Real Estate Blog

Fort Lauderdale Real Estate | Buying: Top 3 Things To Do


Henri Frank Group at REMAX Preferred

Henri Vezie & Frank Vigliotti, Realtors servicing South Florida

Fort Lauderdale Real Estate | Buying: Top 3 Things To Do

Preparation is key to applying for a South Florida Real Estate Home Mortgage

Purchasing a home is the largest investment that most people will make in their lifetime. An honest evaluation of your finances and thorough planning for a mortgage are essential to a wise buying decision. With housing prices and mortgage interest rates at record lows, conditions are good for you to purchase a home. Even with the rates being at a record low it is harder to get a mortgage these days.

Mortgage lenders will look for three main things: a steady income, a down payment, and a solid credit history. Checking your credit report will let you see if there’s anything that’s hurting your credit. You never know which credit report the bank will pull, so make sure to check all three of them.  You always want to dispute any inaccurate information, when applying for a mortgage.  Misinformation can hurt your credit score, and get your application denied. It is also wise to pay off any delinquent accounts, late accounts, charges, and collections. Mortgage lenders want to be sure that you are able to pay your mortgage on time before they give you a loan for the mortgage.

Check your credit score: Your credit history is an important factor when applying for a loan.

Most lenders rely on the Fair Isaac Corporation (FICO) credit score when reviewing a loan application. The score reflects how well you manage debt and is calculated using data from your credit report. A lower credit score will result in a higher mortgage interest rate; if it’s too low, you may not be approved for a loan at all. There are ways to improve a credit score over time, such as paying bills on time, only opening lines of credit you need, and keeping credit card balances below half of your available credit.

Review your finances: A detailed analysis is an important part of the buying decision.

You should calculate all of your fixed monthly expenses; include a potential mortgage payment, homeowner’s insurance, taxes and condo fees. Also include obligations like car payments, credit card debt and living expenses. You should add home maintenance costs as well. Several websites offer interactive calculators on webpages, to help potential buyers estimate the cost of a mortgage.

Organize your finances: the most important thing to remember when preparing to apply for a mortgage is to organize your finances before you go to the bank.

Getting a loan requires documentation including, but not limited to, pay stubs, tax returns and financial statements less than 60 days old. Make sure to provide copies of additional monthly payments such as car loans, credit cards and student loans.

Once you sign a contract to buy a home, expect additional “closing costs” when it’s time to make the purchase. The costs vary depending on the purchase price, contract details, and whether a real estate attorney or title/escrow company is involved in the transaction. By law, lenders must give you a written estimate of closing costs within three days of accepting your loan application.

Contacting a trained and knowledgeable Fort Lauderdale Realtor is key the process.

The Henri Frank Group at Remax Preferred with offices throughout Broward County in South Florida can be reached at 2810 E Oakland Park Blvd, Fort Lauderdale; 2166 Wilton Drive, Wilton Manors; 2 University Drive, Plantation; 2608 N Ocean Boulevard, Hillsboro Beach. The Henri Frank Group is brokered by REMAX Preferred and has Florida state licensed Realtors assisting our buyers, sellers and investors in the South Florida region of the USA. Contact the group at 954-604-9999 or email us at


Fort Lauderdale RealtorFort Lauderdale Real Estate | Buying: Top 3 Things To Do

Related Posts

Oakland Park Florida LIVE + WORK Townhome

Go Urban, Go Green at 43 Urban Village Townhome For Sale, Oakland Park Florida, Fort Lauderdale Real Estate   This townhome is for sale on Oakland Park Florida real estate opportunity. A boutique community, a groundbreaking eco friendly live/work development in Oakland Park, east of Andrews Avenue, designed for those who would like to capture all

Dreaming of a New Vacation Home? Condos May Offer More Than You Think.

  Fort Lauderdale, even though it’s not necessarily one of the greater-known American destinations, attracts a whopping 10.5 million visitors per year. For the most part, individuals who head there are looking to enjoy the sunshine and warm weather of Florida.   If you enjoy visiting and are thinking about buying a vacation home that

Why You Should Find an Experienced Realtor in Miami

  “Miami Beach is a completely interesting hybrid because it is, on the one hand, a resort and, on the other hand, a real city. This condition of city and water on two sides I think is really amazing,” said Rem Koolhas, the Dutch architect. According to the Miami Herald, the South Florida real estate market