Dear Friends,
Happy holidays from the Sunshine State!
Please review & enjoy this month's newsletter with articles provided
courtesy of realtor.com and links to helpful real estate resources &
featured properties. To you & your family, we would like to wish a
Merry Christmas & a Happy New Year!
Sincerely,
Sue Lezcano
The Lezcano Team
Featured Listing
Bedrooms:
2
Bathrooms:
2
Garage:
2
Square Footage:
2,193
Year Built: 1991
Home
Features: Super Entrance Hall, 17ft. Cathedral/Vaulted Ceilings,
Clerestory Windows throughout for Feature Lighting, Polished Mexican Tile Floor,
Iron Circular Staircase to loft/office, Two Outside Entertainment Areas,
Hundreds of Linear ft. of Built-ins, Concrete Block Stucco, Walk-in Closets,
French Doors, Central Heat/Air, Wooded Setting, Security System / Smoke
Detectors, Fruit Trees, Open Patio
Discover
this elegant, custom Spanish / Mediterranean style home
west of the Trail. This is for the discriminating
buyer who wants a feature home in a tropical setting.
- $589,900
For
more information, Click
Here
- OR -
TAKE
A VIRTUAL TOUR HERE
10 Steps to Home
Ownership!
Systematic steps to help you buy your home
Part
II: Get Loan Preapproval
Few people can buy a home for cash. According
to the National Association of REALTORS (NAR), nearly nine out of 10 buyers in
1999 financed their purchase, which means that virtually all buyers --
especially first-time purchasers -- required a loan.
The real issue with real estate financing is
not getting a loan (virtually anyone willing to pay lofty interest rates can
find a mortgage). Instead, the idea is to get the loan that's right for you --
the mortgage with the lowest cost and best terms.
REALTORS routinely suggest that consumers start
the mortgage process well before bidding on a home. By meeting with lenders --
either online or face to face -- and looking at loan options, you will find
which programs best meet your needs and how much you can afford.
REALTORS also recommend preapprovals for
another reason: Purchase forms often require buyers to apply for financing
within a given time period, in many cases, seven to 10 days. By meeting with
loan officers in advance and identifying mortgage programs, it won't be
necessary to quickly find a lender, check credit, and rush into a financing
decision that may not be the best option.
What is it?
"Preapproval" means you have met with a loan officer, your credit
files have been reviewed and the loan officer believes you can readily qualify
for a given loan amount with one or more specific mortgage programs. Based on
this information, the lender will provide a preapproval letter, which shows
your borrowing power. You can visit as many lenders as you like and get
several preapprovals, but keep in mind that each one carries with it a new
credit check, which will show up on future credit reports.
Although not a final loan commitment, the
preapproval letter can be shown to listing brokers when bidding on a home. It
demonstrates your financial strength and shows that you have the ability to go
through with a purchase. This information is important to owners since they do
not want to accept an offer that is likely to fail because financing cannot be
obtained.
How do you get preapproval?
Real estate financing is available from numerous sources, including mortgage
companies that have worked with local REALTORS and in some cases, individual
REALTORS themselves. Based on his or her experience, the REALTOR may suggest
one or more lenders with a history of offering competitive programs and
delivering promised rates and terms.
The loan officer will carefully review your
financial situation, including your credit report and other information. The
lender will then suggest programs which most-closely meet your needs. For
instance, a first-time buyer may qualify for state-backed mortgage programs
with little money down and low interest rates, while a repeat purchaser
(someone who has bought a home before) with more equity (money invested in the
home) might want to get a 15-year loan and the lower overall interest costs it
represents. Typically, first-time buyers opt for the traditional 30-year loan,
with either a floating interest rate or a fixed rate of interest over the life
of the loan.
Next Month:
Part IV - Look at Homes
Sue Lezcano is
an active REALTOR
working full time in the real estate industry, with the experience and knowledge
needed to assist any client locally or nationally. The Lezcano
Team has the most
sophisticated resources & marketing tools to assist you in the purchase of
your dream home and the most experienced team in the industry. We
are proud to be members of the Sarasota / National Association of REALTORS as
well as the Sarasota Chamber of Commerce. Sue
Lezcano stands ready to provide you with a
level of service unparalleled in today's market. The Lezcano
Team offers a comprehensive selection of the finest in local real estate for
Sarasota, Bradenton, Siesta Key & Longboat Key. Use our home search tools to help you make the best decision. Click
here for more!
Lezcano Team
"Exceptional, Personalized Service"
realestateofsarasota.com
Realty
Executives of Sarasota
Cell: (941) 356-9585
Office: (941) 957-0833
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