The search for your New Dream Home brings many services that you may not be too familiar with. Financing is no exception. Below you can find Helpful Tips and Useful Information when it comes to understanding the essentials of Mortgage Financing in reference to Conventional & Government Loans in particular.







INTEREST RATES
- Mortgage Rates are directly correlated with the 10 Year Treasury Bond.
         - When the bond increases rates adjust upward and vis verse.
- The rate you qualify for is adjusted based on your Credit Score, Down Payment, Loan Term, & Occupancy.
- These are the main driving factors although other factors could affect your qualifying rate.

RATE LOCK PERIODS
- Rates can be locked in for a period of 30 days, 45 days, or 60 days.
- A longer lock period will have a slightly higher adjustment to the interest rate.

DOWN PAYMENT
- 0% down payment available for Veteran Affairs mortgages.
- 3% Minimum down payment options available.
- Funds for closing must be sourced.
- Gift Funds are accepted.

CLOSING COSTS
- Must be paid by someone.
- Credit towards closing costs can come from:
      - Seller, Lender, Realtor, or Gift Funds.
- The costs associated with purchasing property in the State of Florida while obtaining Mortgage Financing can't be avoided. For a better understanding of what is involved please contact one of our Financing Specialists today.

MORTGAGE INSURANCE (MI)
- MI is required by law for any loan with a down payment of less than 20% of the purchase price.
- Most Mortgage Insurance can be removed at some point in the repayment process.
- Borrower Paid Mortgage Insurance is paid monthly by the borrower in addition to the mortgage payment.
- Lender Paid Mortgage Insurance will result in a slightly higher interest rate with NO other addition to the mortgage payment.