Financing A Home Purchase

One you've found you dream home, what's the best way to go about raising the money to buy it?

One way is to pay cash. Don't laugh, a lot of home purchases these days are cash purchases. Many of the cash buyers are people who have sold another home, in Florida or elsewhere, for a lot more than they originally paid for it. So they are using the profit to buy another home Other buyers either have sufficient savings to pay cash for their new home and they believe this is the best finance method of all.

This may or may not be true. As mortgage interest is still deductible in Florida, some buyers could be better off by taking out a new mortgage and declaring the mortgage interest paid in a tax year as a deduction from their total tax bill. Don't take a Realtor's advice on such a matter: consult with a lawyer or certified tax planner before making this important decision.

If you aren't lucky enough (or smart enough) to have the ability to pay cash for your new home, you can apply for a purchase money mortgage for all or a portion of the price you will pay for your new home. Mortgage applications can be made to banks or saving & loan association, credit unions, many insurance companies, mortgage brokers and to a number of other sources including government programs.

There often are special mortgage programs available to individuals or families. Included are financing opportunities for veterans, low income families, first home buyers and others. Ask us aboout about them.

A bank may be the best place to apply for a mortgage and then again it may not be. Some banks are very conservative when it comes to lending money and require very good credit ratings. As Realtors, we are very familiar with home financing and Brian Markey is a licensed Mortgage Broker as well as a licensed Realtor. Call Brian at 561-791-8998 or e-mail him at brimarkey@adelphia.com and he can help you obtain prequalification for a mortgage, financing for any type of home or property or a new mortgage on your current home at a much lower rate.