Florida Mortgage Relocation Guide

Come on Down the Water is Fine !
If you are thinking about Relocating to Florida,
you have come to the right place.



Preston Ware
20 Years Experience - Staff Profiles
561-329-0075


 
Considering the crazy winter we have had and the timing of baby boomers retiring, we have more people coming to Florida than ever. It is my job as your Florida Mortgage Banker / Florida Mortgage Lender to help you with the logistics of making the move in a stress free way. Not to mention I will get you the best mortgage financing with the least out of pocket expense. In addition to my normal job description I can help you with other logistical tasks such as finding a good Realtor, a good moving company, a good insurance agent and help you with a host of other things that need to be done.




 Mortgage relocation customers are some of my favorite mortgage loan customers. Typically these types of clients are stronger borrowers and should be treated as such. I am able to get price incentives for these types of customers because my bank knows that mortgage relocation customers pay their loans better than any other segment of the borrowing population.  

Mortgage Relocation Customers also typically:

1.) Earn more money and have more savings

2.) Have better credit scores

3.) Have more equity in the transaction 

4.) Generally purchase larger homes.

5.) They know what they want

This only makes sense. Another type of relocation customer the corporate relocation customer or "corporate relos" are typically the upper tier executives who recently have received promotions or perhaps they are the presidents or vice presidents of huge corporations who choose to move around to other parts of the country.

I feel I excel with these types of borrowers because I am adept at dealing with and working around their busy schedules and coordinating a closing for the executive who is juggling their 60-80 hour work week.

Here are some of the things that make a Relocation Loan more difficult which I can help over come

1.) Dealing with a customer who is working 60-80 hours a week and very well is receiving a promotion on a new job which requires even more commitment.

2.) Dealing with the logistics of purchasing the home prior to receiving their first pay check (If they are switching companies).

3.) Dealing with the logistics of coordination the closing and the moving vans and the relocation of all your stuff in a timely manner.

4.) Helping the customer get acquainted to the new area as soon as possible.

5.) Smooth and easy service, emailing documents or closing statements and dealing with mortgage questions at all hours of the day are my specialty .

Here are a few things to keep in mind if you are considering moving to Florida.

Over the last 60 years there have only been a few years in which more people left Florida than moved to it. Those years were 2007 and 2008 after a few brutal hurricanes and home prices plummeted. Nowadays we are back to a shortage of homes on the market which is making things very difficult for Buyers agents but very good for property values. I strongly recommend starting your search early, on line, and I certainly can recommend great buyers agents no matter what part of the state of Florida you are looking in.

Make sure you use a realtor who is a relocation specialist. I prefer For Buyers Only Realty in Fort Lauderdale as one of the best. At For Buyers Only Realty they do not list houses, they are strictly Buyers Agents and they know what they are doing. If you are relocating to other areas of the state, they can help find you a good Realtor.

When doing the math on carrying two mortgage payments , be careful. You cannot offset your current mortgage with a lease if you don't have 30% equity in your current home. During the loan process we will need to do a field review on your current home and verify this. Many people don't have that much equity anymore so if it does not appraise your debt ratios will be greatly compromised. The maximum debt ration on a relocation can be up to 55%. The maximum debt ratio on a second home is 45% using the same rule.

 

 


Mortgages for Second Home Customers

Second home customers are similar in that they are typically very strong borrowers who have ample income and savings. An example of a true second home customer typically will own a home in say New York or New Jersey and choose to a condo on the ocean.

It is important to not confuse a second home and an investment property. There is a  general rule of thumb among lenders that the second home should be at least 50 miles away from the primary residence and hopefully the second home is located in a nice vacation setting such as a condo on the ocean or a villa in the mountains.

There is certainly some grey area here so we look at each loan on a case by case basis. Second homes get the same pricing as primary residences so we will need to pass a common sense test to ensure that we are calling a second home a second home and not calling an investment property a second home.  

Also from a loan to value standpoint some sources will require an extra 5% down for the second home and FHA does not have a second home program.

When you finally arrive at that moment when it is time to move, please give me a call at 561-329-0075. Here are some helpful reminders to help you , pack, prepare and hopefully make for a smoother transition.  

 

 One Month Before Moving

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Obtain an IRS Change of Address form, call 1-800-829-1040 and ask for  Form 3903 to help deduct Moving Expenses.

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Gather moving supplies, boxes, tape, rope.

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If moving far away, make any necessary travel arrangements like airline, hotel, and rental car reservations. Or plan your travel route if driving.

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Call a moving company or make truck rental reservations to move yourself.

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Finalize real estate and apartment rental needs.

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Place legal, medical, and insurance records in a safe and accessible place.

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Obtain a Change of Address form to tell the Post Office of your move.

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Give your mailers your new address:
  • Friends and family members
  • Banks, insurance companies, and other financial institutions
  • Charge card and credit card companies
  • Doctors, dentists, and other service providers
  • State and Federal Tax authorities and any other government agencies as needed.
  • IRS--see note at the top of this page.

You can do this by sending them Address Change Notification Cards or, for magazine publishers and business mailers, by following their change-of-address instructions.
 

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Save moving receipts (many moving expenses are tax deductible).

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Make maps of your new neighborhood to familiarize yourself and your family with your new area.

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Plan your moving budget

Two Weeks Before Moving

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Inform gas, electric, water, cable, local telephone and trash removal services of your move. Sign up for services at your new address.

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Line up new cable service for your new home.

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Inform long distance phone company of your move. Sign up for long distance service at your new address.

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Recruit moving-day help.

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Confirm travel reservation.

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Arrange to close or transfer your bank account, if appropriate.
 

 

                                                    The Day Before Moving

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Set aside moving materials like a tape measure, pocket knife, packing boxes, tape and markers.

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Pick up rental truck.

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Check oil and gas in your car.

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If traveling, make sure you have tickets, charge cards, and other essentials.

 

 

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