Welcome to Florida New Homes. Are you seriously thinking about buying, selling, we have thousands of houses and apartments to show, certainly now is the best time to buy. We offer a unique lending experience 25+ years’ experience in the mortgage industry, Are you considering buying or refinancing your home? If so, then you are in the right place! Easy process. Quick approvals. Exceptional service. We will provide the highest level of expertise to quickly guide you through the entire process of finding the best mortgage loan. Our goal is to help families like yours save money on your mortgage. Refinance your mortgage for a lower rate, access cash or lock in a low rate, We work with thousands of the nation's top banks, credit unions, We will make your life easier Whether buying or refinancing, our customers save thousands over the life of their loan. We work for your best interest. thank you and congratulations !!!!
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Be prepared for closing costs

You've worked and scrimped to save up enough money for a down payment on a house, and you're finally ready to become a homeowner. You've even found "the" house, and it looks like you can just afford the monthly payments and still be able to eat. Then you get a look at the Good Faith Estimate (GFE).

A Good Faith Estimate of settlement or closing costs lists the expenses you're likely to have to pay at settlement. Because these amounts can add up to a large sum, it's important to consider the fees related to closing when choosing a lender. Don't base your decision just on the interest rate.

Federal law requires that a prospective lender provide a Good Faith Estimate to you within three days of applying for a mortgage. Unfortunately, there's often a large discrepancy between the estimate and what you actually end up paying.

Some unscrupulous lenders intentionally low-ball the estimate in order to get your loan, knowing that by the time you see the actual amounts (the day before settlement), you'll be so deeply into the process that you won't pull out and look for another lender. The US government is working on making changes to the law to force lenders to be more accurate on the good faith estimates.

Typically, closing costs run between 3% and 5% of your loan amount, so if you're borrowing $100,000 you can expect closing costs of $3,000 to $5,000. If you're borrowing $200,000 you can expect closing costs of $6,000 to $10,000.

The smart thing to do is to obtain good faith estimates from two or three lenders and compare the costs. Then be prepared to ask the lender you choose to meet the best offer. Here are some of the items you can expect to find on a Good Faith Estimate:

  • Loan origination fee (1% of the amount borrowed, or $100 for every $10,000 borrowed)
  • Loan discount fee
  • Loan application fee ($75 to $400)
  • Points (to "buy down" the interest rate: between $100 and $300 for every $10,000 borrowed)
  • Lender's attorney fees
  • Buyer's attorney fees
  • Appraisal fee
  • Credit Report
  • Lender's inspection fee
  • Mortgage broker commission or fee
  • Tax service fee
  • Processing fee
  • Underwriting fee
  • Wire Transfer fee
  • Interest from the day of settlement to the date of the first mortgage payment
  • Private mortgage insurance premiums to protect your lender ($750 to $1750)
  • Hazard insurance premiums
  • Property taxes from the day of settlement to the end of the tax year
  • Settlement or closing/escrow fee
  • Document preparation fee
  • Notary fee
  • Title search and title insurance to protect your lender ($400 to $600)
  • Title insurance to protect you
  • Recording fees
  • Tax stamps
  • Pest inspection

Property taxes placed in an escrow account are one of the largest expenses at closing. The amount depends on the value of the house you buy and the tax rate in the town or county where the house is located. Many lenders require you to include a monthly estimate with your mortgage payments equal to 1/12th of your annual property taxes and homeowners insurance. For most people, this is easier than coming up with a large lump sum each year when taxes are due.

Don't be taken advantage of at closing, and don't go to closing unprepared. Educate yourself about the ins and outs of home buying before you start looking for your first home.

Mortgage Documentation Requirements

When you are planning for a mortgage application, one of the most important steps you can take before you apply is to gather the documentation you may need to supply with your application. Which loan you select will determine the exact documentation requirements. As soon as we have all your documentation from you the loan will close fast and you will have what you deserve.

Documentation Process After you submit your application, we'll call you to talk about the type of loan you have chosen. Then you will be sent a Disclosure package that includes several items that you will need to sign, and a list of documents that you will need to send in. Here is a list of some of the documents you may need:

Salaried Income

-Most recent pay stub showing year-to-date income; if there have been multiple employers in the current year, all paystubs showing year-to-date income

-Last year's W-2

Salary Plus Bonus/Overtime

-Most recent pay stub showing year-to-date income

-Last year's W-2

Straight Commission Income

- Most recent pay stub showing year-to-date income

-Last two years' 1040 tax returns

Self Employed Persons (1099 recipient)

-Last two years' personal tax return and partnership or corporate tax return

-Current year-to-date P&L if tax returns are older than 12 months

-Signed IRS Tax Form 4506

Partnership Income

-Last two years' personal tax returns

-Last two years' K-1s, 1065s, P&Ls, and YTD Balance Sheets

Corporation Income (if ownership is 25% or more)

-Last two years' personal and business tax returns (1120)

-Current year-to-date P&L if tax returns are older than 12 months

Trust Income

-Trust Agreement or trustee's letter stating payment amount, frequency and duration (must continue for at least three years

-Last two years' tax returns

Rental/Lease Income

-Copy of Rental/Lease Agreements

-Last year's tax return

Social Security/Pension/Retirement/Disability (three years remaining required)

-Award Letter

-Most recent two months' bank statements (if direct deposit) or copies of checks

Interest/Dividends

-Last two years' tax returns

Copies of current statements

Alimony/Child Support

-Complete Divorce Decree

-Proof of six months' receipt (must be recieved continuously for three years to qualify as income)

Purchase Transactions

-Copy of signed Purchase Contract (include all counter offers)

-Gift Letter, if gift funds are being used: Letter includes date of gift, the amount and donor's name, address, telephone number and relationship, statement that repayment is not expected

-Document(s) verifying transfer of funds and copy of a withdrawal receipt from the donor's account or a copy of the gift check

-Certified copy of HUD-1 settlement statement from sale of present property, if applicable

-Evidence of homeowner's insurance (required prior to closing)

-Evidence of flood insurance

Credit History/Liabilities

-Bankruptcy petition and discharge papers, if applicable

-Written explanations of any serious derogatory credit if applicable:

-Bankruptcy

-Collections, judgements, liens

-Late payments - mortgage or revolving credit

-Defaults, foreclosures, short sales

-Final divorce decree, if applicable

Assets

-Most recent two months' bank statements

-Most recent brokerage account statement

-Most recent IRA/401K statement

-Gift Letter, if gift funds are being used: Letter includes date of gift, the amount and donor's name, address, telephone number and relationship, statement that repayment is not expected Document(s) verifying transfer of funds and copy of a withdrawal receipt from the donor's account or a copy of the gift check Certified copy of HUD-1 settlement statement from sale of present property, if applicable

Refinance Transactions

-Evidence of homeowner's insurance

-Evidence of flood insurance

Condominiums or Planned Unit Developments

-Project name, homeowner's association (HOA) name, HOA contact name and phone number.


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