Fiscal Fundamentals for Water Front Home Ownership, Part 1: Early Loan Qualification
March 5, 2012
Financially speaking, there are a few steps that all prospective homeowners should take to ensure the smoothness of their path from home search to successful closing. For those choosing a waterfront property, these steps are especially crucial to a stress-free transaction. With the help of a certified, skilled REALTOR®, these steps will be easily undertaken and bring you closer to your goal of a life by the water!
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Early Loan Qualification
In a temperamental market, many lenders are hesitant to underwrite loans for large sums of money. Many waterfront properties are more expensive than the average market cost for homes, and often, home loans on waterfront properties will fall under the jumbo mortgage classification. As such, a homeowner who is interested in purchasing a waterfront property will find early qualification and securing of a mortgage lender essential to the process. Once approved for a loan, the prospective homeowner will have a very thorough grasp on exactly what kind of home is within their financial budget and will be able to narrow the search for their perfect property.
