Contractors

Request Invite

Pro Login

Consumer Financing

Agents
Request Invite

Agent Login

Mortgage Calculator

Calc Advanced Mortgage Calculator v2

$
Rate%
20%
1%50%

$
30yrs
1yrs50yrs

Taxes, Fees and Financial

Sending

Mortgages are a cornerstone of homeownership, allowing individuals and families to turn their dreams of owning a home into reality. However, the world of mortgages can be complex, and many questions arise when navigating this financial journey.

Frequently Asked Questions
Here are some of the most frequently asked questions about mortgages, providing clarity and insight to help you make informed decisions.
How Do I Qualify for a Mortgage?
Mortgage qualification typically depends on factors such as your credit score, income, employment history, and debt-to-income ratio. Lenders assess your financial situation to determine if you’re a suitable candidate for a mortgage.
What Types of Mortgages Are Available?

Fixed-Rate Mortgage: Offers a stable interest rate and predictable monthly payments over the loan term.

Adjustable-Rate Mortgage (ARM): Has an interest rate that can change periodically, often with an initial fixed-rate period followed by adjustable rates.

FHA Loan: Insured by the Federal Housing Administration, these loans are suitable for borrowers with lower credit scores and smaller down payments.

VA Loan: Available to eligible veterans, active-duty service members, and some members of the National Guard and Reserves.

USDA Loan: Designed for eligible rural and suburban homebuyers and backed by the U.S. Department of Agriculture.

What Is a Down Payment, and How Much Do I Need?
A down payment is the initial payment you make toward the purchase of a home. The amount required varies but is typically a percentage of the home’s purchase price, often ranging from 3% to 20% or more. Your down payment affects your loan-to-value ratio and can impact your mortgage terms.
What Is Private Mortgage Insurance (PMI)?
PMI is a monthly insurance premium that some borrowers are required to pay if their down payment is less than 20% of the home’s purchase price. PMI protects the lender in case the borrower defaults on the loan. Once your loan-to-value ratio reaches 80%, you can typically request to have PMI removed.
How Does the Mortgage Application Process Work?
The mortgage application process involves several steps, including prequalification, completing an application, providing documentation, having your credit checked, and undergoing underwriting. Once approved, you’ll receive a loan estimate detailing the terms and costs.
What Is a Closing Cost?
Closing costs are fees and expenses associated with the mortgage closing process. They include items such as lender fees, appraisal costs, title insurance, and escrow fees. It’s important to budget for closing costs, which can be a significant part of your homebuying expenses.
Can I Refinance My Mortgage?
Yes, refinancing allows you to replace your existing mortgage with a new one, often to secure a lower interest rate, change the loan term, or access your home’s equity. Refinancing can be a smart financial move when done strategically.
What Happens If I Miss a Mortgage Payment?
Missing a mortgage payment can have serious consequences, including late fees, damage to your credit score, and the risk of foreclosure. If you anticipate difficulty making payments, it’s essential to communicate with your lender to explore options like loan modification or forbearance.
How Do I Pay Off My Mortgage Faster?
Paying off your mortgage faster can save you money on interest. You can achieve this by making extra principal payments, making biweekly payments, or refinancing to a shorter loan term.

Disclaimer

In order to receive a helpful estimate, it’s important that you input accurate information.

Results in no way indicate approval or financing of a mortgage loan. Contact a mortgage lender to understand your personalized financing options.

Helpful Need To Knows about Mortgages

Florida Mortgage Rates
30 Year Fixedloading...
15 Year Fixedloading...
5/1 ARMloading...
Source: Mortgage Rates

Source: Erate

A Beginner’s Guide to and Applying for Home Improvement Grants in 2024

by | June 7, 2024 | Finance, Home Improvement | 0 Comments

Are you a homeowner planning some much-needed improvements, but the cost is putting you off? Fear not -  this guide will walk you through the best home improvement grants available in 2024 so you can turn your dream project into reality. Home Improvement Grants &...
Read More

3 Types of Home Improvement Loans

by | April 27, 2024 | Home Improvement | 0 Comments

So, you’re thinking about a home renovation project? That’s awesome! But you’re wondering about the financial side of things. We know that choosing the right loan can make a big difference in your renovation journey, whether you’re buying a fixer-upper or looking to finance home improvements for your current home. Therefore, we’ve put together a comprehensive, side-by-side comparison of 3 types of home improvement loans: FHA 203(k), Fannie Mae HomeStyle, and Freddie Mac CHOICERenovation Loans. Importantly, each of these options has its unique benefits and requirements. Ultimately, we aim to simplify your decision-making process, helping you choose the one that aligns best with your renovation goals and financial situation.

Read More

Calculators

by | June 18, 2023 | Buying, Calculators, Finance, Home Improvement, Selling, Tools | 0 Comments

Real Estate Calculators Welcome to our Real Estate Calculators page, your ultimate resource for making informed and confident real estate decisions. Whether you're buying, selling, investing, or simply curious about the real estate market, our suite of calculators is...
Read More

How to Sell Your House: The Process Explained in Seven Steps

by | May 18, 2024 | Selling | 0 Comments

Hello, up-and-coming home-selling experts! With Property.com and this step-by-step guide, you'll learn how to sell your house like a pro. We've broken the process into seven easily digestible steps, each covering what to expect and how to transition from each to the...
Read More

Busting Myths about No Money Down Mortgages: Get the Facts

by | January 11, 2024 | Buying, Learn About Financing | 0 Comments

Are you dreaming of owning a home, but the thought of a hefty down payment is giving you sleepless nights? Well, we've got some good news for you! A no-money-down mortgage, also known as 100% financing home loans or zero-down payment mortgages, is here to turn your...
Read More

Go Green, Save Green: The Energy-Efficient Upgrades with the Biggest ROIs for Your Home

by | July 5, 2024 | Home Improvement, Sustainable | 0 Comments

We’ve got the top energy-efficient upgrades for the best ROI! Boost your home’s value and save on bills with our expert-curated list!

Read More

Your Complete House Buying Checklist for 2024

by | January 7, 2024 | Buying, Checklist Articles | 0 Comments

Hey there, future homeowner! Are you ready to ditch the world of renting and buy your very own home in 2024? We know the process can feel like a maze, but don't worry! Our comprehensive house-buying checklist will help you navigate it. 1. Determine Your Home Buying...
Read More

Sustainable and Eco-Friendly Homes

by | September 3, 2023 | Sustainable | 0 Comments

Sustainable and eco-friendly homes are becoming increasingly popular in Fort Lauderdale, as they align with the growing awareness of environmental concerns and a desire for energy efficiency. Here are some features and aspects commonly found in sustainable homes in...
Read More

The Landmark Real Estate Agent Commission Rule Change

by | July 10, 2024 | Agents, Buying, Selling | 0 Comments

Real estate agent commission rule changes to enhance transparency and competition, impacting sellers, buyers, and agents.

Read More

2024’s Best Home Improvement Loans Unveiled

by | June 25, 2024 | Finance, Home Improvement | 0 Comments

Hello there, homeowners! Are you ready to transform your humble abode into the home of your dreams? If yes, then you're definitely in the right place. Today, we're unveiling the best home improvement loans for 2024 that can help you achieve just that. The fast, simple...
Read More
Demystifying Mortgage Interest Rates

Navigating the world of mortgages can be less daunting when you have answers to these frequently asked questions.

Keep in mind that mortgage terms and conditions can vary, so it’s crucial to work closely with a qualified mortgage professional to tailor your mortgage to your unique financial situation and homeownership goals