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Mortgage Broker Fort Lauderdale FL | Florida State Mortgage Group, Inc.

Florida State Mortgage Group, Inc. are mortgage brokers in Fort Lauderdale, offering a comprehensive selection of loan options. Call us at (954) 359-3000.

  • About
    • About
    • Living in Fort Lauderdale
  • Loan Options
    • Loan Options
    • VA
    • FHA
    • Conventional
    • Jumbo
    • First Time Home Buyer
    • Self Employed
    • Condominium Mortgages
    • Mortgage Credit Certificate
  • Purchase
  • Refinance
  • Resources
    • Resources
    • Calculator
    • Document Upload
    • Home Purchase Qualifier
    • Refinance Rate Checker
    • Search Home For Sale
    • Home Value Estimator
    • What is Your Credit Score?
  • Blog
  • Contact
  • Apply Now

Call us for a FREE Consultation

(954) 359-3000

  • About
    • About
    • Living in Fort Lauderdale
  • Loan Options
    • Loan Options
    • VA
    • FHA
    • Conventional
    • Jumbo
    • First Time Home Buyer
    • Self Employed
    • Condominium Mortgages
    • Mortgage Credit Certificate
  • Purchase
  • Refinance
  • Resources
    • Resources
    • Calculator
    • Document Upload
    • Home Purchase Qualifier
    • Refinance Rate Checker
    • Search Home For Sale
    • Home Value Estimator
    • What is Your Credit Score?
  • Blog
  • Contact
  • Apply Now

Top Mortgage Lender in Fort Lauderdale Shares About Mortgage Affordability

June 13, 2022 by Stephen McWillam

When shopping for a home, the first step you should take is determining how much mortgage you can reasonably afford.  We recommend you be as realistic as possible where your household expenses and monthly income are concerned. You should also leave enough “wiggle room” in your monthly budget for those unexpected costs and emergencies.

 

Factors That Determine Mortgage Affordability

Recommendations call for following the 28% / 36% rule when calculating your budget.  Simply stated, the rule requires that you spend a maximum of 28% of your total annual income on housing costs and no more than 36% on your other debts.  This time-tested rule has formed the foundation for how much home you can afford.  The following 4 factors should be taken into consideration when calculating your mortgage affordability:

  • Your gross monthly income – this is your base salary plus any bonuses you receive. It can also include money you earn on a part-time basis and any Social Security benefits you receive in addition to your total income.
  • Your front-end and back-end ratios – the front-end ratio is also called the mortgage-to-income ratio. It is the percentage of your annual gross income that goes towards making your monthly mortgage payments.  The back-end or debt-to-income (DTI) ratio determines how much income is required to pay your debts.
  • Your credit profile – two factors that influence a lender’s viewpoint towards you and your desire to borrow money for purchasing a home are your credit score and the amount of debt you owe. Your credit score will have a significant impact on the amount of money they will be willing to lend you.
  • Your cash reserves – this is the amount of money you have to put down on a home and handle the closing costs.

By taking the 28% / 36% rule and these 4 factors into consideration, you should have a better idea of how much mortgage you’ll be able to afford.  Furthermore, there are several different ways for determining the amount of a mortgage payment you can afford.  Lenders commonly use a mortgage affordability calculator to determine budgets for mortgage payments and what a person can reasonably afford.  However, they also use other factors to assess a borrower’s affordability.

Buy a Home in Fort Lauderdale with Florida State Mortgage Group, Inc.

Your expectations must be reasonable when determining this affordability factor as this can help you avoid getting overwhelmed with debt.  For more information regarding your mortgage affordability, call Florida State Mortgage Group, Inc. today at (954) 359-3000. Their team of experts can help you compare and find the best mortgage suited for you.

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Fort Lauderdale's Top-Rated Mortgage Company

Florida State Mortgage Group, Inc. is located on 1512 E Broward Blvd #204A, Fort Lauderdale. From Fort Lauderdale-Hollywood International Airport (FLL) head northwest toward Terminal Dr/Upper Terminal Dr and use the right 2 lanes to turn slightly right onto Terminal Dr/Upper Terminal Dr. Then use the left lane to keep right at the fork and follow signs for Departures and use the left lane to continue toward US-1 N. Next, keep left at the fork, follow signs for US-1 N/Ft Lauderdale and merge onto US-1 N. After that merge onto US-1 N and keep left to stay on US-1 N. Finally, turn right onto E Broward Blvd and Florida State Mortgage Group, Inc. will be on your right.

We are open Monday - Friday 9am - 6pm, Saturday - Sunday 10am - 4pm.

For additional questions you can call us at (954) 359-3000 or you can find us on Yelp and Birdeye.

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Florida State Mortgage Group, Inc.
1512 E Broward Blvd #204A
Fort Lauderdale, FL 33301
Phone: (954) 359-3000
Fax: 954-449-0283
NMLS# 393326
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Florida State Mortgage Group, Inc, Mortgage Broker, Fort Lauderdale, FL
Equal Housing Lender

Florida State Mortgage Group, Inc. is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.

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