Frequently Asked Questions

An interest rate is the amount it will cost you to borrow the principal loan amount. It could either be a variable or fixed amount and will always be expressed in percentage form. An APR measures a mortgage and includes the interest rate plus discount points, closing costs and broker fees. APR’s are expressed in percentage form. 

Being pre-qualified is based on your provided information, which will then give you an estimate on the amount that you are able to borrow. A Pre-approval means that your information is evaluated thoroughly. It is a closer estimation of how much you will be approved for. 

You [and your co-borrower, if applicable] will need the following documents when applying for a loan: 

• Social Security Number 

• 2 Years Proof of Employment (If self-employed then please provide most recent 2 years business tax returns and current YTD profit/loss statements as well as balance sheets) 

• 2 Most Recent Paystubs

 • 2 Most Recent Years of Tax Documents (W-2 statements and tax returns) 

• Bank Account Information (2 Most Recent months of asset statements-checking, savings, retirement, etc.) 

• Credit Information (Provide details of any new accounts or accounts not currently reporting on your credit report such as: )

 • Monthly Expenses (Housing, etc.)

There are many factors that could impact the type of loan that you qualify for. You could reach out to your local loan originator to find out what loan you qualify for. If you need more information on the various types of loans, check out our Loan Programs page.

An appraisal is the process of having a licensed and trained individual report on the worth of a home. This individual is completely unbiased and will be able to provide the lender, buyer and seller an accurate value of the home. Having an appraisal done on the home establishes protection for all parties involved. They will determine if repairs are needed, if the price is fair in comparison to other homes within the area, and a detailed report calculating the true value of the home.

Closing costs include: 

• Loan Origination fees 

• Appraisal fees 

• Discount Points 

• Title Insurance 

• Taxes 

• Surveys 

• Credit Report charges 

• Deed-recording fees 

• Title Searches

Refinancing is when you replace your current loan with a new loan. This new loan should include improved terms and features than the prior loan. If your current loan is too expensive or risky, then you should look into refinancing. Typically, refinancing is beneficial because you can: Save money Lower your payments Shorten your loan term Change your loan type Consolidate your debts Pay off a Loan with a Due-date or balloon payment

Yes, you can qualify for a mortgage as long as the seasoning requirements for the specific loan type have been met. This is something you can discuss with your Loan Originator in detail.

The best loan program truly depends on your personal situation.  Your decision depends on your individual needs & various factors such as: current financial goals, how your finances may change in the future, how long you intend to live in your house, & how comfortable if your mortgage payment changed.  The best way to find the 'right' answer is to discuss your finances & your preferences contacting us at (321)- 316- 6605

An ARM allows you to receive more money at a lower interest rate than a fixed rate loan.  If you are planning to move within a few years, you can save money & avoid rising payments with a fixed rate hybrid arm.  

By trading your ARM for a fixed-rate loan, you will likely reduce your longterm payment & have the piece of mind that your rate will not change over the fixed time period.  These Hybrid Arms are good for 3, 5, 7 or 10 year fixed periods.  If you are fairly certain that you'll be moving within five years, you can save money with a five-year ARM. 

The most common reason for an appraisal is if you are buying or selling a home. However, an appraisal may also be helpful for the following reasons: obtaining a loan, lowering your taxes, settling an estate, selling your home or refinancing.

There is no guaranteed cure for a poor credit score; however, the best & most efficient way to improve your credit report is to make your payments on time.  In addition, do not apply for credit frequently, because a large number of inquiries on your credit report can negatively affect your rating.  Try to reduce your credit card balances to less than 30% as well. 

 After your loan is approved, you will attend a closing to sign the final loan documents & pay your down payment & closing costs.  Specific closing costs may vary, but they normally are categorized as recurring and nonrecurring:

Nonrecurring (one-time fees related to the transaction):
  » Attorney or escrow fees 
  » Loan origination fee 
  » Recording fee 
  » Survey fee 
  » Any other documentation fees 
  » Title Insurance 
  » Loan discount points 
  » First payment of escrow account for future real estate taxes & insurance 
  » Paid receipt for homeowner's insurance policy (fire & flood if applicable) 
  » First premium of mortgage insurance PMI (if applicable) 
  » Recurring (costs that recur on a periodic basis)

Recurring Fees Include:
  » Property taxes 
  » Prorated interest 
  » HOA dues 
  » Homeowners insurance 
  » Mortgage insurance (if applicable)

 A rate lock is a contractual agreement between the lender & the buyer. There are four components to a rate lock: 

  » Loan program 
  » Interest rate 
  » Points 
  » Length of the lock

Once you have completed a loan application, chosen a property, you can lock in your interest rate.  Locking in a rate allows you to keep a certain loan program & interest rate over a specified amount of time, even if the interest rates go up during that time.  Usually, rates are locked in on a 30, 45 or 60-day basis.  Keep in mind, a lock usually cannot be changed, so it is important to consult your mortgage professional for advice.  In addition, most lenders will not adjust your lock if rates drop, unless the drop is substantial of typically at least .375% lower than the original locked rate.

The average amount of time from application to close is 30 days, but this time may vary depending on your financial circumstances.  We have closed loans in as little as 7 days.

Points are fees paid to the lender at closing. One "point" is equal to 1% of the total loan amount. For instance, for a $200,000 loan, one point would equal $2,000. Most retail lenders or retail banks charge between 1 & 2 points. Denise Skinner FL Mortgage Team typically charges the lowest points possible.   

If you want to lower your interest rate, you can pay more points up-front. This is an effective way to save money by lowering your interest rate over the life of your loan. However, if you do not have money to pay upfront, opt for fewer points.