Buying in Florida
Bring the property type, target timing and insurance estimates. Compare the full monthly cost and cash needed to close.
Prepare to buyFLORIDAHOME
FINANCING.
What will this home cost beyond the mortgage?
Insurance, property type and timing can change the questions you need to ask. Start with the home and the full budget.
Ask Oscar whether your Florida property and loan purpose can be served. Availability and qualification depend on your situation.
Check the company and individual through NMLS Consumer Access. Florida OFR explains where to look.
Florida OFR: verify a licenseASK ABOUT THE COVERAGE.
Four questions to take to an insurance professional before you settle on a housing budget.
Flood
Does the policy cover flood?
Standard homeowners insurance does not cover flood damage. Ask about separate flood coverage and any requirements tied to the property or loan.
What applies to hurricane damage?
Check wind coverage and the hurricane deductible separately. In Florida, that deductible is often larger than the deductible for other damage.
Buying a condominium?
Ask what the association insures and what your own unit policy must cover. Review both deductibles before estimating your costs.
Can coverage be put in place on time?
Insurers may stop accepting new applications or coverage increases when a hurricane nears Florida. Discuss timing early with your insurance professional.
Choose a topic to see what to ask.
Coverage depends on the property, policy and insurer. A mortgage conversation does not replace insurance advice.
Florida DFS: insurance and hurricane guidancePUT THE QUESTIONS TO WORK.
A lower tax or insurance estimate does not make a loan a better deal. Ask why the assumptions differ.
Refinancing a Florida home
Start with your goal, current loan and new closing costs. Revisit insurance and escrow assumptions when comparing offers.
Explore refinancingProgram availability and qualification depend on your situation.
CFPB: compare Loan EstimatesLET’S TALK ABOUT YOUR FLORIDA PLANS.
Tell Oscar the property type, your goal and your timing. Keep account numbers and financial documents out of email.
A conversation is not a mortgage application or an approval.