Mortgage Help in Today’s Market

Down Payment
While the old rule of thumb was 20%, today's buyers have more flexibility. Many loan programs now offer options as low as 3% to 5% down, especially for first-time buyers. There are also down payment assistance programs like Florida’s Hometown Heroes for qualifying buyers. Just keep in mind—the more you put down, the lower your monthly payment and the less you’ll pay in interest over time.

Loan Term
With interest rates still fluctuating, it’s important to understand how your loan term affects your payment. The most common options are:

• 30-Year Fixed: Lower monthly payments, but more interest over time
• 15-Year Fixed: Higher payments, but faster payoff and less total interest
• ARM (Adjustable-Rate Mortgages): Lower starting rates with changes down the line

Choosing the right term depends on your financial goals and how long you plan to stay in the home.

Loan Type

• Fixed-Rate Loans: Lock in your interest rate for the life of the loan. Great for stability, especially in a rising-rate environment.
• Adjustable-Rate Mortgages (ARMs): Start with a lower rate, then adjust after a set period. Good for short-term buyers or those expecting income growth.
• Government-backed loans: FHA, VA, and USDA loans offer low or no down payment options for qualified buyers.

Interest Rate
Mortgage rates can vary daily and are influenced by your credit score, loan type, and down payment. Rates in 2025 remain sensitive to inflation and Fed policy, so it’s important to get pre-approved early to lock in your best rate when you're ready.

Property Taxes
Taxes are based on your home’s assessed value and vary by location. In Florida, homestead exemptions and portability may reduce what you owe. Your lender will usually include estimated taxes in your monthly payment.

Home Insurance
Home insurance is required by most lenders, and in Florida, rates can vary depending on age of roof, location, and storm risk. Be sure to shop early for quotes—this can impact your monthly affordability and closing timeline.

HOA Fees
If the home is in a community with an HOA, monthly fees are added to your overall cost. HOA fees help cover amenities, maintenance, and reserves for repairs—make sure to factor these into your monthly budget.