Buyers Resources
Real Estate Mortgage Calculator
Thinking of buying a home in Fort Lauderdale? Find out more about the types of loan options available to you, learn how loan amount and home affordability are calculated, and estimate how much home you’ll be able to afford with our handy mortgage calculator. Have questions or ready to get started? Contact us today!
What Mortgages are Available in Fort Lauderdale?
Fixed vs. Adjustable: With a fixed-rate mortgage, your interest rates won’t change throughout the duration of your mortgage, which makes them very predictable. The interest rates of an adjustable-rate mortgage will often be lower initially but will fluctuate with the current market.
Government vs. Conventional: You have the option of pursuing a standard loan option through a bank, credit union, or other lender, or choosing a loan guaranteed by the government. Here are your options for government-backed loans.
- FHA: Managed by the Department of Housing and Urban Development, these mortgages insure the lender against losses that might result from borrower default. They often offer lower down payments for the borrower, but may require mortgage insurance.
- VA: These are available to military service members or veterans and also ensure the lender. Additionally, they offer up to 100% financing for those with no down payment.
- USDA/RHA: The US Department of Agriculture offers special loans to buyers in rural areas with moderate or low income. The availability of these loans vary by location but are fairly rare in the Fort Lauderdale metro area.
How Much Home Can I Afford?
There are several factors that go into determining how much money you can spend on a home.
Your Loan: The amount of loan you’ll qualify for will depend on your monthly income, your monthly debt payments (and what percentage of your income goes towards these payments), your credit history (good credit history means lower interest, which means a larger loan), and your down payment (a larger down payment means a smaller loan and lower monthly payments).
Your Habits: Your lender won’t take into account all of your monthly expenses or personal spending habits, so make sure you keep track of how much you spend per month on things like shopping, dining out, entertainment, commuting or traveling, and planned larger expenses, like education.
Remember: The price you see on the For Sale sign or listing isn’t the final price you’ll pay for a home. You’ll also need to include the interest, the property taxes, and the homeowners insurance. And make sure you’ve always got plenty of extra savings or wiggle room for unforeseen expenses or emergencies!
Okay, What’s the Next Step in Buying a Home?
Figured out what you can afford? Now it’s time to start shopping! The best place to start is with finding neighborhoods in your price range.
First, learn more about different neighborhoods and communities throughout Fort Lauderdale to see what locations best meet your needs.
Next, find out what homes are selling for in your favorite neighborhoods by requesting a Neighborhood Sold Report.
Then, start searching homes for sale in your chosen neighborhood!
Still have questions or ready to get started? Contact us today!
Calculate Your Monthly Payments
Want to get a quick estimate of your monthly mortgage payments? Just use our handy Mortgage Calculator!
