The Longboat Key preapproval process is much
more complete than pre-qualification in Florida. For pre-qualification,
the mortgage loan officer asks you a few questions and provides you
with a pre-qual letter. Pre approval includes all the steps of a full
approval, except for the appraisal and title search. Pre approval
can put you in a better negotiating position when purchasing Longboat Key
real estate, much like a cash buyer.
If you choose not to "lock in" your interest rate for Longboat real estate during your loan processing period, then you may "float", or hold off "locking in" until you are comfortable about the rate. You do take the risk of interest rates increasing during the time of your application to the time the rate is locked in. The downside is that you are then subject to the current higher interest rates. The benefit to floating a rate is if interest rates were to decrease, then you would have the option of locking into a lower rate than if you had already locked in the rate. Start your quick real estate mortgage loan search for Longboat Key Florida today and save.