Category Archives: Welcome to the Florida Mortgage Firm

How Do Homes Get Appraised?

Florida Mortgage Firm

A common error when calculating the value of a home is to take the price per square foot of a comparable home sale and multiply it by the square feet of your home.  This is a flawed method that will leave you, your buyers and your listings with an overpriced assumption.In real estate appraising, there is more to it than the price per square foot. For instance, both the value of the lot and the fact that there is a home itself (inherent value) are factors. There are other attributes, as well, included in the price per square foot of comparable homes.

If this makes you wary, then ask yourself this: If your home is larger, does that make the lot worth more? If the home is larger, is its garage worth more even if both garages are the same size?

Here’s the way the price per square foot is approached by an appraiser. If your “comps” (comparable home sales) were sold within the last six months and are of close proximity, then an adjustment is made to the features of the comps that are either superior or inferior.

Disparities in square footage are typically only calculated after there is a 100-square-foot difference between your home and a comp. In some markets, that difference is given between $35 and $45 per square foot. So if your home has 200 extra square feet, it is only given roughly $7,000 toward its appraised value. Below is an example.

Square Feet Sold Price PPSQ Feet Disparity Added Value Appraised Value
Your
House
1,200 N/A ? 200 sq. ft.
(1,200 – 1,000)
$35 x 200sq. ft. = $7,000 $107,000
Neighbor’s House (The Comp) 1,000 $100,000 $100 0 $100,000

 

Florida’s Best Mortgage Company

Florida Mortgage Firm

The team members at Florida Mortgage Firm are not the “salesy” type. In fact, the people at Florida Mortgage Firm are the trusted mortgage experts in the field, and we simply let the numbers do the talking for us. With our low wholesale interest rates and lightning-fast loan process, it allows us to focus on customer service, creating a premier mortgage experience.

From the beginning of the loan process to the end, Florida Mortgage Firm will be with you every step of the way.

Find out about our simple, easy loan process by clicking here!

A Simple, Easy Home-Loan Process

Florida Mortgage Firm

Through Florida Mortgage Firm’s wholesale lending model, it has earned a reputation for low rates and being lightning fast. On average, the loan process at Florida Mortgage Firm takes half the time of our competitors’. Here, underwriting takes days, not weeks.

Whether you are under a contract that is about to expire, or you have a situation where moving on time is paramount, Florida Mortgage Firm has the tools and know-how to get you in your home with a simple, smooth process.

At the end of the day, WE CLOSE ON TIME.

Find out about our wholesale-lending model by clicking here.

Have Your Rate… And Keep It, Too

Florida Mortgage Firm

What is Wholesale Mortgage Lending?

And How Can It Save You Thousands of Dollars?

Our wholesale lending  model enables us to offer better rates and costs than national competitors, and we crush retail rates. We can offer this because when investors issue loans through independent mortgage companies such as ourselves, they eliminate overhead costs such as advertising, buildings, etc. The savings are passed onto you, the customer.

When you start cutting interest rates and add in the fact that mortgages can run anywhere from 15 to 30 years, you’re talking about tens of thousands of dollars in savings when shopping through a wholesale lender.

Also, our loan officers are paid the same regardless of your rate and costs. Their incentive is to get you the best deal and close your transaction in a way that generates more referrals.

Bottom line: there’s a whole lot of money to be saved in wholesale lending.

(Getting prequalified is the first step to buying a home. It’s fast, easy and, best of all, FREE.)

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