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MORTGAGE  RATES

Buyers Roadmap

 

Preparation


2.1 Build your 'Buyers File'. A buyers file contains all your important financial documents. You'll need it to secure financing for your home. The typical buyers file should contain:
 

  • Bank accounts

  • Investments

  • Credit card

  • Auto loans

  • Recent pay stubs

  • Tax returns for two years


2.2 Check your credit rating. Your credit score will have a huge impact on what type of home you can buy, and at what price. Anything above 620 is considered good. A premium interest rate may mean a lower interest rate on your mortgage. Check your credit rating with a credit reporting agency such as Equifax , Experian or Trans Union.  Remember that you are entitled to one free credit report from each agency annually.  This can be obtained from the Annual Credit Report website.

2.3 Be Careful With Your Finances. Now is not a good time to make sudden career changes or large purchases. You want to approach home buying from a position of financial stability.

2.5 Know the limits.  Most lenders today are requiring substantial down payments and have lending guidelines for borrowers.  Generally, lenders will allow no more than 29% of your monthly gross income towards a mortgage payment and no more than 43% of your monthly gross income towards ALL of your monthly expenses such as auto loans, insurance, credit card debt, etc..

Here's how it works:

  • MORTGAGE PAYMENT EXPENSE TO EFFECTIVE INCOME

    Add up the total mortgage payment (principal and interest, escrow deposits for taxes, hazard insurance, mortgage insurance premium, homeowners' dues, etc.). Then, take that amount and divide it by the gross monthly income. The maximum ratio to qualify is 29%.
     

  • TOTAL FIXED PAYMENT TO EFFECTIVE INCOME

    Add up the total mortgage payment (principal and interest, escrow deposits for taxes, hazard insurance, mortgage insurance premium, homeowners' dues, etc.) and all recurring monthly revolving and installment debt (car loans, personal loans, student loans, credit cards, etc.). Then, take that amount and divide it by the gross monthly income. The maximum ratio to qualify is 43%