Guide to Refinance, Mortgage,
& Home Equity Loans in
Immokalee, Florida (FL)

Immokalee, Florida, located in Collier County in the Naples-Marco Island area, has been referred to as an old Seminole camping ground. Others claim that it was originally a settlement for cattle grazing started by a group from Fort Myers. Regardless of which story you believe, the area is definitely full of history and has an abundance of natural resources even today. You can even read “The story of Immokalee,” as told by Mrs. Platt, an early settler to the area, on The Library of Congress’s website.

The community name comes from the Cherokee word for ‘tumbling water,’ and wildlife abounds here. The area is home to armadillos, bears, herons, wading birds, water birds and other species that inhabit the Corkscrew Swamp Sanctuary, along with the endangered Florida panther living in the wild lands near the farming community.

There are many reasons why you would want to make Immokalee, Florida your home, and if it already is your home, you may even be considering refinancing or a home loan. We are here to help.
Pre-approval

Pre-approval for a mortgage is a good idea when you start to shop for homes. Not only will this give you a good idea of how much you can afford, but it will also let sellers know that you are serious about purchasing their homes. Sellers are nearly twice as likely to choose a candidate who has their financing in place than one who doesn’t.

In order to get pre-approved, you will need some paperwork to submit to your lender so that he or she can verify what sort of loan you can afford. Your lender will need to establish your median household income by seeing your federal tax returns for the last two years. Your lender will also need to see evidence of a steady work history. This can be established this through your W-2 forms for the last two years. If you are self-employed, you can submit your 1099 forms instead. You will also need to show bank statements, pay stubs, and cancelled rent or mortgage checks for the last two months. During this pre-approval process, your lender will also be running a credit check.

Mortgage Choices

There are many different mortgages to choose from. Most buyers choose between a fixed rate and adjustable rate mortgage. Fixed rate mortgages generally have higher initial interest rates, but that rates are locked in for the duration of the loans. Your payments should never change during the entire fifteen or thirty year term. Adjustable rate loans will have lower payments for the first few years, but after that time, they will adjust according to your lender’s index, market fluctuations, and caps set by your lender. Interest-only loans are another option. For the first ten years, you pay only the loan’s interest amount. After those ten years are up, you will then pay both the interest and the principal on your home. Options ARMs are loans that may work great for individuals who are not sure how much they will be able to pay each month. You get to choose from a minimum payment, an interest-only payment, a fifteen-year amortized payment, and a thirty-year amortized payment every month. If you are looking for the lowest interest rate on the market, a balloon loan may be your best bet. The drawback to this loan, though, is that it reaches maturity in just five years. Unless you plan to sell your home, this may not be the right choice for you.

Refinancing and Home Equity Loans

If you already own a home in Immokalee, Florida, you may be looking to refinance or get a home equity loan. Your lender has as many options for you to pay off your old mortgage with a new, better mortgage. You can also take advantage of the equity in your home by getting a cash-out refinance or a home equity loan or line of credit. Don’t wait to find the best option for your situation.

These are only some of the loan options available to you in Immokalee, Florida. Ask your lender about these and other options for your mortgage, refinance, or a home equity loan. To get started today, fill out the simple form below!

Other Florida (FL) Guides to Refinance, Mortgage, and Home Equity Loans in Your City or Town:

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West and East Lealman

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