Mortgage Financing With Experience Behind It.

There isn't one universal minimum credit score for every mortgage. Requirements vary by lender, loan program, down payment, and the rest of your financial profile.

Your credit score can also influence the interest rate and terms you're offered. Lenders consider much more than the score alone, including income, existing debts, assets, savings, and credit history.

Don't assume a less-than-perfect credit score means you can't buy a home. Speak with a qualified mortgage professional before ruling yourself out.

A prequalification is generally an initial estimate of what you might be able to borrow based on financial information you provide.

A preapproval typically involves a more detailed lender review of your credit, income, assets, debts, and other financial information.

When you're serious about purchasing, a strong preapproval can help you understand your buying power and demonstrate to a seller that you've already taken important steps toward obtaining financing. CFPB specifically recommends obtaining preapprovals when shopping for both a home and mortgage.

Our recommendation: Get your financing strategy in place before you fall in love with a home.

The amount a lender may approve you to borrow and the amount you're comfortable spending every month are not necessarily the same thing.

Your true housing expense can include principal, interest, property taxes, homeowners insurance, mortgage insurance, HOA or condominium fees, and other costs of
homeownership.

This is especially important in Florida, where property taxes, homeowners insurance, flood insurance where applicable, and HOA or condominium expenses can materially affect your monthly housing cost.

Don't shop by purchase price alone. Shop by the complete financial picture.

Closing costs are expenses associated with obtaining your mortgage and completing the purchase. They can include lender charges, appraisal fees, title-related expenses, government charges, prepaid interest, homeowners insurance, and initial escrow deposits for taxes and insurance.

The amount varies considerably based on your loan, property, location, and transaction. CFPB suggests that buyers planning early in the process can use roughly 2% to 5% of the purchase price as a preliminary estimate, excluding the down payment, but your actual costs may differ.

Your Loan Estimate will provide a much more specific breakdown once you apply.

Your interest rate is the percentage charged for borrowing the principal amount of your mortgage.

The Annual Percentage Rate, or APR, incorporates the interest rate plus certain additional loan costs and fees into an annualized percentage. That's why APR is generally higher than the stated interest rate.

When comparing lenders, don't compare interest rates alone. Look at the interest rate, APR, points, lender fees, loan terms, and total costs.

Two lenders can advertise the same interest rate while offering very different overall deals.

Absolutely.

We encourage it.

CFPB recommends comparing multiple lenders and says mortgage shopping can potentially save borrowers thousands of dollars. It recommends obtaining Loan Estimates from at least three lenders when comparing offers.

Compare more than the advertised interest rate. Look at:
- Interest rate and APR
- Points
- Lender fees
- Closing costs
- Loan program and terms
- Mortgage insurance
- Communication and service
- The lender's ability to perform and close your transaction

Already have a Loan Estimate from another lender? Steve would be happy to review it and provide a second opinion.

There is no obligation to finance through Steve Prince. Whether you ultimately choose Steve or another lender, our goal is for you to make an informed decision that's right for you.