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Tuesday, July 11, 2017

Mortgage Advice for Future Homebuyers in St. Augustine

If you’re looking to buy a home in our area because you’re retiring here or you’re relocating for a job, there are some important mortgage implications you need to know about.

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We have many clients moving to our area because they’re either retiring or undergoing a job relocation. If you’re facing a similar situation, there are some important implications you need to be aware of in terms of obtaining a mortgage. 

According to Anne-Marie Fish of CornerStone Lending, one of the best things you can do is speak with a lender in advance and explain your situation. Whether your employer will allow you to relocate so you can get everything done while you’re still in your working years or you’re waiting until after retirement to move, they can evaluate your full financial picture to see which option is the most financially feasible and allow you to plan your schedule. 

Speak with a lender and explain your financial situation.

Selling your current home and buying a new one can be a complicated process, but getting pre-qualified in advance can help you plan that process and lets you know if you can carry two mortgages at once or if you need to sell the first house before you move into the other. 

If you’re moving here because of a job relocation and wondering whether you should buy a house before or after the transfer, the answer depends on your personal preference. There are plenty of options for both scenarios. Just because you’re relocating doesn’t mean you have to wait until you get down here and start working to begin the mortgage process. Lenders look for 30-day pay stubs once a person has started a new job. 

Cornerstone Lending also gives you the option of purchasing the house in this area before you close. There’s a time frame in which you can close before you start your new job if you have an employment letter that doesn’t have any contingencies or conditions. That way you don’t have to move twice and you can simply move from one home to the next. 

If you have any questions about this topic, please don’t hesitate to reach out to us. We’d be happy to help you.