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Phone: (904) 669-0781 for St. Augustine    OR (386) 243-5255 for Palm Coast
Mortgage Information

We are in a NEW mortgage era!

With the stricter guidelines after the mortgage meltdown, you as a buyer need to be aware of some changes in shopping for your new home.  Because of loose lending practices of the past that hurt many sellers, the way we do business has changed.

In the past, many buyers purchased multiple properties with the intent of flipping them for large profits.  Families were enticed to purchase more home than they could afford with teaser rates and loans that got them in their dream home with little down.  But this changed into a nightmare when the time to refinance them into a fixed rate became impossible due to home values were less than what they had a mortgage for.  Lenders couldn't loan against a home not worth the amount of the loan and not to mention job losses or overall decline in income.  Those that were affected back then, can now get back in the market.                                                                                                                

NO seller will accept an offer without a preapproval letter, in today's market!

Because of the strict criteria that lenders NOW require, it is imperative that you get preapproved PRIOR to looking for property!  You may be surprised at the amount that you can qualify for.  I have seen buyers shocked and surprised that they could not qualify at all.  With out a preapproval, first, you don't know what price point you can purchase and most offers require a letter along with any offer you may submit to a seller.

So, with that being said, I can highly recommend Penny James at Heritage Bank, for quick approval to get the process started.  You may use whomever you'd like to, but, she's a great place to start!  Shop your lenders and compare...

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Florida Homes Realty & Mortgage
184 SR 312 • St. Augustine, FL 32086
Phone: (904) 669-0781 for St. Augustine • OR (386) 243-5255 for Palm Coast



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