Your Go-To Real Estate Brokerage in serving South Florida Market
Additional Things To Consider
Improve your credit score
Put down at least 20% if you can
Try to avoid PMI (private mortgage insurance)
Go with a longer-term mortgage like a 30-year rather than a 15-year loan
Get a lower mortgage interest rate by shopping around to different lenders
30-year fixed-rate mortgage - The most common option, typically has a lower monthly payment and your payment doesn't change
15-year fixed-rate mortgage- Similar to the 30-year fixed-rate mortgage, this option pays off your mortgage in 15 years, saving you money on interest.
7/1 ARM - ARM stands for an adjustable-rate mortgage which means your interest rate can fluctuate after 7 years. Generally, this is best used if you know you'll be in the home for less than 7 years because the interest rate could go up after those 7 years.
5/1 ARM - Similar to the 7/1 ARM, but the interest rate can change after 5 years
FHA 30-year fixed - For homebuyers with lower credit scores. Downpayment as low as 3.5%
VA loan - 30-year fixed-rate for qualifying veterans and active military members. The benefit of this loan is not being required to put any money down and avoiding PMI.
Jumbo loans - These are for loan amounts that exceed conventional loan limits (currently ~ $510000)
We are very sorry, but due to COVID-19 there are currently no open houses. We hope that very soon they will be available.