Mortgages Boca Raton FL

Mortgages in Boca Raton, FL. Find addresses and phone numbers of local business and services that provide access to Mortgages in Boca Raton, FL.

Allied Home Mortgage Capital Corporation
(561) 995-2111
2200 Nw Corporate Blvd Ste 309
Boca Raton, FL
Iberia Mortgage Corp
(561) 338-2122
4800 N Federal Hwy Ste 104D
Boca Raton, FL
United Funding Group Inc
(561) 353-0955
2300 Glades Rd Ste 450W
Boca Raton, FL
First American Mortgage Trust
(800) 698-5626
2255 Glades Rd Ste 324A
Boca Raton, FL
Mortgage Strategies Group LLC
(561) 989-1580
777 Yamato Road Suite 420
Boca Raton, FL
Jpmorgan Chase Bank Na
(561) 241-9100
2385 Nw Executive Center Dr
Boca Raton, FL
Mortgage Superstore Inc
(561) 417-3430
2424 N Federal Hwy Ste 400
Boca Raton, FL
Liberty Home Lending Inc
(561) 237-4200
568 Yamato Rd Fl 2
Boca Raton, FL
Alliance Home Mortgage Inc
(561) 998-0300
1900 Nw Corporate Blvd Ste 110
Boca Raton, FL
Avrus Financial & Mortgage Services Inc
(561) 394-7100
2799 Nw 2Nd Ave Ste 102
Boca Raton, FL

How Much House Can You Afford?

Debt-to-Income Ratios

To determine your maximum mortgage amount, lenders use guidelines called debt-to-income ratios. This is simply the percentage of your monthly gross income (before taxes) that is used to pay your monthly debts. Because there are two calculations, there is a "front" ratio and a "back" ratio and they are generally written in the following format: 33/38.

The front ratio is the percentage of your monthly gross income (before taxes) that is used to pay your housing costs, including principal, interest, taxes, insurance, mortgage insurance (when applicable) and homeowners association fees (when applicable). The back ratio is the same thing, only it also includes your monthly consumer debt. Consumer debt can be car payments, credit card debt, installment loans, and similar related expenses. Auto or life insurance is not considered a debt.

A common guideline for debt-to-income ratios is 33/38. A borrower's housing costs consume thirty-three percent of their monthly income. Add their monthly consumer debt to the housing costs, and it should take no more than thirty-eight percent of their monthly income to meet those obligations.

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Your Down Payment Affects Everything

Your First Step Toward Buying a Home

When preparing to buy a home, the first thing many homebuyers do is look at "homes for sale" ads in newspapers, magazines and listings on the internet. Some potential buyers read "how-to" articles like this one. The next thing you should do โ€“ before you call on an ad, before you talk to a Realtor, before you shop for interest rates โ€“ is look at your savings.


Because determining how much money you have available for down payment and closing costs affects almost every aspect of buying a home โ€“ including how you write your purchase offer, the loan programs you qualify for, and shopping for interest rates.

Mortgage Programs

If you only have enough available for a minimum down payment, your choices of loan program will be limited to only a few types of mortgages. If someone is giving you a gift for all or part of the down payment, your options are also limited. If you have enough for the down payment, but need the lender or seller to cover all or part of your closing costs, this further limits your options. If you borrow all or a portion of the down payment from your 401K or retirement plan, different loan programs have different rules on how you qualify.

Of course, if you have enough for a large down payment, then you have lots of choices.

Your loan choices include such varied programs as conventional fixed rate loans, adjustable rate mortgages, buydowns, VA, FHA, graduated payment mortgages and all the varieties of each.

Shopping Rates

A very important reason you need to have at least some idea of your down payment is for shopping interest rates. Some loan programs charge a slightly higher interest rate for minimal down payments. Plus, the interest rates for different loan programs are not the same. For example, conventional, VA, and FHA all offer fixed rate loans. However, the rates vary from one program to another.

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