Things To Know

1. Good or Poor Credit is okay
Since you most likely will need to get a mortgage to buy a house, don't worry ... 1st Residential Funding can do loans for most credit types.

2. Aim For a Home You Can Really Afford
Before you begin house hunting, you should have an idea of how much you can afford to spend on a home.  At 1st Residential Funding we have loan officers with years of experience that can help you determine how much you will qualify for and even which program will best fit your needs.  This can be done via "Live Chat" or over the phone (1 888 854-RATE) and in minutes you will receive a pre qualification letter from us.

3. Don't Worry if You Can't Put Down the Usual 20 Percent
1st Residential offers home loan programs with no money down!  There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require no down payment and will lend up to 107% of the purchase price.

4. Buy in a District With Good Schools
This advice applies even if you don't have school-age children. Why? When it comes time to sell, you'll learn that a strong school district is a top priority for many home buyers, thus helping to boost property values.

5. Get Professional Help
A Real Estate professional is an expert who knows what homes are for sale that meet your desires.  She/he will provide you with neighborhood information on schools, shopping etc.  A Real Estate professional will prepare the offer and follow through from writing the contract to closing!  Most important, you will have a professional who will not only represent you, but has your best interests at heart.  1st Residential Funding works with many reputable Realtors and we will be happy to refer you.

6. Choose Carefully Between Points and Rate
1st Residential recommends and offers loans without paying points on our Florida loans.  Consider this; mortgage discount points are simply interest paid in advance. What most people don't realize is it will take 5 years to just recover the cost of paying for that discount point, and it will take 5 more years to simply save that same amount of money.  Moreover, in 10 years you would have saved only what you spent when you paid for the discount point.

7. Hire a Home Inspector
Although we will require a home appraisal to determine the value of a house you should hire your own independent home inspector.  He or she will inspect the entire house from foundation to roof for any current damage or potential costly repairs.  Your realtor or loan officer can recommend someone to you.