Navigating New Loan Requirements Easier with Guidance of Destin, FL Realtor

Posted by Destin Real Estate Sales on Thursday, March 22nd, 2012 at 9:03pm.

Recent changes in the mortgage industry have resulted in a maze of new paperwork, regulations and loan requirements that home buyers can find challenging to navigate. If you’re buying a home or vacation property in Destin, Floridaor the Beaches of South Walton, an experienced Destin Realtor can help guide you to a successful home purchase in one of Florida’s premier Gulf Coast communities. Continuing the information provided in our last post, here’s what Destin home buyers can expect when applying for a mortgage:

  • More detailed appraisal. Mortgage lenders are taking a much closer look at home appraisals. The amount of your mortgage loan and whether or not it is granted may hang on the home appraisal. If the appraised value of the home exceeds the agreed sale price, your loan could be in jeopardy. An astute Destin Realtor with in-depth knowledge of the area will be able to guide you in finding a home and negotiating a purchase price that will meet the lender’s requirements.
  • Higher closing costs. Home buyers should expect to pay higher closing costs. Higher bank fees, more stringent loan requirements, and rising insurance costs (mortgage, title, etc.) have added to the cost of obtaining a mortgage. 
  • Better mortgage rates. One of the bright notes in today’s mortgage market is that, despite rising mortgage rates, the cost of a 30-year fixed mortgage is at a historic low. Despite increases, loan rates are about 5% lower than at any point in the past 5 years. 
  • Fewer mortgage choices. Bank closures and the recent shake-out in the lending industry mean Destin home buyers will have fewer lenders to choose from.
  • Longer loan process. New mortgage regulations and more stringent lender procedures have added to the length of the loan approval process. South Walton home buyers can expect to wait as long as 3 to 4 weeks to receive approval of their loan.

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