Young Couple Learns Important Lessons in Naples Real Estate

NAPLES, Fla. - Oct. 17, 2014 - PRLog -- Just because you have a substantial income does not mean you will qualify for a mortgage, according to Naples real estate broker, Chris Spina of Spina Realty Company.

When Rachel and Freddy Campogni began looking for a house, they were convinced, “The sky’s the limit.” A recent pharmacy grad, Mr. Campogni was already earning a six-figure income. With his wife about to graduate with a Pharmacist degree as well, Campogni began looking at homes in the$500,000 to $1 million price range.

Even in the high end Naples real estate market, Campogni was positive he would qualify for a loan of that size. When he was turned down for a mortgage on a $325,000 Naples house, real estate broker Chris Spina stepped-up and gave the first time buyer, an important lesson in purchasing real estate.

“Since the collapse of the housing market in 2007, mortgage regulations and qualifications have become much more stringent and a home loan much more difficult to obtain.” says Spina. He recommended meeting with a mortgage broker to review the couple’s finances and put them on track to qualifying for the size loan they wanted.

With over $200,000 in student loan debt, monthly payments on a brand new car, and the prospect of added mortgage payments, the Campogni’s soon learned the importance of cutting monthly expenses in order to increase the size of the loan they could obtain.

In recent months, Naples real estate prices are climbing. Naples Area Board of Realtors, which tracks Collier County home listings and sales, predicts this trend will continue; fueled by low housing inventory.

“To compete in a market that’s heating up, the larger the loan you can qualify for, the better your chances of getting the house you want.” Chris Spina advises.

The couple learned their real estate lessons well. By downgrading the new car to a used one and paying down their student debt at an accelerated rate, they were able to purchase a Golden Gate Estates 2,400-squarefoot home for $382,000. They are now settled into their new home, dual careers and the community. For the full story visit http://spinarealty.com/meet-our-team/naples-real-estate-n....

Spina Realty Company is committed to putting people first. Visit their website at http://spinarealty.com/