation.