Navarre; a small town that feels like home in no time is steadily becoming one of the most attractive places in Florida. It boasts of scenic views as far as the eye can see, emerald blue oceans, eco-entertainment and exquisite accommodations. Navarre offers everything an individual can ask for; pleasant weather, scrumptious food, a healthy lifestyle, safety, affordable living and excellent opportunities for growth. All of this is attracting house hunters from all over the world, which makes Navarre a piece of hotcake.
In the olden times; all you had to do was connect with a broker, go house hunting, choose a property and seal the deal! Today, however, with a highly competitive market this is no more how it works. Buyers have to scramble for limited inventory and have bidding wars with other potential buyers due to low supply and high demand for property.
Initially, Navarre, which was only looked at when all other options didn’t work out, is now the most preferred option amongst buyers. Buying a house at a location where houses get sold in the blink of an eye can be challenging. This is why tips from a mortgage broker on buying a house in Navarre will surely prove beneficial.
Here we have compiled 5 tips that most Navarre Mortgage Brokers talk about when consulted on buying a house.
1] Look a little lower
While you might be setting up a higher limit to buy the best house; the mortgage brokers recommend you to look lower. You don’t really have to spend a fortune on buying a house in the most popular neighbourhood. You can deviate from the normal buyers and look for a new and growing neighbourhood.
Such neighbourhoods not only will be pocket-friendly but also guarantee a great return on investment since they are yet to be developed. The price of a property in already developed localities tends to get stagnant after a point in time. This will never be your concern if you buy a house in an underdeveloped area. You don’t really have to give up on your dream but it is suggested that you set realistic standards and take a flexible approach. If you look for houses lower than your budget, you can spend the money you saved on designing or refurbishing your house and yet be in a comfortable financial position.
2] Work with the best broker
Trying to buy a house in a competitive market like Navarre without a skilled broker is a tough row to hoe. When you shop around for houses; and have a proficient broker by your side who knows the market inside-out, your home buying process will be carried out smoothly. Enquire about the experience of a broker with regards to home loans, contingency waivers, and escalation situations. Ask about the outcome derived in the end. This will allow you to judge the proficiency of the broker and help you choose the best. Go for realty services having vast experience and simplify the home buying process by utilising their knowledge, marketing, and standard of customer service.
3] Obtain an approval letter
Everyone talks about obtaining a pre-approval for a mortgage. However, mortgage brokers go deeper and encourage getting an approval letter. Due to awareness of the importance of pre-approval of mortgage, every buyer is now working on getting a pre-approval. To stand out, you must go the extra mile. The possession of an approval letter hints to the seller that you indeed went beyond merely pulling credit. An approval letter is prepared by the lender after the approval of the loan. It incorporates details regarding the type of loan, the amount, interest rate and terms. An approval letter generates greater confidence in the seller about choosing you as a buyer since it significantly reduces the chances of your application going into unravelling or underwriting.
4] Up your earnest money
Mortgage brokers propound and urge determined buyers to up their earnest money or deposit money. Cash offers can be really alluring to the sellers; so, if you can arrange for it easily then try and bring in as much cash as possible. Although it is understandable that this might not always be feasible, so you should go for maximising your earnest amount. A deal will certainly be more attractive to a seller if 1%–3% of capital is put down after acceptance of the offer. This instil confidence in the seller that you will buy the house and are committed or it will at least keep him at peace that even if the deal collapses, he has money to keep.
5] Move fast
Delays when buying a house in Navarre are equivalent to losing a stunning offer! In a fast-moving market like Navarre, you need to pace up too. Statistics reveal that average houses in Navarre go off the listing within a span of 17 days. Therefore, avoid delays, choose a house and seal the deal as quickly as possible.
Navarre offers a plethora of benefits. The true essence and beauty of Navarre can be fully realised only when you relocate. So; follow the above-mentioned guidance and become the owner of a house in this paradise land!