Orlando New Home Specialist - Mortgage & Insurance

#1 On the New Home Checklist...
Become Pre-qualified

The Space Shuttle didn't just take off. There was an extensive checklist of tasks to do before ignition and lift-off. Ready for your housing search to take off? Let's start with the first step on the checksheet.

Absolutely NOTHING says you are more serious about your new home search than to be pre-qualified for a mortgage. It makes no difference if it is new construction, a short sale, a foreclosure, or an existing home. A pre-qualification letter enables you to say, "Yes, I am qualified for a mortgage at this price." It states to the seller that you are a viable buyer. Some homes, particularly in the $1,000,000+ range, require it before you can even step in the door. With all homes, unless a cash buyer, it is required when initially submitting an offer for the seller to consider. Relax, cash buyers don't get off easy. They have to submit copies of bank or brokerage statements showing cleared funds to close.

Being pre-qualified for a mortgage is a HUGE advantage to you. First, nothing is a bigger time waster for you than looking at $400,000 homes only to later find out you qualify for $200,000 homes. Get pre-qualified! Even worse, nothing is more frustrating than finding that dream home and ready to make an offer but needing a mortgage letter to submit with it. While you are fiddling around getting the mortgage letter, someone else with better pre-planning submits an offer and swipes the deal out from under you! There goes that perfect dream home you spent months diligently searching for.

Where to begin with a mortgage

There are many different mortgages - well beyond the scope of this web site. Absolutely work with a mortgage professional who is highly knowledgeable in all facets of the mortgage industry. Also, consider the QUALITY of the letter submitted. A letter from an institution like Wells Fargo says a lot.

I recommend that you visit this affiliated website. There is a lot of great information on mortgages. But more important, get pre-approved for that mortgage. Start today!

Where to find home insurance

While home insurance is one of the last actions when purchasing that new home, NEVER leave it to the actual last action. At a minimum, apply for insurance when an offer to purchase is accepted, and you know the address. The bank is going to require it as part of the mortgage, and towards the end of the mortgage processing, they will ask you if you have if you have insurance identified for the protection of the property. If not, the bank will select one for you at not necessarily the greatest rate. Do you want that?

Another reason to begin as early as possible and establish a relationship is that the agent will be aware of issues that could affect the closing of your house and take action to assist you. With some companies, if a hurricane is expected to touch SOMEWHERE in Florida in the next couple days, no insurance is written ANYWHERE in Florida. It doesn't matter that the hurricane warning is for Pensacola. The bottom line is, you will not close and move into your new home even if your mortgage is approved. With planning that scenario could potentially be avoided.

A common approach is "I have my auto insurance with "X" and am going to check with them to see if they will give me a deal on home insurance." Check with them by all means, but don't delay. Also, don't be surprised when they tell you that they no longer write home insurance in the State of Florida. Following the turmoil of Hurricane Charlie, many of the largest and well known auto insurers have pulled out of the home insurance market.

The affiliate link below is not tied to a single insurance company and "shops" the market for the quality insurance companies insuring homes in the State of Florida. Have them develop a free quote and see what they can do for you. You may want to see what quote they give for your existing home and how it compares to your existing home insurance. I know of an individual who not only had a lower cost quoted - but it was the same insurance company AND the same level of coverage. In the worst case senario, your new home search doesn't materialize and you end up staying where you are, isn't it nice to salvage something out of the experience? Give it a try!