New 5% Rates Can Help You In Getting a Miami Mortgage

Online, June 9, 2010 (Newswire.com) - With the current drop in interest rates to below 5%, many people are considering refinancing their homes or buying a new one as a primary home or an investment by using a Miami mortgage. The reality is that because of the low rates and the low property prices, it may be a great time to buy a home.

However, before you jump to get a new Miami mortgage, make sure of a few things that are fundamental prior to getting a home mortgage. These few actions will ensure that your experience in getting a mortgage is as safe and rewarding as it can get.

First, research your property and make sure that the asking price reflects the real value of the property. This is important for two main reasons. First, you want to make sure that you are making a good purchase. Second, you may get a bad surprise if the bank declines the Miami mortgage because the property is not worth the asking price.

If you are thinking of purchasing an apartment or condo, take a look at the association's books to ensure that most people are paying their dues. Otherwise, you may find yourself in a situation where you have to make up for the lack of payment of other owners.

Second, consider that times have change. Make sure to have written proof of your assets and income. Banks have become stricter on what they will allow as proof. However, bank statements and employer's letters plus W-2's should be enough to get the Miami mortgage.

Third, ensure that you are talking with a licensed mortgage broker who is experienced in the market where you are interested to purchase the property. This will ensure that they know about possible problems with the property.

To apply for a Miami mortgage, you have many choices. If you choose, you can apply with as at Miami mortgage home, 95 Merrick Way, Coral Gables, FL 33134.

Regardless of the mortgage company you use, think about the information provided in this release to secure a good deal on your next Miami mortgage.