Welcome to Florida New Homes. Are you seriously thinking about buying, selling, we have thousands of houses and apartments to show, certainly now is the best time to buy. We offer a unique lending experience 25+ years’ experience in the mortgage industry, Are you considering buying or refinancing your home? If so, then you are in the right place! Easy process. Quick approvals. Exceptional service. We will provide the highest level of expertise to quickly guide you through the entire process of finding the best mortgage loan. Our goal is to help families like yours save money on your mortgage. Refinance your mortgage for a lower rate, access cash or lock in a low rate, We work with thousands of the nation's top banks, credit unions, We will make your life easier Whether buying or refinancing, our customers save thousands over the life of their loan. We work for your best interest. thank you and congratulations !!!!
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Before Buying a Home

1. Check your credit score

Check your credit report before you buy a home and get pre-approved

Checking your credit when buying a home, one of the first things you should do is check your credit report and score. your credit score is probably the most important piece of information a lender considers when deciding on your interest rate, so you want to be sure that everything on your credit report is correct. Mistakes can hurt your credit score.

Increasing your rate and monthly payment. you will need to get pre-approved letter for a mortgage before hunting for the home you want to buy. click here to start with credit score.

Shopping for a home without mortgage pre-approval

Is kind of like shopping for clothes without knowing how much money is in your wallet. the best way to know how much you can afford to spend on a home is to get pre-approved for a mortgage and then look for a home that the mortgage amount will cover.

Being Pre-approved for a Mortgage

May also give you a market edge when a home buying. if a seller has two buyers interested in purchasing the home at the same price and only one already has mortgage pre-approval,the one who is pre-approved is much more likely to get the home.

Pre-approval means you should be able to get the loan as long as nothing changes about your financial situation or your credit score.

A pre-approval letter also helps when you want to compete with another buyer for a home you love. One of the first things most sellers will ask their agent when receiving an offer is how qualified the buyer is to purchase.

Sellers want to feel comfortable knowing the buyer is not going to get turned down for the loan.

A home buyer should understand there is a difference between a mortgage pre-approval and a pre-qualification.

To get pre-approved, lenders will verify employment, income, and credit. Often this is not the case with a pre-qualification.

Get pre-approved online Click Here before you start looking. Not only do real estate agents prefer working with pre-qualified buyers; you will have more negotiating power and an edge over homebuyers who are not pre-approved.

How Much Down Payment do You Have?

Coming up with enough cash for a down payment to buy a house can be the single biggest roadblock for prospective home buyers.

But how much of a down payment do you really need? That depends on the type of loan, your lender and your priorities.

What is a down payment?

A down payment is the cash you pay upfront to make a large purchase, such as a home. You use a loan to pay the rest of the purchase price over time. Down payments are usually shown as a percentage of the price. A 10% down payment on a $350,000 home would be $35,000.

When applying for a mortgage to buy a house, the down payment is your contribution toward the purchase and represents your initial ownership stake in the home. The mortgage lender provides the rest of the money to buy the property.

Lenders require a down payment for most mortgages. However, there are some types of loans backed by the federal government that may not require down payments.

Minimum down payment requirements

You may have heard that you need to make a 20% down payment on a home, but that's really just the threshold many lenders use for requiring mortgage insurance on a conventional loan.

You don't have to make a 20% down payment to buy a house. In 2021, the median down payment for all home buyers was 13%, and the median for first-timers was 7%, according to the National Association of Realtors.

The minimum down payment required for a house varies depending on the type of mortgage you're planning to apply for:

  • 0% down. Guaranteed by the U.S. Department of Veterans Affairs, VA loans usually do not require a down payment.

    VA loans are for current and veteran military service members and eligible surviving spouses. USDA loans, backed by the U.S. Department of Agriculture's Rural Development program, also have no down payment requirement.

    USDA loans are for rural and suburban home buyers who meet the program's income limits and other requirements.

  • As low as 3%. Some conventional mortgages, such as HomeReady and Home Possible, require as little as 3% down. Conventional loans are not backed by the government, but they follow the down payment guidelines set by the government-sponsored enterprises — or GSEs — Fannie Mae and Freddie Mac.
  • As low as 3.5%. FHA loans, which are backed by the Federal Housing Administration, require as little as 3.5% down if you have a credit score that's at least 580. If you have a credit score that's between 500 and 579, FHA loans require a 10% down payment.
  • As low as 10%. Jumbo loans are home loans that fall outside of the Federal Housing Finance Agency's conforming loan limits. Because these outsized loans can't be guaranteed by the GSEs, lenders tend to ask for higher down payments in order to offset some of the risk.

Benefits of a larger down payment

Saving enough money for a substantial down payment takes time, so a zero- or low-down-payment requirement may speed up your ability to buy a home. But making a larger down payment has advantages, which include:

A better mortgage interest rate. Lenders may shave a few fractions of a percentage point off of your interest rate if you make a larger down payment. When you borrow less of the home's price, there's less risk for lenders, and they tend to reward this with more favorable terms.

More equity in your home right away. Your home equity is your home's value minus the amount you owe on your mortgage. In other words, it's the extent to which your home is an asset rather than a debt. More equity means more wealth.

A lower monthly mortgage payment. Borrowing less of your home's price lowers your principal, which also means you'll pay less interest over the life of the loan.

Lower upfront and ongoing fees. Low- or no-down-payment government-backed mortgage programs reduce lenders' risk by guaranteeing a portion of the loans. If a borrower defaults on one of these loans, the associated government agency will reimburse the lender. In order to offset some of that cost, these loans can come with significant one-time costs, like the VA funding fee, or added ongoing costs like FHA mortgage insurance.

A lower down payment can get you to your goal of homeownership more quickly, but a higher down payment might cost you less overall. With low- or no-down-payment loans, you pay for the guarantee through fees or mortgage insurance, depending on the program.

Conventional mortgages usually require you to pay for private mortgage insurance if you put down less than 20%. Trying out some different scenarios with a mortgage calculator that includes PMI can help you better understand how changing the size of your down payment can affect other costs.

Set a budget and stick to it can help you determine a comfortable price range. Know what you really want in a home. How long will you live there? Is your family growing? What are the schools like? How long is your commute? Consider every angle before diving in.

Make a reasonable offer. To determine a fair value on the home, ask your real estate agent for a comparative market analysis listing all the sales prices of other houses in the neighborhood.

Consult with your lender before paying off debts. You may qualify even with your existing debt, especially if it frees up more cash for a down payment.

Keep your day job. If there is a career move in your future, make the move after your loan is approved. Lenders tend to favor a stable employment history.

Do not shift money around. A lender needs to verify all sources of funds. By leaving everything where it is, the process is a lot easier on everyone involved.

Do not add to your debt. If you increase your debt by financing a new car, boat, furniture or other large purchase, it could prevent you from qualifying.

Timing is everything. If you already own a home, you may need to sell your current home to qualify for a new one. If you are renting, simply time the move to the end of the lease.

How Much House Can I Afford?

How much house you can afford depends on how much cash you can put down and how much a creditor will lend you. There are two rules of thumb:
  • You can afford a home that's up to 2 1/2 times your annual gross income.
  • Your monthly payments (principal and interest) should be 1/4 of your gross pay, or 1/3 of your take-home pay.

The down payment and closing costs - how much cash will you need?

Generally speaking, the more money you put down, the lower your mortgage. You can put as little as 3% down, depending on the loan, but you'll have a higher interest rate. Furthermore, anything less than 20% down will require you to pay Private Mortgage Insurance (PMI) which protects the lender if you can't make the payments. Also, expect to pay 3% to 6% of the loan amount in closing costs.

These are fees required to close the loan including points, insurance, inspections and title fees. To save on closing costs you may ask the seller to pay some of them, in which case the lender simply adds that amount to the price of the house and you finance them with the mortgage.

A lender may also ask you to have two months mortgage payments in savings when applying for a loan. The mortgage - how much can you borrow? A lender will look at your income and your existing debt when evaluating your loan application. They use two ratios as guidelines:

  • Housing expense ratio. Your monthly PITI payment (Principal, Interest, Taxes and Insurance) should not exceed 28% of your monthly gross income.
  • Debt-to-income ratio. Your long-term debt (any debt that will take over 10 months to pay off - mortgages, car loans, student loans, alimony, child support, credit cards) shouldn't exceed 36% of your monthly gross income.

    Lenders aren't inflexible, however. These are just guidelines. If you can make a large downpayment or if you've been paying rent that's close to the same amount as your proposed mortgage, the lender may bend a little. Use our calculator to see how you fit into these guidelines and to find out how much home you can afford.

    Application Fee:

    This covers the initial costs of processing your loan application and checking your credit.

    Appraisal Fee:

    An appraisal provides an estimate or opinion of your property's value.

    Title Search and Title Insurance:

    A Title Search examines the public record to discover if any other party claims ownership of the property. Title Insurance covers you if any discrepancies arise in ownership. (A reissue of the title can save 70% over the cost of a new policy.)

    Lender's Attorney's Review Fees:

    In any financial transaction of this scope, a lawyer's participation ensures that the lender isn't legally vulnerable. This fee is passed on to you.

    Loan Origination Fees:

    This is the cost of evaluating and preparing a mortgage loan.


    These are basically finance charges you pay the lender. One point equals 1% of the loan amount (for example, one point on a $75,000 loan is $750). The total number of points a lender charges depends on market conditions and the loan's interest rate.

    Prepayment Penalty:

    Some mortgages require the borrower to pay a penalty if the mortgage is paid off before a certain time. FHA and VA loans, issued by the government, are forbidden to charge prepayment penalties.


    Other fees may include costs for a VA loan guarantee, FHA mortgage insurance, private mortgage insurance, credit checks, inspections and other fees and taxes. How to Save Money Refinancing:
  • Research all costs and fees.
  • Don't be afraid to negotiate with your lender.
  • Shop around for the lowest rates.
  • Check with your current lender for lower rates with costs that are reduced or waived.

    What Kinds of Mortgages Are Available?

    • Fixed-Rate Mortgage: interest rates and monthly payments remain unchanged for the life of the loan 
    • Adjustable-Rate Mortgage: interest rates and monthly payments can go up or down, depending on the market 
    • Hybrid Loans: a combination of fixed and adjustable mortgages

      How do you decide which loan is best? These questions may help.

    • How much cash do you have for a downpayment?
    • What can you afford in monthly payments?
    • How might your financial situation change in the near future and beyond?
    • How long do you intend to keep this house?
    • How comfortable would you be with the possibility of your monthly payments increasing? 

    Discuss these with your lender so they can help you decide which loan would best suit you.

    What is a Fixed Rate Mortgage?

    This is the most common loan arrangement in the U.S. With a fixed-rate mortgage the loan's principal and interest are amortized, or spread out evenly, over the life of the loan, giving you a predictable monthly payment.

    The upside is, if rates are low, you can lock in for as long as 30 years and protect yourself against rising rates. However, if rates fall you can't change your rate without refinancing the loan, and that could cost money.

    The 30-year Fixed-Rate Mortgage, the most popular and easiest to qualify for, will give you the lowest payment. But you can also get a 20-, 15- and even a 10-year fixed-rate mortgage if you wish to save interest and pay your home off sooner.

    What is an Adjustable Rate Mortgage?

    With Adjustable-Rate Mortgages (ARMs) interest rates are tied directly to the economy so your monthly payment could rise or fall. Because you're essentially sharing the market risks with the lender, you are compensated with an introductory rate that is lower than the going fixed rate.

    How often does the interest rate change?

    That depends on the loan. Changes can occur every six months, annually, once every three years or whenever the mortgage dictates.

    How much can my rate change?

    Your ARM will stipulate a percentage cap for each adjustment period, which means your interest may not increase beyond that percentage point. If the market holds steady, there may be no increase at all. You may even see your payment decrease if interest rates fall.

    How are the changes determined?

    Every ARM loan is tied to a financial market index, such as CDs, T-Bills or LIBOR rates. Your rate is determined by adding an additional percentage (known as a margin) to that index's rate. When the index rises or falls, your rate rises or falls with it.

    Is there a limit to how much interest I'll be charged?

    Yes. It's called a ceiling, or lifetime cap. This is a guarantee that your interest rate will never exceed a designated percentage. For instance, if your introductory rate was 5% and you have a lifetime rate cap of 6% (meaning that your interest rate can never increase more than 6% during the life of the loan) then your ceiling would be 11%.

    What are the benefits of an ARM?

    • With a lower initial interest rate (usually 2% to 3% lower than fixed-rate mortgages), qualifying is easier and the payments are more manageable at first.
    • You may qualify for a larger loan than you would with a fixed-rate mortgage
    • If you're only planning to stay a short time the interest rate is likely to stay lower than that of a fixed-rate mortgage.
    • If you expect regular pay increases that would cover the increase in your interest, or if you believe interest rates will fall, an ARM might be the wiser choice.

    A few words of caution: Negative Amortization

    This happens when a lender allows you to make a payment that doesn't cover the cost of principal and interest.

    Watch for this. It may be used as a lure to get you into a home with the promise of low initial payments. Or, a lender may give you a payment cap instead of a rate cap.

    In this mortgage arrangement, if interest rates increase, your monthly payments could stay the same but the higher interest will still be charged to your loan, adding to it instead of reducing it.

    Either way, if you find yourself with a negative amortization ARM, you'll be adding to your debt.

    Discounted interest rates

    Sometimes a lender will advertise an unusually low initial rate. This is a discounted rate, and it's essentially a marketing tool. If your ARM offers a discounted interest rate you are certain to see an increase at your next adjustment period, even if interest rates don't change.

    What is a VA Loan?

    Administered by the Department of Veterans Affairs, these special loans make housing affordable for U.S. veterans. To qualify you must be a veteran, reservist, on active duty, or a surviving spouse of a veteran with 100% entitlement.

    Many lenders are approved to handle VA loans.

    Your VA regional office can tell you if you're qualified.

    What is a FHA Loan?

    FHA loans are designed to make housing more affordable for first-time home buyers and those with low to moderate income.

    Both fixed and adjustable rate FHA loans

    are available, and in most states, an FHA loan can be used for refinancing. The difference is, they're insured by the U.S. Department of Housing and Urban Development (HUD). With FHA Insurance, eligible buyers can put down as little as 3% of the FHA appraisal value or the purchase price, whichever is lower. Qualifying standards are not as strict and the rates are slightly better than with conventional loans.

    Convertible ARMs

    Some adjustable -rate mortgages allow you to convert to a fixed rate at certain specified times. This mitigates some of the risk of fluctuating interest rates, but there will be a substantial fee to do it. And your new fixed rate may be higher than the going fixed rate.

    Two-Step Mortgages

    This is an ARM that only adjusts once at five or seven years, then remains fixed for the duration of the loan.

    Not only will you benefit from a lower rate for the first few years, but the new fixed rate cannot increase by more than 6%. It may even be lower, depending on market conditions. Then again, you also run the risk of adjusting to a much higher rate.

    Convertible Loans

    Another ARM choice, the convertible loan offers a fixed rate for the first three, five or seven years, then switches to a traditional ARM that fluctuates with the market. If you strongly believe that interest rates will fall a convertible loan might be a smart move.

    Balloon Mortgages

    These short-term loans begin with low, fixed payments. Then, in five, seven or ten years a single large payment (balloon) for all remaining principal is due.

    While this saves money up front, coming up with a large payment at the end of the loan may be difficult. Some lenders will allow you to refinance that payment, but some won't, so be sure you know what you're getting into.

    Graduated Payment Mortgage (GPM)

    With a GPM you pay smaller payments that gradually increase and level off after about five years.

    Lower payments can make it possible for you to afford a bigger home, but they'll be interest-only payments, adding nothing to the principal. This could put you in a negative amortization situation.

    How Can I save on a Fixed Rate Mortgage?

    Short Term Mortgages

    You don't have to finance your home for 30 years. Granted, the payments will be lower, but you'll be paying them longer.

    You could, instead, opt for a period of 20, 15 or even 10 years, pay your home off sooner and save in interest.

    Furthermore, lenders offer much more attractive interest rates with short-term loans, so your payments may not be as much as you'd think.

    The table below shows you the interest savings on a $100,000 loan at 8.5% interest:

    Monthly Payment
    Total Interest Accrued
    30 yr
    20 yr
    15 yr
    By paying $215.83 more a month on a 15-year mortgage, you'd save $99,555.83 in interest over a 30-year loan - and own the house in half the time.

    What Determines the Cost of a Mortgage?

    There are five factors that determine the ultimate cost of a mortgage.

    1.-The principal, or amount of the loan, is the total amount you borrow (the purchase price minus your down payment).

    2.-The interest rate adds significantly to the cost of your mortgage. Fixed or adjustable, the interest paid at the end of the loan can exceed the original cost of the home itself.

    For instance, a $100,000 loan balance at 8.5% for 30 years will cost you $277,000 by the time the loan is retired.

    3.-The term of the loan is the length of time until the loan is paid off. A longer term means more interest and higher cost.

    4.-The Points are interest paid on the loan and they're purely optional. You pay points at closing if you want to reduce the interest rate and make your monthly payments smaller. One point equals one percent of the loan amount.

    5.- Fees are paid to the lender at closing to cover the costs of preparing the mortgage.

    They can vary according to where you live and what type of loan you're securing.

    While points and fees are not financed, they still contribute to the cost of the mortgage.

    What is Private Mortgage Insurance?

    Private Mortgage Insurance, or PMI, is insurance purchased by the buyer to protect the lender in case the buyer defaults on the loan. PMI is generally applied when you put down less than 20% of the home's purchase price. The reason is this:

    With 20% down, you are considered a low risk. Even if you default the lender will probably come out ahead because they've only loaned 80% of the home's value and they can probably recoup at least that amount when they sell the foreclosed property.

    But with 5% or 10% down, the lender has a lot more invested in the loan and if you default, they will almost surely lose money. This is why lenders require buyers to purchase PMI if they put down

    less than 20%. It's insurance that, no matter what happens, the lender will recoup its investment.

    How does PMI increase your buying power?

    In simplest terms, PMI allows you to put less money down, and the benefits are as follows:
    • If you have good credit but are short on cash for a down payment you can put as little as 5% down.
    • It doesn't take as long to accumulate a 5% or 10% down payment so you could buy a home much sooner than you anticipated.
    • A smaller down payment allows you to purchase a larger or nicer home.
    • For repeat buyers, a smaller down payment on the new home can free up cash from the sale of their previous home to use for other debts or expenses.
    • Your interest will be higher if you put down less than 20%, but that interest is tax-deductible.

    What does PMI cost?

    A Loan Estimate will be provided to you within a few days after we received your loan application.

    This Loan Estimate disclosure will provide you with an estimate of your monthly PMI premium as well as the initial premium you'll need to pay at closing. Additionally, we will be providing you a disclosure on your rights (if applicable) to cancel the PMI.

    What Should I Ask My Lender?

    What type of loan is best for me

    If you've done some groundwork you should have a pretty good idea of what type of loan you need.

    But your lender may offer options you hadn't considered or even something you haven't yet heard about.

    What will my closing costs be?

    At closing, you'll be required to pay a number of fees such as transfer of title, origination and appraisal, attorney services, credit report, title insurance and inspections.

    Your lender is required to provide an estimate of these costs within a few days after your application is received, but you can always ask for an estimate sooner.

    Will I be charged points?

    Sometimes you'll have to pay points (one point = 1% of the loan amount)

    Mortgage points are fees paid to the lender for a reduced interest rate.

    It’s important to consider how long you’ll own the home and the time it will take to recoup the cost of buying points.

    Mortgage points,also known as discount points, are fees a homebuyer pays directly to the lender (usually a bank) in exchange for a reduced interest rate. This is also called “buying down the rate.”

    Essentially, you pay some interest up front in exchange for a lower interest rate over the life of your loan. Each point you buy costs 1 percent of your total loan amount.

    Buying points to lower your monthly mortgage payments may make sense if you select a fixed-rate mortgage and plan on owning the home after reaching the break-even period.

    The break-even period is the time it takes to recoup the cost of buying points.

    The Benefits Of Mortgage Points

    People buy points to lower their interest rate and save on the overall cost of the loan.

    Points can increase your closing costs by thousands of dollars, but the large upfront cost might be worth it if you stay in the home long enough to see savings from the reduced interest rate.

    Paying an extra $2,000 upfront could mean tens of thousands of dollars in savings over the course of your mortgage However, if you plan to sell your home or refinance before your break even, paying for points might not be worth it.

    Points can also get you a lower monthly payment.If your monthly mortgage payment puts too much of a strain on your budget, mortgage points could be a way to save. A lower interest rate equals lower monthly payments.

    You may even save money on taxesif you decide to purchase mortgage points. Since mortgage interest is tax deductible and points are considered prepaid mortgage interest, you may be able to deduct the cost of the points on your taxes. Mortgage Points Can Save You Money

    Buying mortgage points can save you significant money over the course of your loan

    What items must be prepaid?

    Some expenses, such as first year's property taxes and insurance, must be paid at closing. Your lender will let you know what's required.

    How long will I be guaranteed the quoted interest rate?

    This is called "locking in" a rateand most lenders provide this service.

    When you apply for your loan, the lender will lock in the agreed interest rate for an agreed period of time. But there may be a fee for this, so ask.

    How long will it take to get approval?

    It varies,so make sure you get an estimate of how long approval will take, especially if you have a deadline for closing on a new home.

    Does the loan have a pre-payment penalty?

    If you even think there's a possibility you may pay off your loan early (this includes refinancing) find out if there's a penalty for doing so.

    Is there a call option attached?

    A call option allows the lender to require you to pay off your loan balance before it's due. You don't want this, so make sure it's not in the contract.

    What Documents Will I Need for My Loan Application?

    When preparing a loan, the lender will ask for substantial documentation.

    Personal Information Here's a list of what is usually required.

    • Address and telephone numbers of each borrower 
    • Previous address(es)over the last seven years
    • Social Security number(s) of applicants
    • Age of applicant(s) and dependent(s)
    • Name and address of landlord(s) or lender(s) for the past two years and proof of payment
    • Current housing expense details (rent, mortgage payments, taxes, insurance) Employment/Income
    • Name and address of employer(s) for the past two years
    • Pay stubs for the past 30 days · W-2 forms for the past two years
    • A written explanation of any employment gaps
    • If you're self-employed you'll need:
    • Complete, signed Federal Income Tax Returns for the past two years (personal and corporate) ·
    • Year-to-date Profit and Loss Statement and Balance Sheet Other Income
    • If you receive Social Security, a pension, disability or VA benefits you'll need:
    • A copy of your awards letter (or tax returns for the past two years)
    • A copy of your most recent check Child Support
    • If you pay child support you'll need:
    • A copy of the divorce or separation agreement
    • Evidence of payment for the last 6-12 months (cancelled checks of pay history from the courts) Rental Income If you receive rental income you'll need:
    • A copy of the lease

      Debt Disclosure - Credit Cards, Loans and Current Mortgages

    • Name and address of each creditor
    • Account number, monthly payment and outstanding balance for each
    • Proof of recent payment or current statement for each
    • Documentation of alimony or child support you are required to pay
    • Written explanation of any past credit problems Loan Application for Home Purchase
    • A complete, signed copy of sales contract · Mailing address and property description (if it's not in the contract)
    • A copy of your cancelled earnest money check Loan Application for Refinance
    • A copy of the deed
    • A copy of your hazard insurance policy
    • A copy of the property survey
    • Proof that your home has passed a termite inspection Evidence of Funds for Downpayment
    • If the downpayment is a gift you'll need a signed gift letter, the giver's bank statement showing sufficient funds, a copy of the check and a deposit slip
    • If you have any recent large deposits or new accounts you'll need to show documentation Other
    • If your loan is for new construction the lender will need to see plans and specifications
    • If there's a bankruptcy in your financial history you'll need complete documentation Fees
    • Appraisal fee (approximately $450)
    • Credit report fee (approximately $65)
    • In some areas, a flood determination fee (approximately $50)

    What's Involved in the Closing Meeting?

    Preparing for Closing Many things must be taken care of before you come to the closing meeting.

    Set a Closing Date

    When choosing a closing date give yourself time to gather all your information and free up any necessary funds.

    The lender will need time to prepare and deliver loan documents (usually 3-5 days), home inspections must be scheduled and if any repairs are needed allow enough time for them to be completed.

    if your rate is locked in, make sure you close before the deadline so you'll be guaranteed the quoted interest rate.

    Your lender will provide you with a commitment letter that lists all the other documentation that's required at closing. The following are common examples.

    • Survey - This shows the property's boundaries and any improvements made to it. It also details any encroachments on the property like fences or buildings. Major encroachments must be corrected before closing.

    • Termite Inspection - Many areas legally require homes to pass a termite inspection, and all FHA and VA loans require one. If a termite inspection is required you must bring the certification to closing.

    • Homeowner's Insurance - Lenders require you to carry insurance for the replacement cost of the property. Bring the policy with you to closing.

    • Title Insurance Policy - All lenders require title insurance to protect them against claims of property ownership by anyone other than the borrower. The title insurance issues the policy company after conducting a title search.

    • Flood Insurance - A flood insurance policy is necessary for any property located in a flood plain.

    • Water and Sewer - If the property isn't served by public water and sewer facilities you'll need certification from the local government that you have a private water source and sanitary sewer facility.

    • Certificate of Occupancy - For a new home you'll need one of these before you move in. The builder should get it for you from the city or county.

    • Building Code Compliance - An inspection is often required to make sure the property conforms to current building codes. There will be an inspection fee, and the contract should specify who pays for any repairs needed to bring the home up to code.

    Final Walk-Through

    A day or two before closing it's a good idea to take one last look at the home to make sure repairs have been made, there's no new damage, and anything meant to be sold with the property is still there. You can do this on your own or with your real estate agent.

    Closing Costs

    One business day before closing your lender must allow you to review your Settlement Statement This is the final exact amount you'll owe at closing and it must be brought in the form of a certified or cashier's check. (Our Closing Costs Checklist can help you keep track of these expenses.)

    The Closing Meeting

    The legal sale and purchase of your home happens at the closing meeting which is attended by the buyer (you), the loan officer, the seller and any real estate agents or attorneys involved. (In some areas, closing is done by an agent without a meeting.)

    Examination and Signing of Documents

    At the closing meeting, the closing agent will review the settlement sheet with you and the seller and ask you both to sign it. This is also when you'll present evidence of insurance and inspections and sign all other loan documents.

    Closing Documents For Buyers

    Proof Of Homeowners Insurance

    Before closing, you must provide your lender proof of homeowners insurance. Lenders want to make sure the home is insured, so their investment is protected if something were to happen to the home.

    Closing Disclosure

    A Closing Disclosure outlines all the terms of your loan, so you know exactly what you’re getting when you sign your mortgage. By, law home buyers must receive a copy of the Closing Disclosure at least 3 days before closing.

    Loan Application

    When you first applied for a loan, you completed an application. Before you close, you’ll receive a new copy of that initial loan application you filled out. You’ll review and sign your original application.

    Loan Estimate

    Your initial loan estimate is often included in the paperwork. This will cover terms, the interest rate, closing costs, and the cost of obtaining the mortgage overall. You’ll also receive this document within 3 days of the closing of your home.

    Mortgage Note

    A mortgage note legally binds you to repay the mortgage. The mortgage note includes the amount, interest, payment dates, terms and information on what will happen if you fail to make payments.

    Deed Of Trust

    A deed of trust is also called a security instrument. This document is an agreement that puts your property as collateral for the mortgage. Keep in mind, signing the deed of trust means you're putting your house up as collateral.

    Initial Escrow Statement

    An initial escrow statement outlines the payments on taxes and insurance that will come from your escrow account during the first year of your mortgage. Your escrow account is used to make payments on your behalf.

    Transfer Of Tax Declarations

    Depending on the state you live in, you may have to sign paperwork that discloses your home's sale price and the sales tax you owe.

    Certificate Of Occupancy

    If you're moving into a newly constructed home, a certificate of occupancy is required before you can live in the house. This document should be included with the home buying package from your builder. This document verifies that you are moving your family into a safe, structurally sound home.

    Title Documents

    The primary title document is the title insurance commitment. This document shows who owns the home and any liens or other clouds on the title.


    A deed details everything about the property. It transfers the title from the seller to the buyer and is signed by the seller. Your state law will determine the form and language for the deed.

    Payment of Closing Costs

    Once all papers are signed and in order you'll hand over the check for closing costs (the down payment is included in check) and the lender provides the remaining funds to purchase the house.

    Transfer of Property

    Congratulations! You now own your new home. After the meeting, the closing agent will record the mortgage and deed in your name with local government records and all funds will be disbursed.

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