Why You Should Think Twice About Investing In Florida
Florida is one of the places with stable housing market. Most investors here find it easy to invest in real estate which in turn gives them big gains. Most people today are after earning a lot of money and due to that they therefore look for ways of getting that additional income. The most popular and most profitable investment is that of the real estates. Do you know why? Florida Investing Jacksonville has enabled most potential buyers to be millionaires and this is though real estate investing. Getting additional income is not something easy unless you do proper planning of your finances. Another thing to know about real estate investing is that this is a great way in which you can make money. The reasons below will enable you to think twice before buying a real estate property in Jacksonville.
It’s tough to get a mortgage
Getting a mortgage loan is not an easy thing because there are some factors that need to be considered and scrutinized before eventually giving you the loan that you have applied for. Your credit rating matters a lot and it is the one that lenders and other financial institutions look at before eventually deciding to give you a loan. If your credit rating is poor then you are assured of not getting a mortgage loan and if it’s excellent you are assured of getting the loan that you want. In Canada it takes around 2 weeks for you to get a loan but in the U.S It may take up to six weeks. The reason why this is so in the United States is because of the 2008 crash.
They are wary of the foreign investors
Florida is one of the places where more than half of the investors are foreigners. Canadians are among the biggest real estate owners in Florida but that does not mean that the bankers are wary of its people. Americans are required to pay 20 percent of the price of the house and the foreigners pay up to 30 per cent of the house price. Another challenge that hinder the foreigners from investing here is their credit history. When you don’t have a credit history in the United States it means that you will not be given a mortgage loan.