Step 1: Get pre-approved before shopping for your Waterfront Home
Human nature dictates that we must always go shopping for a new waterfront home before we line up financing. It's a fact of life. Rarely have I ever met anyone that gets their financing lined up first before they started shopping. I'm guilty as well.
The current mortgage market has made it increasingly difficult for home buyers of luxury homes, waterfront homes, and vacation homes to get financing. CNN Money covered the issue very well: $8mm in assets and can't get a mortgage.
The worst hit is the vacation home market. Many of my contacts throughout the vacation home developers have stated that the only buyer is a cash buyer. Most of the buyers who would normally qualify for a million dollar property are being turned away despite having 50% to put down on a piece of land.
All the more reason to find out if you can get a loan first, before you get emotionally attached to a new home. Contact Brad and ask for a Mortgage Broker referral to get started!Posted by Brad Officer on
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