Florida Mortgage Approval
Hundreds of thousands of Floridians rely on mortgage loans to purchase homes every year. Unfortunately, not every application is usually approved by lenders. Only 82.9% of all applications get approved and funded. That is below the national approval rate of 88.2%. In fact, the Florida mortgage approval rates are the lowest in the whole country. Part of the reason is because the Sunshine State has a high-cost real estate market that requires jumbo mortgages, which qualifying for is harder than qualifying for a conforming mortgage loan. On top of that, some applicants are never keen
We can give you the dos and don’ts here, but ultimately it is one-on-one guidance that can make all the difference between your mortgage being approved and it being denied. Be sure to give us a call, and we will tell you everything there is to know about the Florida real estate. That should help you increase your chances of getting approved.
But for a start, here are a few tips. You can read more about each tip on our website.
- Consider getting a cosigner to improve your credit standing and income.
- Watch the market carefully and know when lenders are generous to lend.
- Have more than one house option (with varying prices) so that if you don’t get funding for one, you can get it for another.
- Compare two or three lenders to see who has a mortgage package that suits you.
Alternatively, you can just let Moreira Team scan the market and give you the best recommendations possible. After all, that is what we specialize in. Give us a call today.