Florida Buyers: here are some tips

Don’t buy a house you can’t afford. It doesn’t matter how much money a mortgage lender will give you, if you’d struggle to make payments, now’s not the time to buy. To figure out your housing budget, use the 25% rule—never buy a home that comes with a monthly payment that’s more than 25% of your monthly take-home pay. That 25% limit includes principal, interest, property taxes, home insurance, private mortgage insurance (PMI), and homeowners association (HOA) fees. Use our Florida mortgage calculator to enter your down payment amount and try out different home prices within your budget.
Save at least a 10–20% down payment. In this housing market (and every market), it’s so important to have a big down payment. Not only does a down payment of 10–20% or more lower your monthly payment and save you thousands and thousands of dollars in interest over the long term, it also makes it easier for you to get approved for a mortgage. We get that a range of 10–20% might sound out of reach. But you can do it! This plan will show you the best way to save for a bigger down payment.
Get preapproved for a mortgage. A mortgage preapproval is more than getting prequalified—it means a lender has looked into your finances and has given you the okay on how much money you can borrow. This gives you a leg up on competing buyers because it shows sellers you're serious about buying a house and that you won’t be denied a mortgage if they decide to sell you their home. To get preapproved for a mortgage you can pay off fast, talk to the home loan specialists we trust at Churchill Mortgage about getting a 15-year fixed-rate conventional loan. Any other type of mortgage will drown you in interest and extra fees and keep you in debt for decades.
Plan for moving expenses. Plenty of moves cost over $1,000, which means you don’t want to let that cost sneak up on you or just “figure it out later.” You need to make a plan and a budget for moving. Part of that budget may include getting a moving and storage service like PODS on your side. Their super convenient containers (which they deliver straight to your driveway) take so much of the hassle out of moving.
Work with a top-notch real estate agent. An experienced Florida agent is your best ally in a crazy housing market. The top ones will work to understand your budget. They’ll help you consider all the costs of living in Florida to make sure you only pick an area that’s affordable compared to where you live now. They’ll also be your guide in finding the right house on your timeline so you can focus on your moving-to-Florida checklist.