Buying A Home

Loan Pre-Approval

A loan pre-approval serves three main purposes:

1. It lets the you, the buyer, know the maximum loan amount you can qualify for and will therefore provide a purchase price range for which to shop.

2. It immediately makes the you, the buyer, aware of any unforeseen credit, income or asset issues thus providing time to address these issues prior to the close of escrow.

3. A pre-approval notification issued by a reputable lender lets sellers know you are a serious and qualified buyer when making purchase offers.

After getting pre-approved, some other steps in the buying process include:

• Find a real estate agent

•Start shopping for a home

•Make an offer

•Secure a mortgage

•Get a home inspection

•Get the home appraised (This is required by the bank before the closing process can begin)

•Close on the home

•Move In!!

Buying a home doesn't have to be a hassle. Choose an experienced mortgage lender and a friendly, knowledgeable real estate agent--they are the key to helping you have a smooth home buying experience!!

Mortgage Information

In simple terms, a mortgage is a loan in which your house functions as the collateral. The bank or mortgage lender loans you money which you must pay back, with interest, over a set period of time. If you fail to pay back the loan, the lender can take your home through a legal process known as foreclosure.

In a recent survey, 52% of homeowners said they were not aware of all the mortgage options available to them when they purchased a home. A knowledgeable mortgage professional will explain the loan process including, but not limited to, the various types of mortgages available, interest rates, the mortgage application, origination fee, closing costs, what is included in your mortgage payment, as well as qualify you for a mortgage and issue a pre-approval letter to help with the buying process. Deltona Realty can recommend several different banks, mortgage lenders and mortgage brokers for you to contact so that the loan process can be fully explained to you.

For first time home buyers, or for a seasoned buyer, usually financing is the manner in which you will close on your home. When considering a mortgage, it is important to know that your credit scores are very important. Credit scores give lenders a fast, objective measurement of your credit risk. Your credit score will also help determine the interest rate you will pay for the mortgage.

Stable income is also important. Lenders look for steady employment with a single employer for the past two years (or at least employment in the same field). Other income such as earnings from a part-time job, may also acceptable if it has a two-year history.

When considering a mortgage, it is important to know that your credit scores are very important. Credit scores give lenders a fast, objective measurement of your credit risk. Credit scores, especially FICO® scores which are the most widely used credit bureau scores, have made big improvements in the credit process.

As explained in “The Buying Process” below, choosing an experienced mortgage lender along with an experienced Realtor® will help you have a smooth home buying experience.

Getting Pre-Approved

Now that you've made the decision to purchase, let's walk through some of the important steps you'll need to take for buying your new Northeast Florida home.
Getting pre-approved is the essential first step of the purchase of any home. Most seasoned real estate agents will advise you to get pre-approved with a reputable bank or mortgage lender right away. By getting your loan pre-approved first, you are setting realistic price ranges, overcoming potential credit or income obstacles early and solidifying the financing upfront so that you can focus on finding the right property.

Searching for Your New Home

At Deltona Realty, we have access to both the St. Augustine/St. Johns County Multiple Listing Service and the Northeast Florida Multiple Listing Service and to statewide MLS alliances, allowing us to search our databases for exactly what you are trying to find. No more running from home to home, or neighborhood to neighborhood, this is where the real expertise comes in.
You want to know ahead of time what a community or neighborhood offers and not waste your time on properties you know you would never consider, much less buy. Let us help you get the information you need before you start looking. What looks good on the internet may in fact be in a neighborhood where you can't have your boat or oversized truck. Deed restricted neighborhoods can be that particular.
Deltona Realty will answer all your questions about living in Northeast Florida - and probably many you have not yet thought of - because this area is unique and different from where you lived before.

The Buying Process

Once you've found the home you truly would like to buy we'll make sure you get the best possible price for that home by providing you with the current market data that supports its true value. Once you've taken into account the recent sales of similar homes in that neighborhood - it's not too hard to determine a fair offering price. At Deltona Realty we help buyers negotiate contracts every day and those contracts are comprehensive and will protect your interests, helping you avoid costly mistakes. On the purchase of a home nothing should be left to "chance" and experience counts in contract negotiations. Keep in mind that nearly everything is negotiable in a real estate contract and we'll make sure we point those "negotiating" points out to you in advance. There are hundreds of details that go into each real estate transaction, so we'll explain all those details to you and help you find the right answers specific to your needs.
Once your contract is accepted the clock starts ticking. What needs to happen is making sure you comply with the effective dates and timelines contained within your contract that will include inspections, and financing among others. That means we'll help you with the vendor selection for home and termite inspections, suggest the best way to handle repairs the property may need, follow through on obtaining necessary documentation for your loan process, introduce you to insurance agents, and guide you to the closing table.
Prior to closing, Deltona Realty will be in touch with the title agent or attorney to ensure all pertinent documents and invoices have been delivered to the closing table. We'll review and if necessary correct the closing statement to make sure it's accurate and complete before we go to closing. Once at the closing table, we'll walk you through the myriad of documents and why they are needed to consummate your home purchase.
At Deltona Realty, experience tells us you may have some more questions or require some additional information. This may include how to file homestead of your property, and how to request service should have a home protection warranty included with the sale. We're here to help and it doesn't stop the day you open the front door to your new home. You will still be learning about living in Northeast Florida and we are available at any time to assist you in making this transition smoothly and with as few headaches as possible. Our service does not stop at closing because we strive to make life long relationships with our customers.