QUESTIONS 

Question: What is a mortgage payment?

Answer: What is a mortgage payment? Mortgage payments are the payments you make on a long-term loan that enables you to buy your home. Almost everyone who owns a home has a mortgage and makes mortgage payments. Homeowners typically make these payments monthly, over a fixed period of years. 

Question: What is a mortgage application? 

Answer: A mortgage application requires extensive information, including the property being considered for purchase, the borrower's financial situation and employment history, and more. Lenders use the information in the application to decide whether or not to approve the loan. 

Question: What credit score is needed to buy a house? 

Answer: The minimum credit score needed for most mortgages is typically around 620. However, government-backed mortgages like Federal Housing Administration (FHA) loans typically have lower credit requirements than conventional fixed-rate loans and adjustable-rate mortgages (ARMs). 

Question: Does getting pre-approved hurt your credit? 

Answer: Getting pre-approved does not hurt your credit score. 

Question: Is it a good idea to get a HELOC? 

Answer: HELOCs tend to have lower interest rates than other types of home loans. They can be a good option to finance a major expense like a home renovation, to consolidate debt or to cover an unexpected emergency. There are benefits to using a HELOC, particularly because you can borrow against your credit line at any time. 

Question: What is a FHA loan and who qualifies? 

Answer: A Federal Housing Administration (FHA) loan is a home mortgage that is insured by the government and issued by a bank or other lender that is approved by the agency. FHA loans require a lower minimum down payment than many conventional loans, and applicants may have lower credit scores than is usually required. 

Question: What credit score do you need for a FHA loan? 

Answer: FHA loans allow borrowers with a credit score of 580 or above to purchase a house with a down payment as low as 3.5% of the purchase price. Borrowers with credit scores between 500 and 579 need at least 10% down. 

Question: Why use a mortgage broker instead of a bank? 

Answer: The broker will help you understand the interest rate, closing costs, and other details of each offer to find the best loan. If you want to compare loan programs and rates from direct lenders, you have to apply with each one separately and evaluate them on your own. 

Question: Is it a good idea to buy points on a mortgage? 

Answer: Mortgage discount points are portions of a borrower's mortgage interest that they elect to pay upfront. By paying points upfront, borrowers are able to lower their interest rate for the term of their loan. If you plan to stay in your home for at least 10 to 15 years, then buying mortgage points may be worthwhile. 

Question: Is it a good idea to refinance a mortgage?  

Answer: So when does it make sense to refinance? The typical should-I-refinance-my-mortgage rule of thumb is that if you can reduce your current interest rate by 1% or more, it might make sense because of the money you'll save. Refinancing to a lower interest rate also allows you to build equity in your home more quickly. 

Question: How much house can I afford based on my salary? 

Answer: How much house can I afford based on my salary? Rule of thumb says that your monthly home loan payment shouldn't total more than 43% of your gross monthly income. Gross monthly income is your monthly income before paying taxes, making contributions to retirement accounts or taking out other deductions. 

Question: How can I lower my mortgage payment without refinancing? 

Answer: How to lower your mortgage payment without refinancing

• Recast your mortgage.

• Cancel your mortgage insurance.

• Lower your homeowners insurance or property taxes

Question: What does Florida flood insurance cover? 

Answer: Flood insurance can cover both a property and its contents, and a claim can be filed in the event of losses directly caused by a flooding event. A flooding event is considered to be any flooding that affects two or more acres of land or two or more properties. 

Question: Can anyone in Florida get flood insurance?  

Answer: Is my home or business eligible for flood insurance? Yes! Everyone in Florida is eligible for flood coverage as everyone lives in a flood zone. Qualifying for the National Flood Insurance Program (NFIP) coverage will depend on your flood zone and community where the property is located. 

Question: What zones in Florida require flood insurance? 

Answer: Zones FEMA has mapped as areas of high flood risk. Properties located in A and V flood zones have a 1% or greater chance of flooding in any given year, and a 26% chance of flooding over a 30-year mortgage. This 1% or greater annual chance of flooding is often referred to as a 100-year flood. 

Question: What is an HO3 policy? 

Answer: HO-3 insurance is the most common type of home insurance policy. Standard HO-3 policies provide coverage for your home's structure, contents, liability, medical payments and additional living expenses. 

Question: What is an HO6 policy? 

Answer: An HO6 insurance policy is homeowners insurance for those who own a condominium or co-op unit. As a condo or co-op unit owner, you own and are likely responsible for damages to your unit. 

Question: Is insurance cheaper if you bundle? 

Answer: Buying your home and auto insurance from the same company is known as "bundling," and it usually gives you a discount. Think of it as an easy and popular way to cut costs without cutting coverage. The good news is that bundling is pretty common. Many insurers offer the option to bundle multiple products together. 

Question: What is multi policy discount? 

Answer: The multi-line (or multi-policy) discount is for customers bundling auto insurance with another type of policy, like renters, homeowners, condo, or mobile home insurance coverage. The multi-car discount is different since it's for multiple vehicles on the same auto policy. 

Question: How much house can I afford?

Answer: Key factors in calculating affordability are 1) your monthly income; 2) cash reserves to cover your down payment and closing costs; 3) your monthly expenses; 4) your credit profile. 

Question: Is a home inspection the same as an appraisal? 

Answer: A home inspection is a thorough investigation into the condition of the property and reveals any repairs that need to be made. The key difference between an appraisal and inspection is that the appraisal focuses on the home's value, while the inspection focuses on the home's condition. 

Question: How much life insurance should I have?

Answer: You should have 10–12 times your income in guaranteed renewable term life insurance. If something were to happen to you, life insurance is designed to replace you, financially speaking. Let’s say you earn $50,000 per year and you have $500,000 in term life. If you pass away, your spouse should take the money and invest it in a solid mutual fund. Then, if your spouse simply pulled 10% interest out each year, they would receive $50,000 without ever touching the principal. Your income would be replaced. 

Question: What are Current Interest Rates?

Answer: When you see mortgage interest rates listed on lender websites they are just estimates or quotes and will vary based on your unique situation. 

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Question: What is Homeowners insurance? 

Answer: Homeowners insurance provides you financial protection against disasters to your biggest financial investment…your home. A typical homeowners Insurance Policy will insure your home, your belongings and your liability. 

Question: What Is Auto Insurance? 

Answer: Auto insurance provides protection for you, your vehicle and any damage that you may cause through the act of operating your vehicle. An auto insurance policy provides protection to your vehicle (physical damage) and bodily injury liability. 

Question: What Is Boat & Yacht Insurance? 

Answer: Boat & Yacht insurance covers you in the event of loss or damage to your boat. It covers most watercraft with motors, including fishing boats, pontoon boats, PWC’s, paddle boats, leisure crafts and yachts. 

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