For many renters, owning their own home can seem like nothing more than a dream. It is a common misconception that home ownership costs more than renting a home. The truth is that Fort Lauderdale mortgage rates can make financing a home more affordable than you think!

While it is true that rental rates can vary depending on your location in Florida, the average customer is seeing savings. According to a recent Forbes article, buying a home is about 38 percent cheaper than renting. The statistics they used included putting a traditional 20 percent down on a 30-year mortgage. However, even less favorable financing options are still allowing consumers to see savings. Falling fixed-rate mortgages and the rising costs of rent make owning your own home a great option.

To learn more about the average rent price and compare it to home sales in Fort Lauderdale, please click here. You will be surprised by how much the difference between a monthly mortgage and a rental can be.

Mortgage Rates in Fort Lauderdale, FL Offer Flexibility

No two customers have the exact same needs, especially when it comes to financing. Mortgage rates in Fort Lauderdale, FL are based on many different factors. One of the most important is credit history; however, your savings, assets, previous home ownership, employment and other factors can be used to get you an affordable rate.

nationwide-home-loans-logoKeep in mind that your mortgage rate will help determine how affordable your new home is. Low mortgage rates for first time buyers are often available. More traditional options may also be available to those who have previously owned a home. Because each situation is a little different, you should talk to a lender before deciding whether or not a mortgage is the easiest way to save money.

You should also remember to compare quotes and get an estimate before you start looking at homes. Getting pre-qualified allows you to better understand how much of a home you can afford. Your lender can also work with you to get an estimate on your monthly payments, which can be used to determine if you would save money over renting.

Kloze is willing to work with you throughout Florida. Even if you are hoping to move to the outskirts of the city, we are able to help. Our goal is to help you finance affordable housing in the neighborhood of your dreams.

Qualifying Through Kloze

Qualifying for a mortgage is a little more difficult than filling out an apartment application, but it is worth it. The amount of paperwork needed can be similar to that of a luxury apartment. Here are just some of the documents that you will need.

  • Identification – Just like at an apartment, you will need official identification cards in order to run your credit history. These typically include a driver’s license and a social security card.
  • Bank Statements – You will need to prove that you have money to put towards the home and that you are a wise spender. Include your checking and savings statements. If you have other assets, such as a 401k or stocks, include these as well.
  • Employment – Most applicants will be employed full time for the past two years or have a significant source of income, such as a pension or social security.
  • Statements – If your bank account is shared with someone else or you received a large financial gift, you may need to submit a formal explanation.

There are several other factors you should consider to see if you are ready for homeownership. Remember that a home requires upkeep and maintenance, something that most renters don’t have to worry about. If this is a concern, you may want to consider asking about financing a condo over a traditional single-family home. Condos include all of the benefits of an apartment but allow you to build equity. They can be a great “stepping stone” for first time buyers. Read more about the requirements for a condo mortgage.

Taking the First Steps

Once you contact a lender directly, they can take your information and will get started right away. Usually, paperwork is submitted after the credit check. Unlike working with an apartment building, qualifying for a mortgage won’t happen overnight. You could, however, get your new home in as little as 30 days.

Most of the information needed to get your mortgage application started can be obtained over the phone. However, some buyers feel more confident talking to a lender in person. Visit your mortgage broker in person if you want to compare rental rates to mortgage rates right away. This can help speed up the process slightly and will give you an extended opportunity to ask questions regarding home ownership.

You should get your Fort Lauderdale mortgage quotes in just a few days. Don’t let others tell you that this process is difficult. Simply getting a quote and exploring your options can be very beneficial.

Save Money with Best Mortgage Rates in Fort Lauderdale

In order to truly save money on your new home, you will need the best mortgage rates in Fort Lauderdale. Low rates help you to save money year after year in your new home. To learn more about mortgage rates in the area, contact us today or visit website. We will be happy to assist you!