When is it Smart to Refinance?

One of the biggest questions a homeowner has after being in their home for a little while is, should I refinance? Well, to answer, it all depends on what your lifestyle and goals are for you and your family. There are a number of reasons why most people will refinance from their current loan and into a new one, we’ll outline a few of them below. Every single situation is unique. Make sure you reach Read more…

Student Loans & Debt-to-Income Ratio

Student debt isn’t going anywhere any time soon. Statistics show that 21% of employed adults between the ages of 25 and 39 with at least a bachelor’s degree and outstanding student loans work more than one job, and just 27% of young college graduates with student loans say they are living comfortably, compared to 45% of college graduates of a similar age without outstanding loans. And today, only 51% of Millennial college graduates with student Read more…

How Much Do You Need To Buy A Home?

Thinking about what it costs to buy a home, most first-timers will only consider their down payment. With flexible loan products on the market, there are options for very little money down. However, there are additional costs to get the deal done. Let’s review some common costs that go into purchasing your home. Down Payment Depending on qualifications, some buyers can qualify for a 0% down payment or find down payment assistance in their state, Read more…

How to Boost Your Credit Score

Your credit score is a significant gateway to many things here in America. This three-digit number measures if you manage debt responsibly and determines whether you qualify for a loan and what interest rate you will pay. Insurers, utilities, and cell phone companies also your score to determine to price. Landlords use scores, too, in their rental applications. So, it’s important to have a good one. What’s a good credit score? Borrowers with FICO scores Read more…

Top First-Time Homebuyer Mistakes

So you’re seriously considering buying a home? That’s great! During this process, you will hear all kinds of information from family or friends that may be outdated and untrue. We are human, everyone makes mistakes but when it comes to home buying, you do not want it to cost you.  Don’t let the mistakes you make cost you the house of your dreams or weigh down your precious pockets.  Make sure you are in-the-know if Read more…

The Wall Street Journal: More First-Time Home Buyers Are Turning to the Bank of Mom and Dad

adopted from the Wall Street Journal Rising home prices are sending first-time home buyers to their parents for help with mortgage down payments. More than 26% of mortgage borrowers who used Federal Housing Administration-insured loans got assistance from a relative to make the down payment in the 12 months through September, up from about 22% in 2011, according to data released late last year as part of the agency’s annual report. The FHA, an arm of Read more…

Mortgage rates on the rise

Mortgage Rates on the Rise Mortgage rates have been on the rise lately. The most common loan product, a 30-year fixed rate, is closer to 5 percent. It hasn’t been this high since 2011 according to recorded data. Experts predict rates will continue to rise. To practically navigate rising rates, here are a few items to consider. Will I miss my chance to get a low rate? Not really, it depends on your situation. Although Read more…

The mortgage process explained by a mortgage broker - blog - florida home loans - mortgage biz of florida

The Mortgage Process – Explained

How Does the Mortgage Process Work? There are six distinct stages of the loan approval process: THE PRE APPROVAL – The lender or your mortgage loan officer, determines whether or not you’re qualified for financing. This first step of the pre-approval process involves checking your credit, as well as your assets and income. Other fundamental things are examined as well, to determine qualification. HOUSE SHOPPING – Now that you have secured your pre-approval letter for Read more…

What Mortgage Rate Can I Get With My Credit Scores

What Mortgage Rate Can I Get With My Credit Score?

  Are you looking to buy a primary residence with a low mortgage rate? If yes, then you are in the right place. Get answers to 2 of the most frequently asked questions by first-time homebuyers regarding mortgages. We will clear up what mortgage rate an individual can get with a certain credit score. Typically, interest rates tend to be higher than what is stated in standard advertisements. Let’s take a peek at what mortgage Read more…

Home Loan Experts at Mortgage Biz of Florida - What is the FHA 203K program and how can you qualify - Florida Mortgage Brokers

What Is the FHA 203k Program?

  The FHA 203k loan program provides home buyers with the opportunity to purchase and improve a property without spending their personal savings. With a 203k loan, home buyers can buy a residential property and include all the costs to make the necessary repairs, or to completely renovate the property. All the repairs or renovation work starts after purchasing the property, using the money set aside by the lender. 203k Loans Are Insured by the Read more…