- Conv
- FHA
- VA
- Jum/Non
- USDA
Mortgage borrowers can now use the Florida Mortgage Calculator powered by Gustan Cho Associates to compute PITI, PMI, MIP, HOA, and DTI. Gustan Cho Associates Florida Mortgage Calculator is the most user-friendly and most accurate online home mortgage calculator in the market. There is no other mortgage calculator that comes close. You can calculate the principal, interest, taxes, and homeowners insurance (PITI). PITI is great but that is only part of the total housing payment. You also need the private mortgage insurance and/or mortgage insurance premium and the homeowners association dues if it is applicable. Once you have the total housing payment, you can move to the debt-to-income ratio mortgage calculator.
How To Use The Debt-To-Income Ratio Calculator
Homebuyers can now get the most accurate monthly housing payment in Florida using the Florida Mortgage Calculator powered by Gustan Cho Associates. No more worries about how accurate your monthly housing payment is. Most mortgage calculators available online only give you part of your monthly payments and not the overall number. What good is if you just get your Principal and Interest and not the property taxes, homeowners insurance, homeowners association fees, and mortgage insurance premium.
USEFUL LINK: Buying a Home in Florida With Bad Credit
Shopping For The Best Mortgage In Florida For Best Rates
Gustan Cho Associates is a mortgage broker licensed in 48 states including Puerto Rico and Washington DC. A substantial number of our borrowers are Florida homebuyers and real estate investors. We have designed and created the Florida Mortgage Calculator for our clients, loan officers, realtor partners, and the public to use. The Florida Mortgage Calculator, powered by Gustan Cho Associates was custom created at Gustan Cho Associates after there were no other mortgage calculators like it. The new monthly housing payment should not be principal and interest. There is much more to calculating your overall monthly housing payment.
USEFUL LINK: Best Mortgage Lenders in Florida For Mortgage Approval
Compare Florida Home Purchase and Refinance Mortgage Rates
Borrowers can use the Florida Mortgage Calculator to compare Florida home purchase and refinance mortgage rates. You will see how even the slightest change in mortgage rates means tens of dollars on a 30-year-fixed rate mortgage. The team at Gustan Cho Associates is proud to offer the best service and hundreds of mortgage product options with our network of 170 wholesale lenders in 48 states (Not yet licensed in Massachusetts and New York) at competitive rates. A large percentage of our borrowers are Floridians. We have a strong network of 170 wholesale mortgage lenders in dozens of specialty non-prime and alternative financing mortgage programs.
USEFUL LINK: Comparing Florida Purchase and Refinance Rates
Do Mortgage Brokers Have Better Rates Than Mortgage Bankers?
Using mortgage brokers than a mortgage banker can save you a lot of money when buying a house in Florida. Mortgage brokers are limited to a yield spread premium of not greater than 2.75% on the back-end. The mortgage broker’s yield spread premium needs to be disclosed on the closing disclosure. Brokers do not underwrite or fund the borrower. Mortgage brokers offer an unlimited selection of mortgage options for homebuyers of primary homes, second-home buyers, and real estate investors.
USEFUL LINK: Mortgage Brokers Vs Mortgage Bankers
Getting The Best Mortgage Rates in Florida
Mortgage brokers close the loan under the name of the wholesale mortgage lenders. Mortgage bankers, banks, and credit unions do not have to disclose their compensation on the closing disclosure. Mortgage bankers are exempt from disclosing how much they make because they use their warehouse line of credit and close it under their own name. Most mortgage bankers need to make more than 6% or more on the back-end compensation due to many layers of expenses and overhead when mortgage brokers are capped at 2.75% by law. There is no free lunch in the mortgage industry. The higher the lender makes on the back-end, the higher the mortgage rate to the consumer.
What Is The Minimum Down Payment Required To Buy a Home in Florida?
VA and USDA loans do not require any down payment. Lenders offer 100% financing on VA and USDA loans. Only eligible active and/or retired members of the U.S. Armed Services with a COE can qualify for VA loans. VA loans have no minimum credit score requirements or debt to income ratio cap. One of the most important numbers home buyers need to consider is How Much Can I Afford vs I Much Mortgage
USEFUL LINK: Complete Mortgage Guide to FHA Loans in Florida
The Best PITI with DTI Florida Mortgage Calculator
The Florida mortgage calculator is the best mortgage calculator in the market for homebuyers. An added feature of the Florida mortgage calculator is the debt to income calculation feature. The FL mortgage calculator was created, designed, engineered, and launched by veteran experienced top-producing loan officers under the management of Alex Carlucci at Gustan Cho Associates for our borrowers, loan officers, and the public. The main reason for launching Gustan Cho Associates’s Florida Mortgage Calculator was not finding an online mortgage calculator with all the right features that were user-friendly. The debt to income ratio of the Florida Mortgage Calculator makes the Gustan Cho Associates-powered mortgage calculator the best of the best.
