If you think you’re missing out on the stimulus package for homebuyers, think again. The homebuyer tax credit is back and offers newly improved guidelines that are quite beneficial not only for first-time homebuyers but for those with current residences as well. This is a wonderful time to purchase a property. And if you’re planning to purchase Coral Gables real estate home, here are some things you need to know. Deadline The new deadline for the tax credit is April 30, 2010. This means more time for you to close on the Coral Gables real estatehome you’re planning to buy. You must have your purchase in escrow before the end of April the 30th. If you managed to do that, you must secure the closing 60 days after that date. Since closing can be delayed for much longer, have everything settled while waiting for that day to come. Credit Amount If you’re a first-time homebuyer, you’re entitled for up to $8,000 credit. On the other hand, if you’re a repeat homeowner planning to purchase a Coral Gables real estate property, for instance, the tax credit for your group is around $6,500. Things you need to do: Hire professionals In order to take advantage of the tax credit, you should get advice from the professionals. Hire the right people that can help you with the process of acquiring the credit. For instance, the tax preparer will be tremendously helpful in ensuring that you’ll meet the necessary requirements for the credit. The lender is also important for financing and in helping you choose the best financial option and mortgage program that will suit your needs. Don’t forget the real estate agent as well. Since the deadline is closer than you think, it becomes more and more crucial to find the right property in the shortest period of time in order to give more time for closing. Look out for fraud The popularity of the tax credit has unfortunately bred some dangerous tax fraud. In order to avoid these fraudulent operations, you must take time to learn the process of applying for the tax credit and everything that it involves. Once you’re planning to apply for a tax credit to purchase the Coral Gables real estate property you want, be wary of any suspicious advice. Anything that tells you to conceal information or do this and do that, which tends to make everything complicated, should be duly avoided. Lastly, all the paperwork involved in the process should be kept safely and handy for immediate reference. Mark Michael Ferrer Coral Gables Real Estate

The importance of financing when buying Coral Gables real estate homes, or properties in other areas, cannot be stressed enough. While it’s definitely feasible for some to pay cash, remember that a sum as large as that can be used for other important expenses. And even if you can afford a property, it doesn’t mean you have to settle for just any lender. To avoid future financial debacle, here are some ways to choose right lender.Compare interest rates A good place to start, when choosing the best lender for your Coral Gables real estate purchase, is to compare loans using the lender’s APR or annual percentage rate. But don’t settle for that only; you also need to get plenty of good faith estimates from several lenders. This will give you a good idea of the fees you need to pay together with the loan you’re planning to borrow. Gather plenty of options There are several loan options that you can use to purchase your Coral Gables real estate home. The best way to get several mortgage options is to visit several lenders and ask for the mortgages they currently have on the table. Furthermore, it is even advantageous to choose a lender that has a wide variety of loan options. This will give enough time to evaluate your financial move, and even allow the lender to advise you on the best possible mortgage that will match your current financial situation. Choose a lender that fits your situation Bigger isn’t always better; the same goes for small lenders. The best way to choose the right lender is to consider someone who specializes in handling your situation. For instance, if you have a poor credit, going to a lender that generally requires buyer to have an outstanding isn’t going to help at all. It would be best to know just what financial struggles you are facing in order to help you pick the lender who can efficiently provide the financing. Always check how they handle their borrowers Communication is important when choosing the lender. This is why when comparing lending companies, always see to it that they have a reliable customer service. The best way to do this is ask anything you can’t understand about the loan you are planning to apply for your Coral Gables real estate purchase. Everything from the difference between a fixed-rate and an ARM to payment caps and terms should be duly answered. The way they accommodate your inquiries you can use to gauge their level of commitment to their service. Mark Michael Ferrer Coral Gables Real Estate