Mortgages shouldn't break the Bank

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most trusted mortgage broker.

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I've some of the best mortgage rates on the market

Cut the crap - I'll get you a better rate on your purchase or refi than any bank or lender, period. That's the advantage of working with a solo Certified Mortgage Advisor™.

Filtering the bullsh*t in mortgages since Y2K.

Nailing down the best damn mortgage rate for your situation is paramount when you're buying a house - everything else is secondary.

Easy to reach! If I’m not sleeping, I’m answering.

I don’t work bankers’ hours, so it’s damn easy to reach me—any time, any day. I work around your schedule.

Your home,

your terms

Explore the 4 loan types and see which suits you

Conventional

Conventional loans are ideal for borrowers with good credit (buying or refinancing)

You won’t need to pay for mortgage insurance (PMI) if you can put down 20% of the home’s price

Option to make a 3% down payment

Great for primary, secondary, or investment residences

Low rates and closing costs compared to FHA loans

Who qualifies?

  • People with a debt-to-income ratio of 49.9%
  • People with a credit score of 620 or higher

FHA Loans

FHA loans are ideal for first-time buyers

Very lenient credit requirements

Option to make a 3.5% down payment

6% seller concessions

Option to secure a low interest rate, even with bad credit

Who qualifies?

  • People with a debt-to-income ratio of 54.9%
  • People with a credit score of at least 580

VA Loans

VA loans are ideal for veterans

Very lenient credit score requirements

Low rates without PMI

Up to 100% financing of the home's value

Primary/owner-occupied homes only

Who qualifies?

  • Active-duty members of the military or veterans meeting minimum length-of-service requirements
  • Surviving spouse/husband of a military service member who died while on active duty
  • People with a credit score of at least 580

Non-QM Loans

Non-QM loans are best for people with unique circumstances

Very lenient credit score requirements

Great for self-employed borrowers

Caters to people who don’t meet the traditional, strict mortgage requirements

Who qualifies?

  • People with recent credit events, like bankruptcies or foreclosures
  • People with a credit score of at least 580
  • People with unconventional income sources

Have <span class='t-red'>Questions?</span>

What are the requirements to get a mortgage in Florida?

To snag a mortgage in Florida, you’ve got to check a few boxes, no way around it. Firstly, you need a steady income, a solid financial history (that’s your credit score), and your debt-to-income ratio better be in check. Mortgage lenders will scrutinize your ability to make a down payment too. They want to be sure you’re pulling in enough money to cover those monthly mortgage bills. Be ready to back it all up with proof of employment and a stack of documents like tax returns and bank statements. Don’t forget, you’ll need homeowners insurance for the property you’re eyeing. Each type of mortgage has its own set of rules, so it’s a smart move to have a chat with a Florida mortgage broker for some guidance and how to get the best mortgage rates.

How much do you have to put down for a mortgage in Florida?

The down payment for a mortgage in Florida isn’t a fixed number; it’s a bit of a moving target. When it comes to regular conventional mortgages, you’ll typically need to cough up anywhere from 3% to 20% of the home’s price. Your exact requirement hinges on factors like your credit score and the specific rules of your mortgage lender. But hold on, if you’re eyeing an FHA loan, you might get away with as little as 3.5% down. Now, for the veterans out there, VA loans usually let you off the hook entirely when it comes to down payments. And if you’re eyeing some rural charm, certain USDA loans won’t demand a down payment either. Florida’s got some programs in place to lend a hand with down payments too. Remember, a larger down payment can be a lifesaver in reducing your monthly payments, but it’s wise to explore your options and find what suits your unique situation best.

What is mortgage insurance?

Mortgage insurance is lender protection for folks with smaller down payments when buying a house. There’s PMI for regular loans and MIP for government-backed ones. You’ll chip in these costs with your monthly mortgage payment, but they’re not your shield – they’re there for the lender in case you hit a financial rough patch.

On a conventional loan, you can drop mortgage insurance once you’ve paid enough or your home’s value rises. But if you’re in an FHA loan, expect to pay MIP for the long haul unless you refinance into a conventional loan with 20% equity.

What are points on a mortgage?

Let’s cut to the chase – points on a mortgage are essentially fees you can opt to cough up when securing a home loan and trying to lock the lowest mortgage rates in Florida. There are two flavors: discount points and origination points. Discount points mean you fork out extra cash upfront to the lender, and as a sweetener, they slice your interest rate, potentially reducing those monthly payments. Origination points, on the other hand, are fees for the loan processing, but they don’t touch your interest rate.

Now, the million-dollar question is whether it’s worth it. The answer? It hinges on how long you plan to hold that loan and whether it’ll ultimately save you some green. Here’s a golden rule of thumb – weigh the time it takes to recover the cost of those fees against your monthly savings. If you can recoup those expenses within 2-5 years, it’s a solid move. Anything beyond that, and you might as well kiss your hard-earned money goodbye.

How to get a mortgage?

To get a mortgage, follow these steps:

  • Check your finances, including credit, income, and debts.
  • Determine your borrowing capacity and budget.
  • Choose a lender like a bank or mortgage broker and get pre-approved.
  • Compare mortgage types and interest rates.
  • Gather financial documents, fill out the application, and undergo a thorough review.
  • The lender appraises the property.
  • If all goes well, you close the deal, become a homeowner, and start making payments. A real estate agent and mortgage broker can make the process smoother.

How much mortgage can I afford?

To know how much mortgage you can handle without the fluff, do some basic math. Add up your monthly income, factor in your debts (like car loans and credit card payments), and decide on a down payment amount. Remember, your mortgage also covers property taxes, insurance, and potentially private mortgage insurance (PMI).

Lenders often advise keeping your total monthly debts under 43% of your income, though some wiggle room might exist (up to 49.9% for conventional loans or 54.9% for FHA or VA loans). Online calculators can help estimate your monthly mortgage payments, and getting pre-approved by different Florida mortgage sources will clarify their lending limits. The goal? Find a sweet spot that fits your budget, leaves room for savings, and allows you to enjoy life comfortably.

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