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Most people need mortgages to buy a home in South Florida

On Behalf of | Nov 11, 2016 | Mortgages |

Searching for a home in South Florida can be an exciting process. Many people are looking for their first house, while others may be looking for a new house for their expanding family. The fun part is looking at all of the options that are available, evaluating the fit for the new neighborhood and making sure that key amenities are available. Of course, there are some people who can find this process to be exhausting as well.

No matter what a potential buyer’s motivation for finding a new home might be, the one thing that is common to almost all buyers is the need to secure financing for the purchase through a mortgage. There aren’t many people who are able to put up full cash for to purchase a piece of property, although in South Florida cash purchases have historically be higher than in other parts of the country. Securing a mortgage is probably the part of the home purchasing process that buyers like the least.

In order to secure the financing needed to purchase a home, the application process for a mortgage can require quite a bit of paperwork and documentation. Potential buyers will need to provide a potential lender with verification of income and assets, along with an evaluation of the property to be purchased to ensure that it is worth the price that the borrower wants to pay. This is all to ensure one thing from the lender’s perspective: that the mortgage loan will be repaid in full, without any delinquencies or missed payments.

But, the fact is that many people will run into financial problems that could jeopardize their ability to repay their mortgage. For those individuals and families, a mortgage loan modification may be a potential solution.

Source: Sun Sentinel, “South Florida cash sales down, but still a big part of housing market, report says,” Paul Owers, Nov. 3, 2016