After all, who is the best is important, right?!?
Even though we have been through the process before on the real estate professional side advising our investors, it is different when it is your property investment!
It seemed overwhelming at first.
The expenses started adding up. So we had to figure out how to cut some costs. Going through the bid proposals from local Panama City Beach contractors, not only are we considering the price, but we also thought of who “is the best?” Naturally, we want the best work for the best price! We determined some of the work we could do ourselves to build a little sweat equity (some of that work included more demo, which my husband enjoyed…I think…). After doing our research, we are working with tradespeople we feel are the best. The timeline and budget have been updated…which is ok, if something is worth doing, it is worth doing right! And it is always better to do it right the first time!
Thinking about the renovation’s adventure has me thinking about the mortgage process experience of purchasing a new home or investment real estate in Panama City Beach.
When we closed on our investment property in Panama City Beach, I had stars in my eyes (ok, maybe more like Gulf sunsets). Thinking we will quickly get new flooring and updated bathrooms, once that phase was complete, we would be ready to put our investment property on the vacation rental market. Well, as you know, if you have been following our blog…the sands shifted a bit.
Now let’s compare.
You have decided that it is time to purchase your new home or investment property and have talked with a mortgage lender. The mortgage lender has a prequalified letter for you. Ready to go, right…? Not necessarily, let’s say the mortgage lending side of property purchase can be rough waters. It is helpful if you are informed.
Here are some tips to help navigate between buoys, so to speak, to help you determine who is the best for you:
- First and foremost, shop mortgage lenders; you want to go with who is the best and make sure you are getting the best rate possible. Mortgage lender information is where your real estate professional can help you. Not only do you want to try to get the best interest rate, but other factors need to be taken into consideration when financing, such as, is the property considered an acceptable risk by the lender, and will they finance?
- If possible (and I cannot stress this enough), get a pre-approval through underwriting with your mortgage lender. Once you receive that, in most cases, you should not have any issues with the final close (although there are exceptions to that as well, I know from personal experience). There is a BIG difference between a prequalified letter and a pre-approval through underwriting.
- Have ALL of your paperwork in order, the last two years of your finances…and keep it in order. Be ready for MULTIPLE requests to see the same document over and over. And be aware you may think you have provided your mortgage lender with every last piece of financial data they could need, and they will request something else.
- Do not procrastinate on any requests for more documents. That will only push back your closing or, worse, cause your transaction on your dream home or condo in Panama City Beach not to close at all. YIKES!
- Keep your real estate agent in the loop, are there steps to help regarding documentation needed for qualifying the property?
So, to answer the question, who is the best mortgage lender?
That will all depend on your circumstances. Do not be afraid to reach out to mortgage lenders and ask questions to get the best mortgage lender for you!
The mortgage process is stressful.
As you go through the mortgage process, remember to relax, trust the process, and try not to get too frustrated…(maybe you will enjoy that glass of the wine a bit more at the end of the day on your more frustrating days…). Keep your eye on the prize! You will be a brand new homeowner or condo owner in Panama City Beach!
We are here to help.
If you have more questions regarding the mortgage lending process or are interested in learning more about Panama City Beach real estate, reach out to our Life’s A Beach Real Estate team. We would be happy to help you navigate the emerald waters of the Panama City Beach market and give you the best advice we have.