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Mortgage Broker Fort Lauderdale FL | Florida State Mortgage Group, Inc.

Florida State Mortgage Group, Inc. are mortgage brokers in Fort Lauderdale, offering a comprehensive selection of loan options. Call us at (954) 359-3000.

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Factors To Consider When Purchasing A Second Home

November 22, 2022 by Stephen McWillam

Buy a Home in Fort Lauderdale Florida

Have you been thinking about buying a second home? Here’s some food for thought.  Real estate is always a good investment.  Whether you want to generate additional income by renting out the property or use it as your escape from the chaos of everyday life, there are several factors to consider before purchasing that property:

4 Factors To Consider When Buying A Second Home

  1. First and foremost, determine the reason for purchasing a second home – are you planning on using the home as a rental property or as a vacation home? Or do you want to set it up as a primary residence for your oldest adult child? This will help you decide on the type of mortgage to apply for.
  2. Find a location – once you determine the purpose of that second home, narrow down your search for a location based on the purpose of the home and the amenities that you or other individuals might enjoy. You can search online or visit open houses to see in real time that property that you maybe interested in.
  3. Make sure you can afford a second home – before you start the loan application process, make sure that you can afford a second home.  Keep in mind:
    • Your DTI or Debt-to-Income ratio must be low enough so you can comfortably afford another home mortgage.  In most cases, lenders will only approve you if your DTI is below 45%.
    • As with your first home, you’ll need to make a down payment on the second home.  The amount will usually depend on the type of mortgage you apply for, but in most cases, you’ll be looking at 10% to 20% down.
    • Compare interest rates with several lenders.  Interest rates on a second mortgage are typically higher than those on a primary residence because you’ll be considered a higher risk.
    • Monthly maintenance and upkeep costs are another factor to consider when buying a second home.  These costs often include HOA fees, insurance, property taxes, and utility bills as well as renovations and repairs.
  4. Find the right lender – once you’ve determined that the time is right to buy a second home, it’s time to start shopping for the right lender and loan.  The right lender will help you compare loans and interest rates in order to find what best fits your individual financial needs.  Furthermore, they’ll be with you every step of the way throughout the loan process, from filling out the application until your real estate agent or broker hands you the keys to your second home.

Get In Touch With Your Florida Mortgage Specialist Now!

We know that finding the right investment property takes a lot of effort and more than that is to find a good lender and mortgage rates. That is where we step in. To learn more, call Florida State Mortgage Group, Inc. today at (954) 359-3000.

Filed Under: Buy A Home Tagged With: Florida, Fort Lauderdale, Tips To Buy a Home

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Fort Lauderdale's Top-Rated Mortgage Company

Florida State Mortgage Group, Inc. is located on 1512 E Broward Blvd #204A, Fort Lauderdale. From Fort Lauderdale-Hollywood International Airport (FLL) head northwest toward Terminal Dr/Upper Terminal Dr and use the right 2 lanes to turn slightly right onto Terminal Dr/Upper Terminal Dr. Then use the left lane to keep right at the fork and follow signs for Departures and use the left lane to continue toward US-1 N. Next, keep left at the fork, follow signs for US-1 N/Ft Lauderdale and merge onto US-1 N. After that merge onto US-1 N and keep left to stay on US-1 N. Finally, turn right onto E Broward Blvd and Florida State Mortgage Group, Inc. will be on your right.

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Florida State Mortgage Group, Inc.
1512 E Broward Blvd #204A
Fort Lauderdale, FL 33301
Phone: (954) 359-3000
Fax: 954-449-0283
NMLS# 393326
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Florida State Mortgage Group, Inc, Mortgage Broker, Fort Lauderdale, FL
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Florida State Mortgage Group, Inc. is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.

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